Garheng Kong
Xeris Biopharma HoldingsAbout Garheng Kong
Garheng Kong, M.D., Ph.D., M.B.A., age 49, is an independent director of Xeris Biopharma Holdings, Inc. and has served on the board since October 2021 (via the Strongbridge acquisition). He is founder and managing partner of HealthQuest Capital (since July 2013), with prior venture roles at Sofinnova Ventures (2010–2013) and Intersouth Partners (2000–2010). He holds a B.S. from Stanford University and M.D., Ph.D., and M.B.A. degrees from Duke University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Strongbridge Biopharma plc | Chairman of the Board | Jul 2020–Oct 2021 | Led board through combination with Xeris |
| HealthQuest Capital | Founder & Managing Partner | Jul 2013–present | Venture growth fund leadership |
| Sofinnova Ventures | General Partner | Sep 2010–Dec 2013 | Life sciences investing |
| Intersouth Partners | Venture roles (most recently General Partner) | May 2000–Sep 2010 | Early-stage to growth healthcare investing |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Laboratory Corporation of America Holdings (Labcorp) | Director | Dec 2013–present | NYSE-listed diagnostics leader |
| Lunit, Inc. | Director | Nov 2021–present | Public biotech on Korean exchange |
| Venus Concept, Inc. | Director (prior) | Jun 2017–Dec 2024 | Medical aesthetics technology |
| Alimera Sciences, Inc. | Director (prior) | Oct 2012–May 2023 | Ophthalmic pharmaceuticals |
| Avedro, Inc. | Director (prior) | Apr 2017–Nov 2019 | Ophthalmic medtech (commercial-stage) |
| Melinta Therapeutics (formerly Cempra) | Director (prior) | Sep 2006–Jun 2019 | Antibiotics portfolio |
| Histogenics Corporation | Director (prior) | Jul 2012–Feb 2019 | Biotechnology (public) |
Board Governance
- Independence: The board determined all directors except the CEO, John Shannon, are independent; Dr. Kong is independent under Nasdaq/SEC rules .
- Committees: Audit Committee member (not chair). Audit Committee met 4 times in FY2024; the board designated John Schmid (and, post-Annual Meeting, James Brady) as the audit committee financial experts (not Kong) .
- Attendance: The board met 7 times in 2024; all directors attended at least 75% of board and committee meetings except Dr. Sherman (71%). Kong attended the 2024 Annual Meeting of stockholders .
- Board structure: Independent chair (Marla Persky) with a separate CEO; risk oversight through committees (audit covers cybersecurity and compliance) .
| Governance Attribute | Status |
|---|---|
| Independence | Independent director |
| Committee assignments | Audit Committee member |
| Audit committee financial expert designation | Not designated; Schmid and Brady designated |
| Board meeting attendance (2024) | ≥75% (all directors except Sherman) |
| Annual stockholder meeting attendance (2024) | Attended |
| Years of service on Xeris board | Since Oct 2021 |
Fixed Compensation
| Component (2024) | Amount | Notes |
|---|---|---|
| Board annual cash retainer | $50,000 | Standard non-employee director retainer |
| Audit Committee member retainer | $10,000 | Member-level supplemental fee |
| Total cash paid (2024) | $60,000 | Reported 2024 fees earned |
Performance Compensation
| Equity Element | 2024 Grant | Fair Value | Vesting | Change-of-Control Treatment |
|---|---|---|---|---|
| Annual RSU grant | 50,000 RSUs | $121,500 | Vests in full on earlier of 1-year anniversary or next annual meeting, subject to service | |
| Initial RSU grant (policy) | 100,000 RSUs (for new directors) | N/A | Vests annually over 3 years, subject to service (policy) | |
| Options/SARs (director policy) | N/A in 2024 | N/A | Not part of annual director grants (policy) | |
| Outstanding options (as of 12/31/2024) | 165,687 options | N/A | Legacy option holdings disclosed | |
| Change-of-control | Full acceleration of outstanding director equity upon a Sale Event | N/A | RSUs/options become non-forfeitable/exercisable |
Xeris does not tie non-employee director equity to performance metrics; director awards are time-based RSUs (and legacy options), aligning with service and long-term ownership rather than annual KPIs .
Other Directorships & Interlocks
- Current public boards: Labcorp and Lunit .
- Prior public boards: Venus Concept, Alimera, Avedro, Melinta/Cempra, Histogenics .
- Related-party transactions: No transactions >$120,000 involving directors or 5% holders since Jan 1, 2024; Audit Committee reviews and pre-approves related party matters per policy .
Expertise & Qualifications
- Advanced credentials: M.D., Ph.D., M.B.A.; Stanford B.S.; Duke M.D./Ph.D./M.B.A. .
- Venture/operator experience: Founder and managing partner of HealthQuest Capital; prior general partner roles at Sofinnova and Intersouth .
- Board experience: Multi-decade service on healthcare/public company boards; noted financial experience in Xeris bio .
- Audit committee knowledge: Board determined all audit members (including Kong) have sufficient financial/auditing knowledge; audit financial expert designation assigned to Schmid and Brady .
Equity Ownership
| Ownership Metric (as of 4/14/2025) | Value |
|---|---|
| Total beneficial ownership (shares) | 329,831 |
| Percentage of shares outstanding | <1% |
| Direct/common shares | 114,144 |
| Options/RSUs exercisable/vesting within 60 days | 215,687 |
| Director stock ownership guidelines | 3× annual cash retainer within 5 years; counts RSUs (vested/unvested) toward compliance |
| Guideline compliance status (board-level) | All non-employee directors compliant or within grace period as of 12/31/2024 |
| Hedging/pledging | Prohibited by insider trading policy |
Governance Assessment
-
Positive signals:
- Independent director with deep healthcare investing and operating exposure; audit committee service enhances oversight of financial reporting and risk .
- Strong attendance culture; Kong attended 2024 annual meeting; board met 7 times with high participation .
- Ownership alignment: RSU-based annual director grants, 3× retainer ownership guideline, and anti-hedging/pledging policy .
- No related-party transactions >$120k; robust related person policy with audit committee review .
- Shareholder support for executive pay: 89.6% say-on-pay approval in 2024, indicating general confidence in compensation governance .
-
Watch items / RED FLAGS:
- Single-trigger acceleration: Director equity fully vests upon a Sale Event, which some investors view as less shareholder-friendly versus double-trigger designs .
- Not designated as audit committee financial expert (designation assigned to Schmid/Brady), though board affirms sufficient financial knowledge; monitor committee composition and expertise depth .
- Administrative compliance: Inadvertent late Form 4 filing noted for Dr. Kong related to contingent value rights settlement; minor but worth monitoring for timely reporting discipline .
- Multiple concurrent board roles (Labcorp, Lunit) increase time commitments; monitor for potential overboarding risks relative to Xeris demands (no specific breach disclosed) .
Overall, Kong brings significant healthcare investing and board experience, is independent, engaged, and aligned via equity and ownership guidelines. The main governance cautions are single-trigger equity acceleration on change-of-control and ensuring timely Section 16 compliance and sufficient audit committee financial expert coverage .