Research Reports

Key takeaways

Dr. Howard Berman resigned as Executive Chairman and Director effective April 1, 2026, following a planned CEO transition process initiated in November 2024.

Mark H. Pavao was appointed as an independent Class III Director to fill the vacancy, with a term expiring at the 2028 annual meeting.

The Company entered into a Separation Agreement with Dr. Berman providing for a prorated 2026 bonus and 12 months of continued stock option vesting.

Mr. Pavao brings over 30 years of biopharmaceutical leadership experience and will receive an option to purchase 10,000 shares of common stock.

Full analysis

Dr. Howard Berman, the Company's Founder, resigned as Executive Chairman and from the Board effective April 1, 2026. The departure follows a planned CEO transition process initiated in November 2024, during which Dr. Berman moved to the Executive Chairman role. In connection with his departure, the Company entered into a Separation and General Release Agreement providing for a prorated 2026 bonus, COBRA premium coverage through March 2027, and extended vesting and exercise provisions for his stock options. Mark H. Pavao was appointed as an independent Class III Director to fill the resulting vacancy. Mr. Pavao possesses over 30 years of leadership experience in the global biopharmaceutical industry, having held senior roles at Biotech Value Advisors, R-Pharm US, and Bristol-Myers Squibb. He will be compensated with an option grant for 10,000 shares and standard director fees.

COYA · Coya Therapeutics, Inc.

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