Percheron appoints Dr Michael Baker as new CEO as Dr James Garner steps down
Percheron Therapeutics (ASX: PER) has announced a change to its executive leadership, appointing Dr Michael Baker as Managing Director and Chief Executive Officer, effective 5 October 2026. The move follows the decision of Dr James Garner, CEO and Managing Director since August 2023, to step down and take up a new professional opportunity overseas.
Dr Garner will remain in his current role until 31 August 2026 to ensure an orderly transition. All existing Non-Executive Directors and other members of the management team remain unchanged, and the Company reported it remains on track to commence a new clinical trial of HMBD-002 during 2H CY2026, in accordance with prior guidance.
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An orderly transition designed for continuity
The Company has structured the handover to prioritise stability. Rather than an abrupt departure, the arrangement preserves institutional knowledge by keeping the outgoing CEO involved at Board level.
The sequence of events is as follows:
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Dr Garner steps down as CEO and Managing Director on 31 August 2026
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Dr Garner transitions to Non-Executive Director effective 1 September 2026 to support Dr Baker and ensure continuity
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Dr Baker commences as Managing Director and Chief Executive Officer on 5 October 2026
With the outgoing CEO staying on the Board and, by his own account, remaining a significant shareholder, the transition is designed to retain continuity across the leadership change.
Dr Charmaine Gittleson, Percheron Chair
“We are grateful to James for his diligent stewardship of the Company during a transformative period in its history. We wish him well in his new role. The Board is delighted that Dr Michael Baker has agreed to assume leadership of the Company. Michael brings a wealth of drug development experience in a public company setting, and in particular was instrumental to the evolution of Arovella Therapeutics. He is a seasoned and well-respected leader in the sector, with experience as an executive and an investor. We are confident he will drive the Company forward into the next chapter of its development.”
Who is Dr Michael Baker?
Dr Baker joins Percheron with an extensive record in public-company biotechnology leadership and investment. His career spans operational, executive, and venture capital roles across the ASX-listed life sciences sector.
Key career highlights include:
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Most recent role as Chief Executive Officer and Managing Director of Arovella Therapeutics (ASX: ALA), where he transformed a legacy business into one of Australia’s most compelling cell therapy companies
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Under his stewardship, Arovella’s lead program ALA-101 received US FDA Investigational New Drug (IND) application acceptance in January 2026, with phase 1 clinical trials expected to commence in CY2026
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Former Chief Executive Officer and Managing Director of SUDA Pharmaceuticals, which he rebuilt into Arovella over a six-year tenure through strategic in-licensing of cell therapy technologies
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Former Investment Manager at Melbourne-based venture capital fund BioScience Managers
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Former Non-Executive Director of Radiopharm Theranostics (ASX: RAD) from 2021 to 2024
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PhD in Biochemistry from La Trobe University and an MBA from the Melbourne Business School
For investors, Dr Baker’s history points to a pattern of value-creating transformations within ASX-listed biotech businesses.
Dr Michael Baker, incoming Managing Director and Chief Executive Officer
“I am delighted to join Percheron at this pivotal point in its corporate transformation. The team has done a fantastic job securing a unique phase II-ready checkpoint inhibitor. I have been deeply impressed by the quality of the work to date and clinicians’ enthusiasm for the program. My immediate priorities will be to drive the development of HMBD-002, engage actively with the investment community, and build on the excellent work completed to date. I look forward to working closely with the Board, clinicians, and Percheron’s shareholders to drive success for the business.”
A shareholder-aligned pay structure
Dr Baker has accepted a remuneration package with a reduced cash component, offset by a shareholder-aligned equity component tied to share price and tenure milestones. The Company describes the base salary as lower than is typical for peer companies, with overall compensation weighted towards performance-linked equity.
The material terms of the appointment include:
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Base salary of $375,000 per annum plus superannuation
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Sign-on equity of 75,000,000 Restricted Stock Units (RSUs), expiring 5 years from the date of issue
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Short-term incentive of a target annual bonus of 50% of base salary, based on specific annual key performance indicators
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Long-term incentive of a target annual option grant of 1% of issued share capital, based on specific long-term key performance indicators
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Six months’ notice period for either party
The RSU grant is subject to shareholder approval at the Annual General Meeting (AGM). The RSUs convert to the Company’s ordinary shares upon satisfaction of vesting hurdles relating to both share price and duration of service, as set out below.
| Tranche | Number of RSUs | Service Condition | Share Price Condition (20-day VWAP) |
|---|---|---|---|
| 1 | 15,000,000 | n/a | $0.005 |
| 2 | 15,000,000 | 6 months | $0.005 |
| 3 | 15,000,000 | 12 months | $0.010 |
| 4 | 15,000,000 | 24 months | $0.010 |
| 5 | 15,000,000 | n/a | $0.015 |
The share price condition relates to the Company’s ASX-listed ordinary share achieving a 20-day VWAP equal to or greater than the stated amount. The service condition relates to Dr Baker remaining continuously employed or engaged by the Company for the period described from the date of commencement.
Understanding checkpoint inhibitors and HMBD-002
Percheron’s lead program is HMBD-002, a monoclonal antibody targeting the immune checkpoint regulator VISTA.
HMBD-002 has completed a Phase I clinical trial in patients with advanced cancer, which showed the drug to be generally safe and well-tolerated. Dr Baker characterised the asset as a “unique phase II-ready checkpoint inhibitor.”
The Phase I safety data for HMBD-002 confirmed general tolerability across 48 patients at six US clinical centres, with no maximum tolerated dose declared and a recommended Phase II dose set at 720mg weekly, alongside first-ever public biomarker validation of the VISTA blockade mechanism.
A phase II-ready asset represents a potential inflection point for a company. It means the early safety work has been completed, positioning the program for the next stage of clinical development. For a new CEO, inheriting an asset at this stage offers a defined near-term development pathway, though clinical outcomes remain subject to future trial results.
What comes next for Percheron
The leadership change unfolds against a backdrop of maintained clinical guidance. The Company confirmed its program timeline is unaffected by the transition.
The road ahead includes the following milestones:
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Dr Garner steps down as CEO and Managing Director on 31 August 2026, then joins the Board as a Non-Executive Director on 1 September 2026
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Dr Baker commences as Managing Director and Chief Executive Officer on 5 October 2026
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A new clinical trial of HMBD-002 to commence during 2H CY2026, per prior guidance
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The RSU grant to be put to shareholders for approval at the AGM
The continuity of clinical guidance alongside the handover suggests the succession has been managed to avoid disruption to Percheron’s development plans.
For investors wanting to understand the full operational picture behind the 2H CY2026 trial target, our detailed coverage of the HMBD-002 manufacturing milestone explains how Percheron secured a Certificate of Analysis from Hummingbird Bioscience and what the fill-and-finish timeline means for clinical trial initiation.
Dr James Garner, outgoing Chief Executive Officer and Managing Director
“It has been a privilege to be part of Percheron over the past three years, and I am tremendously grateful for the support I have received from the Board and the Company’s shareholders throughout my tenure. I remain excited about the Company’s future and intend to remain a significant shareholder and an enthusiastic champion. I am deeply gratified to pass the reins to an accomplished biotech leader of Michael’s calibre, and I wish him every success in his new role.”
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