Readdi Inc

Nonprofit profile at a glance

EIN
883812342
IRS 990 coverage
2022–2024
Forms available
Form 990 2024, Form 990-N 2021
Location
Durham, NC, USA
Phone
9193578326
Rating
54
Verdict
MIXED
Rating confidence
Moderate
Sector
Research Institutes and/or Public Policy Analysis

Official website

Reported finances

Revenue
$623,604
Expenses
$1,125,752
Assets
$1,321,299
Liabilities
$249,084

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

13 people listed

Executive titles in this filing

  • JAMES ROSEN (CEO)

Highest reported compensation

  • J CHRISTOPHER CLEMENS (BOARD MEMBER THRU 6/10/25): $604,650 total reported compensation
  • NATHAN KNUFFMAN (BOARD MEMBER): $568,710 total reported compensation
  • JOHN BAMFORTH (BOARD MEMBER): $448,540 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The rapidly emerging antiviral drug development initiative (readdi) is a nonprofit biotechnology organization dedicated to preventing global catastrophes caused by viruses and a leader in the therapeutics pillar of the 3-pronged pandemic preparedness and response structure of ipps.

What it reported doing in 2024

- readdi's standing has risen in the global pandemic preparedness community by leading a newly formed therapeutics development coalition. Readdi is collaborating with the international pandemic preparedness coalition, unitaid, drugs for neglected diseases (dndi) and the intrepid alliance to coordinate and accelerate the discovery and development of antiviral therapeutics for acute and endemic viral diseases that have the potential to become pandemics.- in conjunction with the therapeutics development coalition, readdi is fostering relationships with global healthcare leaders interested in supporting development of therapeutics for infectious diseases.- readdi authored or co-authored several published articles on the necessity of antiviral drug development that were well received by the global community.- readdi's global network of collaborators has grown from approximately 30 institutions to approximately 65. - readdi's potential pipeline of drug hits, leads and candidates has grown to approximately 30 active projects that we are closely monitoring for in-licensing opportunities.

Operating model

Revenue model
Donor-supported. 80% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

MIXED - The filed numbers largely add up and most filed governance safeguards are in place. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and a relatively small share of available resources goes toward mission work.

Rating breakdown

  • Financial Efficiency: 43
  • Transparency & Controls: 65
  • Accountability: 65
  • Sustainability: 18
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 58.3%; rating input score 58
  • Program expense ratio: 30.6%; rating input score 31
  • Fundraising efficiency: $1.14 raised per $1 spent on fundraising; rating input score 4; 4th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 55.6%; rating input score 56; 12th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -80.5%; rating input score 1; 1st percentile among comparable filings
  • Total-asset coverage ratio: 1.17; rating input score 48; 48th percentile among comparable filings
  • Liabilities to assets ratio: 0.19; rating input score 32; 32nd percentile among comparable filings
  • Officer compensation ratio: 99.6%; rating input score 0; 0th percentile among comparable filings

Growth

  • Program expense growth: 80.7% per year; rating input score 100; 98th percentile among comparable filings
  • Revenue growth: -9.2% per year; rating input score 0; 3rd percentile among comparable filings
  • Asset growth: 26.8% per year; rating input score 100; 89th percentile among comparable filings

Details

  • Where the money goes: 58.3% of revenue deployed · 30.6% of spending went to programs
  • Governance: 5 of 9 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $344K in reported program spending
  • Leadership: top reported pay $605K · 13 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 21 of 21 current checks pass
  • Schedules: 7 filed schedules · includes major donors and executive pay
  • Filing history: 3 filing years from 2022 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Financial Efficiency: Mission deployment rate scored 58/100.
  • Moderate — Financial Efficiency: Program expense ratio scored 31/100.
  • Review — Accountability: Independent voting board scored 56/100.
  • High — Financial Efficiency: Fundraising efficiency scored 4/100.
  • High — Sustainability: Operating margin scored 1/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • Moderate — Sustainability: Total-asset coverage ratio scored 48/100.
  • High — Sustainability: Officer compensation ratio scored 0/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 32/100.