You would need to compare to other non-revenue biotech companies. He should not make as much as a CEO of a big pharma who has rom mansge to bring in a profit and create strelategies for much much larger operation. If you company hasn't brought in jack...you shouldn't be making bank.
Overall I agree with your post. I would like to see his options tied a bit closer to milestones than they are i.e. more significant milestones,
If his options become worthless it will be because multiple trials have failed. And the is as it should be. If they become high value options that will be because my shares have become high value. And that is also as it should be.
His linkage to the share price is pretty close to my my linkage to the share price. I like that.
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