Charles Duncan, PhD

Managing Director; Head of Biotech Strategy & Development

Dr. Charles C. Duncan, Ph.D. has over 25 years experience in equity research and built a reputation as a leading voice in Biotech spanning early-stage innovators to emerging commercial stage development companies. Charles is known for his focus on Neuro-Innovators (drug developers for CNS/PNS diseases) with a deep understanding of scientific risk, clinical nuances and market opportunities for both rare and highly prevalent unmet therapeutic needs. Having successfully covered well over 100 companies during his sell side career, he also played a pivotal role as the senior vetting analyst on 25+ completed IPOs. Beyond his willingness to dive deep into primary research and translation skills, he has been an effective (and encouraging) mentor to numerous associate analysts and a trusted partner to institutional sales and investors for enhancing appreciation of market inefficiencies for covered companies.    

Prior to joining Gilmartin as Managing Director and Head of Biotech Strategy and Development, Charles served as President of Sulci Advisors, LLC a life sciences-focused business advisory firm he founded in September 2025.  Prior to that, Dr. Duncan served as Managing Director and Senior Biotechnology Analyst at Cantor Fitzgerald & Co. from July 2018 until June 2025, where he initiated or transferred coverage on more than 70 companies with a focus on neurology, psychiatry, and platform-enabled therapeutics. From December 2012 to June 2018, he served as Managing Director and Senior Biotechnology Analyst at Piper Jaffray & Co., and from September 2002 to December 2012 as Managing Director and Senior Biotechnology Analyst at JMP Securities, LLC, where he was a founding healthcare partner. Earlier in his career, Dr. Duncan held biotechnology equity research positions at other firms including Prudential Vector Securities, a well-known early healthcare-focused boutique.

Charles earned his Ph.D. in Pharmaceutical Sciences, with a concentration in Neuropharmacology, from the University of Colorado-Boulder and his B.S. in Zoology from the University of Wisconsin-Madison.  Additionally, appointed in April 2026, Dr. Duncan is an active member of the Board of Directors for Vanda Pharmaceuticals, Inc. (Nasdaq: VNDA).

When not working Charles spends time with his family enjoying all the Arizona desert has to offer, including painting-worthy sunsets and sauna-beating “dry heat”, as well as spinning his wheels to recharge either at the gym or on the racetrack.

Interesting Facts About Charles

• Accomplished formula car racer (FA class division champion) and current F3 driver
• Was certified to scuba dive prior to learning to swim
• Completing a Winemaking Certificate at UC Davis – to discover the “why” in each glass
• Named “Genome Giant” by Wall Street Research Magazine in 2001