Andrew Booth
AbCellera BiologicsAbout Andrew Booth
Andrew Booth, age 51, is Chief Financial Officer of AbCellera (ABCL). He has served as CFO since August 2019 and previously sat on the Board (June 2016–August 2019). He holds an MBA from INSEAD and a B.A.Sc. in Engineering Physics from the University of British Columbia . Under his tenure, AbCellera’s revenue transitioned from COVID-related royalties ($485.4M in 2022) to a discovery/milestone model ($38.0M in 2023; $28.8M in 2024), with 2024 net loss of $162.9M amid elevated depreciation/impairment and ongoing platform investment . Pay-versus-performance disclosures show highly negative TSR outcomes in recent years (value of $100 investment: 2024 = 4.97; 2023 = 9.69), reinforcing equity value drawdown during the period . Company execution highlights include 9 partner-initiated program starts Y/Y to 96 and 16 molecules in clinic by year-end 2024, plus approximately $840M in liquidity, signaling balance sheet strength for continued execution .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| AbCellera | Member, Board of Directors | 2016–2019 | Pre-CFO governance role prior to executive appointment |
| STEMCELL Technologies | Chief Commercial Officer | 2017–2019 | Commercial leadership at private biotech |
| STEMCELL Technologies | Chief Financial Officer | 2013–2017 | Finance leadership at private biotech |
| STEMCELL Technologies | VP, Instrumentation | 2010–2013 | Operational leadership in instrumentation |
| GE Healthcare (London, UK) | Led M&A (EMEA & GE Lifesciences) | 2004–2009 | Corporate development/M&A leadership across EMEA and Lifesciences |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Various private life sciences companies | Director | Not disclosed | Served on boards of private companies in life sciences (companies not named) |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 450,000 | 460,000 | 460,000 |
| Target Bonus (% of salary) | 45% (as of 2024; target unchanged per committee) | 45% (as of 2024; target unchanged per committee) | 45% |
| Actual Bonus ($) | 169,972 | 191,747 | 188,680 |
| All Other Compensation ($) | 22,447 | 22,808 | 23,040 |
Notes:
- Base salary set in USD; Canadian executives paid CAD equivalent; FX translation noted in proxy footnotes .
- 2023 and 2024 annualized base salaries for Booth were unchanged at $460,000 .
Performance Compensation
Annual Cash Incentive – 2024 Design and Outcome
| Component | Weighting | Target | Actual | Payout/Multiplier | Result ($) |
|---|---|---|---|---|---|
| Corporate achievements | 70% | 100% | 91% | Contributes to 94% overall multiplier | Part of $193,959 total |
| Individual contribution (Booth) | 30% | 100% | 100% | Contributes to 94% overall multiplier | Part of $193,959 total |
| Total bonus | — | Target $207,000 (45% of $460k) | — | Bonus Multiplier = 94% | $193,959 |
2024 corporate goals spanned pipeline (ABCL635/575 toward 2025 CTAs), platform (IND-enabling capabilities; facility move-in), partnerships (Biogen, Viking/ArrowMark, Lilly expansion; AbbVie TCE closed Jan-2025), and financial performance (≈$840M liquidity; HQ move completion). Committee assessed 91% corporate achievement (met most goals) .
Equity Incentives – 2024 Grants
| Grant | Grant date | Securities (options) | Exercise price | Vesting | Grant date FV ($) |
|---|---|---|---|---|---|
| Annual Stock Option Grant | Jan 14, 2024 | 770,416 | $5.39 | 25% after 1 year, then monthly over 36 months (time-based) | 2,756,858 |
Program structure:
- Long-term incentives for Section 16 NEOs are 100% stock options; grant timing shifted to January beginning 2024 (no 2023 grants) .
Outstanding Equity Awards (Booth) – December 31, 2024
| Grant date | Vesting start | Exercisable (#) | Unexercisable (#) | Exercise price ($) | Expiration |
|---|---|---|---|---|---|
| 1/14/2024 | 1/14/2024 | — | 770,416 | 5.39 | 1/14/2034 |
| 12/1/2022 | 12/1/2022 | 242,830 | 242,831 | 13.18 | 12/1/2032 |
| 12/7/2021 | 12/7/2021 | 304,515 | 101,505 | 14.55 | 12/7/2031 |
| 12/10/2020 | 12/10/2020 | 228,800 | — | 20.00 | 12/10/2030 |
| 3/23/2020 (performance – Series B) | 3/23/2020 | 1,500,000 | — | 0.32 | 8/22/2029 |
| 10/30/2019 | 8/22/2019 | 2,950,000 | — | 0.32 | 8/22/2029 |
| 12/31/2017 | 6/15/2016 | 250,000 | — | 0.19 | 6/15/2026 |
Vesting footnotes:
- Time-based: 25% after 1 year; remainder in equal quarterly (pre-2022) or monthly installments over 3 years (post-2023), subject to service; some legacy grants vest quarterly .
2024 exercises:
- Booth had no option exercises in 2024 (0 shares; $0 value realized) .
Equity Ownership & Alignment
| Beneficial owner | Shares beneficially owned | % of outstanding | Composition detail |
|---|---|---|---|
| Andrew Booth | 6,092,875 | 2.0% | 153,000 shares (Booth); 130,959 shares (spouse); 5,808,916 options exercisable within 60 days |
- Hedging/derivatives: Company policy prohibits short sales, derivative transactions, and hedging by executives and directors .
- Pledging: No explicit pledging policy disclosure found in the proxy .
- Stock ownership guidelines: Not disclosed for executives in the cited proxy sections .
In-the-money status snapshot (12/31/2024 close $2.93):
- ITM: 0.19; 0.32; 2.30 exercise prices (if held) vs $2.93 .
- OTM: 5.39; 13.18; 14.55; 20.00 exercise prices vs $2.93 .
Employment Terms
| Term | Detail |
|---|---|
| Offer letter | April 12, 2019; effective August 22, 2019 |
| Signing bonus | One-time $15,046 (CAD source; BoC 1.3292 CAD:USD) |
| Non-compete & non-solicit | One-year post-termination; perpetual NDA and IP assignment |
| Severance plan (non-CIC) | 12 months base salary; continued health benefits (Canada) for 12 months; installments; release and covenants required |
| Severance plan (CIC, double trigger) | 1x base salary + 1x target bonus; 12 months benefits (Canada); full acceleration of time-based equity; performance awards vest at target; release/covenant conditions; 280G cutback if beneficial |
| Estimated payments (as of 12/31/2024) | Termination not in CIC: $460,000 cash + $4,752 other = $464,752 . Termination in CIC: $667,000 cash + $4,752 other = $671,752 . |
Performance & Track Record
- 2024 corporate highlights: 9 new partner-initiated programs (cumulative 96), 16 molecules in clinic, HQ move completed, GMP facility development progressing, collaborations with Biogen and Viking/ArrowMark, Lilly expansion; AbbVie TCE deal closed January 2025; approx. $840M liquidity .
- Financial trajectory: Revenue declined from $485.4M (2022) to $38.0M (2023) and $28.8M (2024) as COVID royalties ceased; 2024 net loss $162.9M; significant depreciation/amortization/impairment ($90.9M) reflecting investment and non-cash charges .
- Risk context: Management indicates future revenue will fluctuate due to timing of partner milestones/royalties and program starts; COVID royalty revenue ended in 2022; ongoing losses expected as the model shifts to internal programs and downstream economics .
Compensation Structure Analysis
- Mix and risk: For Section 16 NEOs, long-term incentives are 100% options, increasing alignment with long-term equity value but exposing awards to share price volatility; annual grant timing moved to January starting 2024 (no 2023 equity grants) .
- Cash vs. equity: 2024 base unchanged vs. 2023 ($460k), with discretionary cash bonus driven by corporate (91%) and individual (100%) assessments, producing a 94% payout of target; emphasizes discretionary/goal-based annual cash versus fixed salary growth .
- Governance: Compensation Committee uses an independent consultant (Alpine Rewards) and updated the peer group in 2024 .
Investment Implications
- Alignment and potential supply: Booth holds ~5.81M deeply in-the-money legacy options at sub-$1 exercise prices and additional options at $2.30 that were ITM at 12/31/2024 ($2.93 close), representing potential future sellable inventory upon exercise; higher-strike grants (≥$5.39) were OTM, limiting near-term selling pressure from those awards . 2024 Form 4 proxy table shows no Booth option exercises, suggesting limited realized liquidity in 2024 .
- Retention economics: Severance provides 12 months salary (non-CIC) and 1x salary+bonus plus full time-based equity acceleration (double-trigger CIC), adequately protective but not excessively rich; structure reduces unwanted turnover risk while preserving deal flexibility .
- Pay/performance optics: With negative TSR and reduced revenues post-COVID, 100% option LTI keeps pay “at risk” and linked to recovery; 2024 cash bonus at 94% of target reflects progress on operational goals (pipelines, partnerships, liquidity) despite losses, supporting continuity in strategic build-out .
Supporting Data Tables
Company performance snapshot (for context)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Total revenue ($000s) | 485,424 | 38,025 | 28,833 |
| Net income (loss) ($000s) | 158,519 | (146,398) | (162,857) |
| TSR – value of $100 (year) | 17.20 (2022) | 9.69 (2023) | 4.97 (2024) |
Executive compensation summary (multi-year)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | 450,000 | 460,000 | 460,000 |
| Bonus ($) | 169,972 | 191,747 | 188,680 |
| Option awards ($) | 4,245,263 | — | 2,756,858 |
| Total ($) | 4,887,682 | 674,555 | 3,428,578 |
Equity/ownership details
| Item | Value |
|---|---|
| Beneficial ownership | 6,092,875 shares (2.0%) |
| Composition | 153,000 direct; 130,959 spouse; 5,808,916 options exercisable within 60 days |
| Trading/hedging policy | Prohibits short sales, derivatives, hedging |
| Pledging | Not disclosed in the cited proxy sections |
Sources
- 2025 DEF 14A (Proxy): biography/age; base salary/bonuses; LTI grants; outstanding awards; ownership; incentive design and outcomes; severance/CIC; trading policy; corporate highlights .
- 2024 10-K: revenues, net income/loss, liquidity and operating metrics .
Investment Implications
- Booth’s incentives are heavily aligned to long-term equity appreciation via options; near-term selling pressure appears limited given no 2024 exercises and most recent grants OTM at year-end, though a large pool of low-strike, ITM options could be monetized if liquidity or price strengthens .
- Retention risk appears moderate: cash severance protections (12 months) and double-trigger CIC (1x salary+bonus, full time-based acceleration) are competitive and should support continuity through a potential strategic inflection (e.g., internal program out-licensing or partner milestones) .
- From a pay-for-performance lens, maintaining cash bonuses alongside negative TSR and losses will draw scrutiny; however, the committee’s focus on operational milestones (pipeline, partnerships, liquidity) provides a rationale consistent with the company’s discovery-platform economics and long-dated value realization .