Elizabeth H.Z. Thompson
ACADIA PHARMACEUTICALSAbout Elizabeth H.Z. Thompson
Elizabeth H.Z. Thompson, Ph.D., 50, is Executive Vice President and Head of Research & Development at Acadia Pharmaceuticals (ACAD), appointed effective April 4, 2024. She holds a B.S. in Chemistry from Harvey Mudd College and a Ph.D. in macromolecular and cellular structure and chemistry from The Scripps Research Institute . Company performance context for her first year: Acadia’s 2024 net revenues grew 32% year over year and one‑year TSR was 41% (lower quartile vs the peer set), with strong NUPLAZID sales and profitability but DAYBUE below target .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Amgen (post-Horizon acquisition) | EVP, Research & Development (Rare Disease) | Oct 2023–Jan 2024 | Led rare disease R&D integration post-Horizon acquisition . |
| Horizon Therapeutics | EVP, Research & Development | Mar 2021–Oct 2023 | Senior R&D leadership during significant portfolio expansion . |
| Horizon Therapeutics | Group VP, Development & External Search | Jan 2020–Mar 2021 | Drove development and external innovation sourcing . |
| Horizon Therapeutics | VP, Clinical Development (Rare Disease) | Jun 2018–Jan 2020 | Advanced rare disease clinical programs . |
| AbbVie | Group Scientific Director, Clinical Development | Apr 2017–May 2018 | Clinical lead for risankizumab (Skyrizi), supporting global submissions/approvals . |
| AbbVie | Senior Scientific Director, Clinical Development | Sep 2015–Apr 2017 | Advanced late‑stage immunology programs (incl. Skyrizi) . |
| Raptor, InterMune, Amgen (earlier) | Various clinical/dev./BD roles | — | Broad experience across clinical development and BD . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| IGM Biosciences (public) | Director | Current | External public company board service . |
Fixed Compensation
| Metric | 2024 |
|---|---|
| Base salary (annual rate) | $630,000 |
| Target bonus (% of salary) | 50% |
| Salary paid in 2024 (prorated) | $281,884 |
| Target bonus on paid salary (prorated) | $140,942 |
| Actual bonus paid (87.4% payout) | $117,399 |
| 401(k) match (2024) | $14,094 |
Performance Compensation
Acadia’s 2024 annual cash incentive plan used objective, pre‑set goals with point weightings and linear interpolation; total payout was 87.4% of target for executives (prorated for partial‑year service). Thompson’s individual payout followed this corporate scorecard .
| Category | Target weight (points) | 2024 achievement (points) | Notes on targets/actuals |
|---|---|---|---|
| NUPLAZID net product sales | 10.0 | 16.3 | Actual $609.4M vs midpoint target bands; BOY/Mid‑year thresholds and scaling disclosed . |
| NUPLAZID profitability | 5.0 | 7.5 | Above target profitability . |
| DAYBUE net product sales | 45.0 | 17.6 | Actual $384.4M; below target; mid‑year bands provided . |
| ACP‑204 AD psychosis enrollment | 10.0 | 8.5 | Below target . |
| ACP‑101 PWS enrollment | 10.0 | 9.4 | Below target . |
| Early‑stage R&D goals | 5.0 | 7.5 | Outperform . |
| Pimavanserin NSS P3 topline | — | — | No points; results negative . |
| Business development | 15.0 | 20.6 | Outperform (incl. ACP‑711 license) . |
| Total payout (% of target) | — | 87.4% | Company‑wide executive payout factor . |
PSUs: Beginning 2024, PSU design shifted to 3‑year relative TSR vs a curated Nasdaq Biotech subset (0–150% payout, capped at 100% if absolute TSR is negative). New hires other than the CEO received options/RSUs; Thompson’s 2024 new‑hire grant did not include PSUs .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (2/15/2025) | “—” shares; less than 1% of outstanding . |
| Unvested RSUs (12/31/2024) | 64,544 units; market value $1,184,382 . |
| Stock options (12/31/2024) | 324,582 unexercisable; exercise price $15.29; grant 8/12/2024; 10‑yr term . |
| Option vesting | 25% after 1 year, then monthly over next 3 years . |
| RSU vesting | Four equal annual installments from first anniversary . |
| Ownership guidelines | 2x base salary; 5 years to comply; 50% retention until met . |
| Hedging/pledging | Prohibited by policy (no shorts, options, hedging; no margin/pledge) . |
| Clawback | Complies with Nasdaq Rule 10D‑1; restatement‑based mandatory recovery; discretionary for misconduct . |
Employment Terms
| Topic | Key terms |
|---|---|
| Role and start date | EVP, Head of R&D; effective April 4, 2024 . |
| Severance (non‑CIC) | Cash equal to base salary + target bonus; pro‑rata target bonus; 12 months COBRA; estimate ≈$1.3M if terminated 12/31/2024 (illustrative) . |
| Change‑in‑Control (double trigger) | 1.5x (base + target bonus); pro‑rata target bonus; 18 months COBRA; full vesting of unvested equity (performance deemed at 100% target); illustrative cash ≈$1.8M and realized stock awards ≈$2.2M as of 12/31/2024 . |
| Conditions | Release of claims and non‑solicitation required for benefits . |
Compensation Structure Analysis
- Cash vs equity mix: 2024 total compensation of $4.26M skewed toward long‑term equity (options/RSUs grant‑date fair value ≈$3.85M), consistent with pay‑for‑performance and retention emphasis for new hires .
- Equity design: New‑hire mix 75% time‑based stock options / 25% RSUs increases performance sensitivity (options require sustained stock appreciation) while retaining RSU stability; options vest over four years, anchoring retention through 2028 .
- Annual incentive rigor: Quantified scorecard across commercial, profitability, clinical, early R&D, and BD delivered an 87.4% payout in 2024 (below target), signaling formulaic alignment with mixed operating results (strong NUPLAZID, weaker DAYBUE) .
- Governance guardrails: Robust clawback, no hedging/pledging, ownership guidelines, and double‑trigger CIC vesting reduce misalignment risk .
Risk Indicators & Red Flags
- Pledging/hedging: Prohibited; reduces alignment risk .
- Option repricing/gross‑ups: Company prohibits option repricing and tax gross‑ups; positive governance practices .
- Say‑on‑pay: 94% approval for 2023 pay at 2024 meeting; supportive shareholder sentiment .
Say‑on‑Pay & Shareholder Feedback (Context)
- 2024 shareholder feedback prompted PSU redesign to relative TSR beginning with 2024 grants; indicates responsiveness and improved transparency .
Expertise & Qualifications
- Deep late‑stage development and regulatory execution in immunology/rare disease; clinical lead for AbbVie’s risankizumab (Skyrizi) supporting global approvals .
- Senior R&D leadership through large‑cap M&A integration (Horizon into Amgen), relevant to pipeline scaling at Acadia .
Work History & Career Trajectory
- Progressive leadership from clinical roles (InterMune/Raptor) to senior development at AbbVie (Skyrizi), then Horizon EVP R&D, culminating in Amgen rare disease R&D leadership pre‑Acadia .
Investment Implications
- Alignment and retention: Meaningful unvested equity (324.6k options; 64.5k RSUs) with multi‑year vesting, plus ownership guidelines and no hedging/pledging, point to strong alignment and moderate near‑term selling pressure risk; first major vest dates begin August 2025 .
- Pay‑for‑performance: Below‑target 2024 bonus outcome (87.4%) reflects disciplined linkage to mixed operating results; ongoing shift to relative‑TSR PSUs at the company level further ties long‑term pay to shareholder returns (though Thompson’s 2024 grant was options/RSUs) .
- Execution lens: Her prior success with late‑stage assets (e.g., Skyrizi) and large‑scale R&D leadership align with Acadia’s stated priorities (maximizing NUPLAZID/DAYBUE, advancing late‑stage pipeline), which, coupled with 32% revenue growth in 2024, may support R&D execution confidence; TSR was 41% in 2024 but peer‑relative rank was lower quartile, underscoring the importance of near‑term clinical and commercial delivery .
Note: All compensation, equity, and policy terms are as disclosed in Acadia’s 2025 DEF 14A and related filings.