Patrick Lamy
About Patrick Lamy
Patrick Lamy is Senior Vice President, Commercial Strategy at Akero Therapeutics, serving since January 2023. He previously led commercial strategy roles at Iovance Therapeutics (VP Commercial, Oct 2018–Feb 2021) and Gilead Sciences (commercial strategy and marketing, Apr 2008–Sep 2018), and consulted for small biotechs and agencies (Sep 2021–Dec 2022). He holds an MBA from UC Berkeley and a B.Sc. in biochemistry and cellular biology from UC San Diego; age 52 as of April 10, 2025 . Company performance context: Akero’s TSR (value of a fixed $100 investment) was $81.98 in 2021, $212.40 in 2022, $90.50 in 2023, and $107.83 in 2024, with FY net losses of $100.8M (2021), $112.0M (2022), and $151.8M (2023) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Akero Therapeutics | SVP, Commercial Strategy | Jan 2023–present | Leads commercial strategy planning for EFX and pipeline |
| Consulting (various biotechs/agencies) | Commercial strategy consultant | Sep 2021–Dec 2022 | Supported commercial strategy for small biotechs/agencies |
| Iovance Therapeutics | VP, Commercial | Oct 2018–Feb 2021 | Built commercialization capability for cell therapy |
| Gilead Sciences | Commercial strategy and marketing roles | Apr 2008–Sep 2018 | Multiple roles in commercial strategy and marketing |
| Clinical Care Options | Roles of increasing responsibility | Not disclosed | Not disclosed |
| Novacea | Roles of increasing responsibility | Not disclosed | Not disclosed |
External Roles
None disclosed for Lamy in proxy filings .
Fixed Compensation
- Not disclosed for Lamy. Akero’s NEO program emphasizes base salary, annual cash incentives with target percentages, and equity (options and RSUs); Lamy is not a named executive officer in the 2024–2025 proxy tables .
Performance Compensation
- Not disclosed for Lamy. Company-wide 2024 goals (Phase 3 SYNCHRONY site activation/enrollment, FDA alignment, Phase 2b readouts, manufacturing PPQ readiness, and financing) were achieved at 100%, aligning bonus outcomes for NEOs; program design uses time-based options and RSUs to align with long-term value creation .
Equity Ownership & Alignment
- Insider transactions and holdings snapshots:
| Filing date | Transaction detail | Shares owned following | Derivative holdings following | Notes |
|---|---|---|---|---|
| Jan 29, 2025 | Exercised 4,000 options at $19.87; sold 5,000 shares at $57.03; ESPP purchase of 234 shares at $19.686 | 33,492 direct | 79,182 options remaining from 83,182 grant | 10b5-1 plan adopted Mar 28, 2024 |
| May 22, 2025 | Sale+option exercise (4,000) around $50 | 33,492 direct (post) | Not stated | As reported by OpenInsider (aggregates SEC) |
| Jun 20, 2025 | Sold 875 shares at $54.59 | 31,698 direct (post) | Not stated | Reported in SEC Form 4; 10b5-1 plan date Jan 6, 2025 in IR PDF |
| Jun 16, 2025 | Exercised 2,000 options at $19.87; sold 2,000 shares at ~$53.82–$55.09 | 32,573 direct (post) | Not stated | Under Jan 6, 2025 10b5-1 plan |
- Key award/vesting schedule:
| Grant date | Options underlying shares | Exercise price | Expiration | Vesting schedule |
|---|---|---|---|---|
| Dec 8, 2023 | 83,182 | $19.87 | Dec 7, 2033 | 48 equal monthly installments from Dec 8, 2023 |
- Hedging/pledging: Akero’s Insider Trading Policy prohibits short sales, hedging, margin, and pledging; as of proxy date, NEOs had not sought pledging approval. Policy applies to directors, officers, and designated employees .
Employment Terms
- Employment start date: January 2023; role tenure 2+ years as of the 2025 proxy .
- Contract terms (severance/change-in-control) for Lamy are not disclosed. NEO agreements provide 9–12 months salary severance (non-CIC) and 12–18 months plus target bonus and full acceleration of time-based equity with double-trigger in CIC; no 280G/4999 gross-ups . These NEO terms do not necessarily apply to Lamy.
Performance & Track Record
- 2024–early 2025 milestones: Activation/enrollment across Phase 3 SYNCHRONY, FDA alignment on Outcomes design/endpoints, Phase 2b HARMONY week-96 readout, ~$367M follow-on (Mar 2024) and ~$403M raise (Jan 2025) .
- 2024 pay program achieved 100% of corporate goals; Say-on-Pay approval ~95% (2024) and ~89% (2023), indicating broad shareholder support for incentive structure .
Board Governance (context)
- Compensation Committee comprised of independent directors; uses Pearl Meyer for peer benchmarking; program primarily performance-based, with options and RSUs vesting over time .
Company TSR (context during Lamy’s tenure)
| Metric | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| AKRO TSR ($ value of $100 initial investment) | $81.98 | $212.40 | $90.50 | $107.83 |
Compensation Structure Analysis
- Shift to time-based options and RSUs for NEOs, vesting over 4 years, suggests emphasis on retention and long-term equity alignment; Lamy’s Dec 2023 option grant follows the same 48-month schedule .
- No evidence of option repricing or tax gross-ups; clawback policy adopted Sept 13, 2023 .
Risk Indicators & Red Flags
- Insider selling occurred via Rule 10b5-1 plans (Mar 28, 2024; Jan 6, 2025), indicating pre-scheduled liquidity rather than opportunistic trades .
- Company policy prohibits hedging/pledging; no pledging disclosed for Lamy in filings reviewed .
Equity Ownership & Alignment
- Ownership is in the tens of thousands of direct shares with a meaningful unvested option balance; monthly vesting through 2027 aligns ongoing service with equity accumulation .
- ESPP participation indicates regular share accumulation at discounted terms .
Employment Terms (Severance / Change-of-Control)
- Not disclosed for Lamy; NEO precedent provides double-trigger equity acceleration and cash severance multiples; no tax gross-ups .
Investment Implications
- Retention: The Dec 2023 option grant with 48-month monthly vesting supports retention through 2027; continued vesting creates alignment with long-term value creation .
- Trading signals: Multiple 2025 sales under Rule 10b5-1 plans suggest structured liquidity rather than ad hoc selling; monitor future Form 4s for cadence and size of sell-to-exercise activity .
- Alignment: Participation in ESPP and equity grants, coupled with prohibitions on hedging/pledging, indicate alignment with shareholder interests; lack of disclosed individual bonus/targets reduces visibility into pay-for-performance at the executive-officer level for Lamy .