Paul Lizzul
ANAPTYSBIOAbout Paul Lizzul
Paul Lizzul, M.D., Ph.D., M.P.H., is Chief Medical Officer at AnaptysBio (ANAB), serving since July 2020; he is 50 years old as of March 31, 2025 . His background spans senior clinical leadership in dermatology and immunology, including roles at Amgen, Sienna Biopharmaceuticals, Kythera, and Tufts University School of Medicine, with board certification in dermatology and extensive clinical trials experience . Education: B.S. Biology (Rensselaer Polytechnic Institute), M.D./Ph.D. Molecular Genetics & Microbiology and M.P.H. Epidemiology/Outcomes (Rutgers/Robert Wood Johnson Medical School), and M.B.A. Entrepreneurship (Rutgers Business School) . Company context on performance: ANAB’s pay-versus-performance disclosure shows cumulative TSR from a hypothetical $100 investment equaling $38 in 2024, $62 in 2023, $89 in 2022, reflecting the challenging shareholder return environment during this period .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Amgen Inc. | Executive Medical Director | Jan 2020–Jul 2020 | Senior clinical leadership across immunology portfolio |
| Sienna Biopharmaceuticals, Inc. | Chief Medical Officer | Jan 2016–Dec 2019 | Led clinical development; executive oversight during company lifecycle |
| Kythera Biopharmaceuticals, Inc. | Senior Medical Director & Head of Safety | Aug 2012–Oct 2015 | Safety leadership; company acquired by Allergan in Oct 2015 |
| Tufts University School of Medicine | Assistant Professor of Dermatology; Associate Director of Clinical Research | Pre-2012 (dates not specified) | Conducted investigator-initiated and industry-sponsored trials in inflammatory skin diseases |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| UCLA School of Medicine (Dermatology) | Volunteer teaching faculty | Not disclosed | Academic engagement |
| American Academy of Dermatology | Faculty member | Not disclosed | Professional society involvement |
| FDA Dermatology & Ophthalmic Drugs Advisory Committee | Committee member (prior service) | Not disclosed | Regulatory advisory service |
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary ($) | $509,479 | $529,859 |
| Target Bonus (% of Salary) | Not disclosed for 2023 | 40% |
| Non-Equity Incentive (Paid, $) | $203,792 | $158,958 |
| All Other Compensation ($) | $25,603 | $23,742 |
| Total Cash Compensation ($) | $738,874 | $712,559 |
| Total Compensation ($) | $2,441,117 | $4,583,508 |
Notes:
- 2024 corporate bonus pool funded at 75% of target based on goal achievement; Lizzul’s actual bonus paid was $158,958 .
Performance Compensation
Annual Cash Bonus – 2024 Corporate Performance
| Metric Category | Target (Qualitative) | Actual Outcome | Payout Impact |
|---|---|---|---|
| Rosnilimab RA Ph2b timeline | On track for top-line results by Q2 2025 | Initial clinical data reported Feb 2025; full data expected Q2 2025 | Contributed to 75% funding |
| Rosnilimab UC Ph2 timeline | Read-out by H2 2025/H1 2026 per plan | Ongoing; timeline per plan | Contributed to 75% funding |
| ANB032 AD Ph2 readout | Results in 2024 | Trial results missed statistical significance; factored into payout | Reduced payout (overall 75%) |
| Early Portfolio (ANB033/ANB101) | ANB033 Ph1 start; ANB101 IND | ANB033 Ph1 started; ANB101 Ph1 initiated Q1 2025 | Contributed to 75% funding |
| Finance | Budget discipline, cash runway, BD | Achieved milestones and equity raise; $100m offering | Contributed to 75% funding |
| Talent & Culture | Leadership retention/development | Ongoing per plan | Contributed to 75% funding |
Summary:
- 2024 bonus funded at 75% of target; Lizzul’s target bonus was 40% of salary and he received $158,958 .
Long-Term Incentives – Grants and Vesting (2024)
| Instrument | Grant Size | Key Vesting Terms | Performance Triggers |
|---|---|---|---|
| Stock Options (Jan 3, 2024) | 115,540 shares | 25% vests on Jan 3, 2025; 1/48 monthly thereafter; 10-year term; exercise price $21.19 | Time-based only |
| RSUs (Jan 3, 2024) | 42,220 units | 25% annually beginning Jan 3, 2025 | Time-based only |
| PSUs (Jul 22, 2024) | 50,000 units | 4-year performance period; three equal tranches; 50% vests 1-year after achievement (no earlier than Jul 1, 2026), 50% two years after; eligibility based on 60-trading day average | Stock price hurdles at $50, $75, $100; none achieved as of Apr 1, 2025 |
Grant Values (accounting fair value, FY 2024):
- Stock Awards: $2,128,976 (includes $1,234,334 for PSUs) .
- Option Awards: $1,741,973 .
Equity Ownership & Alignment
| Ownership Metric (as of Apr 1, 2025) | Value |
|---|---|
| Total Beneficial Ownership (shares) | 315,155 (1.0% of shares outstanding) |
| Directly Owned Shares | 25,643 |
| Options Exercisable within 60 days | 289,512 |
| Hedging/Pledging | Prohibited for employees and directors (no hedging, margin purchases, or pledging) |
Outstanding Awards (as of Dec 31, 2024):
| Award Type | Exercisable (#) | Unexercisable (#) | Exercise Price ($) | Expiration | RSUs Unvested (#) | RSUs Market Value ($) | PSUs Unearned (#) | PSUs Market/Payout Value ($) |
|---|---|---|---|---|---|---|---|---|
| Option (Jul 30, 2020) | 85,000 | — | 18.50 | 07/29/2030 | — | — | — | — |
| Option (Feb 10, 2021) | 10,000 | — | 29.70 | 02/09/2031 | — | — | — | — |
| Option (Feb 10, 2021) | 43,125 | 1,875 | 29.70 | 02/09/2031 | — | — | — | — |
| Option (Feb 10, 2022) | 49,583 | 20,417 | 30.44 | 02/09/2032 | — | — | — | — |
| Option (Dec 15, 2022) | 15,000 | — | 28.64 | 12/14/2032 | — | — | — | — |
| Option (Jan 6, 2023) | 32,137 | 34,933 | 23.23 | 01/05/2033 | — | — | — | — |
| RSUs (Jan 6, 2023) | — | — | — | — | 18,435 | $244,079 | — | — |
| Option (Jan 3, 2024) | — | 115,540 | 21.19 | 01/02/2034 | — | — | — | — |
| RSUs (Jan 3, 2024) | — | — | — | — | 42,220 | $558,993 | — | — |
| PSUs (Jul 22, 2024) | — | — | — | — | — | — | 50,000 | $662,000 |
Vesting Footnotes:
- Options generally vest 25% after 1 year, then 1/48 monthly; certain performance-vested options (Dec 15, 2022) vested upon condition achievement .
- RSUs vest annually in equal installments over four years .
- PSUs vest only upon achieving share price hurdles; no targets achieved as of April 1, 2025 .
Employment Terms
| Provision | Terms |
|---|---|
| Employment Agreement | Effective Jul 31, 2020; amended and restated Apr 25, 2022 |
| Severance (Non-Change in Control) | If terminated without cause or resigns for good reason: 9 months salary continuation and 9 months COBRA premium payments (until earlier new coverage) |
| Change-in-Control (Double Trigger) | If CoC occurs and terminated without cause or resigns for good reason within 13 months: 12 months salary continuation and 12 months COBRA premiums; full vesting of outstanding equity awards except PSUs (Board determines Eligible PSUs as of CoC date; Eligible PSUs fully vest); full target bonus plus prorated actual bonus for year |
| Tax Treatment (280G) | “Better-after-tax” cutback or full payment, whichever yields higher net to executive (applies to Lizzul) |
| Clawback Policy | Adopted Sept 2023; recovery of excess incentive-based compensation upon restatement per SEC/Nasdaq rules |
| Hedging/Pledging | Prohibited under Insider Trading Policy |
| Timing of Equity Grants | Annual in January; new hires generally granted on the 15th following start date; not timed to material non-public info |
Compensation Committee Analysis
- Independent compensation committee; consultant engagement shifted from Compensia to Alpine Rewards effective Sept 12, 2024 .
- Peer group updated in 2023 for 2024 decisions (examples: Allakos, Celldex, Crinetics, Gossamer Bio, IGM Biosciences, RAPT Therapeutics, Xencor, etc.) .
- Program emphasizes at-risk pay: annual performance bonuses and mix of options/RSUs; PSUs introduced in 2024 with high stock-price hurdles ($50/$75/$100) over a four-year period .
Say-on-Pay & Shareholder Feedback
- 2024 Say-on-Pay: approximately 87% approval of ANAB’s executive compensation program .
- Ongoing investor engagement noted, with annual Say-on-Pay cadence recommended and practiced .
Investment Implications
- Pay-for-performance alignment: 2024 bonus funded at 75% of target reflects balanced recognition of clinical and portfolio progress offset by missed AD significance and negative shareholder returns; Lizzul’s actual bonus was $158,958 against a 40% target structure .
- Strong equity alignment but limited near-term monetization: Significant unexercised and time-based equity plus PSUs with aggressive share price hurdles indicates retention incentives and reduced immediate selling pressure absent Form 4 activity; hedging/pledging are prohibited, reducing misalignment risk .
- Change-in-control economics: Double-trigger protection with full vesting of time-based awards and Eligible PSUs, plus target and prorated bonuses, provides retention through strategic events while avoiding single-trigger windfalls; 280G “better-after-tax” provision reduces gross-up risk .
- Governance quality: Clawback adoption (2023), prohibition on option repricing without stockholder approval, and no related-party transactions disclosed bolster governance; positive Say-on-Pay support (87%) reduces compensation controversy risk .
Overall, Lizzul’s incentives are predominantly equity-based with rigorous PSU hurdles, and severance/CoC terms are standard double-trigger structures. Retention risk appears managed via multi-year vesting and PSU design, while governance policies mitigate common red flags.