Nur Nicholson
Apellis PharmaceuticalsAbout Nur Nicholson
Apellis Pharmaceuticals’ Chief Technical Operations Officer since August 2020; age 56. Background includes global operations and supply chain leadership at Galderma and Alcon; education: B.S. Chemistry (Middle East Technical University, Ankara) and Executive MBA (Texas Christian University). Company performance during her tenure shows Net Product Revenue scaling from $15.1M in 2021 to $709.9M in 2024, alongside cumulative TSR moving from 186.81 (base 100 at 12/31/2019) in 2020 to 104.21 in 2024, reflecting commercialization progress and 2024 market drawdown dynamics .
Past Roles
| Organization | Role | Years | Strategic impact / scope |
|---|---|---|---|
| Galderma S.A. | VP, North American Business Operations & Intelligence; Head of Global Supply Chain | 2016–Aug 2020 | Led regional business ops and global pharma supply chain |
| Alcon (Novartis subsidiary) | Head of Global Supply Chain, Pharmaceutical Franchise | N/D | Managed global supply chain for pharma franchise |
| Various (prior roles) | Clinical and regulatory operations, clinical infometrics, resource management, sales operations | N/D | Cross-functional operations leadership |
External Roles
No public company directorships or external board roles disclosed for Nicholson in the executive biographies section .
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % | Actual Bonus ($) | Notes |
|---|---|---|---|---|
| 2020 | 400,000 | 40% (pro‑rated) | 75,068 (125% of pro‑rated target) | $75,000 sign‑on bonus; $80,374 relocation; 401(k) $4,500 |
| 2021 | 415,000 (approved in Jan 2021) | N/D | N/D | Reflects merit increase vs 2020 |
Performance Compensation
| Plan/Instrument | Metric(s) | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Annual Cash Incentive (2020) | Corporate goals | N/D | 100% | 125% of target (company factor) | Cash paid Feb 2021 |
| Annual Cash Incentive (2024, companywide) | Net product revenue (EMPAVELI, SYFOVRE), pipeline/regulatory, operational objectives | N/D | 100% | 90.74% of target | Cash, following year |
| PSUs (introduced 2025) | Relative TSR vs NASDAQ Biotech Index | 50% of LTI mix (2025) | 55th percentile for target payout | Payout capped at target if absolute TSR negative | Per PSU program; performance-based |
| Stock Options (time-based) | Service | N/A | N/A | N/A | 4-year vest (25% at 1-year; monthly thereafter) |
Notes:
- Clawback/recoupment policy: Company will reasonably attempt to recover erroneously awarded incentive compensation for 3 years preceding any restatement; up to 100% recovery for misconduct/fraud causing serious financial or reputational damage, even absent restatement .
- Insider trading/hedging: Hedging, short sales, derivatives, margin, and pledging prohibited, with rare Audit Committee exceptions (an exception permitted for a director in 2024); no such exception disclosed for Nicholson .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | Less than 1% of shares outstanding as of March 31, 2021 (beneficial ownership table shows “*” for <1% next to Nicholson) |
| Initial inducement grant | 125,000 stock options on 8/17/2020 at $29.76 strike; standard 4-year vesting; 10-year term expiring 8/16/2030 |
| Outstanding awards (12/31/2020) | 125,000 unexercisable options at $29.76 (service-vesting thereafter) |
| In-the-money context (reference price) | Proxy valuation uses $31.91 per share (12/31/2024 close) for change-in-control tables; relative to $29.76 strike, her 2020 grant would be in-the-money at that date |
| Hedging/pledging | Prohibited by policy; Audit Committee may grant exceptions; none disclosed for Nicholson |
Employment Terms
| Provision | Terms / Values |
|---|---|
| Offer letter date | August 17, 2020 (upon hire as CTOP) |
| Severance (not for cause, no CoC) | 9 months base salary + 9 months COBRA; value illustrated for Nicholson: $323,272 as of 12/31/2020 |
| Change-of-control (double trigger within 12 months) | 12 months base + 100% target bonus + 12 months COBRA; Nicholson value $597,030 as of 12/31/2020 |
| Equity acceleration on CoC termination (double trigger) | Unvested options/RSUs vest upon termination without cause or resignation for good reason within 12 months post-CoC; Nicholson acceleration value $3,430,000 as of 12/31/2020 |
| Restrictive covenants | Non-compete and non-solicit for 1 year post-termination; confidentiality and IP assignment |
| Clawback | Dodd‑Frank compliant recoupment policy adopted Dec 2023 (amends Sept 2022 policy) |
Performance & Track Record
- Company TSR and product revenue trends during Nicholson’s tenure indicate rapid commercialization (EMPAVELI launch, SYFOVRE scale) with market volatility reflected in 2024 TSR.
| Measure | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Cumulative TSR (Value of $100) | 186.81 | 154.41 | 168.88 | 195.49 | 104.21 |
| Net Product Revenue ($000s) | — | 15,147 | 65,092 | 366,281 | 709,954 |
Additional execution highlights: U.S. EMPAVELI net product revenue was $98.1M in 2024; FDA accepted and granted Priority Review for EMPAVELI in C3G/IC‑MPGN with July 28, 2025 PDUFA date; positive Phase 3 VALIANT results (C3G/IC‑MPGN) reported August 2024, supporting strategic expansion of indications .
Compensation Committee and Governance Context
- Say‑on‑pay support: 89.9% approval at 2024 annual meeting .
- Market positioning: 2024 executive pay generally targeted at the 50th percentile of peer data; peer groups refreshed for 2024 and 2025 with Pay Governance advice to reflect scale and commercialization stage .
- Equity programs: Shift toward PSUs (50% of 2025 LTI) tied to relative TSR; value capped at target if absolute TSR is negative .
- Equity plan capacity: 12.01M securities outstanding under plans; 10.67M remaining available across approved and inducement plans as of 12/31/2024 .
Investment Implications
- Alignment and incentive mix: Nicholson’s equity-heavy inducement grant (125k options at $29.76) directly ties value to stock price appreciation; introduction of PSUs in 2025 further strengthens pay–performance linkage at the company level .
- Retention and turnover risk: Double‑trigger CoC protections (cash and equity acceleration) and standard non‑compete/non‑solicit reduce near‑term retention risk; 2020 option fully vesting by Aug 2024 increases liquidity, but company policy restricts hedging/pledging, and there is no disclosed pledging by Nicholson .
- Performance sensitivity: Annual bonus outcomes vary with revenue, pipeline, regulatory, and execution metrics (90.74% payout for 2024), and the new PSU program ties a substantial portion of LTI to relative TSR—implying potential variability if biotech markets remain volatile .
- Governance and shareholder feedback: Strong say‑on‑pay support and robust clawback policy reduce governance red flags; compensation positioned at market median with peer group integrity reviewed annually .