Pascal Deschatelets
Apellis PharmaceuticalsAbout Pascal Deschatelets
Pascal Deschatelets, Ph.D., is Co‑Founder and Chief Scientific Officer of Apellis Pharmaceuticals (APLS). He served as Chief Operating Officer from 2009 to July 2020 and has been CSO since July 2020; age 55 as of April 15, 2025 . He holds a Ph.D. in Organic Chemistry from the University of Montreal and completed post‑doctoral training in the laboratory of Dr. George Whitesides at Harvard University . Company performance context: Apellis generated $781.4M total revenue in FY2024 (+97% YoY), with $710M U.S. net product revenue from EMPAVELI and SYFOVRE . In 2025, the company introduced PSUs tied to relative TSR vs the NASDAQ Biotechnology Index, capping payouts at target if absolute TSR is negative .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Apellis Pharmaceuticals | Chief Operating Officer | 2009–July 2020 | Built operating capabilities from development to commercial stage; co‑led complement C3 platform execution |
| Potentia Pharmaceuticals (predecessor to Apellis) | Co‑Founder & Chief Operating Officer | 2001–Sept 2016 | Advanced complement therapeutics; Apellis later purchased assets in 2015 |
| Revon Systems | Co‑Founder | 2013–2019 | Healthcare software venture; broadened innovation footprint |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Potentia Pharmaceuticals | Co‑Founder & COO | 2001–Sept 2016 | Early complement R&D platform contributing to Apellis’s foundation |
| Revon Systems | Co‑Founder | 2013–2019 | Tech-enabled healthcare initiatives |
Fixed Compensation
Base Salary
| Metric | 2021 | 2022 | 2023 |
|---|---|---|---|
| Base Salary ($) | $440,000 | $455,000 | $471,000 |
Annual Cash Bonus (2022)
| Metric | 2022 |
|---|---|
| Target Bonus (%) | 45% |
| Target Bonus ($) | $204,750 |
| Actual Bonus ($) | $225,225 |
| Payout vs Target (%) | 110% |
Notes: 2022 bonuses reflected achievement of corporate goals including U.S. GA approval for SYFOVRE, EMA submission, target PNH revenues, and progression of rare disease programs .
Performance Compensation
2022 Performance-Based Equity Awards (Trigger achieved Feb 21, 2023)
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| NDA submission for intravitreal pegcetacoplan (GA) in Q2 2022 | N/A | Submit NDA by Q2 2022 | Achieved | Awards triggered | Standard time-based post-trigger (25% at 1 year; remaining annually/monthly) |
| FDA Priority Review acceptance | N/A | Obtain Priority Review | Achieved | Awards triggered | Standard time-based post-trigger |
| FDA approval by Mar 15, 2023 | N/A | Approval by Mar 15, 2023 | Achieved (Feb 2023) | Awards triggered in full | Standard time-based post-trigger |
Equity Award Grants (Share counts)
| Award Type | 2022 | 2023 |
|---|---|---|
| Time-based Stock Options (shares) | 36,951 | 30,845 |
| Time-based RSUs (shares) | 26,051 | 19,634 |
| Performance-based Stock Options (shares) | 14,023 | — |
| Performance-based RSUs (shares) | 9,886 | — |
Vesting schedules: Options typically vest 25% at 1 year, then monthly through year 4; RSUs vest 25% annually over 4 years . 2022 performance awards commenced standard vesting upon trigger on Feb 21, 2023 .
2025 PSU Program Design (Company-wide, executives)
| Metric | Weighting | Threshold (25th pct) | Target (55th pct) | Max (≥90th pct) | Payout Cap |
|---|---|---|---|---|---|
| Relative TSR vs NASDAQ Biotechnology Index | 50% of LTI value for execs | 50% of target | 100% of target | 200% of target | Capped at 100% if absolute TSR negative |
Performance periods: 1‑yr 2025 TSR; 2‑yr 2025–2026 cumulative TSR; 3‑yr 2025–2027 cumulative TSR; linear interpolation between thresholds .
Equity Ownership & Alignment
| Metric | Value |
|---|---|
| Total Beneficial Ownership (shares) | 1,600,199 |
| Ownership (% of shares outstanding) | 1.3% (based on 125,659,426 outstanding as of Mar 31, 2025) |
| Shares owned directly | 1,108,811 |
| Options exercisable within 60 days | 491,388 |
| Shares outstanding base | 125,659,426 (as of Apr 7, 2025; proxy ownership computed on Mar 31, 2025) |
Stock ownership guidelines: Executives must own shares worth 1–3× base salary depending on title; all directors and executive officers met guidelines at implementation and as of Dec 31, 2024 . Hedging and pledging are prohibited, though the Audit Committee may grant exceptions upon demonstration of financial capacity; in 2024, an exception was granted to Director Alec Machiels (no pledging disclosed for Deschatelets) .
Employment Terms
| Provision | Terms |
|---|---|
| Role & Tenure | Co‑Founder; CSO since July 2020; prior COO 2009–2020 |
| Severance (not for cause; outside change‑of‑control) | 9 months base salary plus COBRA contributions for 9 months (for C‑level officers) |
| Change‑of‑control (double trigger within 12 months) | 12 months base salary, 100% of target bonus, COBRA for 12 months, outplacement; all time‑based equity vests fully; performance‑based equity subject to plan terms |
| Non‑compete / Non‑solicit | Non‑compete and non‑solicit for 1 year post‑termination; confidentiality and IP assignment obligations |
| Clawback / Recoupment | SEC‑compliant policy adopted Dec 2023; recovery up to 100% for misconduct/fraud or serious damage; 3‑year look‑back for accounting restatements |
| Insider trading | Prohibits short sales, derivatives, margin purchases, and pledging (exceptions possible via Audit Committee) |
| Perquisites | No excessive perquisites; none above $10,000 in 2024 for NEOs; company offers broad‑based benefits incl. ESPP and 401(k) match |
Investment Implications
- Alignment: Meaningful ownership (1.3% of outstanding shares) and large pool of currently exercisable options signal strong skin‑in‑the‑game and alignment with shareholders .
- Incentive design: 2022 awards were tied to critical regulatory milestones and triggered with FDA approval; 2025 move to TSR‑based PSUs with an absolute TSR cap strengthens pay‑for‑performance and downside protection for shareholders .
- Retention and execution risk: Standard biotech severance and double‑trigger CoC protections, plus 1‑year non‑compete/non‑solicit, reduce near‑term retention risk; ongoing vesting across sizable awards provides continued retention hooks .
- Trading signals: No pledging disclosed for Deschatelets; company‑level restriction on hedging/pledging, and clawback coverage, mitigate governance red flags; monitor future PSU outcomes and any Form 4 activity for incremental signals .