Laura Williams
ARDELYXAbout Laura Williams
Laura Williams, M.D., M.P.H., is Chief Patient Officer (since April 2025) and continues to serve as Chief Medical Officer (since October 2021) at Ardelyx (ARDX). She is 62 years old and holds an M.D. (University of Iowa) and an M.P.H. in Epidemiology (University of Washington), with prior roles at AMAG, Myovant, AbbVie, and Abbott shaping her clinical development and patient advocacy expertise . Ardelyx delivered strong operating performance in 2024, including total revenue of $334m and net product sales of $319.2m (IBSRELA $158.3m; XPHOZAH $160.9m), while the pay-versus-performance table shows cumulative TSR corresponding to $78 from a $100 initial investment for 2024; compensation programs for NEOs were funded at 92% against multi-metric corporate goals . She is transitioning to a patient-centric remit while maintaining continuity in medical leadership until a new CMO is appointed .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| AMAG Pharmaceuticals | SVP, Head of Clinical Development and Biostatistics | Sep 2017 – Jan 2020 | Led clinical development/biostatistics functions |
| Myovant Sciences | VP, Clinical Development | Sep 2016 – Aug 2017 | Clinical development leadership |
| AbbVie Pharmaceuticals | Roles of increasing responsibility | Jan 2013 – Jul 2016 | Clinical development/biopharma leadership |
| Abbott Laboratories | Roles of increasing responsibility | Jul 1998 – Dec 2012 | Clinical development/biopharma leadership |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| National Kidney Foundation (CNOW) | Board of Directors | Not disclosed | Kidney health advocacy leadership |
| American Kidney Fund | Board of Trustees | Not disclosed | Patient access/advocacy leadership |
| Imara, Inc. (prior) | Director | Jun 2021 – Feb 2023 | Public biotech board experience |
Fixed Compensation
| Metric (USD) | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary | $465,000 | $483,600 | $522,720 |
| Target Bonus % of Salary | — | — | 45% |
| Actual Annual Bonus (Non-Equity Incentive) | $158,800 | — | $216,406 |
Notes: 2024 corporate bonus funding was 92% of target, with NEO individual modifiers set equal to corporate scoring (for non-CEO NEOs) .
Performance Compensation
- 2024 cash incentive design: CEO 100% corporate; other NEOs 80% corporate/20% individual, with individual scores approved at the corporate score level (92%) .
- Metric framework emphasized revenue, regulatory/gov’t affairs, pipeline, operational, finance, and people goals with weighted scoring below .
| Category | Weight | Target (if disclosed) | Actual/Outcome | Score |
|---|---|---|---|---|
| Product Revenue | 55.0% | Budget: Total $258.7m; IBSRELA $174.5m; XPHOZAH $84.2m | Net product revenue $319.2m; IBSRELA $158.3m; XPHOZAH $160.9m | 104.5% |
| Regulatory & Gov’t Affairs | 15.0% | Not disclosed | Partial achievement advancing patient access | 50.0% |
| Pipeline | 7.5% | Not disclosed | Partial achievement (corp dev hire; strategic evaluation) | 80.0% |
| Operational | 7.5% | Not disclosed | Partial credit (supply agreements; inventory mgmt deductions) | 85.0% |
| Finance | 10.0% | Budget operating expenses $326m | Actual opex ≈$311m; year-end cash ≈$251m; enhanced credit | 101.5% |
| People & Compliance | 5.0% | Not disclosed | Most goals met; shortfall on new-hire training timeliness | 90.0% |
| Total | 100% | — | — | 92.0% (rounded) |
Equity awards (granted Jan 16, 2024) and vesting cadence:
- Options: 152,127 shares @ $8.78, vest monthly over 4 years .
- RSUs: 118,750 shares, vest quarterly over 4 years on company RSU vest dates .
| Equity Grant | Grant Date | Shares/Units | Strike/Terms | Vesting | Grant-Date Fair Value |
|---|---|---|---|---|---|
| Stock Options | Jan 16, 2024 | 152,127 | $8.78 | Monthly over 4 years | $1,045,630 |
| RSUs | Jan 16, 2024 | 118,750 | — | Quarterly over 4 years | $1,042,625 |
Realized activity in 2024:
- Options exercised: 130,000 shares; value realized $669,900 .
- RSUs vested: 65,020 shares; value realized $449,126 .
Equity Ownership & Alignment
Beneficial ownership progression (includes shares outstanding plus shares exercisable/releasable within 60 days, per SEC rules):
| As of | Outstanding Shares | Exercisable/Releasable ≤60 Days | Total Beneficial | % of Outstanding |
|---|---|---|---|---|
| Apr 18, 2023 | 211,182 | 181,207 | 392,389 | <1% |
| Apr 15, 2024 | 193,311 | 363,306 | 556,617 | <1% |
| Apr 15, 2025 | 164,284 | 432,999 | 597,283 | <1% |
Selected outstanding awards and vesting status (12/31/2024):
| Grant | Options Exercisable | Options Unexercisable | Exercise Price | Expiration | Unvested RSUs |
|---|---|---|---|---|---|
| 1/16/2024 | 34,862 | 117,265 | $8.78 | 1/16/2034 | 89,062 |
| 1/5/2023 | 68,187 | 182,813 | $2.75 | 1/5/2033 | 39,000 |
| 1/6/2022 | 110,000 | 52,000 | $0.99 | 1/6/2032 | 10,000 |
| 11/2/2020 | 105,000 | — | $5.19 | 11/2/2030 | — |
- Hedging/pledging: Company policy prohibits hedging, short sales, derivative transactions, margin purchases, and pledging of company stock for all employees/officers, including NEOs (strong alignment; mitigates leverage risk) .
- 10b5-1 plan: Dr. Williams adopted a Rule 10b5-1 trading plan on Dec 27, 2023 covering up to 79,949 shares, expiring Mar 27, 2024 (indicates pre-programmed liquidity rather than discretionary selling) .
Employment Terms
Change-in-control (CIC) and severance economics:
-
2024 agreements (in place as of 12/31/2024 for NEOs other than CEO):
- Non-CIC termination without cause/for good reason: 9 months base salary + up to 12 months healthcare .
- Double-trigger CIC (within 3 months before/12 months after) termination: lump-sum of base salary + target bonus, up to 12 months healthcare, and full equity acceleration (options exercisable up to 12 months post-termination) .
-
2025 amended agreements (enhanced):
- Non-CIC termination: 12 months base, 12 months healthcare, and equity vesting acceleration of 3 months per year of service (capped at 12 months) .
- Double-trigger CIC: 1.5x (base + target bonus), 18 months healthcare, and full equity acceleration (options exercisable up to 12 months) .
Illustrative 12/31/2024 payout estimates for Dr. Williams:
| Scenario | Cash (Base) | Cash (Target Bonus) | RSU Acceleration | Option Acceleration | Healthcare | Total |
|---|---|---|---|---|---|---|
| Non-CIC covered termination | $392,025 | — | — | — | $17,000 | $409,025 |
| Double-trigger CIC | $522,720 | $235,224 | $699,974 | $636,286 | $17,000 | $2,111,204 |
Other governance terms:
- Clawback: SEC/Nasdaq-compliant policy requiring recovery of erroneously paid incentive-based compensation upon qualifying restatements .
- Non-compete/Non-solicit: Not specifically disclosed in proxy; confidentiality and proprietary information agreements apply .
- Pension/Deferred comp: No defined benefit plan or nonqualified deferred comp .
Investment Implications
- Pay-for-performance alignment: 2024 incentives tied to multi-metric scorecard (55% revenue weighting) with 92% payout; equity split between options and RSUs (50/50, ratio-adjusted) balances upside sensitivity with retention—constructive for alignment as ARDX scales commercialization .
- Insider supply dynamics: Quarterly RSU vesting and prior 10b5-1 program suggest routine, pre-planned liquidity events rather than opportunistic sales; hedging/pledging prohibitions reduce adverse alignment signals .
- Retention/COC risk: 2025 CIC/severance uplifts (1.5x salary+bonus and full acceleration) increase retention in strategic scenarios but also raise potential transaction costs; outside CIC, added time-based acceleration (up to 12 months) is moderate and tenure-linked .
- Execution record: 2024 performance exceeded revenue budgets with strong product net sales (IBSRELA/XPHOZAH), supporting a compensated 92% bonus outcome; TSR calibration and Say-on-Pay support (94% in 2024) indicate shareholder tolerance for the pay structure amidst growth .
- Role transition: Movement to Chief Patient Officer keeps patient access and advocacy central; continuity as CMO until successor is in place reduces near-term clinical execution risk while broadening external stakeholder engagement .