Taylor Boyd
About Taylor Boyd
Taylor Boyd, 37, was appointed Chief Business Officer of Avalo Therapeutics (AVTX) effective October 1, 2025, bringing ~15 years of biotech business development, corporate finance, and investment banking experience. He previously served as EVP & CBO at Abzena, led BD at Longboard Pharmaceuticals where activities culminated in its $2.6B acquisition by Lundbeck, and executed >$40B of M&A and capital markets transactions at Raymond James, SVB Leerink, Cantor Fitzgerald, and RBC Capital Markets; he holds a B.S. in Accountancy (NC State) and an M.S. in Accountancy (Wake Forest) . Given his appointment date, there is insufficient tenure to attribute TSR, revenue, or EBITDA performance to Boyd; company focus is on the AVTX-009 Phase 2 LOTUS trial with topline data expected mid‑2026, a key stock catalyst during his early tenure .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Abzena Limited | Executive Vice President & Chief Business Officer | Not disclosed (prior to 2025) | Led strategic M&A, licensing, and portfolio expansion initiatives |
| Longboard Pharmaceuticals | Vice President, Head of Business Development | Not disclosed (prior to 2025) | Led BD activities culminating in Longboard’s $2.6B acquisition by Lundbeck |
| Oxford Biomedica | Leadership roles | Not disclosed | Corporate development and operations experience |
| Raymond James; SVB Leerink; Cantor Fitzgerald; RBC Capital Markets | Investment banking | Not disclosed | Executed >$40B of M&A and ECM/DCM transactions |
External Roles
Company filings reviewed (8-K dated Oct 1, 2025) do not disclose public-company board roles or committee positions for Boyd .
Fixed Compensation
| Component | 2025 Terms |
|---|---|
| Base salary | $465,000 per year |
| Target annual bonus | Up to 40% of base salary; discretionary; may be paid in cash or, if mutually agreed, immediately vested equity |
Performance Compensation
| Incentive | Metric(s) | Weighting | Target | Actual (most recent) | Payout mechanics | Vesting |
|---|---|---|---|---|---|---|
| Annual bonus | Discretionary (company/role goals not itemized in filing) | Not disclosed | 40% of base salary | Not disclosed | Cash or immediately vested equity if mutually agreed | N/A |
| Inducement stock options | Time-based (no performance metric) | N/A | 275,000 options | N/A | Standard option economics at grant-date market price | 4-year schedule: 25% on 1st anniversary of grant (Oct 1, 2026), then monthly vesting over next 36 months, subject to continued employment |
Equity Ownership & Alignment
- Initial equity: Inducement grant of 275,000 stock options at an exercise price equal to the Nasdaq closing price on Oct 1, 2025; 4-year vesting with a 12-month cliff, then monthly vesting for 36 months .
- Beneficial ownership: Not yet included in the April 22, 2025 security ownership table (pre‑appointment); Boyd’s post‑hire holdings were not disclosed in the 2025 DEF 14A .
- Hedging/pledging policy: Insider trading policy strongly discourages short sales, options, hedging transactions, and margin accounts; promotes compliance with insider trading laws .
- Ownership guidelines: No executive stock ownership guidelines disclosed in 2025 proxy materials .
Employment Terms
| Provision | Key terms |
|---|---|
| Agreement | Employment agreement effective Oct 1, 2025; terms govern employment during the “Employment Term” until terminated per agreement |
| Severance (no CIC) | If terminated without Cause or resigns for Good Reason: (i) accrued pay/benefits; (ii) earned but unpaid prior-year bonus; (iii) 9 months base salary; (iv) prorated current-year bonus based on Company goals (Comp Committee determination); (v) full vesting of outstanding options and 6 months post-termination to exercise; (vi) up to 12 months COBRA premiums, subject to release and restrictive covenants |
| Severance (CIC window) | If termination occurs within 6 months following a Change in Control: salary continuation extended to 12 months; current-year bonus increased to 100%; full vesting of options and 6-month exercise window; COBRA up to 12 months, subject to release and covenants |
| Restrictive covenants | Perpetual confidentiality and non‑disparagement; invention assignment; 12‑month post‑employment non‑competition and non‑solicitation |
Vesting Schedules and Potential Selling Pressure
- Options vesting cliff: No options vest until Oct 1, 2026 (12-month cliff), limiting near‑term exercisability; thereafter vest monthly through Oct 2029, subject to continued employment .
- Accelerated vesting: Full acceleration upon qualifying termination (including within 6 months post‑CIC), with a 6‑month post‑termination exercise window, which can create event‑driven liquidity/exercise decisions around M&A or management changes .
Compensation Structure Analysis
- Mix and risk: Compensation is primarily salary plus a discretionary bonus and a sizable time‑based option grant; absence of PSUs/TSR‑linked awards indicates higher certainty from time‑based vesting versus explicit performance‑conditioned equity .
- Pay‑for‑performance transparency: Company disclosures state compensation uses several performance measures but not TSR; specific bonus metrics for executives are not itemized in the proxy or Boyd’s 8‑K, limiting external benchmarking of target rigor .
- Event protection: Double‑trigger–like economics (termination within 6 months after CIC) raise severance to 12 months base and guarantee 100% of bonus, with full option acceleration—market‑typical for senior BD roles in small/mid‑cap biotech .
Performance & Track Record
- Strategic execution: Led BD at Longboard with activities culminating in its $2.6B sale to Lundbeck; senior BD/operations roles at Abzena and Oxford Biomedica; executed >$40B of life sciences transactions in banking roles .
- Near‑term value drivers at Avalo: Phase 2 LOTUS trial of AVTX‑009 in hidradenitis suppurativa fully enrolled; topline data expected mid‑2026—Boyd’s remit (BD/portfolio strategy) will intersect with partnering and financing optionality around this catalyst .
Risk Indicators & Red Flags
- Pledging/hedging: Policy discourages hedging and margin accounts (reduces misalignment risk) .
- Option acceleration: Full acceleration upon qualifying termination (including CIC window) can reduce retention “stickiness” in sale scenarios .
- Clawbacks/tax gross‑ups: No clawback policy or gross‑up provisions disclosed specific to Boyd in the 8‑K; none cited in 2025 proxy for executives generally .
Investment Implications
- Alignment: Large unvested option grant with a 12‑month cliff and multi‑year vesting aligns Boyd’s upside to multi‑year value creation; lack of near‑term vesting lowers immediate selling pressure .
- Retention vs. M&A optics: Strong CIC protections and full option acceleration balance retention with deal‑readiness; in a successful LOTUS readout or strategic transaction, equity economics are favorable, but post‑deal retention depends on new‑co terms .
- Pay‑for‑performance visibility: Discretionary cash bonus without disclosed metrics limits external assessment of target rigor; investors should emphasize option vesting progression and deal milestones (BD partnerships, financing, and LOTUS execution) as practical signals of alignment .