Alethia Young
About Alethia Young
Alethia Young, 45, has served as Chief Financial Officer (CFO) of Bicycle Therapeutics (BCYC) since July 2023. She holds a B.A. in economics and Spanish from Duke University and previously was CFO at Graphite Bio; earlier she led biotech research at Cantor Fitzgerald and held senior analyst roles at Credit Suisse and Deutsche Bank, with earlier roles at Marwood Group and J.P. Morgan . 2024 performance highlights tied to her remit include completing a $555M private placement that extended the company’s cash runway into 2H 2027; company clinical milestones included a 65% ORR in a Phase 1 combo cohort for zelenectide pevedotin (Duravelo-1) as of Jan 3, 2025 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Graphite Bio, Inc. | Chief Financial Officer | Apr 2022 – Jul 2023 | CFO of a clinical-stage gene editing company |
| Cantor Fitzgerald | Senior Biotech Analyst & Head of Research | Aug 2018 – Apr 2022 | Managed equity research covering small- to large-cap biotech |
| Credit Suisse | Senior Biotech Analyst | Not disclosed | Senior biotech coverage |
| Deutsche Bank | Senior Biotech Analyst | Not disclosed | Senior biotech coverage |
| Marwood Group | Research policy analyst and president | Not disclosed | Healthcare-focused advisory to institutional investors |
| J.P. Morgan | Investment banking and asset management (early career) | Not disclosed | Early career roles in IB and AM |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Pacira Biosciences, Inc. | Director | Oct 2023 – present | Public company directorship |
| PTC Therapeutics, Inc. | Director | Jun 2022 – present | Public company directorship |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % | Actual Annual Bonus ($) | Sign‑on / Retention |
|---|---|---|---|---|
| 2023 | 480,000 | 50% | 281,200 | $50,000 sign‑on in Jul 2023; second $50,000 payable after Jul 17, 2024 (1‑yr service required; repayable if not earned) |
| 2024 | 499,200 | 50% | 330,100 | $50,000 (second sign‑on installment paid Jul 2024; 1‑yr service condition) |
| 2025 | 524,200 | 50% | — | — |
Performance Compensation
Annual Performance-Based Cash (2024)
| Metric | Value |
|---|---|
| Eligible Salary ($) | 499,200 |
| Target Bonus % | 50% |
| Target Bonus ($) | 249,600 |
| Corporate Performance % | 115.0% |
| Personal Performance % | 115.0% |
| Actual Bonus ($) | 330,100 |
2024 Corporate Goals, Weighting, and Achievement
| Category | Weighting | Assessment of Achievement | Weighted Performance |
|---|---|---|---|
| Clinical, R&D & Collaborations | 77.5% | 112% | 87% |
| Corporate & Business Development (incl. financing) | 22.5% | 124% | 28% |
| Total | 100% | — | 115% |
Performance highlights cited for Ms. Young included successfully completing the May 2024 private placement extending runway into 2H 2027 and continuous budgeting/cash forecasting support for strategic decisions .
Equity Incentives – 2024 Annual Grants (time‑vested)
| Grant Date | Instrument | Shares/Units | Exercise Price | Term | Grant‑date Fair Value ($) | Vesting |
|---|---|---|---|---|---|---|
| 1/2/2024 | Options | 24,000 | 18.08 | 10 years | 304,645 | 25% at 1‑yr, then 36 equal monthly installments |
| 1/2/2024 | RSUs | 12,000 | — | — | 216,960 | 25% at 1‑yr, then 12 equal quarterly installments |
Equity Incentives – 2023 New‑Hire Award
| Grant Date | Instrument | Shares | Exercise Price | Vesting |
|---|---|---|---|---|
| 7/17/2023 | Options | 120,000 | 26.21 | 25% at 1‑yr, then 36 equal monthly installments |
Equity Ownership & Alignment
Beneficial Ownership
| As‑of Date | Beneficially Owned Shares | % of Shares Outstanding |
|---|---|---|
| Apr 8, 2024 | — | — |
| Apr 2025 (proxy record date) | 65,640 | <1% |
Outstanding and Unvested Equity (as of 12/31/2024)
| Grant | Exercisable Options | Unexercisable Options | Exercise Price | Expiration | Unvested RSUs | Market Value of Unvested RSUs ($) |
|---|---|---|---|---|---|---|
| 7/17/2023 Option | 42,500 | 77,500 | 26.21 | 7/17/2033 | — | — |
| 1/2/2024 Option | — | 24,000 | 18.08 | 1/2/2034 | — | — |
| 1/2/2024 RSU | — | — | — | — | 12,000 | 168,000 (at $14.00 close on 12/31/2024) |
- Share ownership guidelines adopted Dec 2024: CEO 3× salary; other officers 1× salary; directors 3× cash retainer; 5‑year compliance window; options and unearned PSUs excluded; as of April 2025 all officers/directors were in compliance ahead of the deadline .
- Company discloses anti‑hedging and anti‑pledging policies in the proxy governance section .
Employment Terms
| Element | Term |
|---|---|
| Employment | At‑will, CFO effective Jul 17, 2023 |
| Base salary | $480,000 (2023) ; $499,200 (2024) ; $524,200 (2025) |
| Annual bonus target | 50% of base salary (2023–2025) |
| Sign‑on bonus | $50,000 at start (Jul 2023) and $50,000 in Jul 2024; each subject to 1‑yr service or repayable |
| Housing allowance | Short‑term executive housing with tax gross‑up beginning Oct 2023 |
| Severance (no CIC) | If terminated without cause or for good reason: 9 months base salary and employer portion of COBRA premiums for up to 9 months (subject to release, incl. non‑compete) |
| Severance (within 12 months post‑CIC) | 18 months base salary, target annual bonus lump sum, up to 18 months employer COBRA premiums, and full vesting of time‑based equity (subject to release) |
| Clawback | Incentive Compensation Recoupment Policy adopted Oct 2023, compliant with Rule 10D‑1/Nasdaq 5608; applies to incentive comp tied to financial reporting measures |
Compensation Structure Analysis
- Equity mix and risk: New‑hire grant in 2023 was 100% options; for 2024, Annual Grants were 50% options / 50% RSUs, balancing upside leverage with value delivery and retention .
- 2024 pay‑for‑performance: Corporate goals weighted to clinical/R&D (77.5%) with stretch financing target; overall corporate performance scored 115% and Ms. Young’s personal performance was 115%, driving a $330,100 payout vs. $249,600 target .
- Perquisites and gross‑ups: 2024 “All Other Compensation” included perquisites $32,744, tax gross‑ups $22,923, and 401(k) match $13,800 . In 2023, housing allowance of $12,599 and related tax gross‑up of $7,087 were reported .
- Governance: Compensation Committee members in 2025 were Janice Bourque (Chair), Jose‑Carlos Gutierrez‑Ramos, and Richard Kender .
Investment Implications
- Alignment: Time‑vested options and RSUs with ownership guidelines (officers ≥1× salary) support alignment; all officers were already in compliance ahead of the 5‑year deadline .
- Retention: CIC protection (18 months salary + target bonus + full time‑based vesting) and ongoing 2023/2024 equity vesting schedules reduce near‑term attrition risk for a pivotal development and financing period .
- Selling pressure: Upcoming time‑based vesting from the 2023 option (monthly post‑Jul 2024) and 2024 grants (options monthly and RSUs quarterly after initial 1‑year cliffs) could introduce periodic supply; monitor Form 4/144 filings around vest dates .
- Execution signals: 2024 achievements (large private placement and extended cash runway) and clinical progress (e.g., 65% ORR in Duravelo‑1 combo cohort) underpinned above‑target cash bonus outcomes, indicating Board confidence in finance and operational execution during Ms. Young’s tenure .
Supporting references
- Biographical/role details:
- Compensation tables and policies:
- Beneficial ownership/awards outstanding:
- 2024 bonus metrics and corporate goals:
- Clawback/ownership guidelines: