Jennifer Perry
About Jennifer Perry
Jennifer Perry, Pharm.D., serves as Chief Strategy Officer and Head of Commercial at Bicycle Therapeutics (BCYC), responsible for corporate and end‑to‑end portfolio strategy and commercial leadership; she joined Bicycle in August 2022, was promoted to SVP, Commercial on April 3, 2023, and elevated to her current role on August 6, 2024 . She brings 20+ years of pharma/biotech experience (15 in oncology) across GSK, Tesaro, TG Therapeutics, and Pharmacyclics, with a focus on go‑to‑market oncology launches; she is frequently referred to as “JP” in company events and has led physician market‑insight positioning for zelenectide pevedotin in urothelial cancer . While BCYC’s 2025 proxy lists NEOs and executive officers, Ms. Perry is not enumerated among Section 16 executive officers therein and her individual compensation amounts and stock ownership are not specifically disclosed in the proxy .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| GSK | Commercial and medical roles (oncology) | — | Oncology go‑to‑market strategy and launch experience leveraged for Bicycle’s future commercial execution . |
| Tesaro | Commercial and medical roles (oncology) | — | Contributed to launch readiness and market shaping in oncology settings; informs BCYC launch planning . |
| TG Therapeutics | Commercial and medical roles (oncology) | — | Hematology/oncology commercialization experience; KOL engagement and access strategy . |
| Pharmacyclics | Commercial and medical roles (oncology) | — | Targeted therapy launch execution; payer/access and lifecycle framing . |
| Bicycle Therapeutics | SVP, Commercial (promoted Apr 3, 2023) → Chief Strategy Officer & Head of Commercial (promoted Aug 6, 2024) | 2023–present | Established and scaled BCYC’s commercial org; leads portfolio strategy and physician insight integration for zelenectide pevedotin . |
External Roles
- No public company directorships or committee roles for Ms. Perry were disclosed in the BCYC proxy (April 23, 2025) or subsequent 8‑Ks reviewed .
Fixed Compensation
| Component | Details (Program) | Evidence |
|---|---|---|
| Base salary | Executive pay structure comprises base salary, annual performance‑based cash, and long‑term equity; individual base salaries disclosed for NEOs only; Ms. Perry’s base salary is not disclosed as she is not an NEO in the 2025 proxy . | |
| Ownership guidelines | Share ownership guidelines implemented Dec 2024: CEO 3x salary; other officers 1x salary; directors 3x retainer; 5‑year compliance horizon. As of Apr 14, 2025, all officers and directors were in compliance ahead of the deadline . | |
| Clawback | Incentive Compensation Recoupment Policy (compliant with SEC/Nasdaq) adopted Oct 2023; applies to current/former executive officers for restatement‑related recoupment . | |
| Hedging/pledging | Company prohibits hedging and pledging of company securities by NEOs/executives . |
Note: Ms. Perry is not listed among NEOs/Section 16 executive officers in the 2025 proxy; her specific base salary, target bonus %, and realized pay are not disclosed .
Performance Compensation
| Metric (2024 Bonus Plan) | Weighting | Target | Actual (2024 Program) | Payout Impact | Vesting/Timing |
|---|---|---|---|---|---|
| Corporate performance score | Company‑set | 100% | 115% (applied to NEO bonuses) | Multiplies Target Bonus | Paid as annual cash bonus |
| Personal performance score | Individual | 100% | Scale 0–115%; NEO outcomes ranged 100–115% in 2024; Ms. Perry’s individual score not disclosed | Multiplies Target Bonus | Paid as annual cash bonus |
Program structure highlights:
- Annual incentive formula: Target Opportunity × Company Performance % × Personal Performance % .
- 2024 corporate achievements underlying the 115% score included: $555.5M gross private placement (extending runway into 2H 2027), leadership realignment (including promoting Ms. Perry to CSO & Head of Commercial), and formation of a Clinical Advisory Board .
Equity incentives (program reference):
- 2024 mix for NEOs: ~50% stock options / 50% RSUs; options vest 25% at 1‑year and monthly over 36 months thereafter (10‑year term); RSUs time‑based; grants made at hire, promotion, or annually .
- Plan administration permits option repricing/exchange without shareholder approval (governance consideration) .
Equity Ownership & Alignment
| Item | Status/Policy | Evidence |
|---|---|---|
| Beneficial ownership (individual) | Not disclosed for Ms. Perry in the 2025 proxy; NEOs/directors table does not list her . | |
| Ownership guidelines | Officers must build ownership ≥1× base salary within 5 years; as of Apr 14, 2025, all officers/directors were in compliance . | |
| Pledging/hedging | Prohibited; reduces alignment risk from collateralization/derivatives . | |
| Equity design | Time‑based options and RSUs; no performance‑share units disclosed for execs/NEOs in 2024; awards aimed at multi‑year retention . |
Insider selling pressure:
- Company filed multiple Form 144s in 2024–2025; we did not identify any Form 4 filings attributed to Ms. Perry in the document catalog; individual 144 filers and any Perry‑specific transactions were not disclosed in the reviewed documents [ListDocuments; no BCYC Form 4s returned].
Employment Terms
| Term | Summary (Company practice) | Evidence |
|---|---|---|
| Employment status | At‑will arrangements with severance/change‑in‑control protections for executive officers per program; Ms. Perry’s specific agreement is not disclosed . | |
| Severance (non‑CIC) | May include salary continuation for specified months, COBRA premiums, and amounts tied to annual incentive; subject to release and reaffirmation of non‑compete . | |
| Change‑in‑control | Double‑trigger required; enhanced severance; no excise tax gross‑ups . | |
| Non‑compete/consulting precedent | 2025 CDO separation included pro‑rated bonus, COBRA, and a two‑year consulting agreement with continued equity vesting—illustrates Company approach to restrictive covenants and vesting continuity for advisors (role‑specific) . |
Performance & Track Record
| Area | Evidence/Examples |
|---|---|
| Portfolio strategy & commercialization | Ms. Perry led commercial build‑out and portfolio strategy; promoted to CSO & Head of Commercial in Aug 2024 reflecting expanded remit . |
| Physician market insights | At Jefferies London 2025, Ms. Perry described KOL/community preferences and switching intent favoring zelenectide + pembro (Zele + P) if safety profile improves; cited ~84% physician selection at approval in internal research; discussed tolerability drivers vs. Padcev (EVP) . |
| Corporate achievements linked to pay | 2024 corporate score of 115% tied to capital raise ($555.5M gross) and governance/leadership actions, including Ms. Perry’s promotion to CSO & Head of Commercial . |
| Public engagement | Regular presenter on BCYC market opportunity and Nectin‑4 programs (SABCS update call Dec 2024; 2023–2025 conference appearances), reinforcing commercial narrative . |
Compensation Committee & Governance Context
- Compensation Committee members signing the 2024 executive comp report: Janice Bourque (Chair), Jose‑Carlos Gutierrez‑Ramos, Richard Kender .
- Peer benchmarking supported by Aon and Radford 2023 Life Science survey; emphasis on variable, at‑risk pay (84% CEO; 74% other NEOs at target in 2024) .
- Say‑on‑pay: ~96.8% approval at the May 2024 AGM, indicating strong shareholder support for the compensation program .
- Governance considerations: The equity plan permits option repricing/exchange without shareholder approval (potential red flag); counterbalanced by clawback, anti‑pledging/hedging, and share ownership guidelines .
Investment Implications
- Alignment: Strong structural alignment via equity mix, ownership guidelines (officers ≥1× salary within 5 years), anti‑hedging/pledging, and clawback; Ms. Perry’s individual ownership and award sizes are not disclosed, but program design promotes multi‑year retention through time‑based vesting .
- Retention risk: As a 2022 hire with promotions in 2023 and 2024, Ms. Perry likely holds ongoing, time‑based equity grants under plan norms (options/RSUs), which typically vest over ~4 years—this tends to reduce near‑term attrition risk; exact unvested balances are not disclosed .
- Pay‑for‑performance: Annual bonuses are directly tied to company and personal performance factors (115% corporate score in 2024), aligning near‑term incentives to strategic milestones (capital formation, portfolio prioritization) .
- Governance watch‑items: The plan’s ability to reprice/exchange options without shareholder approval is a shareholder‑unfriendly provision—monitor committee usage of this authority; otherwise, the program shows strong governance (double‑trigger CIC, no excise gross‑ups, anti‑pledging/hedging, clawback, high say‑on‑pay) .
- Trading signals: No Form 4s for Ms. Perry were identified in the BCYC filing catalog; continue to monitor Form 4/144 activity around annual grant windows and major data catalysts to gauge potential selling pressure (we found multiple Form 144s but filers were not identifiable in the documents reviewed) [ListDocuments result; no BCYC Form 4s found].
References:
- Promotion and role details; background experience: .
- Program structure, bonus math, and 2024 corporate score: .
- Equity grant mix/vesting and plan authority: .
- Ownership guidelines and compliance; clawback; anti‑pledging: .
- Governance and say‑on‑pay: .
- Transcript insights and commercial positioning: .
- Separation/consulting precedent (equity continues to vest during consulting): .
- Executive officer roster in proxy (Ms. Perry not listed): .