Scott Boyle
About Scott Boyle
Scott N. Boyle, Ph.D., M.B.A., is Chief Business Officer of C4 Therapeutics (C4T), serving since January 2022; he is 47 years old as of April 22, 2025 and holds a B.S. in biochemistry (BYU), a Ph.D. in molecular biophysics and biochemistry (Yale), and an M.B.A. (Harvard Business School) . He previously built BD functions and led partnering at oncology-focused companies and has been a frequent external voice on dealmaking in targeted protein degradation, including 2024 conference panels on strategic partnerships . Company performance context during his tenure: cumulative TSR (company-reported) and operating trends are shown below to frame pay-for-performance alignment .
Company performance (FY, USD unless noted)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues | $31.10M* | $20.76M* | $35.58M* |
| EBITDA | -$127.86M* | -$137.15M* | -$115.36M* |
| Cumulative TSR (index-based) | 17.81 | 17.05 | 10.87 |
Values retrieved from S&P Global.
Citations for TSR from company Pay vs Performance disclosures.
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Forma Therapeutics | VP, Business & Corporate Development | Aug 2019 – Jan 2022 | Led business and corporate development . |
| Boston Consulting Group | Associate Director (oncology/precision medicine clients) | Jan 2019 – Aug 2019 | Advised clients in oncology and precision medicine . |
| Caris Life Sciences | VP, Business Development | Sep 2014 – Sep 2018 | “Built the business development function” and held roles of increasing responsibility . |
External Roles
| Organization/Event | Role | Date/Years | Notes |
|---|---|---|---|
| 7th Annual Targeted Protein Degradation & Induced Proximity Summit | Panelist (Lessons learned from major strategic partnership deals) | Oct 29–30, 2024 | Two partnership-focused panels highlighting dealmaking insights . |
Fixed Compensation
Note: Mr. Boyle was a Named Executive Officer (NEO) for 2022, but not in 2023–2025 proxies; therefore, later-year detail is not itemized for him in those filings .
| Element | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary | $398,718 (pro-rated; annual rate $400,000) | Not disclosed (not an NEO) | Not disclosed (not an NEO) |
| Target Bonus % of Salary | 40% | Not disclosed (not an NEO) | Not disclosed (not an NEO) |
| Actual Bonus Paid | $159,123 (corporate goals achieved at 100%) | Not disclosed (not an NEO) | Not disclosed (not an NEO) |
| Sign-on/Retention Cash | $100,000 sign-on bonus (two installments; clawback if early separation) | — | — |
Performance Compensation
2022 equity awards (as disclosed for Mr. Boyle as an NEO):
| Award type | Grant details | Vesting | Performance metric design |
|---|---|---|---|
| Stock options | 115,000 options @ $33.23 strike (grant 1/3/2022) | 25% at 1-year anniversary, then 12 equal quarterly installments | Option value tied to stock price appreciation. |
| Performance-based RSUs | 22,500 RSUs (2022 cohort) | Vests upon achieving performance conditions | 2022 PBRSUs vest based on (i) escalating share-price milestones and (ii) discovery/clinical milestones . |
Company-wide incentive construct for context:
- Annual bonus for executives is tied solely to corporate objectives (weightings disclosed each year); 2022 achievement 100% (basis for Boyle’s bonus), 2023 95%, and 2024 110% for NEOs .
Option repricing and near-term exercise constraints (retention signal):
- In March 2024, C4T repriced stock options for Senior Leadership Team (excluding CEO) to $19 if original strikes >$22, with reversion to original strike upon resignation for cause-related reasons or exercise before March 7, 2025; directors and CEO were excluded (CFO Adams’ repricing is specifically noted) . This reduced underwater drag and discouraged early exercise, tempering near-term selling pressure .
Equity Ownership & Alignment
| Topic | Detail |
|---|---|
| Beneficial ownership | Individual share count for Mr. Boyle is not separately itemized in 2024–2025 ownership tables (he is not a director/NEO in those years). The group total for “all current executive officers and directors as a group (16 persons)” was 6,201,439 shares (8.73%) as of April 22, 2025; footnote (21) states this includes shares and options of executive officers including Scott Boyle, but does not break out his holdings individually . |
| Options in the money? | Mr. Boyle’s 2022 option strike is $33.23; proxies report year-end stock prices of $5.90 (2022), $5.65 (2023), and $3.60 (2024), implying those options were out-of-the-money as of those dates . |
| Hedging/pledging | C4T prohibits short sales, derivatives/hedging, margin, and pledging of company stock for insiders (directors, officers, designated employees) . |
| Clawback | Executive Compensation Recovery (clawback) policy compliant with SEC/Nasdaq rules; allows recovery of incentive comp after material restatement and, where misconduct contributed, up to 100% of certain equity comp for prior 3 fiscal years . |
| Ownership guidelines | Not disclosed for executives in the cited filings. |
Employment Terms
Specific employment/severance terms for Mr. Boyle are not disclosed in the cited filings. For context, C4T’s NEO terms (other than the CEO) provide:
- Non–change-in-control termination without cause/good reason: 1x base salary (paid over 12 months) and, at Board’s discretion, pro-rata target bonus; up to 12 months COBRA subsidy; subject to release .
- Change-in-control (double-trigger within 12 months): 1x (salary + target bonus) lump sum; up to 12 months COBRA subsidy; full acceleration of equity (performance awards vest at greater of target or actual); 280G “better net” cutback applies .
- Post-termination covenants: 12-month non-solicit; non-compete generally for 12 months (exceptions noted for California-based executives) .
These terms (disclosed for NEOs) may not identically apply to Mr. Boyle since his individual agreement is not presented in the proxies.
Compensation Structure Analysis
- Mix and risk: Mr. Boyle’s 2022 package combined significant option value (levered to stock price) with performance-based RSUs tied to share price and development milestones, and a 100% corporate-goal-based cash bonus framework—hallmarks of pay-at-risk design .
- Underwater options and repricing: His 2022 options were materially out-of-the-money at 2022–2024 year-ends; the company’s 2024 option repricing for SLT (excluding CEO and directors) lowered exercise prices to $19 with restrictions, signaling a focus on retention while avoiding immediate monetization .
- Governance safeguards: Prohibitions on hedging/pledging and a robust clawback reduce misalignment and risk-taking concerns .
- Say-on-pay and peer benchmarking: Shareholder support was strong in 2023 (93%) and moderated in 2024 (74%); peer groups emphasize clinical-stage oncology/biotech comparables, with explicit size and stage screens guiding pay decisions .
Vesting Schedules and Insider Selling Pressure
- Options: 2022 grant vests 25% at 1 year then quarterly, but remained OTM at subsequent year-ends, reducing near-term exercise/selling pressure; the 2024 repricing included restrictions that further discouraged early exercise until March 7, 2025 .
- RSUs: 2022 PBRSUs vest on share-price and R&D milestones; the proxies later note performance RSUs for some executives (e.g., CEO/CFO cohorts) expired forfeited by Feb 28, 2025, but do not specify outcomes for Mr. Boyle’s award .
Performance Metrics Tied to Incentives (Company framework)
| Plan year | Bonus metric weighting | Achievement | Notes |
|---|---|---|---|
| 2022 | Pipeline 50%; Platform 30%; Org 20% | 100% | Boyle’s 2022 bonus based on corporate achievement. |
| 2023 | Pipeline 50%; Platform 30%; Org 20% | 95% | Company-wide NEO framework. |
| 2024 | Clinical 55%; Discovery/Partners 30%; Operations 15% | 110% | Company-wide NEO framework. |
Investment Implications
- Alignment: Boyle’s 2022 package emphasized options and PBRSUs, directly linking value to share price and milestone execution, while annual cash was strictly corporate-goal based—supportive of pay-for-performance .
- Selling pressure: As of 2022–2024 year-ends, his 2022 options were out-of-the-money; the 2024 repricing introduced a $19 strike and a one-year anti-exercise/retention feature—both factors dampen near-term insider selling pressure, pending sustained stock appreciation .
- Retention: The repricing and RSU mix are designed to retain Senior Leadership Team talent through value-inflecting milestones into 2025 and beyond, aligning with the company’s stated runway and BD progress .
- Risk controls: No hedging/pledging, a Nasdaq-compliant clawback, and historically solid Say-on-Pay support (93% in 2023; 74% in 2024) signal improving but scrutinized governance; peer methodology appears rigorous for stage/size .
- Execution watchlist: Monitor milestone attainment that could unlock PBRSUs (if still outstanding for Boyle), progress on clinical catalysts (cemsidomide, CFT1946, CFT8919), and any Form 4 filings that might indicate changes in insider posture—proxies do not itemize Boyle’s 2024–2025 holdings or trades .
Notes on data gaps and searches:
- Form 4/ownership granularity for Mr. Boyle beyond 2022 is not itemized in 2024–2025 proxies; we searched C4T proxies and press releases for Boyle-specific holdings/trades but did not find individual Form 4 detail for the period covered; company policies and group ownership footnotes are cited above .