Hazel Hunt, Ph.D.
CORCEPT THERAPEUTICSAbout Hazel Hunt, Ph.D.
Hazel Hunt, Ph.D., is Corcept Therapeutics’ Chief Scientific Officer (CSO), appointed in July 2020, with 23+ years of pharmaceutical and biotech experience in medicinal chemistry and drug discovery; she holds a first-class honors degree in chemistry (Australian National University) and a Ph.D. in synthetic organic chemistry (University of Southampton), with postdoctoral work at Oxford University and UC Irvine . As CSO during 2020–2024, Corcept’s cumulative TSR (initial $100 at 12/31/2019) rose from $216 (2020) to $416 (2024), outperforming its peer index, while revenue grew to $675.0 million in 2024 and net income reached $141.2 million .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Argenta | Director of Chemistry & Operations | 2002–2011 | Led discovery of Corcept’s next-generation selective glucocorticoid receptor antagonists/cortisol modulators |
| Celltech | Group Leader → Section Leader, Project Chemistry | 1994–2002 | Directed medicinal chemistry programs supporting multiple pipeline efforts |
| The Centre for Drug Design & Development | Research Fellow | 1992–1994 | Advanced drug design capabilities and translational chemistry work |
| Glaxo Group Research | Senior Chemist, Medicinal Chemistry | Not disclosed | Early medicinal chemistry role, foundational experience |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Oxford University | Postdoctoral researcher | Not disclosed | Advanced synthetic organic chemistry expertise |
| University of California, Irvine | Postdoctoral researcher | Not disclosed | Expanded applied organic chemistry skillset |
Fixed Compensation
Named Executive Officer disclosure includes Hazel Hunt for 2020–2022. Multi-year compensation detail:
| Metric | 2020 | 2021 | 2022 |
|---|---|---|---|
| Base Salary ($) | $431,873 | $517,292 | $572,917 |
| Target Bonus % of Salary | Not disclosed | Not disclosed | 50% |
| Actual Bonus Paid ($) | $243,000 | $309,375 | $316,250 |
| Option Awards (Grant-Date Fair Value, $) | $2,084,640 | $3,716,355 | $2,214,569 |
| Restricted Stock Awards ($) | — | — | — |
| All Other Compensation ($) | $6,180 | $6,661 | $5,989 |
| Total ($) | $2,765,693 | $4,549,683 | $3,109,725 |
Notes:
- 2022 base salary for Hazel was set at $575,000 effective Feb 1, 2022; annual earnings reported reflect payroll timing .
Performance Compensation
| Incentive Type | Metric(s) | Weighting | Target | Actual/Payout | Vesting/Terms |
|---|---|---|---|---|---|
| Annual Cash Bonus (2022) | Company goals: revenue growth; clinical milestones across relacorilant (GRACE/GRADIENT/ROSELLA), DAZALS (ALS), MONARCH (MASH), prostate and adrenal programs | Not disclosed | 50% of salary | $316,250 | Paid in March 2023 based on 2022 performance |
| Stock Options (Feb 2, 2022 grant) | Long-term value creation; equity-aligned incentives | Not disclosed | Not disclosed | 200,000 options at $19.26; grant-date FV $2,214,569 | Vest 48 equal monthly installments; 10-year term (exp. 2/2/2032) |
Program design:
- Options are the primary LT incentive, with monthly vesting and strike set to market close on grant date .
- Company highlights most important performance measures as revenue expansion and advancing cortisol modulators pipeline .
Equity Ownership & Alignment
Ownership, exercisability, exercises, and alignment indicators:
| Item | Detail |
|---|---|
| Total Beneficial Ownership (as of Apr 6, 2023) | 1,420,644 shares (incl. 73,146 held directly; 1,347,498 exercisable within 60 days) |
| Ownership % of Shares Outstanding | 1.4% of 101,575,117 shares |
| Selected Outstanding Awards (12/31/2022) | 2/2/2022 grant: 41,666 exercisable; 158,334 unexercisable ($19.26 strike) |
| Option Exercise Activity (2022) | Exercised 90,000 shares; value realized $1,751,850; cashless exercise with 55,347 shares surrendered for cost/tax |
| Hedging & Pledging | Hedging prohibited; directors/officers also prohibited from pledging company securities as loan collateral |
| Insider Reporting | One Form 4 late filing for option exercise on Jan 8, 2024; filed Jan 12, 2024 (due Jan 10) |
Implications:
- Significant vested options and monthly vesting structure create ongoing potential selling pressure; policy bans pledging/hedging mitigate misalignment risks .
Employment Terms
| Provision | Terms |
|---|---|
| Severance (no change in control) | 12 months base salary; up to 12 months health insurance continuation |
| Change-in-Control (double trigger, within 18 months) | Lump-sum 12 months base salary; up to 12 months health insurance; full vesting of all outstanding equity awards |
| Conditions | Severance contingent upon signing and not revoking separation agreement within 60 days |
| Clawback | Awards subject to company clawback policy (including post-grant adoption) and forfeiture for competitive activity or termination for cause |
Performance & Track Record
Company-level outcomes during Hunt’s CSO tenure:
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| TSR – Value of initial $100 (12/31/2019 base) | $216 | $164 | $168 | $268 | $416 |
| Revenue ($ thousands) | $353,874 | $365,978 | $401,858 | $482,375 | $675,040 |
| Net Income ($ thousands) | $106,011 | $112,512 | $101,418 | $106,140 | $141,209 |
2024 highlights: NDA submitted for relacorilant in hypercortisolism; positive CATALYST Phase 4; completed ROSELLA enrollment (ovarian cancer); continued MONARCH (MASH) enrollment; progressed pipeline and patents; revenue rose to $675.0M .
Compensation Governance & Shareholder Feedback
- Compensation Committee (independent) sets goals and approves structure; bonuses discretionary vs. aggressive operational targets; equity awards primarily options with monthly vesting .
- Say-on-pay support: 98% approval for 2023 NEO compensation at 2024 annual meeting; annual vote cadence approved by 59% in 2023 .
Investment Implications
- Alignment: Hunt’s meaningful equity exposure (1.4% beneficial ownership; large option overhang with long-duration, monthly vesting) ties incentives to shareholder value; prohibition on hedging/pledging strengthens alignment .
- Retention risk: Standard severance; strong double-trigger acceleration within 18 months post-CIC could accelerate significant equity—consider potential supply in deal scenarios .
- Trading signals: 2022 cashless exercise and a late 2024 Form 4 indicate active management of equity; monitor future exercises and vesting cadence for supply overhang .
- Execution: Company’s revenue and TSR momentum during Hunt’s tenure, alongside pivotal relacorilant milestones, support pay-for-performance narratives; continued pipeline execution is key to sustaining value creation .