William Guyer, Pharm.D.
CORCEPT THERAPEUTICSAbout William Guyer, Pharm.D.
Corcept’s Chief Development Officer since August 2021, William “Bill” Guyer is a clinical pharmacist with 30+ years of medical and clinical experience, including nearly 20 years at Gilead Sciences leading global Medical Affairs (SVP, 2015–2021). He holds a Pharm.D. from the University of Southern California and was 57 years old as of April 17, 2025 . During his tenure, Corcept’s 2024 revenue reached $675.0 million and net income was $141.2 million, with the company’s cumulative TSR (2019 base = 100) at 416 versus 114 for the Nasdaq Biotechnology Index peer group in 2024 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Gilead Sciences | Senior Vice President, Global Medical Affairs | 2015–Aug 2021 | Led strategies advancing compounds from discovery to commercialization across infectious, liver, oncology and inflammatory diseases; real-world data generation and medical education across portfolio . |
| Kaiser Permanente (Southern California) | Director, HIV Pharmacy and Outpatient Infusion Center Services | Not disclosed | Clinical operations leadership in HIV pharmacy and infusion services, prior to joining Gilead . |
Fixed Compensation
| Year | Base salary ($) | Target annual bonus (% of salary) |
|---|---|---|
| 2022 | 572,917 | 50% (unchanged in 2024 vs 2023) |
| 2023 | 628,167 | 50% |
| 2024 | 656,210 | 50% |
- 2024 base salary increased ~4% YoY per the Compensation Committee’s annual adjustment process .
Performance Compensation
Annual Cash Bonus (2024)
| Metric | Weighting | Target | Actual | Payout | Vesting/timing |
|---|---|---|---|---|---|
| Corporate and individual performance vs aggressive clinical, commercial and financial goals (e.g., revenue growth; NDA for relacorilant in hypercortisolism; CATALYST results; ROSELLA enrollment completion; program progress) | Not disclosed | 50% of salary | 155% of target | $510,198 | Paid March 2025 |
- 2024 achievements included revenue growth to $675.0m; FDA acceptance of relacorilant NDA for hypercortisolism; positive CATALYST results; completion of ROSELLA enrollment; and pipeline advancement .
Long-Term Equity (selected grants)
| Grant date | Type | Shares/units | Exercise/strike | Vesting | Expiration | Grant-date fair value ($) |
|---|---|---|---|---|---|---|
| 2/9/2024 | Non-qualified stock options | 200,000 | $23.01 | 1/48 monthly over 4 years (time-based) | 2/9/2034 | 2,804,219 |
| 2/13/2023 | Non-qualified stock options | 200,000 (implied by vesting legs) | $23.06 | 1/48 monthly over 4 years | 2/13/2033 | Included in 2023 option value 2,764,760 |
| 2/2/2022 | Non-qualified stock options | 50,000 (implied by 20,833/29,167 split) | $19.26 | 1/48 monthly over 4 years | 2/2/2032 | Included in 2022 option value 1,107,285 |
- Equity is predominantly time-based options; the company “occasionally” uses performance-vesting options, but 2024 grants to NEOs are time-based .
Realized/vesting activity (2024)
| Item | Amount |
|---|---|
| Options exercised (shares) | 90,000 |
| Value realized on exercise ($) | 1,409,081 |
| RSAs vested (shares) | 2,559 |
| Value realized on RSA vesting ($) | 87,417 |
Equity Ownership & Alignment
Beneficial ownership (as of April 17, 2025)
| Holder | Shares owned directly | Options/exercisable within 60 days | Total beneficial | % of outstanding |
|---|---|---|---|---|
| William Guyer, Pharm.D. | 5,487 | 633,903 | 639,390 | <1% |
- Hedging and pledging: Corcept prohibits hedging and prohibits officers/directors from pledging company securities as collateral .
Outstanding equity awards (detail, 12/31/2024)
| Vesting start | Exercisable | Unexercisable | Exercise price | Expiration |
|---|---|---|---|---|
| 8/16/2021 | 366,666 | 83,334 | $21.65 | 9/1/2031 |
| 2/2/2022 | 20,833 | 29,167 | $19.26 | 2/2/2032 |
| 2/13/2023 | 91,666 | 108,334 | $23.06 | 2/13/2033 |
| 2/9/2024 | 41,666 | 158,334 | $23.01 | 2/9/2034 |
- Vesting cadence: 1/48 monthly for the option grants above (time-based). This monthly cadence can translate into regular incremental vesting/sale capacity, subject to blackout windows and individual trading decisions .
Employment Terms
Severance and Change-in-Control (CIC)
| Scenario | Cash severance | Health benefits | Equity vesting | Notes |
|---|---|---|---|---|
| Termination without cause / for good reason (outside CIC) | 12 months base salary; paid in installments (for Guyer: $658,320) | Up to 12 months (est. $31,586) | None | Separation release required . |
| Qualifying termination within 18 months after a CIC (double-trigger) | 12 months base salary lump sum (for Guyer: $658,320) | Up to 12 months (est. $31,586) | Full acceleration of all outstanding equity; estimated value $10,598,941 (based on $50.39 stock price at 12/31/2024) | Separation release required . |
Performance & Track Record Context
- 2024 operating performance: revenue grew to $675.0m from $482.4m in 2023 amid significant clinical milestones, including NDA submission/acceptance for relacorilant in hypercortisolism and progress in ovarian cancer and MASH programs .
- Pay-versus-performance disclosure: 2024 CAP to CEO/NEOs correlated with TSR (Company TSR value 416 vs NBI 114), revenue $675.0m and net income $141.2m; most important measures emphasize revenue growth and pipeline advancement .
- 2025 regulatory/milestone visibility: FDA accepted the relacorilant NDA for hypercortisolism (PDUFA 12/30/2025) and the NDA for relacorilant plus nab-paclitaxel in platinum‑resistant ovarian cancer (PDUFA 7/11/2026); EU MAA submitted for ovarian cancer .
Compensation Structure Analysis
- Cash vs equity mix: Guyer’s compensation is equity-heavy and levered to long-term value creation. Option grant-date fair values were $1.11m (2022), $2.76m (2023), $2.80m (2024) versus base of $0.57m, $0.63m, $0.66m respectively .
- Annual bonus design: Target 50% of salary; actual payout in 2024 was 155% of target ($510,198) based on corporate achievements (revenue, regulatory, clinical progress), with no disclosed metric weightings—indicating high committee discretion tied to milestone delivery .
- Equity form: Time-based monthly-vesting options over 4 years; company occasionally uses performance-vesting options but did not for the 2024 NEO grants; exercise price set at market close on grant date and 10-year life aligns with sustained TSR creation .
- Shareholder alignment safeguards: Strict prohibitions on hedging and pledging enhance alignment and reduce governance risk .
- Say-on-pay: Strong support—98% of shares voted approved 2023 NEO pay at the 2024 annual meeting, signaling investor endorsement of pay design/outcomes .
Investment Implications
- Alignment: Option-centric, time-based vesting ties realized value to sustained stock performance; prohibitions on hedging/pledging mitigate misalignment risk .
- Retention and M&A optics: Double-trigger CIC with full equity acceleration (estimated $10.6m for Guyer) plus 12 months cash/benefits creates strong retention through potential transactions but introduces meaningful acceleration risk on a deal—important for event-driven modeling .
- Trading signals: Monthly vesting across multiple option vintages and notable 2024 exercises (90,000 options exercised; $1.41m value realized) suggest a steady cadence of potential insider liquidity, subject to windows—watch Form 4s around vesting/blackout cycles .
- Execution risk and upside: 2025–2026 catalysts (relacorilant PDUFAs) are core to value creation in Guyer’s remit; positive regulatory outcomes could validate pipeline leadership, whereas delays/negative decisions or payer/IRA headwinds could pressure bonus outcomes and equity value realization .