Philippe Busque
Cytek BiosciencesAbout Philippe Busque
Philippe Busque, Ph.D., age 55, is Senior Vice President, Global Sales and Services at Cytek Biosciences (CTKB), a role he has held since August 2023 following service as Acting General Manager for EMEA from March–August 2023; he holds a B.Sc. in Biology, M.Sc. in Microbiology, and Ph.D. in Immunology from Université de Montréal . Prior experience includes general management roles at Abbott Diabetes and Johnson & Johnson (2015–2023), VP Global Sales & Marketing at Sony Biotechnology (2012–2015), and multiple senior commercial roles at BD Biosciences (1998–2012) . Company performance in 2024 exceeded 2023 revenue, with corporate bonus metrics set on revenue and adjusted EBITDA; achievement was 90% on revenue and 53% on adjusted EBITDA for 2024, resulting in an 81% bonus achievement for Busque . Company pay-versus-performance data show revenue grew from $193.0M in 2023 to $200.5M in 2024, while TSR fell to $34.59 on a $100 initial investment by 2024; adjusted EBITDA was used for annual incentives but specific EBITDA figures are not disclosed .
| Performance Metric | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue ($USD Thousands) | $127,950 | $164,036 | $193,015 | $200,453 |
| Total Shareholder Return (Value of $100) | $86.99 | $54.42 | $48.61 | $34.59 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Abbott Diabetes; Johnson & Johnson | General Manager, various operating units | 2015–2023 | Led operating units spanning commercial execution |
| Sony Biotechnology | VP, Global Sales & Marketing | 2012–2015 | Led global commercial function in biotech tools |
| BD Biosciences | Multiple roles incl. VP Sales, Service, Customer Service | 1998–2012 | Senior commercial leadership across sales/service |
| Cytek Biosciences | Acting GM, EMEA | Mar–Aug 2023 | Regional leadership ahead of SVP promotion |
External Roles
No public company directorships or external board roles disclosed for Busque .
Fixed Compensation
| Year | Base Salary ($) | Target Bonus (%) | Target Bonus ($) | Actual Bonus Paid ($) |
|---|---|---|---|---|
| 2024 | $360,000 | 50% | $180,000 | $145,183 |
Notes:
- 2024 bonus achievement was 81% for Busque based on 90% revenue goal and 53% adjusted EBITDA goal with 75%/25% weighting .
Performance Compensation
2024 Annual Cash Incentive Plan
| Metric | Weighting | Target | Actual Achievement | Payout (% of Target) | Payout ($) | Vesting/Timing |
|---|---|---|---|---|---|---|
| Revenue | 75% | Specified 2024 revenue target | 90% of goal | — | — | Annual cash; paid after year-end |
| Adjusted EBITDA | 25% | Specified 2024 adjusted EBITDA target | 53% of goal | — | — | Annual cash; paid after year-end |
| Overall (Busque) | — | — | — | 81% | $145,183 | Annual cash payment |
Definition:
- Adjusted EBITDA defined as net income adjusted for D&A, tax, interest, FX, stock-based comp and certain non-recurring expenses .
2024 Equity Grants (Refresh)
| Grant Type | Grant Date | Shares/Units | Strike Price ($/sh) | Expiration | Grant Date Fair Value ($) | Vesting Schedule |
|---|---|---|---|---|---|---|
| Stock Options | 03/06/2024 | 52,631 | $7.07 | 03/06/2034 | $249,997 | Monthly over 4 years; initial options typically 25% at 1 year, then monthly |
| RSUs | 03/06/2024 | 35,360 | — | — | $249,995 | Quarterly approx. 1/16; initial RSUs 25% at 1 year, then quarterly |
2024 vesting/realization:
- RSUs vested during 2024: 21,088 shares (Busque) .
Equity Ownership & Alignment
| Beneficial Ownership (as of 03/31/2025) | Shares | % Outstanding |
|---|---|---|
| Busque total beneficial ownership | 60,357 (15,919 common + 44,438 options exercisable/RSUs vesting within 60 days) | <1% (127,599,142 shares outstanding) |
Outstanding equity (12/31/2024):
| Award | Grant Date | Total Granted (#) | Exercisable (#) | Unexercisable (#) | Exercise Price ($) | Expiration | RSUs Granted (#) | RSUs Unvested (#) | Unvested RSUs MV ($) |
|---|---|---|---|---|---|---|---|---|---|
| Options | 03/20/2023 | 37,562 | 16,433 | 21,129 | $9.15 | 03/20/2033 | — | — | — |
| Options | 03/06/2024 | 52,631 | 9,868 | 42,763 | $7.07 | 03/06/2034 | — | — | — |
| RSUs | 03/20/2023 | — | — | — | — | — | 30,054 | 14,859 | $96,435 (at $6.49) |
| RSUs | 03/06/2024 | — | — | — | — | — | 35,360 | 29,467 | $191,241 (at $6.49) |
Additional alignment factors:
- Hedging, pledging, short sales, options on company stock, margin accounts are prohibited by Insider Trading Policy (no pledging allowed) .
- Ownership guidelines (multiple-of-salary) not disclosed for executives; company emphasizes equity awards to align interests .
In-the-money assessment (12/31/2024):
- With market price $6.49 used for award valuations, Busque’s option strikes ($7.07 and $9.15) were above market and therefore out-of-the-money at year-end 2024 .
Employment Terms
| Term | Non-Change-in-Control | Change-in-Control (Double Trigger) |
|---|---|---|
| Cash Severance | 6 months base salary; Busque: $180,000 | 12 months base salary + 100% target bonus; Busque: $540,000 cash + $180,000 target bonus |
| COBRA | 6 months; Busque: $5,609 | 12 months; Busque: $11,217 |
| Equity | No acceleration | 100% acceleration; performance awards at target; Busque acceleration value: $287,676 (as of 12/31/2024) |
| Agreement Form | Formal offer letter executed by Busque upon hire | Severance Plan amended Feb 2024; tiered benefits by executive level |
| Clawback | Incentive Compensation Recoupment Policy compliant with Dodd-Frank; SOX 304 applies to CEO/CFO; company-level disclosure |
Notes:
- Severance Plan tiers: CEO 12/24 months; C-level 9/18 months; SVP 6/12 months (outside/within CoC period) .
Say-on-Pay & Shareholder Feedback
- 2024 Say-on-Pay approval: 85.8% in favor, indicating general investor support for the program .
Compensation Structure Observations
- 2024 equity mix: approximately 50% options and 50% RSUs for executive refresh grants, aligning with market practice and balancing leverage with dilution .
- Annual cash targets: Busque’s target bonus set at 50% of salary (mid-market per Committee) .
- Bonus plan caps: 110% maximum payout; revenue must exceed prior year to earn any payout .
Risk Indicators & Red Flags
- Hedging/pledging prohibited across the organization (reduces alignment risk) .
- No related party transactions disclosed involving Busque; company maintains formal related-party policy .
- Busque had no option exercises disclosed in 2024 (reduces near-term selling signals from options) .
- Options OTM at year-end; near-term equity monetization relies on RSU vesting rather than option exercise .
Investment Implications
- Alignment: Busque’s incentive structure skews to revenue (75% weighting) with adjusted EBITDA at 25%, tying his cash incentive to top-line execution while retaining profitability discipline; 2024 achievement at 81% led to a $145k bonus, consistent with revenue growth and constrained EBITDA delivery . The 50/50 option-RSU equity mix creates upside leverage with options while RSUs provide retention and lower risk, aligning with shareholder value creation practices .
- Retention and overhang: Significant unvested RSUs (29,467 from 2024 and 14,859 from 2023) imply ongoing retention hooks; unvested RSU value at year-end totaled ~$287.7k, with options currently OTM, reducing near-term exercise pressure and likely moderating insider selling to RSU distributions . 2024 RSU vesting of 21,088 shares indicates predictable quarterly liquidity events but not aggressive liquidation behavior; no option exercises reported in 2024 .
- Change-in-control economics: SVP-level severance provides 12 months base salary, 100% target bonus, full equity acceleration under double trigger, supporting retention through strategic events while not overly generous relative to market tiers—low risk of excessive golden parachute dilution .
- Governance and safeguards: Clawback compliant with Dodd-Frank and prohibition on pledging/hedging strengthen pay-for-performance and alignment; 2024 Say-on-Pay at 85.8% suggests general investor support for the compensation framework .
- Execution signals: With revenue up in 2024 versus 2023—the minimum condition for payout—and revenue goal achievement of 90%, Busque’s revenue-centric incentive weighting appears appropriately calibrated to drive commercial performance; EBITDA goal achievement at 53% highlights margin execution areas to monitor into 2025 .