Linda Burkly
Editas MedicineAbout Linda Burkly
Linda C. Burkly, Ph.D., is Executive Vice President and Chief Scientific Officer at Editas Medicine, serving since July 2023. She previously spent 37 years at Biogen, ultimately as Vice President and Senior Distinguished Investigator (2014–2022). She holds a B.S. in Biology from Fairfield University and a Ph.D. in Immunology from Tufts University; she completed a postdoctoral fellowship in the lab of Richard A. Flavell (Biogen Research Corp.). Age 68 as of April 1, 2025; joined Editas in 2023 . During her tenure, Editas emphasized non-financial, R&D-centric pay-for-performance and reported challenging stock performance: cumulative TSR value of an initial $100 investment was $34.21 in 2023 and $4.21 in 2024; net loss was $(153.2) million in 2023 and $(237.1) million in 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Biogen | Vice President and Senior Distinguished Investigator | 2014–2022 | Led research as a senior scientific executive; capstone role of a 37-year Biogen tenure . |
| Biogen | Multiple scientific leadership roles | 37-year tenure ending 2022 | Advanced discovery programs; sustained expertise in immunology and translational research . |
External Roles
No current public company directorships or external board roles disclosed for Dr. Burkly .
Fixed Compensation
| Metric | 2023 | Notes |
|---|---|---|
| Annual Base Salary (Offer Letter) | $495,000 | Initial base salary per offer letter (July 2023) . |
| Salary Actually Paid (2023 SCT) | $209,423 | Prorated for 2023 partial year as CSO . |
| Target Bonus % | 45% of base | Per offer letter . |
| Actual Bonus Paid | $113,157 | 2023 performance bonus paid for 2023 results . |
Performance Compensation
- Annual bonus framework: CEO 100% corporate; other executives 80% corporate / 20% individual .
- Corporate achievement: 102% for 2023; 110% for 2024 .
| Year | Metric | Weighting | Target | Actual | Payout Details |
|---|---|---|---|---|---|
| 2023 | Corporate goals | 80% for CSO | 100% | 102% | Company component of bonus: $90,882 for Burkly . |
| 2023 | Individual goals | 20% for CSO | 100% | As assessed | Individual component: $22,275 for Burkly; total bonus $113,157 . |
| 2024 | Corporate goals | 80% for CSO | 100% | 110% | Company-wide achievement approved at 110% . |
Equity program mix:
- 2023 annual program (for NEOs active at grant): 50% options (time-based), 25% RSUs (time-based), 25% PSUs (R&D/business development milestones) .
- Company-wide shift in 2025: for officers, eliminated PSUs and moved to all time-based stock options; rationale: align with early-stage peers and drive long-term value .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 3,100 shares as of April 2, 2024; outstanding shares 82,234,710; implied ownership ≈0.0038% (3,100 ÷ 82,234,710) . |
| New Hire Grants (7/24/2023) | Options: 135,500 @ $8.66 strike; vest 25% on 7/24/2024, then 2.0833% monthly to 7/24/2027 (inducement grant) . RSUs: 45,167; vest 25% on each anniversary through 2027 . PSUs: 45,167; one-third tranches tied to pre-set R&D/BD milestones by 3/2/2026; min 1-year before any vest . |
| PSU Milestones Achievement | In March 2024, one-third of 2023 PSU performance condition deemed achieved (Vertex license/cash runway extension); earned shares still subject to time-based vesting until first anniversary of grant (for Burkly, until 7/24/2024) . |
| Outstanding (12/31/2023) | Options exercisable: 0; unexercisable: 135,000; RSUs unvested: 45,167; PSUs unearned: 45,167; option expiry 7/23/2033 . |
| In/Out of the Money | On 3/14/2025, EDIT stock was $1.46; the 7/24/2023 option strike is $8.66, indicating options were out-of-the-money at that date . |
| Ownership Guidelines | Executives must hold equity ≥1× base salary; compliance measured as of June 30 each year; five-year grace period; earliest requirement June 30, 2026; all executives on track as of 6/30/2024 . |
| Hedging/Pledging | Prohibited for employees and directors (including use of margin or pledges) . |
Vesting and potential selling pressure:
- RSUs unlock 25% annually on each July 24 (2024–2027); PSUs vest only upon milestone achievement and time-based minimums; options vest monthly post-first-anniversary—together creating periodic supply over time .
Employment Terms
| Provision | Terms |
|---|---|
| Severance (non-CIC) | If terminated without cause or resigns for good reason outside the CIC window: 12 months base salary + company-paid COBRA for 12 months; unpaid prior-year bonus if approved . |
| Change-in-Control (Double-Trigger) | If terminated without cause or resigns for good reason within 3 months before to 12 months after a CIC: 12 months base salary + COBRA for 12 months + lump sum bonus equal to (months in severance period/12) × target annual bonus; immediate vesting of all unvested equity . |
| Restrictive Covenants | Confidentiality; 12-month post-termination non-compete and non-solicit; IP assignment . |
| Clawback | Nasdaq-compliant no-fault clawback covering incentive comp for 3 years preceding any required restatement . |
| Tax Gross-Ups | None . |
Performance & Track Record
| Area | Evidence |
|---|---|
| Scientific leadership | Led Editas drug discovery and pipeline activities; positioned company to establish in vivo proof-of-concept in 2024 . |
| Company 2024/early 2025 highlights | In vivo preclinical PoC in NHP liver and HSC-targeted models; business development monetization; strategic shift to fully in vivo programs . |
| Pay-versus-performance context | Cumulative TSR value: $34.21 (2023), $4.21 (2024); net loss $(153.2)M (2023), $(237.1)M (2024). Compensation program uses non-financial R&D milestones rather than TSR/financials . |
Compensation Structure Analysis
- Increased at-risk pay tied to R&D execution: PSUs awarded in 2023 with milestone gates; in 2025, program moved to all options for officers, increasing sensitivity to stock appreciation but removing explicit R&D performance share gates .
- Annual cash bonus design balances corporate and individual performance; corporate scores of 102% (2023) and 110% (2024) indicate above-target operating execution against internal objectives .
- Governance protections: robust clawback; no single-trigger CIC vesting; no hedging/pledging; no excise tax gross-ups .
Say-on-Pay & Shareholder Feedback
- Say-on-Pay support: ~93% approval at 2024 annual meeting .
- Ongoing investor engagement on governance and compensation practices disclosed in proxies –.
Investment Implications
- Alignment and retention: Multi-year equity mix (options, RSUs, PSUs) and double-trigger CIC acceleration support retention; ownership guidelines reinforce alignment, though current reported beneficial ownership (3,100 shares as of 4/2/2024) is modest relative to total shares outstanding (~0.0038%) and will rise as equity vests .
- Near- to medium-term selling pressure: RSU annual vesting (each July 24) and monthly option vesting after first anniversary create periodic supply; however, as of 3/14/2025, new-hire options are out-of-the-money ($8.66 strike vs. $1.46 stock), which reduces near-term exercise-driven sales .
- Pay-for-performance signal: Above-target corporate scores and achievement of one PSU tranche (Vertex deal/runway extension) indicate progress on strategic milestones; the 2025 shift to all options heightens dependence on share price recovery, aligning management incentives with equity holders under a turnaround/in vivo pivot scenario .
- Risk factors: Execution risk in pivot to fully in vivo gene editing; continued net losses; stock underperformance vs. biotech peer benchmarks; governance mitigants (clawback, no hedging/pledging, no gross-ups) reduce red flags .