Peter Virsik
About Peter Virsik
Executive Vice President and Chief Operating Officer of ESSA Pharma (EPIX); joined August 1, 2016. Prior experience includes senior roles in corporate development and strategy at XenoPort (licensing/commercialization of Horizant), Gilead Sciences (helped build the HIV franchise via Triangle Pharmaceuticals acquisition and Vitekta licensing), J.P. Morgan biotech equity research, Ernst & Young consulting, and R&D at Genentech. Education: MBA, Kellogg School of Management (Northwestern); MS Microbiology, University of Michigan; BA Molecular & Cellular Biology, UC Berkeley . Company performance context: cumulative TSR index rose from 21.8 (FY22) to 72.57 (FY24); net income was negative in FY22-FY24 (approximately $(35.1)M, $(26.6)M, $(28.5)M) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| XenoPort (acquired by Arbor Pharmaceuticals) | SVP, Corporate Development | Not disclosed | Led licensing, strategy, new product planning, alliance management; integral to licensing/commercialization of Horizant (gabapentin enacarbil) |
| Gilead Sciences | Corporate Development | 2000–2005 | Involved in building HIV franchise through Triangle Pharma acquisition and Vitekta (elvitegravir) licensing |
| J.P. Morgan | Biotech Equity Research | Not disclosed | Equity research coverage in biotechnology |
| Ernst & Young | Consultant | Not disclosed | Consulting role (healthcare/biotech) |
| Genentech | R&D | Not disclosed | Early career in research and development |
External Roles
No external public company directorships disclosed in the cited filings.
Fixed Compensation
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Base Salary ($) | 427,850 | 450,306 | 473,899 | 493,997 |
| Target Bonus (% of Salary) | Up to 40% (NEO policy) | Up to 40% (NEO policy) | Up to 40% (NEO policy) | Up to 40% (NEO policy) |
| Actual Bonus Paid ($) | 210,203 | 165,902 | 162,153 | 191,844 |
| All Other Compensation ($) | 8,700 | 9,150 | 9,900 | 10,350 |
Notes:
- Bonuses are discretionary performance-based cash bonuses; the proxy does not disclose specific performance metrics or weightings used to determine payouts .
Performance Compensation
| Component | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Option Awards – Grant Date Fair Value ($) | 1,083,404 | 50,231 | — | 994,154 |
Vesting mechanics (all option grants unless noted): 25% after 12 months from grant, then remaining 75% vests in 36 equal monthly installments (standard four-year vest) . Equity program emphasizes stock options; RSUs are authorized under the Omnibus Plan but recent NEO compensation is almost entirely options .
Performance cash bonus plan: Discretionary; the company does not disclose revenue/EBITDA/TSR/ESG targets or weightings for NEOs in the cited years .
Equity Ownership & Alignment
Beneficial ownership trend (includes options exercisable within 60 days of record date):
| Date (Record) | Shares Beneficially Owned | % of Outstanding |
|---|---|---|
| Jan 13, 2021 | 517,569 | 2% |
| Jan 18/20, 2022 | 941,944 | 2.1% |
| Jan 10, 2023 | 1,295,762 | 2.9% |
| Jan 16, 2024 | 1,572,304 | 3.6% |
| Jan 8, 2025 | 1,665,276 | 3.8% |
Outstanding equity awards (as of FY2024 year-end):
| Grant date | Exercisable (#) | Unexercisable (#) | Exercise price ($) | Expiration |
|---|---|---|---|---|
| 21-Feb-2018 | 14,500 | — | 4.00 | 09-Aug-2026 |
| 21-Feb-2018 | 173,000 | — | 4.00 | 21-Feb-2028 |
| 08-Feb-2019 | 40,000 | — | 3.81 | 08-Feb-2029 |
| 07-Oct-2019 | 895,000 | — | 3.23 | 07-Oct-2029 |
| 11-Dec-2020 | 400,000 | 25,000 | 7.00 | 11-Dec-2030 |
| 29-Jun-2022 | 50,625 | 39,375 | 3.60 | 29-Jun-2032 |
| 25-Mar-2024 | — | 110,000 | 9.04 | 25-Mar-2034 |
Alignment and policies:
- Hedging of company stock is prohibited for executives (policy against swaps, collars, etc.). No disclosure of any pledged shares; pledging policy not specifically addressed in the cited excerpts .
- Stock ownership guidelines are not disclosed in the cited materials.
Insider selling pressure indicators:
- Large block of legacy options exercisable at strikes between $3.23 and $7.00 with expirations in 2029–2034 may create supply upon exercise; recent March 2024 grant adds 110,000 unvested options at $9.04 that would begin vesting after 12 months absent separation or acceleration .
Employment Terms
| Term | Details |
|---|---|
| Employment agreement | Effective Aug 1, 2016; amended June 25, 2019 |
| Role | Executive Vice President & Chief Operating Officer |
| Termination (pre-2025 separation) | One year of base salary upon termination without cause; increases to 18 months if termination without cause occurs within 18 months after a change-of-control. Immediate vesting of all stock options upon a change-of-control event . Earlier filings reflected similar structure (six months initially, increasing to one year and 18 months post-CoC) . |
| Non-compete / Non-solicit | Employment agreement includes confidentiality, ownership of developments, non-competition and non-solicitation provisions (scope/duration not disclosed in excerpts) . |
| Separation (2025) | Separation Agreement dated May 15, 2025: entitled to six months of base salary if a change-of-control occurs within six months of May 15, 2025, plus benefits subsidy under the Severance Plan; cash severance listed as $498,793 and benefits subsidy $63,579. The golden parachute table excludes option values; no attempt to quantify excise tax mitigation . |
Performance & Track Record
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| TSR ($100 initial investment) | 21.80 | 37.01 | 72.57 |
| Net Income ($M) | (26.6) (also shown as (35.1) in 2025 table) | (26.6) | (28.5) |
Achievements and experience:
-
30 licensing/M&A/financing transactions totaling >$3B across career; integral roles in XenoPort’s Horizant licensing and Gilead’s HIV franchise build-out (Triangle acquisition, Vitekta licensing) .
Compensation Structure Analysis
- Mix shift: 2024 saw a re-load of option awards (grant date March 25, 2024) after no option awards in 2023, increasing at-risk equity exposure (option award fair value $994,154 in FY24 vs $0 in FY23) .
- Cash vs equity: Base salary grew steadily (FY21→FY24: ~$428k→$494k), while bonuses remained discretionary and stable as a percentage (target 40% of salary); no disclosed pay metrics or weightings (limits the strength of pay-for-performance linkage disclosure) .
- Equity vehicle: Emphasis on stock options over RSUs; standard 4-year vesting with a 1-year cliff, monthly thereafter .
- Change-of-control features: Single-trigger acceleration of options upon CoC under the employment agreement; after separation (May 15, 2025), a CoC within six months triggers cash severance under the separation agreement (equity treatment not quantified in the golden parachute summary) .
- Risk controls: Hedging prohibited; committee reviews risk-taking incentives; no evidence of option repricing in cited materials .
Investment Implications
- Incentive alignment: Large, long-dated option portfolio with low-to-mid single-digit strikes aligns upside with shareholders; single-trigger CoC acceleration historically increased sensitivity to strategic outcomes. However, the 2025 separation agreement limits post-employment economics primarily to cash if CoC occurs shortly after separation, reducing forward alignment unless equity remains outstanding and accelerates per plan terms .
- Retention risk: As of May 15, 2025, Virsik entered a separation agreement; unless subsequently rehired, ongoing retention concerns pertain less to him and more to continuity of the COO function at EPIX .
- Selling pressure: Material number of exercisable options (notably at $3.23 and $7.00 strikes) could drive secondary selling upon exercises, especially against clinical/regulatory catalysts; 2024 grant adds an additional unvested overhang (110,000 options at $9.04) if vesting conditions are met .
- Pay-for-performance clarity: Discretionary cash bonuses without disclosed performance metrics/weights make it difficult to assess pay-performance rigor; option-heavy equity does maintain a directional link to TSR .