Blai Coll
About Blai Coll
Blai Coll, M.D., Ph.D., age 51, is Chief Medical Officer (CMO) of Structure Therapeutics (GPCR) since September 2024, after serving as Vice President of Endocrine and Metabolism Clinical Development from May 2022 to September 2024 . He previously held senior roles at Amgen (Cardiovascular & Metabolic Platform Lead, Medical Affairs; Medical Lead for Repatha) and AbbVie (Medical Director leading a Phase 3 chronic kidney disease program), and earned his M.D. from Universitat Autònoma de Barcelona and Ph.D. from Universitat Rovira i Virgili . Company-level 2024 performance reflected 95% achievement of corporate goals used for annual bonuses , and a strengthened balance sheet with $547.4M financing and $883.5M in cash, cash equivalents and short-term investments at year-end 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Structure Therapeutics | CMO | Sep 2024–present | Leads execution of ACCESS and ACCESS II obesity studies; comments emphasize scaling oral GLP‑1 small molecule programs . |
| Structure Therapeutics | VP, Endocrine & Metabolism Clinical Development | May 2022–Sep 2024 | Advanced aleniglipron into Phase 2 programs; part of leadership changes positioning company for next stage . |
| Amgen | Cardiovascular & Metabolic Platform Lead, Medical Affairs | Jun 2020–May 2022 | Platform leadership in CV/metabolic; strategic lifecycle management . |
| Amgen | Medical Lead for Repatha® | Nov 2018–Jun 2020 | Led lifecycle management and late-stage/extension studies in >6,000 patients . |
| AbbVie | Medical Director | Pre‑2016 | Led late-stage atrasentan clinical program for CKD, including Phase 3 multinational outcomes study . |
External Roles
No current public company board roles or committee positions disclosed for Dr. Coll in the proxy; executive officers listed do not include external directorships .
Fixed Compensation
| Component | 2024 Value | Notes |
|---|---|---|
| Base salary rate | $475,000 | Established upon promotion to CMO effective Sep 17, 2024 . |
| Salary paid (2024) | $449,138 | Reflects partial-year CMO service . |
| Target bonus % | 40% of base | Named Executive Officer target percentage . |
| Bonus paid (2024) | $187,150 | Based on 95% corporate goal achievement and individual goals . |
Performance Compensation
Annual Performance Bonus Structure (2024)
| Metric | Weighting | Target | Actual | Payout | Vesting/Timing |
|---|---|---|---|---|---|
| Corporate goals | 90% | 100% | 95% achieved | Drives portion of payout | Paid after year-end approval . |
| Individual goals | 10% | 100% | CEO assessed; NEOs 100–130% range | Drives portion of payout; Coll paid at 98.5% of target overall | Paid alongside corporate bonus . |
Long-Term Incentives: PSUs (Performance-Based)
| Grant Date | Shares (#) | Grant Date Value ($) | Performance Metrics | Performance Period | Vesting Mechanics |
|---|---|---|---|---|---|
| Mar 15, 2024 | 12,000 | 141,000 | Three mission‑critical goals: patient enrollment in clinical study, strategic partnership, R&D; equally weighted | Mar 15, 2024–Jun 30, 2025 | If a goal is met, 50% of PSUs for that goal vest upon Compensation Committee certification after Jun 30, 2025; remaining 50% vest 18 months later (Dec 30, 2026) . |
Long-Term Incentives: RSUs (Service-Based)
| Grant Date | Shares (#) | Grant Date Value ($) | Vesting |
|---|---|---|---|
| Mar 15, 2024 | 12,000 | 141,000 | Vests annually in equal increments over 4 years (each anniversary of Mar 1, 2024), subject to continued service . |
| Sep 18, 2024 | 90,600 | 1,155,452 | Vests annually in equal increments over 4 years, subject to continued service . |
Stock Options (Service-Based)
| Grant Date | Options (#) | Exercise Price ($/share) | Expiration | Vesting |
|---|---|---|---|---|
| Jul 14, 2022 | 55,000 (35,487 ex., 19,513 unex.) | 2.79 | Jul 13, 2032 | 1/4 on Sep 16, 2022; then 36 equal monthly installments . |
| Mar 14, 2023 | 100,020 (43,740 ex., 56,280 unex.) | 7.66 | Mar 13, 2033 | 48 equal monthly installments . |
| Mar 15, 2024 | 33,000 (unexercisable) | 11.75 | Mar 14, 2034 | 1/4 on Mar 1, 2025; then 36 monthly installments . |
| Sep 18, 2024 | 111,000 (unexercisable) | 12.75 | — | Granted on promotion; exercise price equals fair market value; vest as per 2023 Plan service schedule . |
Notes: The proxy provides Item 402(x) timing context for the Sep 18, 2024 option grant one business day after an 8‑K; exercise price aligned to ADS closing price on grant date (each ADS = 3 ordinary shares) .
Equity Ownership & Alignment
| Item | Details |
|---|---|
| Total beneficial ownership | 115,860 ordinary shares; equivalent 38,620 ADSs; <1% of outstanding (*) . |
| Beneficial ownership breakdown | 3,951 ordinary shares (ADSs held by Coll), 3,000 ordinary shares (ADSs held by spouse), 108,909 ordinary shares underlying options exercisable within 60 days of Apr 17, 2025 . |
| Shares outstanding reference | 172,610,249 ordinary shares outstanding on Apr 17, 2025 (basis for % calc) . |
| Vested vs unvested at 12/31/2024 | Options exercisable/unexercisable per grant table; RSUs outstanding 12,000 (Mar 2024) and 90,600 (Sep 2024) unvested . |
| Pledging/Hedging policy | No hedging and no pledging permitted for executive officers/directors; compensation recovery (clawback) policy in place . |
| Ownership guidelines | Not disclosed in proxy; no statement of required multiple of salary found . |
Market value references for RSUs use ADS closing price $27.12 on Dec 31, 2024, equating to $9.04 per ordinary share; market value for Coll’s RSUs shown as $108,480 (12,000) and $819,024 (90,600) at year-end .
Employment Terms
- Employment agreement: Executive employment agreement entered September 2024; at‑will, annual base salary, eligible annual bonus tied to corporate and individual objectives determined by the Board .
- Severance & Change‑in‑Control (CIC) Plan:
- CIC termination (double trigger): Lump sum base salary equal to 12 months; lump sum 100% of annual target cash bonus; COBRA premiums up to 12 months; full acceleration of outstanding time‑vesting equity awards; performance‑vesting awards accelerate at target if not assumed/continued/substituted, subject to award documents .
- Regular termination (without cause or for good reason, outside CIC period): Lump sum base salary equal to 9 months; COBRA premiums up to 9 months; acceleration of time‑vesting equity that would have vested in the 6 months following termination .
- Additional CIC equity acceleration: If awards are not assumed/continued/substituted in a CIC and employment is not terminated, unvested awards vest in full immediately prior to CIC; performance awards vest at 100% of target absent contrary award terms .
- Plan requires effective release; benefits subject to clawback/compliance provisions; no single‑trigger CIC benefits per governance .
Compensation Structure Analysis
- Cash vs equity mix (2024): Coll’s total 2024 compensation $3.45M comprised salary $449k, RSUs/PSUs $1.296M, options $1.505M, and bonus $187k—equity-heavy mix emphasizing long-term alignment .
- Introduction of PSUs: 2024 added PSUs tied to three mission‑critical goals with a 15‑month performance period and 33‑month overall earning timeline, increasing at‑risk, performance-based equity .
- Annual incentive rigor: Corporate goals assessed at 95%; NEOs’ individual goals 100–130%; Coll’s bonus payout at 98.5% of target reflects near-target achievement .
- Grant timing governance: Equity grants follow preset schedules; Sep 18, 2024 option grant for Coll aligned to promotion; no MNPI timing practices; no hedging/pledging; clawback policy present .
Risk Indicators & Red Flags
- Change‑in‑control economics: Double‑trigger severance with 12 months base and 100% target bonus for CIC; full time‑vesting equity acceleration may increase transaction-related dilution but is standard for biotech executives .
- Equity acceleration on non‑assumption: Single‑trigger acceleration if awards not assumed in CIC introduces potential overhang; performance awards accelerate at target absent contrary terms .
- Tax gross‑ups: Company policy indicates no excise tax or other gross‑ups on CIC .
- Pledging/Hedging: Prohibited, reducing misalignment risk .
- Bonus discretion: Annual bonuses tied to pre‑established goals; no guaranteed bonuses .
Equity Overhang and Insider Selling Pressure
- Near‑term vesting cadence: RSUs vest annually over four years from Mar 1, 2024 and Sep 18, 2024, creating regular delivery events that may lead to selling for tax liquidity .
- Options moneyness (as of Dec 31, 2024 reference): Older options ($2.79, $7.66 strikes) potentially in‑the‑money relative to $9.04 ordinary share implied price; 2024 grants at $11.75 and $12.75 were above $9.04, reducing near‑term exercise pressure at year‑end prices . Market conditions post‑year-end will determine actual exercise dynamics.
- PSU certification: Potential vesting upon certification after Jun 30, 2025 with an additional 18‑month tranche thereafter; creates defined future vest events .
Performance & Track Record
- Program execution: Coll emphasizes execution of ACCESS and ACCESS II (over 300 patients enrolled; topline 36‑week data expected by year‑end 2025) and the oral amylin program (IND‑enabling and Phase 1 by year‑end 2025) .
- 2024 corporate milestones: Released Phase 2a data, advanced to Phase 2b/2; selected ACCG‑2671; completed $547.4M financing; ended with $883.5M liquidity .
Equity Ownership & Outstanding Awards Detail
| Category | Detail |
|---|---|
| Beneficial ownership | 115,860 ordinary shares; equivalent 38,620 ADSs; <1% (*) . |
| Exercisable options (within 60 days of Apr 17, 2025) | 108,909 ordinary shares underlying options . |
| Outstanding RSUs at 12/31/2024 | 12,000 (Mar 15, 2024) valued $108,480; 90,600 (Sep 18, 2024) valued $819,024 at $9.04 per ordinary share . |
| Outstanding options detail | Per grant counts and exercise prices in the Performance Compensation tables . |
| Pledging/Hedging | Prohibited; clawback policy in place . |
Employment Terms Summary Table
| Element | Regular Termination | CIC Termination | Other CIC Equity Treatment |
|---|---|---|---|
| Base salary severance | 9 months | 12 months | — |
| Target bonus severance | Not specified for Coll; only CEO gets 100% in regular termination | 100% of annual target | — |
| COBRA | Up to 9 months | Up to 12 months | — |
| Time-vesting equity | Acceleration of awards scheduled to vest in 6 months post-termination | Full acceleration | If awards not assumed/continued/substituted, full acceleration at CIC; performance awards at target unless award docs specify otherwise . |
| Trigger type | Double trigger (no single-trigger severance benefits) | Double trigger | Single‑trigger only for non‑assumption acceleration . |
Investment Implications
- Alignment: Coll’s pay mix is heavily equity-based (RSUs, PSUs, options), with PSUs linked to mission-critical clinical, strategic, and R&D milestones, aligning incentives with value creation milestones through mid‑2025 and late‑2026 .
- Retention risk: RSUs vest over four years from 2024 promotions; severance provides 9–12 months base and COBRA and equity acceleration features, mitigating near‑term turnover but increasing costs in a CIC .
- Trading signals: Defined PSU certification window (post-Jun 30, 2025) and annual RSU vest dates create predictable potential selling/liquidity events; 2024 option strikes above ordinary share implied price at year-end temper near-term exercise pressure, while older low-strike options are potentially in the money and could be exercised if share price remains favorable .
- Governance quality: No hedging/pledging and clawback policy reduce red-flag risk; no tax gross‑ups and double‑trigger CIC severance reflect investor-friendly design .