Xichen Lin
About Xichen Lin
Xichen Lin, Ph.D., age 51, is Chief Scientific Officer of Structure Therapeutics (GPCR) and has served in this role since July 2019, following scientific leadership roles at GSK, Novo Nordisk, and an operating partner stint at C‑Bridge Capital . He holds a B.S. in Chemistry (Peking University) and a Ph.D. in Organic Chemistry (Penn State) with prior leadership of GSK’s Global Neuroinflammation Discovery Performance Unit . Company performance during his tenure includes advancing oral small molecule programs (GLP‑1, amylin) with 2024 strategic highlights and strong liquidity, while pay‑versus‑performance disclosure shows cumulative TSR of $104.31 for a $100 investment in 2024 and net loss of $122.5 million, reflecting the clinical‑stage profile .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| GlaxoSmithKline (GSK) | Various scientific/strategy roles; Head, Global Neuroinflammation DPU | 2002–2015 | Led neuroinflammation discovery; global scientific unit leadership |
| C‑Bridge Capital | Operating Partner | Dec 2015–May 2016 | Biotech investing and operational support |
| Novo Nordisk | Head of External Innovation, Asia Pacific | May 2016–Jul 2019 | Drove regional external innovation sourcing/partnerships |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Not disclosed | — | — | No current external board roles or committee posts disclosed for Dr. Lin in proxy materials |
Fixed Compensation
| Item | 2024 | Notes |
|---|---|---|
| Base Salary | $481,345 | Paid in RMB; converted at average 2024 rate; +10.8% YoY |
| Target Bonus % | 40% | For NEOs other than CEO; set by Compensation Committee |
| Actual Bonus Paid | $185,799 | 96.5% of target; corporate goals at 95% plus individual component |
| Summary Compensation (Total) | $3,690,766 | Includes stock/option grant date fair values and bonus |
Performance Compensation
Annual Performance Bonus Design (2024)
| Component | Weighting | Target | Actual Achievement | Payout Impact | Notes |
|---|---|---|---|---|---|
| Corporate R&D/Clinical/Regulatory (GLP‑1 heavy) | 67% | Pre‑set milestones | 95% corporate goal achievement | Forms majority payout | 75% of R&D goals tied to GLP‑1 program |
| Corporate & Strategic Objectives | 33% | Pre‑set milestones | 95% corporate goal achievement | Adds to payout | Strategic/corporate initiatives |
| Individual Goals (Dr. Lin) | 10% (of his bonus) | Pre‑set | Committee assessed 100–130% for NEOs; Lin payout overall 96.5% | Final payout 96.5% of target | Individual performance weighting applies to NEOs other than CEO |
2024 RSUs/PSUs Mix and PSU Mechanics
| Award Type | Weighting (target value) | Performance Metric | Vesting at Certification | Subsequent Vesting | Performance Period |
|---|---|---|---|---|---|
| Share Options | 50% | — | 1‑year cliff, then monthly over 36 months | — | Time‑based |
| RSUs | 25% | — | Annual vest in equal tranches over 4 years | — | Time‑based |
| PSUs | 25% | Patient enrollment goal | 16‑2/3% of PSUs | +16‑2/3% 18 months later | Mar 15, 2024–Jun 30, 2025 |
| PSUs | 25% | Strategic partnership goal | 16‑2/3% of PSUs | +16‑2/3% 18 months later | Mar 15, 2024–Jun 30, 2025 |
| PSUs | 25% | R&D goal | 16‑2/3% of PSUs | +16‑2/3% 18 months later | Mar 15, 2024–Jun 30, 2025 |
2024 Grants to Dr. Lin (Board‑approved targets)
| Award | Grant Value | Shares/Units | Notes |
|---|---|---|---|
| Options | $2,450,000 | 213,486 ordinary shares | Target value; accounting fair value differs in SCT |
| RSUs | $1,225,000 | 85,707 ordinary shares | Target value; time‑based vesting |
| PSUs | $1,225,000 | 85,707 ordinary shares | Tied to 3 mission‑critical goals; 15‑month performance period |
Equity Ownership & Alignment
Beneficial Ownership (as of April 17, 2025)
| Holder | Ordinary Shares Beneficially Owned | Equivalent ADSs | % of Outstanding |
|---|---|---|---|
| Xichen Lin, Ph.D. | 537,228 | 179,076 | <1% |
| Breakdown: 14,985 ordinary shares underlying ADSs held directly; 522,243 ordinary shares underlying options exercisable within 60 days |
Outstanding Awards (as of Dec 31, 2024)
| Award | Exercisable | Unexercisable/Unvested | Exercise Price | Expiration/Notes |
|---|---|---|---|---|
| Option (2019 grant) | 213,800 | — | $0.34 | 9/10/2029 |
| Option (2020 grant) | 148,000 | — | $0.48 | 5/18/2030 |
| Option (2021 grant) | 81,234 | 18,766 | $1.21 | 9/22/2031 |
| Option (2024 grant) | — | 213,486 | $11.75 | 3/14/2034; 1‑yr cliff then monthly vest |
| RSUs (2024) | — | 85,707 | — | Annual vest over 4 years; MV $774,791 at $9.04 per ordinary share |
| PSUs (2024) | — | 85,707 (target) | — | Performance period ends 6/30/2025; certification then staggered vest; MV $774,791 at $9.04 per ordinary share (if attained at target) |
- Hedging and pledging: Company policy prohibits hedging, trading in public options on company securities, margin accounts, and pledging; executives are restricted from such activities, mitigating misalignment risk .
- Ownership guidelines: Not specifically disclosed for executives; compensation governance emphasizes pay‑for‑performance, no single‑trigger CIC, and no excise tax gross‑ups .
Employment Terms
- Contract: Employment contract dated July 2022; term ends July 2025 unless earlier terminated; includes base salary and discretionary bonus eligibility determined by the Board .
- Notice: Dr. Lin must provide at least 30 days’ notice to resign; company may waive or pay in lieu; company may terminate per applicable law with required notice or pay .
- Severance Plan (CIC – double trigger): On change‑in‑control termination, lump sum 12 months base salary, 100% of target bonus, up to 12 months COBRA, and full acceleration of time‑vesting equity; performance awards deemed at target unless otherwise specified .
- Severance Plan (regular termination): On involuntary termination without cause or resignation for good reason outside CIC window, lump sum 9 months base salary, up to 9 months COBRA, and acceleration of time‑vesting equity that would vest within 6 months .
- Equity treatment on transactions: Plan documents stipulate acceleration or substitution mechanics for unassumed awards; PSUs default to 100% target upon certain corporate transactions if not assumed (per plan terms) .
Compensation Structure Analysis
- Mix shift: In 2024, the company introduced RSUs and PSUs alongside options for NEOs (target mix for Dr. Lin: 50% options, 25% RSUs, 25% PSUs), enhancing alignment with long‑term milestones versus pure option exposure .
- PSU design: Three equally weighted mission‑critical goals with a 15‑month performance period ending June 30, 2025 and extended vesting, reinforcing multi‑year retention and execution focus .
- Performance options: A prior 2023 performance‑conditioned option structure was tightened; a similar award to Dr. Lin was terminated in January 2024 for not achieving milestones within the first year, indicating discipline on performance pay .
- Governance practices: Committee independence, use of Aon as independent consultant, and targeting 50th–75th percentile versus peers; explicit “no single trigger CIC,” “no hedging/pledging,” and clawback policy in place .
Say‑on‑Pay & Shareholder Feedback
- 2025 AGM includes advisory vote on NEO compensation and a frequency vote; Board recommends “FOR” and “1 Year” respectively . Prior year did not include say‑on‑pay due to scaled disclosures as a smaller reporting company .
Performance & Track Record
- 2024 highlights: Phase 2a data release and advancement of aleniglipron (oral GLP‑1) into Phase 2b/2; selection of lead oral amylin agonist; strengthened development leadership; $547.4 million financing; year‑end cash and investments of $883.5 million .
- Pay versus performance: Company’s cumulative TSR at $104.31 for 2024; net loss of $122.5 million reflecting the investment phase of pipeline development .
Equity Compensation Peer Group (used for 2024 decisions)
- Peer group includes 89bio, Akero, Arcus, Arrowhead, Biohaven, Cerevel, Crinetics, Denali, IDEAYA, Karuna, Madrigal, Morphic, Pliant, RAPT, Revolution Medicines, Vaxcyte, Ventyx, among others; pay targets generally referenced to 50th–75th percentile .
Risk Indicators & Red Flags
- Positive: Clawback policy; prohibition on hedging/pledging; no excise tax gross‑ups; no single‑trigger CIC; committee independence .
- Watch items: Contract expiry in July 2025 may present renewal/retention checkpoint; upcoming PSU certification (June 30, 2025) creates potential vesting events that can influence insider selling windows under policy‑compliant trading .
Investment Implications
- Alignment: The 2024 PSU architecture ties compensation directly to clinical execution, strategic partnering, and R&D outcomes with extended vesting, supporting multi‑year alignment for the CSO .
- Retention/overhang: Large time‑based awards with staged vesting (options and RSUs) plus pending PSUs create structured retention; contract term ending July 2025 signifies a near‑term negotiation catalyst investors should monitor .
- Trading signals: Key vesting dates (post‑certification for PSUs; annual RSU anniversaries; monthly option vesting after cliffs) and beneficial ownership (including exercisable options) inform potential supply dynamics, subject to insider trading windows and company policy constraints .
- Governance credibility: Termination of underperforming performance options and adoption of clawbacks, with no pledging/hedging, indicate a disciplined pay‑for‑performance culture—a constructive signal for compensation alignment .