Cortney Caudill
Senior Vice President, Chief Operating Officer at HALO
Executive
About Cortney Caudill
Cortney Caudill (age 49) is Senior Vice President, Chief Operating Officer at Halozyme Therapeutics, appointed effective October 1, 2025; she has led Halozyme’s operations since October 2023 and holds B.S. in Biology and B.A. in Psychology from the University of Texas . Halozyme delivered strong 2024 performance: total revenue of $1,015.3 million (+22% YoY), Adjusted EBITDA of $601.4 million (+41% YoY), and TSR of +28% in 2024 (+223% over five years), underpinning a pay-for-performance framework used across executive compensation .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Aeglea Biotherapeutics | VP Manufacturing; SVP Technical Operations; Chief Product Officer | 2019–Oct 2023 | Senior operational leadership across manufacturing, technical operations, and product functions |
| Cambrex Bioscience; Vaxagen; Genentech; Vetter Pharma International; Samsung Biologics; Baxalta; Eaulife NA | Operations roles of increasing responsibility | 2002–2018 | Progressive operations experience across leading life sciences companies |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| None disclosed | — | — | No family relationships or related-party interests disclosed; no material interests in company transactions |
Fixed Compensation
| Component | Value / Terms | Effective Date | Notes |
|---|---|---|---|
| Base Salary | $600,000 | Oct 1, 2025 | Initial annual base salary as COO |
| Target Bonus | 50% of base salary | FY2025 | Eligible under executive officer incentive plans |
| Appointment Equity | $500,000 (50% stock options; 50% RSUs) | Oct 2025 | Standard 4-year vesting schedule |
| Vesting Mechanics (Company standard) | Options: 25% at 1-year, then 1/48 monthly; RSUs: 25% annually over 4 years | Ongoing | Applies to executive awards under Halozyme’s equity plan |
Performance Compensation
Halozyme’s executive bonus plan (EBP) ties payouts to corporate performance with 80% weight on financial metrics and 20% on operational goals; other executives may receive Individual Performance Factor adjustments. 2024 results and funding (structure indicative for executives; Caudill’s 2025 specifics not disclosed):
| Metric | Weight | Threshold | Target | Maximum | Actual | Funding |
|---|---|---|---|---|---|---|
| Total Revenue from Existing Sources | 40% | $865.0M | $897.0M | $935.0M | $957.5M | 80% |
| New Revenue | 25% | $10M | $50M | $75M | $27M | 17.8% |
| Adjusted EBITDA | 15% | $495M | $561M | $586M | $601.4M | 30% |
| Production/Release KPIs | 10% | 3 of 5 | 4 of 5 | 5 of 5 | Achieved 4 KPIs | 10% |
| New Patent Filings | 5% | 2 | 4 | 6 | 6 | 10% |
| HVAI Clinic Readiness | 5% | 5/1–6/1 | 4/2–4/30 | ≤4/1 | Achieved 3/19/2024 | 10% |
| Total Corporate Performance Factor | — | — | — | — | — | 157.8% |
Notes:
- 2024 metrics excluded incremental royalty revenue dependent on June 2024 ENHANZE manufacturing patent issuance for fairness in goal-setting .
- Executives other than CEO may receive Individual Performance Factor adjustments; exact 2025 metrics for Caudill are not disclosed .
Equity Ownership & Alignment
| Security | Amount / Terms | Exercisable | Expiration | Ownership Form |
|---|---|---|---|---|
| Common Stock | 7,674 shares | — | — | Direct (D) |
| Stock Option (strike $33.51) | 89,224 shares | 11/01/2024 | 11/01/2033 | Direct (D) |
| Stock Option (strike $57.44) | 11,302 shares | 02/20/2026 | 02/20/2035 | Direct (D) |
| Appointment RSUs/Options | $500,000 total; 50% RSUs, 50% options | Standard schedule | Standard schedule | Company disclosure |
Ownership policies and alignment mechanisms:
- Stock Ownership Guidelines: COO (executive officer) required to hold Halozyme stock equal to at least 2x base salary, with 5 years to reach compliance; 50% net shares from vestings/exercises must be retained until in compliance .
- Hedging/Pledging: Company policy prohibits pledging and hedging of company securities by executives .
- Clawback: Incentive compensation subject to recovery for accounting restatements per SEC/NASDAQ-compliant policy .
Employment Terms
| Term | Details | Source |
|---|---|---|
| Appointment | COO effective Oct 1, 2025; eligible for executive incentive plans | |
| Initial Compensation | $600,000 base; 50% target bonus for 2025; $500,000 equity (50% options/50% RSUs) | |
| Vesting Standards | Options vest 25% at year 1, then monthly; RSUs in 4 equal annual tranches | |
| Non-CIC Severance (Policy) | Executives (non-CEO): 1x base salary + pro-rated target bonus; healthcare continuation; vested options exercisable for 1 year | |
| Change-in-Control (Policy) | Double-trigger; executives (non-CEO): 1.5x (base + target bonus) lump sum; healthcare premium cash; full equity vesting at greater of target or actual for completed/performance portions per agreement mechanics | |
| Governance Signals | No single-trigger CIC; no tax gross-ups; robust stock ownership/retention; insider trading policy on hedging/pledging; strong say-on-pay (97.9% approval in 2024) |
Investment Implications
- Alignment: Compensation emphasizes long-term equity with standard vesting and ownership retention, while corporate EBP metrics tightly link payouts to revenue and EBITDA growth—supportive of pay-for-performance alignment .
- Retention risk: Appointment equity vests over four years, and options include a one-year cliff, creating retention incentives; double-trigger CIC protections reduce job-change uncertainty but avoid single-trigger windfalls .
- Insider selling pressure: Current beneficial ownership is modest (7,674 shares) with options outstanding; no Form 4 sales disclosed here—monitor future Form 4 filings around vesting cliffs (e.g., appointment grant anniversary) .
- Governance quality: Strong say-on-pay support and absence of tax gross-ups/hedging/pledging indicate shareholder-friendly practices; continued outperformance in royalties and Adjusted EBITDA could amplify PSU outcomes and executive equity value, reinforcing alignment .