Travis Coy
About Travis Coy
Executive Vice President, Chief Financial Officer and Head of Corporate Development at Immunocore since January 1, 2025; age 44; MBA (Ross School of Business, University of Michigan) and B.S. in Chemistry (Rose‑Hulman Institute of Technology) . Prior to joining management, Coy served on Immunocore’s board (September 2019–January 1, 2025) and chaired its audit committee before stepping down to become CFO . Company performance context: 2024 KIMMTRAK net sales were $310 million and year‑end cash was $455.7 million; the company completed a $402.5 million convertible notes offering and repaid $52.1 million Pharmakon loan . Compensation‑related performance metrics and shareholder outcomes include 2024 cumulative TSR of $68.29 (indexed to $100 from IPO) and net income of $(51.1) million; say‑on‑pay received ~98% support in 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Immunocore Holdings plc | EVP, CFO & Head of Corporate Development | 2025–present | Leads finance and corporate development; emphasizes disciplined SG&A, robust cash runway, and funding of three Phase 3 trials |
| Immunocore Holdings plc | Non‑Executive Director; Audit Committee Chair | 2019–2025 | Oversight of financial reporting, controls, auditor selection; independence affirmed prior to CFO appointment |
| Eli Lilly and Company | VP, Head of Transactions & M&A, Corporate BD | 2019–2024 | Led BD transactions across oncology/cardiometabolic; prior roles in investor relations, corporate finance, business unit finance |
| Eli Lilly and Company | Chemist (early career) | N/A (pre‑finance) | Scientific grounding prior to transition into finance/business development |
| Milliken & Company | Production Manager | N/A | Operations leadership prior to Lilly roles |
External Roles
No external public company board roles were disclosed in Coy’s appointment 8‑K or the latest DEF 14A executive officers section .
Fixed Compensation
| Component | Amount/Terms | Notes |
|---|---|---|
| Base Salary | $500,000 per year | Effective Jan 1, 2025 |
| Target Bonus % | 40% of base salary | Annual cash performance bonus |
| Sign‑on Bonus | $200,000 total: $100,000 on Jan 31, 2025; $50,000 on Jan 30, 2026; $50,000 on Jan 29, 2027 (continued employment required) | Retention schedule |
| Initial Equity Grant | 274,033 options under 2021 EIP | Vests 25% on Jan 1, 2026; remaining 75% in 12 equal quarterly installments thereafter, subject to service |
Performance Compensation
| Metric | Weight | Target Design (FY2024 Corporate Scorecard) | Actual FY2024 | Weighted Achievement |
|---|---|---|---|---|
| Lead in TCR Innovation | 50% | Execute clinical trials, pipeline build, regulatory submissions, high‑impact publications | 95.2% achievement; exceeded select goals (e.g., 6 high‑impact publications, PRAME HLE GMP/manufacturing and first patient dosed) | 47.6% |
| Grow the Business | 40% | Commercial access expansion, sales/cash/OPEX targets, IR/BD, capital raise | 103.5% achievement; $310M net sales; YE cash $455.7M; $402.5M convert offering; $52.1M loan repayment | 41.4% |
| Be the Best Workplace | 10% | Recruiting, engagement, compliance, workforce planning, culture | 108% achievement; manager development program and web engagement exceeded targets | 10.8% |
| Overall | — | Target 100% | Initially 99.8%, adjusted to 100% | 100% |
Notes:
- Coy’s FY2025 bonus will be determined under the company’s annual scorecard; his target is 40% of salary .
- Company adopted an Incentive Compensation Recoupment (clawback) policy (Oct 2023) per SEC/Nasdaq rules .
Equity Ownership & Alignment
| Item | Detail | Alignment Considerations |
|---|---|---|
| Shares Owned (12/31/2024) | None disclosed for Coy as director; table shows “—” | No ownership at year‑end 2024 prior to CFO appointment |
| Options (CFO grant) | 274,033 options (1/1/2025); 25% vests on 1/1/2026; remainder quarterly thereafter | Vesting structure defers near‑term selling pressure until 1/1/2026; time‑based vesting supports retention |
| Hedging & Pledging | Prohibited for directors, officers, employees (short sales, derivatives, margin, pledging) | Reduces misalignment and leverage risks |
| Ownership Guidelines | No formal director share ownership requirement; executives not specified in DEF 14A | — |
Employment Terms
| Provision | Terms |
|---|---|
| Non‑Compete / Non‑Solicit / Confidentiality | Employment agreement includes non‑competition, non‑solicitation, confidentiality, and IP assignment restrictions |
| Severance (non‑CoC) | If terminated without Cause or resigns for Good Reason outside CoC period: 12 months base salary continuation + up to 12 months COBRA premiums (subject to separation agreement) |
| Severance (within 18 months of CoC) | If terminated without Cause or resigns for Good Reason upon/within 18 months of CoC: 18 months base salary continuation + lump sum 150% of then‑current target bonus + pro‑rated current‑year bonus + up to 18 months COBRA + full acceleration of unvested equity (double‑trigger) |
| Benefits | Eligible for employee benefit plans on same basis as similarly situated employees |
| Clawback | Incentive Compensation Recoupment Policy adopted Oct 2023 (Dodd‑Frank/Nasdaq compliant) |
Investment Implications
- Compensation alignment: Time‑based vesting and double‑trigger CoC terms emphasize retention and continuity; no hedging/pledging diminishes alignment red flags .
- Near‑term selling pressure: No equity vests until Jan 1, 2026, limiting insider selling signals in 2025; sign‑on cash payouts are staggered through 2027 but not equity‑linked .
- Performance framework: Bonus design tied to company scorecard (innovation, commercial growth, workplace), with strong execution in 2024 (100% payout company‑wide) and robust capital/liquidity actions, supporting CFO’s mandate to fund three Phase 3 programs .
- Governance and shareholder support: Prior audit committee leadership and high say‑on‑pay support (~98%) suggest stable governance; continued adherence to clawback and anti‑hedging policies lowers governance risk .