Brett P. Monia
IONIS PHARMACEUTICALSAbout Brett P. Monia
Brett P. Monia, Ph.D. (age 63), is CEO of Ionis Pharmaceuticals (since Jan 2020) and a director (since Mar 2019). A company founder, he has 35+ years at Ionis, is an inventor on 100+ issued patents, and has published 200+ scientific manuscripts . Under his leadership, Ionis reported 2024 revenue of $705 million and ended 2024 with $2.3 billion in cash and short-term investments as the company transitioned to a fully integrated commercial-stage biotech with its first U.S. launch (TRYNGOLZA) . Pay-versus-performance disclosures show mixed relative TSR outcomes year to year (see Performance & Track Record), and 2024 say-on-pay received ~96% support, signaling investor alignment with pay design .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ionis Pharmaceuticals | CEO | 2020–present | Led commercialization pivot; oversaw first U.S. Ionis-owned launch and expanded late-stage pipeline . |
| Ionis Pharmaceuticals | Chief Operating Officer | 2018–2019 | Enterprise operations and execution leadership . |
| Ionis Pharmaceuticals | SVP, Drug Discovery | 2012–2018 | Advanced antisense platform and pipeline programs . |
| Ionis Pharmaceuticals | VP, Drug Discovery | 2009–2012 | Preclinical and discovery leadership . |
| Ionis Pharmaceuticals | VP, Preclinical Drug Discovery | 2000–2009 | Built preclinical capabilities . |
| Ionis Pharmaceuticals | Molecular Pharmacology (various roles) | 1989–2000 | Founder-scientist; 100+ patents; 200+ manuscripts; core technology development . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Cognition Therapeutics, Inc. | Director | 2020–present | Public clinical-stage neuroscience company . |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % | Actual Bonus ($) | Notes |
|---|---|---|---|---|
| 2025 | 1,051,776 | 65% | — | Approved Dec 2024; effective 2025 . |
| 2024 | 1,008,898 | 65% | 1,024,662 | Company PF 125%; Individual PF 125% . |
| 2023 | 960,855 | 65% | 1,405,250 | — |
| 2022 | 824,800 | 65% | 837,688 | — |
Performance Compensation
- Design highlights
- Annual MBO cash bonus uses Company Performance Factor (max 200%) and Individual Performance Factor (max 160%); CEO target 65% of salary; bonuses are 100% at risk . 2024 Company PF = 125% (key launches, revenue beat, pipeline progress); CEO IPF = 125% .
- PRSUs vest on a single 3-year performance period (grants 2023+), tied to relative TSR vs a defined peer set; payout 0–200% of target; if absolute TSR is negative, payout capped at 100% even if percentile >50th .
| 2024 MBO (Cash) | Weighting | Target | Actual | Payout | Vesting/Payment | |---|---:|---:|---:|---| | Company Performance Factor | — | — | 125% | — | Set by Compensation Committee . | | Individual Performance Factor (CEO) | — | — | 125% | — | — . | | CEO Target (%) | — | 65% of salary | — | — | — . | | CEO Bonus ($) | — | — | — | 1,024,662 | Paid Jan 2025 for 2024 performance . |
| PRSU Design (2023+ grants) | TSR Percentile | Multiplier |
|---|---|---|
| Threshold | 25th | 50% . |
| Target | 50th | 100% . |
| Above target | 60th | 125% . |
| Strong | 75th | 150% . |
| Maximum | 90th | 200% . |
| Negative absolute TSR guardrail | — | Cap at 100% . |
| Recent PRSU Outcome (Grant cohort earned in Jan 2025) | Ionis TSR | Relative TSR Percentile | Payout as % of Target | Shares Earned (CEO) |
|---|---|---|---|---|
| 3-year performance (2022 PRSU cohort) | 11.54% | 77th | 150% | 25,372 . |
| 2024 CEO Equity Grants | Grant Date | Type | Shares/Options | Exercise/Price | Grant Date Fair Value ($) | Vesting/Terms |
|---|---|---|---|---|---|---|
| Annual option | 1/2/2024 | Stock option | 116,580 | $52.87 | 3,004,746 | 25% at 1 year; monthly thereafter; 10-year term . |
| Annual RSU | 1/15/2024 | RSU | 87,435 | — | 4,681,270 | 25% per year over 4 years . |
| Annual PRSU (target) | 1/15/2024 | PRSU | 71,775 (target); 143,550 max | — | 5,627,878 | Single 3-year performance; relative TSR . |
| 2025 cycle awards (for 2024 perf.) | 1/2025 | Options/RSUs/PRSUs | 86,263 opt; 129,395 RSU; 84,975 PRSU target (169,950 max) | — | — | Same vesting and PRSU structure . |
Equity Ownership & Alignment
| Item | Details |
|---|---|
| Beneficial ownership | 774,866 shares; <1% of outstanding . |
| Near-term exercisable options | 593,886 options exercisable on or before May 30, 2025 included in beneficial ownership . |
| Unvested RSUs (as of 12/31/2024) | 16,652 (1/15/2021) ; 25,372 (1/15/2022) ; 66,753 (1/15/2023) ; 87,435 (1/15/2024) . |
| Outstanding PRSUs (threshold units as of 12/31/2024) | 8,457 (2022) ; 36,532 (2023) ; 35,887 (2024) . |
| Ownership guidelines | CEO must hold 6x base salary; as of Mar 31, 2025, Monia “narrowly missing” by ~7% due to market volatility . |
| Hedging/pledging | Hedging and pledging company stock are prohibited . |
| Trading plan policy | Executive officers are required to trade only via Rule 10b5-1 plans; no open-market trading outside plans (with limited exceptions) . |
Vesting cadence and potential selling pressure
- RSUs vest annually on Jan 15 for recent grants; options vest 25% at year 1, then monthly; PRSUs cliff-vest at the end of their 3-year performance period (e.g., 2024 grant → early 2027; 2025 grant → early 2028) . Given 10b5-1-only trading, liquidity events typically align with scheduled vesting, exercises, and tax-withholding transactions .
Employment Terms
| Scenario | Cash Severance | Bonus | Equity | Health Benefits | Triggers/Notes |
|---|---|---|---|---|---|
| Termination without cause / resignation for good reason (non-CIC) | 18 months base salary (lump sum) | Pro-rated target bonus for year of termination (CEO only) | Acceleration of stock options/RSUs that would have vested during next 18 months | Continued medical/dental for 18 months | Release incl. non-solicit and non-disparagement required . |
| Double-trigger CIC (during period from 3 months before to 12 months after a CIC) | 24 months base salary (lump sum) | Target bonus for year of termination | Full acceleration of all options and RSUs outstanding at termination | Continued medical/dental for 24 months | No excise tax gross-up; potential 280G cutback to optimize after-tax . |
| Estimated benefits (12/31/2024) | — | — | — | — | CEO totals: $3,410,228 (CIC) / $2,229,780 (non-CIC) . |
Board Governance
| Attribute | Details |
|---|---|
| Board service | Director since March 2019 . |
| Dual-role implications | CEO and director, but not Chair; Chair is independent (Dr. Joseph Loscalzo). Separate Independent Lead Director (Joseph Wender) . |
| Independence status | Not independent (CEO) . |
| Committee roles | None listed for Monia . |
| Attendance | Board met 4 times in 2024; each director attended ≥75% of their meetings . |
| Executive sessions | Independent directors held executive sessions 4 times in 2024 . |
| Director compensation | Non-employee directors receive cash retainers and equity under a separate plan; employee directors (e.g., CEO) do not receive director retainers/equity under the non-employee plan . |
Director Compensation (context for dual roles)
- Non-employee director cash retainers: base $60,000; additional retainers for Chair, Lead Independent Director, committee chairs/members .
- Annual director equity grants are capped and delivered under a Non-Employee Directors’ Stock Option Plan; CEO not included in this program .
Performance & Track Record
- Operational/strategic achievements (2024):
- Launched TRYNGOLZA (olezarsen) in the U.S., moving Ionis into commercial-stage operations; WAINUA commercialization milestones; filed/advanced multiple regulatory submissions .
- Nine Phase 3 programs ongoing; advanced additional programs to Phase 3 and IND-enabling studies; initiated first Ionis siRNA trials .
- 2024 revenue $705 million (exceeding guidance); year-end cash and ST investments $2.3 billion .
- Pay-versus-performance one-year relative TSR percentile rank (Company-selected measure):
- 2024: ~34th percentile
- 2023: ~89th percentile
- 2022: ~81st percentile
- 2021: ~41st percentile
- 2020: ~35th percentile
- Say-on-pay: ~96% approval in 2024 .
Compensation Structure Analysis
- Mix and at-risk pay:
- ~63% of CEO’s 2024 compensation was performance-based (cash bonus, options, PRSUs), with PRSUs constituting 33% of CEO equity awards; options are used to preserve upside alignment .
- Performance rigor adjustments:
- PRSU structure tightened in 2023: single 3-year cliff with higher maximum payout hurdle (90th percentile relative TSR from 75th prior) and negative TSR cap at 100% .
- Governance safeguards:
- Clawback compliant with SEC/Nasdaq 2023 rules; no option repricing/cash-outs without stockholder approval; no perquisites; no tax gross-ups (other than relocation) .
- Anti-hedging and anti-pledging policies; executives trade via Rule 10b5-1 only .
- Peer group and benchmarking:
- 2024 peer group adjusted (Apellis added; Sage removed); benchmarking uses 25th/50th/75th percentile references without strict mechanical targeting .
Equity Ownership & Alignment (Policy and Compliance)
- Stock ownership multiples: CEO 6x base salary; as of March 31, 2025, Monia was “narrowly missing” target by ~7% due to market volatility; directors have 5x retainer guideline .
- No hedging/pledging permitted; ESPP shares have a 6-month minimum holding period .
Employment & Contracts
- No individual employment agreement; coverage under a broad Severance Benefit Plan (amended Mar 17, 2022) .
- Double-trigger CIC protection (salary and benefits durations noted above); non-CIC benefits include targeted pro-rated bonus for CEO, partial equity acceleration and COBRA .
Other Directorships & Interlocks
- Current public board: Cognition Therapeutics; no disclosure of compensation committee interlocks involving Monia; 2024 comp committee comprised solely of independent directors with no insider participation .
Risk Indicators & Red Flags
- Positive: robust clawback; no option repricing; restrictive trading (10b5-1 only); anti-hedging/anti-pledging; strong say-on-pay support .
- Watch: equity vesting cadence around January and PRSU cliffs can create periodic supply; CEO just below ownership guideline (~7% short) as of 3/31/25 (monitor for catch-up) .
Compensation Peer Group (2024 updates)
- Peer group tuned to $2–$19B market cap, $250M–$2.5B TTM revenue; Apellis added; Sage removed; some larger peers retained for continuity and talent market relevance .
Say-on-Pay & Shareholder Feedback
- 2024 say-on-pay: ~96% approval; comp design changes over recent years included increasing PRSU weight and tightening TSR goals, aligning with investor feedback .
Investment Implications
- Alignment: High at-risk pay mix (PRSUs/options) and stricter TSR hurdles align CEO rewards to shareholder outcomes; clawback, anti-hedge/pledge, and 10b5-1-only trading reduce governance risk .
- Retention risk: Competitive severance/CIC terms and ongoing multi-year equity reduce flight risk; CEO narrowly missing ownership guideline (~7%) likely transitory with market moves/ongoing vesting .
- Trading signals: Expect vesting-related activity around mid-January (RSUs) and 3-year PRSU cliffs (2027, 2028) under 10b5-1 plans; limited discretionary trading .
- Performance execution: 2024 revenue beat, first proprietary U.S. launch, and broad Phase 3 pipeline support value creation case; TSR outcomes vary year-to-year, reinforcing the relevance of relative TSR PRSUs .