Kyle Jenne
IONIS PHARMACEUTICALSAbout Kyle Jenne
Executive Vice President, Chief Global Product Strategy Officer at Ionis Pharmaceuticals; re-joined Ionis on February 26, 2024 as EVP, Commercial to lead all commercialization, and is a 2024 Named Executive Officer . Prior Ionis tenure ended August 25, 2022; he returned in 2024 and is a key voice on launch strategy and market expansion in earnings calls . Company performance context: Ionis delivered $705 million revenue in 2024 and reported one‑year relative TSR at ~34th percentile for 2024 (vs Nasdaq Biotech Index), a factor in pay-for-performance design . Education and age are not disclosed in the company filings reviewed.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ionis Pharmaceuticals | EVP, Commercial | Feb 26, 2024 – (re-joined) | Led all aspects of commercialization as Ionis began operating as a fully integrated commercial-stage biotech . |
| Ionis Pharmaceuticals | EVP, Chief Global Product Strategy Officer | 2024–2025 | Leads global product strategy; articulated physician coverage expansion to ~20,000 HCPs for sHTG market build-out . |
| Ionis Pharmaceuticals | Prior Ionis tenure (role not specified) | Ended Aug 25, 2022 | Departed 8/25/2022; later re-joined in 2024 . |
External Roles
No external directorships or other public company roles disclosed in the filings reviewed.
Fixed Compensation
| Metric | 2024 | 2025 |
|---|---|---|
| Base Salary (USD) | $446,538 | $580,158 (includes 4.25% prorated merit + $20,000 adjustment) |
| Target MBO Bonus % (EVP) | 40% | 40% |
| Actual MBO Bonus Paid (USD) | $286,875 (2024 performance) | — |
| PRSU Weighting in Annual Equity | 0% (no PRSUs granted to new hire in 2024) | Executive officers’ PRSU weighting is 20% of annual equity awards (company policy) |
Performance Compensation
| Component | 2024 | Vesting/Terms | 2025 |
|---|---|---|---|
| MBO Program (At-risk cash) | Target 40%; Company Performance Factor 125%; Individual Performance Factor 125%; Payout $286,875 | Bonus formula: Base × Target% × Company PF × Individual PF; caps at 200% (Company) and 160% (Individual) | — |
| RSUs (time-based) | 48,903 RSUs granted on 4/15/2024; grant fair value $2,031,920 | Vests 25% per year over 4 years; RSUs granted to new hire from 2020 Plan | — |
| Stock Options | 65,203 options granted on 2/26/2024 at $46.10 strike; fair value $1,465,216 | 10-year term; vests 25% at 1 year then ~2.08% monthly for 36 months; expires 2/25/2034 | — |
| PRSUs (performance-based) | None granted to Jenne in 2024 (new hire) | Company PRSU structure: single 3-year vest; relative TSR vs peer group with 0–200% payout (see thresholds below) | Jenne received an annual PRSU grant in 2025 (values not disclosed) |
PRSU payout schedule (company-wide):
| Relative TSR Percentile Rank | TSR Performance Multiplier |
|---|---|
| <25th | 0% |
| 25th (Threshold) | 50% |
| 50th (Target) | 100% |
| 60th | 125% |
| 75th | 150% |
| 90th (Maximum) | 200% |
Equity Ownership & Alignment
| Item | As of Mar 31, 2025 | As of Dec 31, 2024 |
|---|---|---|
| Beneficial Ownership (shares) | 22,365; less than 1% of outstanding | — |
| Options – Exercisable | 20,376 options exercisable by May 30, 2025 | — |
| Options – Unexercisable | — | 65,203 unexercisable options at $46.10; expire 2/25/2034 |
| RSUs – Unvested | — | 48,903 unvested RSUs; MV $1,709,649 at $34.96 close on 12/31/2024 |
| Anti‑Hedging/Pledging | Company prohibits shorting, hedging and pledging by executives and directors | — |
| Trading Controls | Rule 10b5-1 trading plans required for executive officers and vice presidents (with limited exceptions) | — |
| Ownership Guidelines | Executives must hold stock equal to 2x base salary; Jenne not yet in compliance due to recent appointment | — |
Note: Closing price on Mar 31, 2025 was $30.17; at that date Jenne’s 2024 option grant strike ($46.10) was out-of-the-money .
Employment Terms
| Provision | Non-Change-in-Control (EVP) | Change-in-Control (EVP) |
|---|---|---|
| Cash Severance | 12 months of then‑current monthly base salary | 18 months of then‑current monthly base salary + payment of then‑current target bonus |
| Health/Dental Benefits | Continuation for 12 months | Continuation for 18 months |
| Equity Acceleration | Acceleration of options/RSUs that would have vested during severance period | Full acceleration of outstanding options/RSUs; performance awards vest at ≥ actual or target |
| Trigger Type | Termination without cause or resignation for good reason (outside CIC window) | Double trigger: qualifying termination within 3 months before to 12 months after CIC |
| Clawback / Hedging | Executive clawback policy aligned with SEC/Nasdaq; anti-hedging/pledging enforced | Same |
| Tax Gross‑ups | None; benefits may be cut to optimize after-tax outcome (no gross-up) | None |
| Conditions | Release; non‑solicitation; non‑disparagement; reaffirmation of confidentiality | Same |
Estimated severance economics (as of Dec 31, 2024):
| Scenario | Estimated Total (USD) |
|---|---|
| Change-in-Control Event | $1,154,079 |
| Non-Change-in-Control Event | $553,386 |
Governance, Peer Benchmarking, and Shareholder Feedback
- Compensation peer group and market positioning: Ionis benchmarked executive pay to a 19-company life sciences peer set; at selection, Ionis ranked 37th percentile in revenue and 48th percentile by market cap, guiding compensation opportunity calibration .
- Say‑on‑Pay: 96% approval in June 2024, reflecting strong shareholder support for the compensation program .
- Program changes: PRSUs moved to single 3-year vest with maximum payout threshold raised to 90th percentile TSR; clawback updated to SEC/Nasdaq rules; director ownership requirements increased .
Risk Indicators & Red Flags
- Section 16 filing timeliness: One late Form 4 reported for Jenne (new hire option grant on Feb 26, 2024 filed March 13, 2024) .
- Hedging/pledging risk: Prohibited by policy—reduces misalignment and collateral risk .
- Option repricing/cash-outs: Prohibited without shareholder approval—limits windfalls or pay inflation risk .
- Trading governance: Mandatory Rule 10b5-1 plans for execs—limits opportunistic trading .
Investment Implications
- Strong alignment architecture: MBOs are fully at-risk; PRSUs tied to relative TSR (0–200% payout); anti‑hedging/pledging and clawback policies constrain misaligned behavior .
- Retention posture: Ownership guidelines require 2x salary; Jenne not yet compliant due to recent appointment, but significant unvested RSUs/options and severance protections support retention .
- Near-term selling pressure looks contained: 2024 option grant is out-of-the-money at Mar 31, 2025 close ($30.17 vs $46.10 strike), while RSUs vest over four years—expect controlled liquidity via 10b5‑1 plans .
- Governance and shareholder support: 96% say‑on‑pay and prohibition on repricing/cash-outs mitigate pay inflation and governance risk .