Igor Bilinsky
IOVANCE BIOTHERAPEUTICSAbout Igor Bilinsky
Chief Operating Officer since March 15, 2021; age 51 as of the 2024 proxy record date. Holds a Ph.D. in physics from MIT and a B.S. in physics from Moscow Institute of Physics and Technology; over 20 years of biopharma leadership including COO/CBO roles and oncology commercialization and operations expertise . Company pay-versus-performance shows Company total shareholder return (value of $100 investment) of $167.61 (2020), $68.95 (2021), $23.08 (2022), and $29.36 (2023); net losses of ($259.6M), ($342.3M), ($395.9M), and ($444.0M) respectively .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Oncternal Therapeutics, Inc. | Chief Business Officer | Sep 2019 – Mar 2021 | Led business functions at a public oncology company prior to joining Iovance . |
| AmpliPhi Biosciences, Inc. | Chief Operating Officer | Jan 2017 – Jan 2019 | Operational leadership at an anti-infectives biotech focused on targeted therapies . |
| Ignyta, Inc. | GM, Immuno-Oncology; SVP Special Ops & Research Ops | Sep 2015 – Jan 2017 | Precision oncology biotech later acquired by Roche; cross-functional operational roles . |
| Vical; Halozyme Therapeutics | Senior executive roles | Not disclosed | Various senior leadership roles in biopharma operations and development . |
| Androclus Therapeutics | Chief Executive Officer | Not disclosed | CEO experience at a therapeutics company . |
| Boston Consulting Group | Principal, Healthcare Practice | Not disclosed | Strategy consulting experience in healthcare . |
External Roles
No public company board or external directorships are mentioned in the proxy biography for Dr. Bilinsky .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $500,000 | $527,500 | $551,238 |
| Annual Bonus Target (%) | Not disclosed | Not disclosed | 45% |
| Target Bonus ($) | Not disclosed | Not disclosed | $248,057 |
| Company Performance Payout ($) | $240,000 | $284,850 | $124,029 |
| Actual Bonus as % of Target | Not disclosed | Not disclosed | 50% |
Summary Compensation (multi-year):
| Component ($) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary | $500,000 | $527,500 | $551,238 |
| Bonus (Discretionary) | $180,000 | $47,475 | — |
| Stock Awards (ASC 718 FV) | $522,788 | $300,393 | $2,557,873 |
| Option Awards (ASC 718 FV) | $627,379 | $418,154 | — |
| Non-Equity Incentive (Annual Bonus) | $240,000 | $284,850 | $124,029 |
| All Other Compensation | $12,200 | $13,200 | $14,800 |
| Total | $2,082,366 | $1,591,571 | $3,247,940 |
Notes:
- 2023 discretionary bonuses equal 20% of 2023 target bonus, paid June 2024 following FDA acceptance of the BLA, for all employees including NEOs .
- Stock/option award values reflect grant-date fair value under ASC 718 and may not reflect realized value .
Performance Compensation
Annual Incentive (2024):
| Element | Metric/Detail | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Corporate Goals (Cash) | Commercial, regulatory, clinical, manufacturing, budget discipline, Amtagvi launch, lifileucel manufacturing to meet demand | Not disclosed | Not disclosed | Not disclosed | 50% of target for NEOs; $124,029 for Bilinsky; no individual adjustment | Cash payout |
| Annual RSU Award (2024) | 105,470 RSUs at $16.79 grant price; FV $1,770,841 | N/A | N/A | N/A | N/A | 1/3 on 3/1/2025; remaining in equal quarterly installments for 2 years thereafter |
| Special BLA RSU Award (2024) | 46,875 RSUs at $16.79; FV $787,031 | N/A | N/A | N/A | N/A | 50% on 9/1/2024; 50% on 3/1/2025 |
Option Awards (Outstanding at 12/31/2024):
| Grant Date | Exercisable | Unexercisable | Exercise Price | Expiration | Vesting Terms |
|---|---|---|---|---|---|
| 3/2/2023 | 49,219 | 35,161 | $7.12 | 3/2/2033 | Standard: 1/3 at 1st anniversary; remainder in equal quarterly installments over 2 years |
| 1/14/2022 | 61,874 | 5,626 | $15.49 | 1/14/2032 | Same as above |
| 3/15/2021 | 150,000 | — | $34.91 | 3/15/2031 | Ten-year term; vesting completed per schedule |
RSU Vested and Realized (2024):
| Metric | 2024 |
|---|---|
| RSUs Vested (Shares) | 59,298 |
| Value Realized on Vesting ($) | $701,124 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 278,747 shares; less than 1% of common stock outstanding |
| RSUs Unvested at 12/31/2024 | 128,907 RSUs; market value $953,912 at $7.40/share |
| Options (Exercisable/Unexercisable) | 49,219/35,161 (3/2/2023 at $7.12); 61,874/5,626 (1/14/2022 at $15.49); 150,000 exercisable (3/15/2021 at $34.91) |
| Pledging/Hedging | Prohibited by Insider Trading Policy (no margin accounts, no pledging, no hedging or monetization) |
| Stock Ownership Guidelines | No required multiple; company believes holdings adequately align interests |
Employment Terms
- Executive Employment Agreement signed February 18, 2021; COO effective March 15, 2021; “at-will” employment .
- Severance (without cause or good reason): cash equal to six months of then annual base salary, subject to release; continuation of benefits per plans .
- Change-of-Control: if termination without cause or for good reason occurs within six months before or 12 months after a change of control, time-based unvested stock options fully vest; three months post-termination to exercise vested options (double-trigger acceleration) .
- Potential Payments (as if triggered 12/31/2024): Cash severance $275,619; equity acceleration $2,342,944 .
- Clawback: Company policy adopted Nov 17, 2023 in compliance with Nasdaq Rule 10D-1; awards subject to recovery upon restatement; Plan-level clawback also in 2018 Equity Incentive Plan .
- Tax and Compliance: Section 162(m) deductibility limits; Section 409A compliance; Section 280G/4999 change-in-control tax considerations disclosed .
Investment Implications
- Pay-for-performance and equity-heavy mix: 2024 NEO payouts were 50% of target due to partial goal achievement, while substantial RSU awards recognized the company’s first BLA approval; this aligns incentives with commercialization milestones but front-loads equity vesting through 2025–2027 .
- Vesting cadence and potential supply: Bilinsky’s 2024 Annual RSUs vest 1/3 on 3/1/2025 and then quarterly for two years; Special BLA RSUs vested half on 9/1/2024 and the balance on 3/1/2025, indicating defined windows for incremental share delivery and potential selling pressure around vest dates .
- Alignment safeguards: Prohibitions on pledging and hedging reduce misalignment and forced-selling risk; no mandatory ownership multiples but meaningful unvested RSU balances maintain retention hooks .
- Retention and change-of-control economics: Severance is modest (six months base), with double-trigger option acceleration only upon termination around change-of-control—shareholder-friendly and not overly rich, suggesting manageable retention costs but limited downside protection versus market peers .
- Execution risk signals: Corporate goals include revenue, commercialization of Amtagvi, regulatory and manufacturing objectives; 2024 50% payout implies only partial delivery, so tracking ongoing commercialization KPIs and RSU vest progress is key to gauging near-term performance-linked incentives .