Yvonne McGrath
About Yvonne McGrath
Yvonne McGrath, Ph.D., is Chief Scientific Officer (CSO) at iTeos Therapeutics; she joined the company in May 2020, served as Vice-President of R&D through January 2022, and has been CSO since January 2022. She is 51 years old as of April 24, 2025 and holds a B.A. in genetics from Queen’s University Belfast and a Ph.D. from the University of Wales, Cardiff College of Medicine . Prior to iTeos, McGrath was Head of Development at Immunocore (2010–2014) and CSO at Complix (2014–2020) . Note: iTeos announced plans to wind down operations in May 2025, which frames near‑term retention and compensation dynamics for executives .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Immunocore Ltd. | Head of Development | 2010–2014 | Led development function at a biotechnology company |
| Complix N.V. | Chief Scientific Officer | 2014–2020 | Scientific leadership at a biopharmaceutical company |
External Roles
No external directorships or board committee roles were disclosed for McGrath in iTeos’ proxy or SEC filings .
Fixed Compensation
- McGrath is not a named executive officer (NEO) in iTeos’ scaled “emerging growth company” proxy disclosures for 2024–2025; her base salary, target bonus %, and actual bonus are not individually disclosed in the DEF 14A .
Performance Compensation
| Grant Date | Instrument | Shares | Exercise Price | Expiration | Vesting Schedule |
|---|---|---|---|---|---|
| 07/23/2020 | Stock option | 126,830 | $4.23/share | 05/01/2030 | 25% on first anniversary; remainder monthly thereafter (1/48) subject to continuous service |
- iTeos options granted under its equity plans use time‑based vesting; McGrath’s Form 3 confirms the 1‑year cliff then monthly vest approach on her 2020 grant .
- No performance share units (PSUs) or metric‑linked awards are disclosed for McGrath; her awards appear time‑based rather than tied to revenue/EBITDA/TSR .
Equity Ownership & Alignment
- Beneficial ownership for McGrath is not itemized in the 2024–2025 proxy tables; NEO/disclosed holders do not include CSO individually, so her total beneficial ownership is not presented there .
- Insider Trading Policy: iTeos prohibits short sales, derivative transactions, and hedging by officers; the policy flags risks from margin accounts or pledged collateral but does not explicitly state a pledging ban .
- Clawback Policy: the company will recoup “excess” incentive compensation granted, earned, or vested based on financial goals upon a required financial restatement, covering the prior three completed fiscal years and applying to current/former executive officers .
- Ownership guidelines for executives were not disclosed; no pledging or hedging by McGrath was disclosed in filings .
Employment Terms
| Term | Provision | Source |
|---|---|---|
| Contract type | Indefinite duration, effective no later than May 18, 2020 (Belgian employment contract) | |
| Termination (Belgium) | If employer terminates without serious cause and totals otherwise due are less than 12 months, company pays a supplement to reach at least 12 months’ gross fixed salary (excluding benefits/bonus/variable) | |
| Equity vesting on termination | Time‑based stock options/awards immediately accelerate to full vesting upon termination when the executive signs a separation agreement (which includes a general release and, at company discretion, a one‑year post‑employment non‑competition agreement); if obligations are breached, end‑of‑service payments cease | |
| Non‑compete mechanics | One‑year post‑employment non‑competition may be included in separation agreement at company’s discretion |
Notably, iTeos amended CEO/COO/CMO severance and change‑in‑control cash benefits in May 2025 to enhance retention; no similar amendment was disclosed for the CSO in that 8‑K .
Investment Implications
- Pay‑for‑performance: McGrath’s disclosed equity is time‑based; with no PSU metrics reported for her awards, alignment rests primarily on continuous service and future share price rather than operational KPIs, reducing direct metric‑linked accountability at the individual award level .
- Retention risk: Her Belgian addendum guarantees a minimum of 12 months’ fixed salary in certain involuntary separations, and equity acceleration upon termination mitigates downside risk—valuable amid iTeos’ announced wind‑down; however, absence of a disclosed CoC multiple for CSO suggests less cash protection versus CEO/COO/CMO amendments .
- Trading signals: The hedging prohibition reduces misalignment risk; lack of disclosed pledging and presence of a clawback add discipline. With time‑based vesting, watch for any Form 4 activity around vesting or wind‑down milestones to gauge selling pressure; current filings do not present her recent transactions in the proxy .
- Execution history: McGrath’s senior R&D leadership at Immunocore and Complix supports technical depth; iTeos’ strategic wind‑down reorients priorities to asset monetization rather than pipeline execution, making her role’s future path contingent on disposition outcomes and potential transitions .
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