Ross Moat
Executive Vice President and Chief Commercial Officer at Kiniksa Pharmaceuticals International
Executive
About Ross Moat
Ross Moat is Executive Vice President and Chief Commercial Officer at Kiniksa Pharmaceuticals (ticker: KNSA). He is 44, and holds a B.A. in Business Management from Middlesex University, London . He has led Kiniksa’s commercial organization across ARCALYST and the portfolio; roles include EVP CCO (Jan 2025–present) and SVP CCO (Jan 2022–Dec 2024), following earlier commercial leadership posts since joining in June 2019 . Company performance in 2024 featured 79% year-over-year ARCALYST net product revenue growth to $417.0 million, three guidance raises, and broader commercial execution metrics; PSU metrics introduced in 2024 are tied to ARCALYST revenue and relative total shareholder return (TSR) . A TSR comparison chart to the Nasdaq Composite and Nasdaq Biotechnology Index from IPO (May 25, 2018) through Dec 31, 2024 is disclosed (no single-figure TSR provided) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Kiniksa Pharmaceuticals | EVP, Chief Commercial Officer | Jan 2025–present | Leads sales, marketing, and commercial operations across portfolio including ARCALYST |
| Kiniksa Pharmaceuticals | SVP, Chief Commercial Officer | Jan 2022–Dec 2024 | Drove ARCALYST commercial execution amid strong 2024 sales growth |
| Kiniksa Pharmaceuticals | Group VP & ARCALYST General Manager | Feb 2021–Jan 2022 | Managed ARCALYST franchise commercialization |
| Kiniksa Pharmaceuticals | VP, European Operations & Rilonacept Franchise Commercial Head | Jul 2020–Feb 2021 | Built EU ops and commercial readiness |
| Kiniksa Pharmaceuticals | VP, European Operations | Jun 2019–Jul 2020 | Established EU footprint and operations |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| AveXis (Novartis) | VP, EMEA Marketing & Commercial Operations | May 2018–Jun 2019 | Led launch readiness planning/execution |
| Spark Therapeutics | Executive Director, EU Genetic Diagnostic Strategy | Jul 2017–Feb 2018 | Built pre-launch field-facing team in sequential markets |
| Alexion | Senior Director, Commercial & Marketing Lead, EMEA | Aug 2015–Jun 2017 | Developed EMEA strategic/operational plans for metabolic business |
| Synageva; ProStrakan | Various roles of increasing responsibility | Prior to 2015 | Progressive commercial leadership roles |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $386,016 | $436,581 | $511,596 (USD-denominated effective July 2024 following relocation; +17% vs 2023) |
| All Other Compensation ($) | $33,198 | $8,500 | $10,407 |
| Total Fixed ($) | $419,214 | $445,081 | $522,003 |
Notes:
- 2024 base salary increase reflects relocation to U.S. and USD pay; Committee initially approved $515,852 (FX conversion) with July 2024 employment agreement in USD .
- Pension: UK defined contribution plan participation replaced by eligibility for U.S. 401(k) upon moving to U.S. subsidiary .
Performance Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Non-Equity Incentive (Annual Bonus) ($) | $169,847 | $243,141 | $287,773 (corporate multiplier up to 125%; target 45% of base) |
| Share Awards (RSUs/PSUs) ($) | $228,578 | $183,811 | $468,219 |
| Option Awards ($) | $929,003 | $742,178 | $1,059,134 |
| Total Performance ($) | $1,327,428 | $1,169,130 | $1,815,126 |
2024 Annual Bonus Structure and Corporate Goals:
- Bonus Target: 45% of base salary; maintained vs 2023 .
- Corporate performance multiplier approved up to 125%; bonuses paid at 125% of target for NEOs; no individual adjustments applied to other NEOs .
- Company goals and weighting (high level):
- ARCALYST: 55% weighting; delivered $417M net product revenue (raised guidance three times; 79% YoY sales growth) → assessed above target .
- Manufacturing tech transfer (Samsung Biologics) milestones → continued advancement .
- Portfolio development (KPL-387 monthly SC injection; KPL-1161 extended half-life) → progress noted .
- Mavrilimumab partnership efforts unsuccessful; license terminated Feb 2025; overall goals met above target .
Detailed Award Mechanics (2024):
| Award Type | Grant Date(s) | Quantity | Terms |
|---|---|---|---|
| Options | Apr 4, 2024; Sep 1, 2024 | 36,100 each grant | Exercise price $18.06 (Apr) and $26.74 (Sep); options typically vest 25% at 1st anniversary then monthly over 36 months; expirations Mar 31, 2034 and Aug 31, 2034 |
| RSUs | Apr 4, 2024; Sep 1, 2024 | 6,962 each grant | Time-based RSUs vest 25% annually over 4 years |
| PSUs | Apr 4, 2024 | Target 5,569 (Threshold 2,785; Max 11,138) | 3-year performance period; metrics: ARCALYST revenue and relative TSR |
2024 Realization and Activity:
- Options exercised: 68,506 shares; value realized $1,039,096.67 .
- RSUs vested: 10,166 shares; value realized $232,242 .
Equity Ownership & Alignment
| Item | Amount |
|---|---|
| Class A shares beneficially owned | 206,755 (<1% of Class A outstanding) |
| Shares owned (as-converted; 28 Jun 2024) | 16,276 |
| Total options held | 338,264 |
| Options vested but unexercised | 170,185 |
| Options unvested | 168,079 |
| RSUs held | 33,607 |
| PSUs held (target) | 11,138 |
| Hedging/Pledging | Prohibited by Insider Trading Compliance Policy |
| Ownership guidelines | None maintained for officers/directors; no formal multiple-of-salary requirement |
Outstanding Equity Snapshot (selected awards):
| Vesting Start Date | Options Exercisable (#) | Options Unexercisable (#) | Exercise Price ($) | Expiration |
|---|---|---|---|---|
| 3/16/2021 | 7,457 | 497 | 22.89 | 3/15/2031 |
| 9/2/2021 | 6,463 | 1,491 | 12.97 | 9/1/2031 |
| 4/7/2022 | 9,911 | 19,819 | 11.10 | 4/6/2032 |
| 9/1/2022 | 8,671 | 26,013 | 11.97 | 8/31/2032 |
| 4/1/2023 | 16,112 | 22,556 | 10.76 | 3/31/2033 |
| 9/1/2023 | 12,084 | 26,584 | 17.76 | 8/31/2033 |
| 4/1/2024 | — | 36,100 | 18.06 | 3/31/2034 |
| 9/1/2024 | — | 36,100 | 26.74 | 8/31/2034 |
Policy signals:
- Clawback policy pursuant to Exchange Act Rule 10D-1 and Nasdaq listing standards; applies to incentive compensation tied to financial measures (including share price/TSR) .
- No excise tax gross-ups; no single-trigger automatic equity acceleration on change of control .
Employment Terms
- Employment agreement: Specifies base salary, target annual bonus, and long-term equity eligibility; adjusted by Compensation Committee as needed .
- Severance (non-CIC): Lump sum equal to 9 months base salary + $16,500; prorated target bonus; prior-year unpaid bonus; 12 months acceleration of time-vesting equity scheduled within next 12 months; PSUs not accelerated; subject to release and covenants .
- Severance (within 12 months post-CIC, double-trigger): Lump sum equal to 12 months base salary + $16,500; 100% of target bonus; full acceleration of then-unvested time-based equity; PSUs not accelerated .
- Estimated payments (assuming Dec 31, 2024 event):
- Without Cause/Good Reason (non-CIC): Cash $400,197; Pro-rata bonus $230,218; Equity accel $694,512; Total $1,324,927 .
- Termination following CIC: Cash $528,096; Target bonus $230,218; Equity accel $1,553,377; Total $2,311,691 .
- Pension/Retirement: Transition from UK statutory defined contribution plan to U.S. 401(k) participation upon U.S. employment; 401(k) match policy disclosed company-wide .
Compensation Structure Analysis
- Cash vs equity mix: 2024 total comp $2,337,130 with higher equity awards vs prior years; PSUs introduced in 2024 to reinforce pay-for-performance and add ARCALYST revenue/relative TSR metrics (mix: ~65% options, ~25% RSUs, ~10% PSUs at target for NEOs) .
- Guaranteed vs at-risk: Base salary increased 17% in 2024 due to relocation and USD agreement; annual bonus remained performance-based with 125% corporate multiplier; equity components remain at-risk .
- Option vs RSU shift: 2024 maintained option-heavy mix but added PSUs; RSUs vest time-based across 4 years .
- Clawback and hedging/pledging prohibitions mitigate undue risk; no tax gross-ups .
Related Party Transactions and Governance
- No disclosures of related party transactions involving Ross Moat in the proxy sections excerpted. Insider trading policy prohibits hedging and pledging; pre-clearance/10b5-1 use required for certain employees .
- Compensation Committee uses independent consultants and peer data; 2024 peer group includes Agios, Amicus, BioCryst, Bluebird, Blueprint, BridgeBio, Collegium, Corcept, Deciphera, ImmunoGen, Insmed, Intercept, Ironwood, Karyopharm, Macrogenics, Rhythm, Rigel, Sage, Travere, Ultragenyx .
Performance & Track Record
- 2024 Commercial outcomes tied to Moat’s remit: ARCALYST net product revenue $417M (+79% YoY); prescribers >2,850 since launch; ~27 months average therapy duration; ~13% of target multiple-recurrence cohort actively treated by year-end .
- Portfolio advancement (KPL-387/KPL-1161) alongside commercial scale-up; mavrilimumab license terminated in Feb 2025 after unsuccessful partnership search; overall corporate goals assessed at or above expectations, driving 125% bonus multiplier .
Equity Ownership & Alignment Details (Vested vs Unvested)
| Category | Shares |
|---|---|
| Options vested but unexercised | 170,185 |
| Options unvested | 168,079 |
| RSUs unvested | 33,607 |
| PSUs outstanding (target) | 11,138 |
| Policy flags | No ownership guidelines; Hedging/Pledging prohibited |
Investment Implications
- Pay-for-performance alignment strengthened in 2024 via PSU introduction linked to ARCALYST revenue and relative TSR, coupled with robust commercial performance and a 125% corporate bonus multiplier; this supports incentive alignment with growth and shareholder returns .
- Retention risk appears mitigated by double-trigger CIC protection and meaningful unvested time-based equity; however, notable 2024 option exercises indicate some liquidity activity—monitor future Form 4 filings for ongoing selling pressure .
- Governance positives include clawback compliance, prohibition on hedging/pledging, and absence of excise tax gross-ups; negatives include lack of formal officer ownership guidelines, which may modestly reduce required “skin-in-the-game” discipline for non-CEO executives .
- Peer benchmarking spans mid-cap/commercial-stage biotech, consistent with Kiniksa’s revenue profile; continued ARCALYST execution and pipeline progression will drive incentive outcomes and Moat’s realized pay trajectory .