Bruce Jacobs
About Bruce Jacobs
Bruce Jacobs, CFA, MBA, is Chief Financial Officer of Kymera Therapeutics, serving since July 2019; he is 55 years old and holds a B.S. from Wharton (magna cum laude) and an MBA from Harvard Business School, with more than 25 years in healthcare investing and equity research, including Managing Partner at Westfield Capital Management (2004–2019) . During 2024, Kymera raised ~$600 million and ended the year with ~$851 million in cash, bolstering runway to mid-2027; Kymera’s TSR improved in 2024 (value of $100 investment to $120.96) after 2023 ($76.55), reflecting execution on financing and pipeline progress . Say‑on‑pay support was strong at 91% (2023) and 94% (2024) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Westfield Capital Management | Managing Partner; Healthcare Team Lead; Management Committee | 2004–2019 | Led healthcare investing; senior leadership in capital markets and research |
| Healthcare financial services, investment banking, equity research (various) | Executive/analyst roles | Prior to 2004 | Built healthcare finance and research expertise |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Boys & Girls Clubs of Boston | Board of Directors | N/A | Community leadership |
| Life Sciences Cares | Board of Advisors | N/A | Industry philanthropy engagement |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 441,738 | 470,000 | 481,000 |
| Target Bonus (% of Salary) | 40% | 40% | 40% |
| Actual Cash Incentive ($) | 194,365 | 188,000 | 259,740 |
| 401(k) Company Match ($) | 12,200 | 13,200 | 13,800 |
- 2024 base salary set at $481,000; 2024 target bonus 40% of salary; actual bonus payout reflected a 135% corporate factor and individual performance .
- Perquisites: none; no defined benefit pension or deferred compensation; executives participate in broad-based benefits and an ESPP; 401(k) safe harbor match available .
- Anti-hedging and anti-pledging policy in force; no waivers .
- Clawback policy adopted effective November 1, 2023; no recoveries to date .
Performance Compensation
Annual Incentive (2024)
| Item | Detail |
|---|---|
| Corporate Goal Weighting | Pipeline advancement 55%; Company growth 45% |
| Corporate Bonus Factor | 135% of target (based on achievements beyond stated goals) |
| CFO Target Bonus ($) | 192,400 (40% of $481,000) |
| CFO Actual Bonus ($) | 259,740 |
| Notable 2024 Achievements | Introduced STAT6 and TYK2 programs; KT‑621 into Phase 1; KT‑295 nominated; supported Sanofi KT‑474 Phase 2 expansion; raised ~$600M; YE24 cash ~$851M |
Long-Term Equity (Structure and 2024 Grants)
- Policy: CEO receives 100% options; other NEOs (including CFO) receive a mix of stock options and RSUs; starting 2025, performance-based equity added for all NEOs .
- Vesting constructs: Annual options vest monthly over 3 years; annual RSUs vest annually over 3 years (commencing first anniversary); new-hire options 25% at year 1 then monthly; new-hire RSUs 25% annually over 4 years .
| Award Component | Grant Date | Size | Exercise/Grant Price | Vesting | Expiration |
|---|---|---|---|---|---|
| Stock Options | 3/1/2024 | 187,500 | $43.50 | 36 equal monthly installments through 3/1/2027 | 2/28/2034 |
| RSUs | 3/1/2024 | 31,250 | N/A | Three annual installments 3/1/2024–3/1/2027 | N/A |
Additional outstanding CFO awards as of 12/31/2024:
- Options: 3/1/2023 83,125 exercisable/59,375 unexercisable @ $32.07 exp. 2/28/2033; 3/1/2022 73,333 exercisable/6,667 unexercisable @ $38.53 exp. 2/28/2032; legacy fully vested options at lower strikes .
- RSUs unvested: 4,433 (3/1/2022 grant), 15,833 (3/1/2023 grant), 31,250 (3/1/2024 grant) .
Realized 2024 Equity Activity
| Metric | 2024 |
|---|---|
| Options Exercised (Shares) | 25,000 |
| Value Realized on Exercise ($) | 703,665 |
| RSUs Vested (Shares) | 12,351 |
| Value Realized on RSU Vesting ($) | 537,269 |
Equity Ownership & Alignment
| Ownership Measure | Value |
|---|---|
| Total Beneficial Ownership (Shares) | 793,602 (168,136 common; 625,466 options exercisable within 60 days) |
| Ownership as % Outstanding | 1.21% |
| Unexercisable Options (select grants) | 59,375 (3/1/2023); 140,625 (3/1/2024); 6,667 (3/1/2022) |
| Unvested RSUs (Total) | 51,516 (4,433 2022; 15,833 2023; 31,250 2024) |
| Pledged/Hedged Shares | Prohibited by policy; no waivers disclosed |
| Insider Trading Windows | Policy-based; derivatives and short sales prohibited |
- Potential liquidity cadence: monthly option vesting through 3/1/2027 and annual RSU vesting through 3/1/2027 may create periodic selling pressure, subject to trading windows and personal decisions .
Employment Terms
| Scenario | Cash | Benefits | Equity |
|---|---|---|---|
| Termination without Cause / Resignation for Good Reason (non‑CIC) | 9 months base salary ($360,750 est. at 2024 rate) | Company-paid COBRA for up to 9 months | No acceleration |
| CIC + Qualifying Termination (double trigger; within 12 months post‑CIC) | Lump sum 1x (base + target bonus) = $673,400 (2024 basis) | Company-paid COBRA up to 12 months | 100% acceleration of time-based equity; estimated value $2,568,323 at $40.23 stock price |
- No excise tax gross‑ups; 280G “better‑net” cutback applies .
- Clawback: recovery of incentive compensation in event of restatement per Nasdaq policy; no recoveries required to date .
- Notes: Potential payment estimates as of 12/31/2024 assume no non‑compete enforcement for calculation purposes .
Additional Compensation Detail (Summary Compensation Table)
| Component | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | 441,738 | 470,000 | 481,000 |
| Stock Awards ($) | 512,449 | 761,663 | 1,359,375 |
| Option Awards ($) | 1,732,564 | 2,722,293 | 5,026,902 |
| Non-Equity Incentive ($) | 194,365 | 188,000 | 259,740 |
| All Other Comp ($) | 12,200 | 13,200 | 13,800 |
| Total ($) | 2,893,316 | 4,155,156 | 7,140,817 |
Performance & Track Record
| Measure | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| TSR – Value of $100 Investment | 186.41 | 190.89 | 75.05 | 76.55 | 120.96 |
| Net Loss ($000s) | 45,593 | 100,217 | 154,808 | 146,962 | 223,858 |
- Strategic achievements under CFO oversight include two follow-on offerings and an ATM facility implementation (Open Market Sale Agreement) that collectively raised ~$600M in 2024, extending cash runway to mid‑2027; YE24 cash, cash equivalents and marketable securities of ~$851M .
- Corporate goals tied to pipeline progress (STAT6 KT‑621 into Ph1; TYK2 KT‑295 development candidate; support for partner Sanofi on KT‑474 Ph2 expansion), and operational excellence, underpinned incentive outcomes .
- Say-on-pay support: 91% (2023) and 94% (2024) .
Compensation Structure Analysis
- Cash vs. Equity Mix: Majority at-risk; 2024 equity awards (options + RSUs) comprised the largest part of CFO compensation, consistent with market benchmarking (targeting 50th–75th percentile) .
- Shift to Performance-Based Equity: Beginning in 2025, performance-based equity is added for all NEOs, strengthening pay-for-performance alignment and potential retention value .
- Governance Features: No hedging/pledging; double-trigger CIC protection; no option repricing without shareholder approval; no perquisites; no tax gross‑ups; clawback policy in place .
- Peer Group Benchmarking: 2024 peer set of 17 biotech peers; 2025 peer set updated to reflect increased market cap and clinical focus (18 companies, including additions like Apogee, IDEAYA, ImmunityBio, Vaxcyte, etc.) .
Risk Indicators & Red Flags
- Hedging/Pledging: Prohibited (reduces misalignment risk) .
- Option Repricing: Not permitted without shareholder approval .
- Clawback: Implemented; no restatements requiring recovery .
- Related-Party Transactions: None involving Mr. Jacobs disclosed; 2024 offerings included significant 5%+ holders’ participation via pre-funded warrants and common equity per offering documents .
- Say-on-Pay: Strong approval reduces governance overhang risk .
Employment Terms (Detail)
| Provision | Non‑CIC | CIC (Double Trigger) |
|---|---|---|
| Severance Multiple (Cash) | 9 months base salary | 1x (base + target bonus) lump sum |
| COBRA | Up to 9 months | Up to 12 months |
| Equity | No acceleration | 100% acceleration of time-based equity |
| 280G/4999 | Better‑net cutback applies; no gross‑ups | |
| Clawback | Applies to incentive comp tied to financial metrics |
Investment Implications
- Alignment: High equity weighting, anti-hedging/pledging policies, and the 2025 shift to performance-based equity enhance alignment with shareholder outcomes; strong say‑on‑pay support lowers governance discount .
- Retention Risk: Material unvested options (monthly vesting through 2027) and RSUs (through 2027) coupled with competitive severance terms indicate moderate-to-low near-term retention risk; CIC terms are standard and double-trigger-based .
- Trading Signals: 2024 realized equity values from exercises/vesting show liquidity events, and scheduled vesting could create periodic supply; however, policy constraints and window timing moderate near-term pressure .
- Capital Markets Execution: Successful 2024 capital raises and robust cash balance support program execution without near-term financing risk, reflecting positively on CFO execution and potentially supporting TSR as catalysts play out .