Kristen Alexander
LEXICON PHARMACEUTICALSAbout Kristen Alexander
Vice President, Finance & Accounting at Lexicon Pharmaceuticals; joined in May 2017 as Controller and has served as VP since September 2021. She was the company’s Principal Financial Officer from October 1 to December 31, 2024, during the CFO transition . Recent company performance context: value of a fixed $100 investment (TSR proxy) fell to $19 in 2024 (from $39 in 2023 and $48 in 2022), while net losses widened to $200.4 million in 2024 (vs. $177.1 million in 2023 and $101.9 million in 2022) .
Company performance context (Pay vs Performance)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Value of Initial Fixed $100 Investment (TSR) | $48 | $39 | $19 |
| Net Income ($USD Thousands) | $(101,944) | $(177,119) | $(200,403) |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Lexicon Pharmaceuticals | Controller | 2017–2021 | Built and operated finance/accounting systems through pipeline refocus and product launch preparation |
| Lexicon Pharmaceuticals | VP, Finance & Accounting | 2021–Present | Led financial and accounting management; supported commercial launch and financing activities |
| Lexicon Pharmaceuticals | Principal Financial Officer (interim) | Oct–Dec 2024 | Oversaw finance during CFO transition |
External Roles
Not disclosed.
Fixed Compensation
| Item | Current |
|---|---|
| Base Salary | $310,078/year |
| Target Bonus % of Base | 30% |
Multi‑year total compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary | $269,867 | $285,359 | $295,588 |
| Bonus (Cash) | $82,044 | $67,463 | $67,409 |
| Stock Awards (RSUs, grant‑date fair value) | $101,920 | $116,105 | $128,269 |
| Option Awards (grant‑date fair value) | $120,164 | $138,269 | $105,169 |
| All Other Compensation | $14,756 | $15,788 | $16,810 |
| Total | $588,751 | $622,984 | $613,245 |
Performance Compensation
- Bonus determinations are based on corporate goals (product launch/commercial performance, clinical progress, regulatory milestones, and financial management) and individual contributions; specific metric weightings/targets are not disclosed .
- Alexander’s evaluated contributions include financial and accounting management and successful operation of financial systems across 2022–2025 cycles .
Annual bonus outcomes and performance assessment
| Year | Bonus Paid ($) | Compensation Committee Assessment (Company) |
|---|---|---|
| 2022 | $82,044 | Objectives achieved (FDA filing accepted; clinical progress; financing) |
| 2023 | $67,463 | Overall objectives significantly achieved; partial achievement on INPEFA commercial metrics; strong progress in LX9211 and finance |
| 2024 | $67,409 | Overall objectives significantly achieved; shortfalls on INPEFA and ZYNQUISTA; progress on pipeline and Viatris ex‑US license |
Long‑term stock awards and vesting specifics
| Grant | Type | Amount/Implied Shares | Key Terms |
|---|---|---|---|
| Feb 8, 2024 | RSUs | 59,660 RSUs | Vest 1/3 on Feb 28, 2025, 2026, 2027; double‑trigger acceleration on CIC (terminate without cause/for good reason within 24 months of CIC) |
| Feb 8, 2024 | Options | 59,660 options @ $2.15 | 10‑yr term; 25% at 1‑yr, then monthly; single‑trigger full acceleration on CIC |
| Feb 2025 cycle | RSUs | $128,950 grant value; implies ~185,540 RSUs at $0.695/share (grant valuation basis) | Committee approved mix of options/RSUs; vesting consistent with plan; RSUs typically 1/3 annually |
| Feb 2025 cycle | Options | 185,540 options (shares) | Exercise price = prior‑day close; standard vesting; single‑trigger CIC acceleration |
Equity Ownership & Alignment
| Item | As of April 3, 2025 |
|---|---|
| Shares Beneficially Owned | 76,368 |
| Shares Issuable within 60 Days (options exercisable or RSUs scheduled to vest) | 125,571 |
| % Ownership | <1% (“*”) |
| Hedging Policy | Hedging/derivatives prohibited for insiders |
| Pledging | Not specifically disclosed |
| Ownership Guidelines | Not disclosed |
Outstanding equity detail (Dec 31, 2024 snapshot)
| RSUs Not Vested | Market Value (@ $0.7385) |
|---|---|
| 10,617 | $7,841 |
| 31,853 | $23,523 |
| 59,660 | $44,059 |
| Option Tranche (Unexercisable) | Exercise Price | Expiration |
|---|---|---|
| 59,660 | $2.15 | 2/8/2034 |
| 38,818 | $2.43 | 2/9/2033 |
| 13,930 | $3.20 | 2/10/2032 |
| 166 | $8.38 | 2/11/2031 |
2024 realizations (liquidity cadence)
| Event | Shares | Value Realized |
|---|---|---|
| RSU vesting (Feb 27, 2024 price basis $2.62) | 29,243 | $76,617 |
Employment Terms
- Current role: VP, Finance & Accounting; Base salary $310,078; target bonus 30% .
- Severance (Management Severance Plan adopted Mar 2025): If terminated without cause or resign for good reason: 12 months base salary; pro‑rated target bonus only if termination between Sep 1–Dec 31; ~12 months COBRA subsidy. Change‑in‑control (within 24 months): 12 months base salary (CEO 18 months), target bonus, and 12 months COBRA (CEO 18 months) .
- Equity acceleration: Options fully accelerate upon CIC (single trigger); RSUs require termination without cause/for good reason within 24 months of CIC (double trigger) .
- 2024‑based termination table estimated accelerated RSU value for Alexander: $75,423 (based on $0.7385 share price), with no salary continuation shown specifically for her in the 2024 snapshot table; post‑Mar 2025 severance plan supersedes prior letters .
Governance & Policies Relevant to Compensation
- Clawback: Incentive compensation recoupment adopted Oct 2023 for restatements, covering prior 3 years .
- Say‑on‑pay: 2024 approval >97% in favor .
- Peer benchmarking: Compensation peer groups updated annually; 2025 peer set includes Altimmune, Avadel, Liquidia, Syndax, Prothena and others .
Investment Implications
- Alignment and selling pressure: Annual RSU vesting (Feb 28) and ongoing monthly option vesting create regular equity deliverables; while hedging is prohibited, ownership remains <1%, suggesting limited “skin‑in‑the‑game” relative to total float; pledge status not disclosed .
- Retention risk: Post‑Mar 2025 severance plan standardizes terms; provides 12‑month salary and target bonus (CIC), with RSUs requiring double trigger to accelerate—balanced retention design that deters opportunistic departures during CIC yet offers competitive protection .
- Compensation structure vs performance: Bonuses reflect qualitative assessments tied to product launch and pipeline progress without disclosed metric weights; recent corporate shortfalls in INPEFA/ZYNQUISTA were acknowledged, yet overall 2024 objectives deemed “significantly achieved,” yielding stable bonus outcomes for Alexander .
- Change‑of‑control economics: Options accelerate on single trigger (more executive‑friendly), while RSUs are double trigger; combined with 12 months’ cash and benefits, CIC could motivate staying through a transaction but introduces potential overhang from accelerated equity .
- Execution risk context: Company TSR compression and widening losses in 2024 underscore heightened execution demands for finance leadership; Alexander’s interim PFO stint in late 2024 adds experience through transition, a net positive for continuity .