Veronica Sanchez Bulis
About Veronica Sanchez Bulis
Veronica Sanchez Bulis is Vice President, Corporate Controller at Lyell Immunopharma and was appointed the company’s principal accounting officer on October 31, 2025 (age 48). She leads financial operations, accounting, SEC reporting, audit and SOX compliance; prior roles include senior financial reporting leadership at Sangamo Therapeutics and corporate accounting leadership at Core‑Mark, with earlier public accounting roles at Ernst & Young and Deloitte. She holds a bachelor’s degree in accounting from Instituto Politécnico Nacional (Mexico City) and is pursuing an Executive MBA at UCLA Anderson (expected June 2026). Company performance context during her tenure: Lyell is pre‑commercial with limited, nonrecurring revenue from collaborations; TSR (value of $100 from 12/31/2021) declined across 2022–2024 and net losses increased over the period.
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Lyell Immunopharma | VP, Corporate Controller; appointed Principal Accounting Officer | Aug 2021–present; PAO effective Oct 31, 2025 | Leads financial operations, accounting, SEC reporting, audit and SOX compliance; international accounting oversight |
| Sangamo Therapeutics | Senior Director, Financial Reporting & Technical Accounting | Dec 2018–Aug 2021 | Led external reporting and technical accounting for a public biotech |
| Core‑Mark International | Director, Corporate Accounting & Financial Reporting (and roles of increasing responsibility) | Sep 2008–Dec 2018 | Directed corporate accounting and financial reporting at a public distributor |
| Ernst & Young; Deloitte | Public accounting roles | Early career | External audit and advisory foundation |
Fixed Compensation
- Not disclosed for Ms. Bulis in the company’s 2025 proxy or the October/November 2025 8‑K announcing her appointment as principal accounting officer.
Performance Compensation
- Not disclosed for Ms. Bulis (no RSU/PSU grants or bonus targets specific to Ms. Bulis are included in the latest proxy or the PAO appointment 8‑K).
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Reporting status | Initial Section 16 filing (Form 3) filed Nov 10, 2025 for event date Oct 31, 2025 |
| Common shares owned (direct) | 9,452 shares |
| Ownership as % of shares outstanding | ~0.0032% (9,452 / 295,283,653 shares outstanding as of 3/31/2025) |
| Options (exercisable/underlying) | 1,674 options, strike $42.60, exp. 02/23/2033; 624 options, strike $37.40, exp. 03/15/2032 |
| In‑the‑money value (indicative) | $0 for listed options using $0.64 12/31/2024 close (strikes >> market) |
| Hedging/pledging | Company policy prohibits pledging, hedging, short sales, and derivative transactions by employees and officers |
| Clawback | Company maintains a Dodd‑Frank compliant incentive compensation recoupment policy |
Notes:
- Shares outstanding used for percentage are as of March 31, 2025 (proxy reference date); Form 3 ownership is as of Oct 31, 2025.
Employment Terms
- Appointment: Principal Accounting Officer effective October 31, 2025.
- Start at Lyell: August 2021 (Vice President, Corporate Controller).
- Severance/change‑of‑control framework: Lyell’s Amended Officer Severance Plan covers “vice president or above” who are specifically designated as Eligible Employees by the Compensation Committee; Tier I benefits (if designated) include (a) non‑CIC termination: 12 months base salary, pro‑rated target bonus, and up to 12 months COBRA premiums; (b) CIC protection period termination: 12 months base salary, 100% target bonus, any accrued/guaranteed bonus, up to 12 months COBRA, and 100% acceleration of time‑based equity. The company has not disclosed whether Ms. Bulis is a designated participant.
- Clawback: Dodd‑Frank compliant policy adopted; applicable to incentive‑based compensation.
- Insider trading: Prohibitions on hedging and pledging; margining is also prohibited.
- Non‑compete/other covenants: Not disclosed for Ms. Bulis in available filings.
Performance & Track Record (Company context during tenure)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Cumulative TSR – value of $100 (as of year end) | $44.83 | $25.06 | $8.27 |
| Net loss ($ thousands) | (183,118) | (234,632) | (342,994) |
| Revenue status | Pre‑commercial; no revenue during periods presented other than limited, nonrecurring collaboration revenue |
Observations:
- Equity incentive values across the company were affected by a low share price (e.g., $0.64 close at 12/31/2024 used in PSU valuation), and 2023 involved a one‑time option repricing for certain executives; these underscore underwater option dynamics across leadership. While Ms. Bulis’s awards are limited, her listed option strikes are far above recent trading levels.
Risk Indicators & Red Flags
- Related‑party transactions: None requiring disclosure since Jan 1, 2023, per proxy.
- Hedging/pledging: Prohibited by policy (positive alignment).
- Option repricing: Company repriced certain options in Nov 2023 for executives; Ms. Bulis’s options were not discussed in the proxy; her Form 3 options (strikes $37.40/$42.60) remain far out of the money.
- Governance stability: On Oct 31, 2025, CEO Lynn Seely was named interim principal financial officer and Ms. Bulis was appointed principal accounting officer, reflecting finance leadership transitions.
Compensation Structure Analysis (Company framework; applicability to Ms. Bulis not disclosed)
- Pay mix trends: In 2024, Lyell introduced PSUs (clinical milestones and relative TSR) for named executive officers, increasing performance‑linked equity; options remain a core element. This signals a shift toward explicit pay‑for‑performance at the top team level.
- Clawback adoption and hedging/pledging prohibitions reinforce alignment and reduce adverse signals.
Investment Implications
- Insider selling pressure: Minimal from Ms. Bulis near‑term; her listed options are deeply out of the money (strikes $37.40/$42.60 vs $0.64 at 12/31/2024), and her direct holdings are small (9,452 shares). This suggests low incremental supply risk from her position.
- Alignment: Positive policy architecture (clawback; hedging/pledging ban). However, Ms. Bulis’s economic alignment via equity is limited by small ownership and underwater options.
- Retention: If designated under the Officer Severance Plan, she would have standard Tier I protections (cash severance, COBRA, and CIC equity acceleration), which can support retention during leadership transitions; her actual participation has not been disclosed.
- Execution risk: As principal accounting officer amid finance leadership changes, continuity in SEC reporting and SOX compliance is paramount; her background directly targets these control and reporting areas.