Teresa Young
Seres TherapeuticsAbout Teresa Young
Teresa L. Young, Ph.D. is Executive Vice President, Chief Commercial and Strategy Officer at Seres Therapeutics (MCRB), a role she has held since June 2020; she is 58 years old and holds a B.S. in pharmacy and a Ph.D. in healthcare marketing from the University of South Carolina . Prior to Seres, she led the global ELIQUIS business at Bristol-Myers Squibb to become the company’s largest product by revenue, and built global commercial capabilities at Sage Therapeutics . Company pay-versus-performance disclosures indicate volatile performance with the “value of an initial fixed $100 investment” at $24 in 2024 vs $41 in 2023 and net income of $136,000 in 2024 vs a loss of $113,724,000 in 2023, underscoring execution risks during her tenure . In Q3 2025, management disclosed going-concern uncertainty and workforce reductions, contextualizing retention risk and incentive design changes including retention awards .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Sage Therapeutics | Vice President, Global Commercial Strategy | Mar 2018–Jun 2020 | Led development of global commercial capabilities including marketing, insights/analytics, and new product planning |
| Bristol-Myers Squibb | Vice President & General Manager, Cardiovascular | Nov 2010–Mar 2018 | Led the global ELIQUIS business to become BMS’s largest product by revenue |
| GlaxoSmithKline | Marketing and Sales Roles | Jun 1993–Nov 2010 | Catalyzed growth for Urology, Diabetes, and NeuroHealth organizations |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Women in Bio | Member | Not disclosed | Professional network affiliation |
| Healthcare Businesswomen’s Association | Member; Advisory Board | Not disclosed | Served on HBA Advisory Board |
Fixed Compensation
Base Salary (multi-year)
| Name | 2022 ($) | 2023 ($) | 2024 ($) |
|---|---|---|---|
| Teresa L. Young, Ph.D. | 405,000 | 437,000 | 475,000 (8.7% increase vs 2023) |
Summary Compensation (2023)
| Component | 2023 ($) |
|---|---|
| Salary | 437,000 |
| Stock Awards (RSUs/PSUs) | 826,216 |
| Option Awards | 387,915 |
| Non-Equity Incentive (Annual Bonus) | 167,808 |
| All Other Compensation | 1,519 |
| Total | 1,820,458 |
2025 Retention Bonus (one-time)
| Element | Amount | Grant/Payment Timing | Vesting/Conditions |
|---|---|---|---|
| Cash Retention Bonus | 100,000 | Pay on next regular payroll after Feb 15, 2026 | Must remain employed in good standing through Feb 15, 2026; accelerated and paid upon termination without Cause or for Good Reason with signed release |
| Retention RSUs | 75,000 fair value | Granted Sept 26, 2025 | Fully vested on Nov 15, 2025; accelerated upon termination without Cause or for Good Reason with signed release |
Performance Compensation
Annual Cash Bonus Program Structure and 2023 Outcomes
| Metric | Target | Weighting | Actual Achievement | Payout ($) | Notes |
|---|---|---|---|---|---|
| 2023 Corporate Objectives | Target bonus $174,800 (40% of salary; calculated from $174,800 target and $437,000 salary) | Not specifically disclosed for 2023 (2024 NEOs use 80% corporate/20% individual) | Funded at 90% for Dr. Young | 167,808 | Committee retained discretion; individual achievement influenced payout |
| 2023 Individual Objectives | N/A | Not specifically disclosed for 2023 | Dr. Young achievement 120% | 167,808 | Individual goals assessed subjectively by committee |
Equity Awards and Vesting Terms
| Award Type | Grant Date | Quantity/Terms | Strike/Value | Vesting |
|---|---|---|---|---|
| Options (time-based) | Feb 3, 2023 | 85,000 | $5.50 | 25% at 1-year anniversary; 6.25% quarterly thereafter (subject to service) |
| RSUs (time-based, annual) | Feb 3, 2023 | 42,500 | Grant-date FV included in stock awards | 25% first 15th after 1-year anniversary; 6.25% quarterly thereafter |
| RSUs (time-based, retention) | Feb 3, 2023 | 85,000 | Grant-date FV included in stock awards | Same RSU vest schedule above |
| PSUs (performance-based) | Feb 3, 2023 | Target 22,721 | Grant-date FV included in stock awards | 50% vest 6 months after BLA approval determination; remaining 50% at 12 months; achieved Apr 27, 2023; vests Oct 27, 2023 and Oct 27, 2024 |
2023 Stock Vested (PSUs/RSUs Realization)
| Name | Shares Acquired on Vesting (#) | Value Realized ($) | Notes |
|---|---|---|---|
| Teresa L. Young, Ph.D. | 11,361 | 15,678 | RSU/PSU tranche vesting on Oct 27, 2023 tied to BLA approval milestone |
Equity Ownership & Alignment
Beneficial Ownership (as of Feb 12, 2024)
| Holder | Total Beneficial Ownership (#) | % of Shares Outstanding | Breakdown |
|---|---|---|---|
| Teresa L. Young, Ph.D. | 449,079 | <1% | 8,454 shares held; 430,000 options exercisable or within 60 days; RSUs for 10,625 shares vesting within 60 days |
Outstanding Equity at 2023 Fiscal Year End (granular)
| Grant Date | Options Exercisable (#) | Options Unexercisable (#) | Exercise Price ($) | Option Expiration | Unvested RSUs (#) | Unvested RSUs Market Value ($) |
|---|---|---|---|---|---|---|
| Feb 3, 2023 | — | 85,000 | 5.50 | Feb 2, 2033 | — | — |
| Feb 4, 2022 | 52,500 | 67,500 | 7.38 | Feb 3, 2032 | — | — |
| Feb 4, 2021 | 61,875 | 28,125 | 26.34 | Feb 3, 2031 | — | — |
| Jun 29, 2020 | 262,500 | 37,500 | 4.67 | Jun 28, 2030 | — | — |
| RSUs (time-based, annual) | — | — | — | — | 42,500 | 59,500 |
| RSUs (time-based, retention) | — | — | — | — | 85,000 | 119,000 |
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At 12/29/2023 and 12/31/2024, company stock closed at $1.40 and $0.831, respectively; option equity acceleration values for Dr. Young were $0 outside CIC and $194,404 in CIC scenarios, indicating options largely out-of-the-money with RSU value driving acceleration .
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Pledging/hedging: No pledging of company stock disclosed in the proxy for Dr. Young; stock ownership guidelines not disclosed for executives .
Employment Terms
| Provision | Baseline Severance (no CIC) | Change-in-Control (within 60 days prior to or 12 months post-CIC) |
|---|---|---|
| Base Salary Continuation | 12 months | 12 months |
| COBRA Continuation | Up to 12 months (if elected) | Up to 12 months (if elected) |
| Target Bonus | — | Lump sum equal to 1.0× target bonus for year of termination |
| Equity Acceleration | No acceleration disclosed (outside CIC) | Accelerated vesting of time-based equity awards |
| Non-Compete/Non-Solicit | 12 months post-termination | |
| Parachute “Best Pay” Cutback | Present (Section 4999 excise tax mitigation) | |
| Employment Agreement Reference | Employment agreement dated Jan 29, 2021 | Applies per above |
Compensation Structure Analysis
- Pay mix shifted toward equity in 2023 with substantial RSUs/PSUs and options grants, including additional retention RSUs for Dr. Young, aligning incentives with stock price and milestone attainment .
- Introduction of performance-based options for NEOs in 2024 to focus executives on sustained share price performance (broader program context) .
- Company targets total compensation around the 50th percentile of the peer group, with committee discretion, suggesting moderation vs. peers and potential retention challenges amid going-concern risks .
Say‑on‑Pay & Shareholder Feedback
- 2025 say‑on‑pay received 65% support, indicating investor concerns with pay practices/performance alignment .
- 2023 say‑on‑pay had ~99.4% support, signaling earlier broad investor approval of compensation programs .
Performance & Track Record
- Company pay-versus-performance: $100 TSR value $24 (2024), $41 (2023), $162 (2022); net income $136,000 (2024), $(113,724,000) (2023), $(250,157,000) (2022), reflecting high volatility and recent operational transition away from VOWST .
- Dr. Young’s 2023 individual bonus achievement was 120%, demonstrating above-target performance on individual objectives in a challenging year .
- Achievements prior to Seres include scaling ELIQUIS globally and building commercial capabilities at Sage .
Vesting Schedules and Insider Selling Pressure
- Near-term vest catalyst: 2025 retention RSUs fully vested Nov 15, 2025; cash retention bonus payable after Feb 15, 2026, subject to continued employment (with acceleration upon termination without Cause or for Good Reason) .
- 2023 PSUs vested 50% on Oct 27, 2023 and remaining 50% on Oct 27, 2024; 2023 vest delivered 11,361 shares ($15,678 value) to Dr. Young .
- Options largely out-of-the-money at YE 2023/2024 closing prices, limiting near-term exercise-driven selling pressure; RSUs are the primary source of potential supply from vesting .
Equity Ownership & Alignment Highlights
- Beneficial ownership: 449,079 shares (<1%), including 430,000 near-term exercisable options and 10,625 RSUs vesting within 60 days as of Feb 12, 2024; skin-in-the-game is meaningful but below 1% .
- No pledging or ownership guideline disclosures for Dr. Young; program‑level equity grants and performance options provide alignment mechanisms .
Employment Terms – Change-of-Control Economics
- Double-trigger CIC protection: 12 months base + up to 12 months COBRA + 1.0× target bonus + acceleration of time-based equity; parachute “best pay” applies, mitigating excise tax exposure .
- Retention letter adds immediate acceleration and payment for retention RSUs and cash bonus if terminated without Cause or for Good Reason (with release), reducing involuntary departure friction through 2026 .
Investment Implications
- Near-term supply watch: RSUs from the Sept 26, 2025 retention grant vested Nov 15, 2025; monitor any Form 4 filings and tax‑related share withholding around those dates for flow‑of‑shares impact .
- Retention risk appears mitigated through Feb 15, 2026 (cash retention) with acceleration relief if terminated without Cause/for Good Reason; program suggests intent to stabilize leadership amid going‑concern disclosures and restructuring .
- Alignment levers skew to RSUs/PSUs and performance options; however, option strikes (e.g., $5.50, $7.38, $26.34) vs sub‑$2 trading at YE 2023/2024 imply low immediate option monetization; equity acceleration values show RSUs as primary value driver in CIC scenarios .
- Shareholder sentiment mixed (65% say‑on‑pay support in 2025); continued discipline on pay-for-performance and milestone-driven vesting will be critical as Seres advances SER‑155 and seeks financing/partners .