Alexandra Balcom
About Alexandra Balcom
Alexandra Balcom, MBA, CPA, is Chief Financial Officer and Treasurer of Nuvalent, Inc. (NUVL), serving since January 2021; she is 41 years old as of February 20, 2025 . She brings nearly 20 years of biotech finance and operations experience spanning SQZ Biotechnologies, Agios, Molecular Insight, and Coley; she holds a B.B.A. in finance (UMass Amherst), an MBA (Boston College), and is a Massachusetts CPA . During her tenure, Nuvalent’s cumulative TSR rose from $156.41 to $411.13 per $100 initial investment over 2022–2024, while consolidated net losses increased from $(81.9)mm to $(260.8)mm, reflecting clinical-stage investment intensity . Executive incentives were paid against corporate program execution and strategic goals (not financial metrics), with 2024 bonuses funded at 125% of target based on overachievement across zidesamtinib and neladalkib milestones and a $575mm upsized follow-on equity financing .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| SQZ Biotechnologies Company | Vice President of Finance | Apr 2017–Mar 2021 | Led strategic planning, finance and accounting to support growth-stage biotech operations |
| Agios Pharmaceuticals Inc. | Corporate Controller | N/A | Responsible for strategic planning, treasury, tax, finance, and accounting; built scalable public-company finance functions |
| Molecular Insight Pharmaceuticals Inc. | Finance roles | N/A | Finance leadership at oncology platform later acquired; contributed to operational finance rigor |
| Coley Pharmaceutical Group, Inc. | Finance roles | N/A | Supported finance in immuno-oncology biotech subsequently acquired by Pfizer |
External Roles
No public company or non-profit directorships disclosed for Ms. Balcom .
Fixed Compensation
| Year | Base Salary ($) | Target Bonus (% of Salary) | Target Bonus ($) | Actual Bonus ($) | All Other Comp ($) | Total ($) |
|---|---|---|---|---|---|---|
| 2022 | 423,400 | 40% | 169,360 | 211,700 | 19,116 | 2,019,772 |
| 2023 | 440,300 | 40% | 176,120 | 228,956 | 20,154 | 3,541,647 |
| 2024 | 457,200 | 40% | 182,880 | 228,600 | 21,054 | 5,486,590 |
Notes:
- Target bonus paid solely off corporate goals; 2024 payout reflected a 125% corporate score .
- Other comp primarily 401(k) match and life insurance premiums .
Performance Compensation
| Incentive Type | Metric(s) | Weighting | Target | Actual | Payout ($) | Vesting/Timing |
|---|---|---|---|---|---|---|
| Annual Cash Bonus (2024) | Corporate Program Execution (zidesamtinib, neladalkib, NVL‑330), Portfolio Expansion, Strategic/Operational (financing, org build) | 100% corporate | 100% | 125% | 228,600 | Paid following year-end board approval |
| PSUs (introduced 2025) | Pre-established performance goals (not disclosed) | N/A | N/A | N/A | N/A | Earn contingent on goal achievement; awarded 2025 |
| Options (2024 annual) | Time-based vesting only | N/A | N/A | N/A | Grant-date FV $2,370,481 | 48 equal monthly installments from 1/5/2024; exercise price $72.35 |
| RSUs (2024 annual) | Time-based vesting only | N/A | N/A | N/A | Grant-date FV $2,409,255 | 3 equal annual installments from 1/5/2024 |
Equity Awards Detail (2024 Grants)
| Grant Date | Type | Shares/Units | Exercise Price ($) | Vesting | Grant-Date Fair Value ($) |
|---|---|---|---|---|---|
| 1/5/2024 | Stock Options | 47,500 | 72.35 | 48 equal monthly installments | 2,370,481 |
| 1/5/2024 | RSUs | 33,300 | N/A | 3 equal annual installments | 2,409,255 |
Outstanding Equity Awards (as of 12/31/2024)
| Grant Date | Exercisable Options (#) | Unexercisable Options (#) | Exercise Price ($) | Expiration | Unvested RSUs (#) | RSU Market Value ($) |
|---|---|---|---|---|---|---|
| 1/5/2024 | 10,885 | 36,615 | 72.35 | 1/5/2034 | 33,300 | 2,606,724 (at $78.28) |
| 1/6/2023 | 9,096 | 75,104 | 27.85 | 1/6/2033 | — | — |
| 1/4/2022 | 78,021 | 28,979 | 18.93 | 1/4/2032 | — | — |
| 4/29/2021 | 79,210 | 8,016 | 6.89 | 4/29/2031 | — | — |
| 2/16/2021 | 190,825 | 5,331 | 1.08 | 2/16/2031 | — | — |
Note: RSU market value computed from $78.28 closing price on 12/31/2024 .
Equity Ownership & Alignment
- Beneficial ownership: 436,408 Class A shares (<1%) as of March 31, 2025 .
- Company policy prohibits hedging and pledging; executive ownership guidelines were not formalized for executives as of 2023–2024 .
- Rule 10b5‑1 plans permitted; directors/executives may adopt prearranged trading plans .
Insider Transactions (2025)
| Trade Date | Type | Shares | Price ($) | Plan | Post-Trade Holdings | Source |
|---|---|---|---|---|---|---|
| Jan 6, 2025 | Sale + Option Exercise | 4,016 sold; exercised options concurrently | 79.68 avg [openinsider] | Rule 10b5‑1 [Investing.com] | 61,734 direct [openinsider] | (http://openinsider.com/NUVL) (https://www.investing.com/news/insider-trading-news/nuvalent-cfo-alexandra-balcom-sells-320009-in-stock-93CH-3804157) |
| Jun 27, 2025 | Sale + Option Exercise | 20,000 sold; exercised options | 80.02 avg [openinsider] | N/A | 61,734 direct [openinsider] | (http://openinsider.com/NUVL) |
| Sep 29–30, 2025 | Sale + Option Exercise | 27,588 sold; 27,588 options exercised at $6.89 | ~85.01–85.06 [Investing.com] | Rule 10b5‑1 [Investing.com] | 61,734 direct [Investing.com] | (https://www.investing.com/news/insider-trading-news/nuvalent-cfo-balcom-sells-23m-in-nuvl-stock-93CH-4267692) |
| Oct 1, 2025 | Sale + Option Exercise | 20,000 sold; options exercised at $6.89 and $18.93 | 85.43 and 86.37 WAP blocks [StockTitan] | Rule 10b5‑1 (adopted 12/12/2024) | 61,734 direct [StockTitan] | (https://www.stocktitan.net/sec-filings/NUVL/form-4-nuvalent-inc-insider-trading-activity-edff8ebba9eb.html) (https://www.streetinsider.com/SEC+Filings/Form++4++++++++++Nuvalent%2C+Inc.++++++++++++For%3A+Oct+15++Filed+by%3A+Balcom+Alexandra/25471352.html) |
Interpretation: Multiple 10b5‑1 programmed sales around ~$80–$86 following option exercises; residual direct ownership reported at ~61.7k shares post trades, consistent with scheduled diversification and tax liquidity rather than ad hoc selling pressure .
Employment Terms
- Status: At‑will; employment agreement supersedes prior arrangements; confidentiality, assignment, and noncompetition agreement dated December 21, 2020 .
- Base pay and bonus eligibility: Annual base salary subject to review; target bonus 40% of base .
- Severance (outside Change in Control Period): 9 months of base salary and continued employer health contribution up to 9 months, subject to release .
- Change in Control Period severance: Lump sum equal to 18 months of base salary plus 1× target bonus, plus continued employer health contribution up to 18 months; time‑based equity awards accelerate upon qualifying termination during CIC Period; 280G excise tax “cutback” to maximize after‑tax benefit (no tax gross‑up) .
- Clawback: Nasdaq‑compliant recovery of excess incentive compensation (including stock price/TSR‑based) upon accounting restatement, covering last 3 completed fiscal years .
- Anti‑hedging/pledging: Insider Trading Policy prohibits short sales, derivatives, hedging, and pledging of company securities .
- Say‑on‑pay: 97.6% approval at 2024 annual meeting; program retained with introduction of PSUs in 2025 .
Compensation Structure Analysis
- Shift to mixed equity: 2024 introduced time‑vested RSUs alongside long‑standing options; 2025 added PSUs, increasing performance linkage in long‑term incentives .
- Cash vs equity mix: Total compensation uplift in 2024 driven by larger annual option and RSU grants aligned with retention and program milestones .
- Goals rigor: 2024 corporate goals yielded 125% payout reflecting program execution (ESMO data, Phase advances) and financing; bonuses tied solely to corporate outcomes, not individual or financial metrics .
- Governance safeguards: No hedging/pledging, no tax gross‑ups, double‑trigger CIC equity acceleration only upon qualifying termination; clawback in place .
Performance & Track Record
- 2024 outcomes: Exceeded program execution for zidesamtinib and neladalkib; initiated NVL‑330 Phase 1; completed $575mm upsized follow‑on offering; continued headcount expansion with limited turnover .
- Pay vs performance context: TSR significantly accretive since 2022; CAP for non‑PEO NEOs decreased from 2023 to 2024 as equity fair values normalized while net losses increased with clinical pipeline investment .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | 436,408 Class A shares; <1% of 66,325,053 shares outstanding (as of 3/31/2025) |
| RSUs unvested (12/31/2024) | 33,300 units; market value $2,606,724 at $78.28 |
| Options exercisable/unexercisable | See award breakdown above |
| Hedging/Pledging | Prohibited by policy |
| Ownership guidelines | No formal executive ownership guidelines disclosed in 2023–2024 |
Compensation Peer Group & Process
- Independent oversight: Compensation Committee of independent directors; external consultants engaged (Aon/Radford in 2023; Alpine Rewards consulted for severance/CIC appropriateness) .
- Peer-tailored benchmarking and market data used to size grants and pay mix; equity grants with meaningful vesting to align with long‑term value creation .
Investment Implications
- Alignment: Strong governance (no hedging/pledging, clawback), double‑trigger CIC protections, and shift to PSUs in 2025 add performance linkage and shareholder alignment .
- Retention risk: Robust unvested equity (options and RSUs) and CIC severance likely mitigate near‑term attrition; severance outside CIC is moderate (9 months), suggesting balanced retention economics .
- Trading signals: 2025 programmed 10b5‑1 sales around $80–$86 occurred alongside option exercises, indicative of scheduled diversification/tax liquidity rather than opportunistic selling; monitor future 10b5‑1 updates and cadence for pressure signals .
- Performance tie‑ins: Annual cash incentives tied entirely to corporate R&D execution and financing milestones—sensitive to clinical data cadence and capital markets; PSUs add future upside/downside exposure to disclosed performance goals once specified .