Lai Wang
About Lai Wang
Global Head of R&D at ONC (BeiGene, Ltd.), age 48, serving as Global Head since April 2021 and at the company since 2011; prior role at Joyant Pharmaceuticals as Director of Research. Education: B.S. from Fudan University (1996) and Ph.D. from The University of Texas Health Science Center at San Antonio (2001) . Under his R&D leadership, the company advanced 13 new molecular entities into the clinic in 2024 and highlighted execution speed and productivity in oncology . Company performance context: BRUKINSA generated $2.6B in 2024 revenue (+105% YoY) , and ONC reported five‑year TSR of 11.4% (38th percentile of peer group) and 486% TSR since IPO (85th percentile) . Management guided to positive GAAP operating income and operating cash flow in 2025 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BeiGene, Ltd. | Global Head of R&D | 2021–Present | Advanced oncology R&D; emphasized speed/productivity; 13 NMEs moved into clinic in 2024 |
| BeiGene, Ltd. | R&D leadership roles | 2011–2021 | Built internal R&D capabilities across therapeutic modalities |
| Joyant Pharmaceuticals | Director of Research | Pre-2011 | Oncology research leadership (drug discovery) |
External Roles
No external public company directorships or committee roles disclosed for Dr. Lai Wang in the proxy .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 | 2025 (effective Mar 1) |
|---|---|---|---|---|
| Base Salary (US$) | $545,979 | $585,558 | $611,031 | $638,527 (RMB 4,590,417 translated) |
| Target Bonus (% of Base) | 60% | 60% | 60% | 60% |
| Actual Annual Bonus Paid (US$) | $382,185 | $456,735 | $483,526 | — |
Notes:
- 2024 company and individual performance assessed at 140% of target; Dr. Wang’s bonus paid accordingly (60% target × 140%) .
- Base pay reflects RMB-to-USD translation per proxy methodology .
Performance Compensation
Annual Cash Incentive – 2024
| Component | Metric | Weighting/Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Company Performance | Predefined annual goals (R&D productivity, revenue growth, execution) | 100% corporate scorecard | 140% achievement | Drives NEO bonus multiplier | Cash paid Mar 2025 |
| Individual Performance (Dr. Wang) | Role-specific outcomes | 60% of base salary target | 140% achievement | $483,526 | Paid; no vesting schedule |
2024 Equity Grants (June 5, 2024)
| Instrument | Quantity (# ordinary shares) | Exercise/Metric | Grant Date FV (US$) | Key Terms | Vesting | Expiration |
|---|---|---|---|---|---|---|
| Stock Options | 318,253 | $12.23 strike | $2,066,608 | Standard time-based options | 25% at 1st anniversary; then monthly over 3 years | 6/4/2034 |
| RSUs | 337,870 | Time-based | Part of $4,133,190 RSU/PSU FV | Standard time-based RSUs | 25% annually | — |
| PSUs | Threshold: 168,935; Target: 337,870; Max: 675,740 | US GAAP revenue (3 one‑year goals, equally weighted) | Included in $4,133,190 FV (probable at target) | Earnout each year; all earned shares vest/distribute after 3‑year period | Vest after perf. period (2024–2026) | — |
Additional equity design:
- For senior VPs and above, equity mix changed to 50% PSUs / 25% options / 25% RSUs for 2025 grants (vs. 1/3 each in 2024) to increase pay-for-performance .
Equity Ownership & Alignment
Beneficial Ownership (as of Mar 26, 2025)
| Item | Amount |
|---|---|
| Total Beneficial Ownership (ordinary shares) | 3,807,653 |
| Ownership % of Outstanding Shares | ~0.27% (3,807,653 ÷ 1,403,281,823 ) |
| Breakdown | 575,692 direct; 731,965 via Wang Holdings LLC (disclaimed); 2,499,996 options/RSUs exercisable/vesting within 60 days |
Stock ownership policy and alignment:
- Executives must hold equity ≥1× annual base salary; compliance tested annually. As of Dec 31, 2024, all directors and executive officers were in compliance .
- Hedging and pledging prohibited unless approved by Insider Trading Compliance Officer or Audit Committee; no pledges disclosed for Dr. Wang .
Outstanding Equity (as of Dec 31, 2024)
| Category | Quantity | Detail |
|---|---|---|
| Options – Exercisable | 364,208 (2018; $12.34) + 558,285 (2019; $9.23) + 525,564 (2020; $13.42) + 290,602 (2021; $26.53) + 442,325 (2022; $11.98) + 190,138 (2023; $16.41) | |
| Options – Unexercisable | 41,925 (2021; $26.53) + 265,551 (2022; $11.98) + 317,096 (2023; $16.41) + 318,253 (2024; $12.23) | |
| RSUs – Unvested | 13,416 (2011 grant ref vest date 6/16/2021) + 62,647 (6/22/2022) + 100,230 (6/15/2023) + 69,251 (6/5/2024) | |
| PSUs – Unearned | 112,624 (2023 cycle) + 168,935 (2024 cycle) |
Notes:
- Dr. Wang’s options and RSUs are not subject to automatic accelerated vesting on change in control under standard terms; see Employment Terms for PSU acceleration conditions .
Employment Terms
| Provision | Terms |
|---|---|
| Role & Base | Global Head of R&D; RMB 4,590,417 (~US$638,527) in 2025; subject to review/approval; eligible merit bonus (target 60%) . |
| Notice & Termination | 30 days’ prior written notice for resignation; termination for cause without notice; termination without cause with 30 days’ notice per specified conditions (PRC law) . |
| Severance | If company unilaterally terminates employment under PRC law (as of Dec 31, 2024): RMB 443,052 (~US$61,629) . |
| Change‑in‑Control | If terminated within 18 months post‑CoC, full acceleration of PSUs at target; indicative value US$2,400,306 as of Dec 31, 2024; options/RSUs not accelerated . |
| Benefit Plans | Eligible to participate in employee benefit plans available in China . |
| Clawback | Compensation recovery policy compliant with Nasdaq—recovers incentive compensation tied to financial reporting measures upon restatement; recapture for misconduct expands to all equity . |
| Hedging/Pledging | Prohibited absent approval; strengthens alignment and mitigates risk . |
Compensation Structure Analysis
- Equity-heavy and increasingly performance based: 2025 mix raises PSU portion to 50%, aligning pay delivery with revenue outcomes through multi-year PSUs .
- Annual bonus reflects strong corporate execution: 2024 company score at 140% led to Dr. Wang’s payout at 140% of target on a 60% base salary target .
- Modest severance and double-trigger PSU acceleration: Limited cash severance under PRC law and no option/RSU acceleration; PSUs accelerate only if terminated within 18 months post‑CoC .
- Governance protections: Broad clawback, ownership guidelines compliance, and hedging/pledging restrictions reduce shareholder risk .
Related Party Transactions and Red Flags
- No related-party transactions involving Dr. Wang disclosed; Amgen relationship noted generally, not tied to Dr. Wang –.
- No hedging/pledging by Dr. Wang disclosed; policy restricts such activity .
- Say‑on‑pay support robust (88.2% approval in 2024), indicating shareholder acceptance of executive pay programs .
Compensation Peer Group and Shareholder Feedback
- Compensation benchmarked by Pay Governance; philosophy targets at/below 25th percentile for base salaries while emphasizing equity .
- 2024 say‑on‑pay 88.2% approval; no material changes made due to vote outcome .
Investment Implications
- Strong pay-for-performance alignment: Higher PSU mix and revenue-linked PSUs tie a substantial part of Dr. Wang’s compensation to topline outcomes, encouraging long-term value creation .
- Retention risk moderate: Bonus at 140% and significant unvested equity support retention; however, severance under PRC law is limited, and no single-trigger acceleration for options/RSUs may constrain immediate change‑in‑control payouts .
- Skin-in-the-game present but modest: ~0.27% beneficial ownership and compliance with ownership guidelines align interests; no pledging reduces governance risk .
- R&D execution credibility: 13 NMEs advanced in 2024 and BRUKINSA’s growth underpin performance-linked awards and support confidence in pipeline execution .