Douglas Hunt
About Douglas Hunt
Douglas Hunt is Chief Regulatory Affairs, Medical Affairs, and Pharmacovigilance Officer at Puma Biotechnology (PBYI), age 60, serving in this expanded role since April 2024 after joining Puma in January 2018; he holds a B.Sc (Hons) from Portsmouth University and previously led global regulatory functions across oncology franchises at Amgen and Baxter and served as VP Regulatory Affairs & QA at ArmaGen . Company performance during his tenure shows 2024 total revenue of $230.468 million vs. $235.637 million in 2023 and $228.031 million in 2022, with net income improving to $30.278 million in 2024 from $21.591 million in 2023 and near breakeven in 2022 . Pay-versus-performance disclosures indicate PBYI’s cumulative TSR (initial $100 basis) at $35 in 2024, versus $49 in 2023 and $48 in 2022, while net income rose materially in 2023–2024 . His remit expanded over time to include Pharmacovigilance (since 2023), Medical Affairs (since 2022), and oversight of Law (2020–2025), reflecting broad execution responsibility across compliance-critical domains .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| ArmaGen, Inc. | VP Regulatory Affairs & Quality Assurance | 2015–2017 | Led regulatory/QA for biologics with CNS delivery focus; prepared programs for global filings . |
| Baxter International (Bioscience) | VP Global Regulatory Affairs | 2008–2015 | Directed global regulatory affairs across multiple franchises including oncology . |
| Amgen | Executive Director, Therapeutic Area Head (Oncology; Bone/Oncology), Global Regulatory Affairs & Safety | 2000–2008 | Led therapeutic area regulatory strategy and safety functions in oncology/bone . |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 398,164 | 428,026 | 461,892 |
| Target Bonus % of Salary | 40% (as in prior years) | 40% (as in prior years) | 40% |
| Discretionary Bonus ($) | 91,578 | 89,885 | 106,235 |
| Corporate Incentive ($) | 126,138 | 61,208 | 147,528 |
| All Other Compensation ($) | 16,767 | 18,886 | 19,875 |
| Total Compensation ($) | 738,381 | 1,021,553 | 1,217,501 |
Additional note: His 2025 base salary was increased ~9% to $489,060 given added clinical management responsibilities .
Performance Compensation
Annual Incentive Plan – 2024 Corporate Metrics and Outcomes
| Metric | Weight | Threshold | Target | Maximum | Actual | Weighted Payout |
|---|---|---|---|---|---|---|
| Total Revenue | 40% | $209.4m | $222.5m | $235.6m | $230.5m | 64.5% |
| Cash Management (year-end cash + Mkt Sec adjusted) | 30% | $(13.1)m | $(6.6)m | $0 | $5m | 60.0% |
| Alisertib study 4201 enrollments | 15% | ≤20 | ≥40 | ≥40 by 10/31/2024 | 27 | 5.3% |
| Alisertib study 1201 enrollments | 15% | 0 | ≥1 by 12/31/2024 | ≥5 by 12/31/2024 | 5 | 30.0% |
2024 corporate metrics yielded 159.7% attainment; with individual performance assessed at 115% for Hunt, his total payout was 137.35% of target, equating to $253,763 cash .
Equity Awards – Grants and Vesting
| Grant Date | RSUs (#) | Options (#) | Exercise Price ($) | RSUs Fair Value ($) | Options Fair Value ($) | Vesting Schedule |
|---|---|---|---|---|---|---|
| 2/12/2024 | 37,894 | 52,452 | 6.36 | 241,006 | 240,965 | 25% on 7/1/2024, 1/1/2025, 7/1/2025, 1/1/2026 |
| 2/10/2023 | 12,034 | 50,148 (exercisable), 16,716 (unexercisable) | 4.39 | 36,704 market value at 12/31/2024 | n/a (see outstanding table) | 25% on 7/1/2023, 1/1/2024, 7/1/2024, 1/1/2025 |
Award design: options and RSUs each represented ~50% of aggregate equity value in 2024, with two-year vesting in semiannual tranches; numbers reflect ASC 718 fair values and use a 30-day average stock price conversion practice .
Equity Ownership & Alignment
| Category | Shares / Status |
|---|---|
| Total beneficial ownership | 419,125 shares (<1% of outstanding) |
| Direct shares held | 105,647 |
| Options exercisable within 60 days | 313,478 |
| RSUs unvested (12/31/2024) | 12,034 ($36,704), 28,421 ($86,684) |
| Ownership guidelines | Executives: 1× base salary; all NEOs met requirements as of 12/31/2024 |
| Hedging/pledging | Prohibited under Insider Trading Compliance Policy |
Outstanding option holdings (selected grants): 90,000 @ $90.85 (exp. 1/16/2028); 15,400 @ $27.76 (exp. 2/6/2029); 54,842 @ $12.34 (exp. 2/11/2030); 27,793 @ $12.02 (exp. 2/17/2031); 32,353 @ $2.33 (exp. 3/3/2032); 50,148/16,716 vesting 2013 grant @ $4.39 (exp. 2/10/2033); 13,113/39,339 vesting 2024 grant @ $6.36 (exp. 2/12/2034) .
Insider transactions (recent): On July 8–9, 2025, Hunt sold 4,374 shares at $3.533 and 3,443 shares at $3.54 (aggregate ~$27,624), leaving 164,894 direct shares; Form 4 filings indicate “See Remarks” officer status and attorney-in-fact signature .
Employment Terms
- Employment letter: Hunt is an at-will employee with initial base salary and target bonus terms, discretionary annual performance bonus eligibility, and proprietary information/inventions and non-solicitation agreements; no special milestone equity (distinct sales-based equity applies to Mr. Ludwig only) .
- Severance/change-in-control: The 12/31/2024 severance/CIC table excludes Hunt because other NEOs without contractual severance would not be entitled to payments upon termination or CIC at that date; Nougues/Ludwig have defined severance and CIC acceleration, while Auerbach has enhanced CIC terms with potential gross-up contingent analysis .
- Equity plan CIC treatment: If awards are not assumed/substituted in a change-in-control, outstanding equity awards vest/exercise immediately prior to the event (plan-level protection) .
- Clawback policy: Company maintains an incentive compensation recovery policy compliant with SEC/NASDAQ, recovering erroneously paid cash/equity from Section 16 officers in event of restatements (effective for awards on/after Oct 2, 2023) .
- Insider trading, hedging/pledging: Comprehensive policy with blackout periods, pre-clearance, Rule 10b5-1 accommodation; prohibits hedging, pledging, margin accounts and short sales .
Compensation Structure Analysis
- Cash vs equity mix: Hunt’s equity grant values rose from 2023 to 2024 (RSUs $211,317 → $241,006; options $212,231 → $240,965), while cash compensation increased modestly, consistent with pay-for-performance and market benchmarking .
- At-risk pay emphasis: Annual incentive tied 50% to corporate metrics (revenue, cash management, clinical enrollments) and 50% to individual performance for NEOs; corporate results reached 159.7% of target and Hunt’s blended payout was 137.35% of target .
- Metric calibration: 2024 revenue targets reflected demand headwinds, cash management goals reflected new debt principal payments; payouts use linear interpolation from threshold to maximum, capping at 200% .
- Governance controls: No single-trigger CIC cash/equity acceleration, option repricing prohibited without shareholder approval, clawback in place, hedging/pledging prohibited .
Say-on-Pay & Peer Benchmarking
- Say-on-pay: ~96% approval at 2024 annual meeting; Board determined no program changes based on the vote .
- Compensation peer group: 2025 peer group of 18 biotech peers selected with revenues $0–$297m and market caps $27–$399m (Puma revenues $244m, market cap $146m percentile positions specified); peer set revised from 2024 to reflect closer comparables .
- Consultant: Compensia engaged; Committee determined consultant independence and absence of conflicts .
Investment Implications
- Incentive alignment: Strong linkage to financial (revenue/cash) and clinical execution (alisertib enrollments) drove above-target payouts; equity grants vest semiannually over two years, supporting near-term retention and execution incentives .
- Insider activity: Recent modest open-market sales under Form 4 suggest limited selling pressure relative to beneficial holdings; hedging/pledging bans curb misalignment risks .
- Retention risk: 2025 base salary step-up (~9%) reflects added clinical responsibilities; absence of individual severance/CIC cash terms for Hunt increases reliance on role-based incentives and equity vesting for retention .
- Execution focus: Hunt’s portfolio spans regulatory, medical affairs, and pharmacovigilance—critical to NERLYNX lifecycle and alisertib development—while company financials improved (net income growth) amid slight revenue decline, underscoring importance of disciplined cash management and trial progress .