Paul Streck
About Paul Streck
Paul D. Streck, M.D., M.B.A., age 62, has served as PepGen’s Executive Vice President, Head of Research & Development since August 19, 2024, bringing 20+ years of drug development leadership across Albireo, Arena (Pfizer), Alder (Lundbeck), Insmed, GSK, and Shire; his credentials include an M.D. (Jefferson), M.B.A. (Duke), D.M.D. (Temple), and B.A. in chemistry (Rutgers) . PepGen remains pre‑revenue and is operating with negative EBITDA; FY 2024 EBITDA was −$96.2M vs −$83.6M in FY 2023 (−15% YoY), consistent with clinical-stage investment in pipeline advancement *. He joined amid expanding Phase 2 programs in DMD (PGN‑EDO51) and Phase 1/2 in DM1 (PGN‑EDODM1), where PepGen reported favorable emerging safety and early activity signals .
Disclaimer: Values retrieved from S&P Global*.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Albireo Pharma (acquired by Ipsen Mar 2023) | Chief Medical Officer | 2022–2023 | Led rare disease programs through acquisition integration |
| Arena Pharmaceuticals (acquired by Pfizer Mar 2022) | Chief Medical Officer; post‑acquisition at Pfizer | 2020–2022 | Advanced immuno‑inflammatory portfolio to global launch readiness |
| Alder Biopharmaceuticals (acquired by Lundbeck Oct 2020) | Chief Medical Officer | 2019–2020 | Guided late‑stage neurology assets toward approval pathways |
| Insmed | Chief Medical Officer | 2017–2019 | Transitioned programs from clinical to commercial stage |
| GSK | VP, Global Medical Specialty Franchise, Immuno‑inflammation | 2015–2017 | Oversaw global medical strategy in immuno‑inflammation |
| Shire | Various roles of increasing responsibility | 2007–2015 | Built development/medical capabilities across franchises |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| — | — | — | No public company board roles disclosed for Dr. Streck |
Fixed Compensation
| Component | Value | Notes |
|---|---|---|
| Annual Base Salary (as of 12/31/2024) | $525,000 | Reviewed annually; aligns to market via Pay Governance input |
| 2024 Salary Earned (pro‑rated from Aug 19 start) | $194,886 | Reflects partial year |
| Sign‑on Bonus (paid 2024) | $60,000 | One‑time onboarding incentive |
| 401(k) Company Contribution (2024) | $5,847 | Non‑elective 3% plan contribution |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Annual Cash Bonus (Corporate goals composite) | 100% | 40% of base salary (pro‑rated) | Corporate goals achieved at 82.5% | $72,000 (pro‑rated) | Cash (paid Q1 2025) |
| Stock Options (New‑hire grant) | — | 242,816 options | N/A (time‑based) | Grant‑date fair value $1,739,534 | 25% on 8/19/2025; remainder monthly over next 36 months (4‑year schedule) |
| Option Terms | — | Exercise price $9.83 | Expiration 8/19/2034 | — | Granted under 2022 Plan and 2024 Inducement Plan |
| Clawback Policy | — | Restatement‑based recovery of incentive comp (3‑year lookback) | Applies to current/former executive officers | — | Adopted Oct 2, 2023 |
Notes:
- Specific bonus performance metrics (e.g., revenue, EBITDA, TSR, ESG) were not itemized; company discloses a composite corporate goal framework and achieved 82.5% for 2024 .
- Company does not conduct say‑on‑pay votes as an emerging growth company .
Equity Ownership & Alignment
| Item | Amount | Detail |
|---|---|---|
| Total Beneficial Ownership (as of 3/31/2025) | 0 shares; <1% | No direct/indirect common shares reported |
| Options – Exercisable | 0 | As of 12/31/2024; 25% cliff vests 8/19/2025 |
| Options – Unexercisable | 242,816 | Exercise $9.83; expiry 8/19/2034 |
| Pledging/Hedging | Prohibited | No pledges, margin, shorts, or derivatives allowed |
| Trading Controls | Mandatory pre‑clearance; 10b5‑1 plans permitted (separate policy) | Windows/blackouts and pre‑approval for insiders |
Employment Terms
| Provision | Base Case Termination (No Cause/Good Reason) | Change‑of‑Control (12‑month window) |
|---|---|---|
| Cash Severance | 9 months base salary | 12 months base salary (lump sum) |
| COBRA/Health | Up to 12 months premiums | Up to 18 months premiums |
| Bonus | Pro‑rated target for year of termination | Target bonus for year of termination (lump sum) |
| Equity | — | Accelerated vesting of all time‑based unvested equity |
| 280G Cutback | Best‑net cutback if excise tax applies |
Additional Terms:
- Appointment effective August 19, 2024; role: EVP, Head of R&D .
- Insider trading policy bars hedging/pledging; strict pre‑clearance and blackout periods; Rule 10b5‑1 trading plans allowed per separate policy .
Company Performance Context (for pay–for–performance)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenues ($USD) | n/a* | n/a* |
| EBITDA ($USD) | −$83.6M* | −$96.2M* |
Disclaimer: Values retrieved from S&P Global*. PepGen’s 10‑K emphasizes clinical-stage, pre‑revenue status and ongoing losses .
Additional Governance & Compensation Infrastructure
- Compensation Committee: Independent directors (Chair: Howard Mayer); retained Pay Governance ($212,670 in 2024) for market benchmarking and salary adjustments .
- Equity Plans: 2022 Stock Option and Incentive Plan; 2024 Inducement Plan (1,000,000 shares capacity); sale‑event acceleration mechanics per plan .
- Grant Timing Disclosure: Company discloses proximity of option grants to filings; Dr. Streck’s grant on 8/19/2024 occurred within four business days of a Form 8‑K announcement (Item 8.01); observed minimal stock price change across disclosure window .
- Insider Trading & Controls: Comprehensive policy prohibits shorting, derivatives, pledging/margin; mandates pre‑clearance and allows 10b5‑1 plans .
Investment Implications
- Alignment: Time‑based options create long‑term retention incentives; the first vesting tranche (25%) on 8/19/2025 aligns with continued execution across DMD/DM1 milestones; absence of common share ownership to date suggests alignment primarily via unvested options .
- Retention & Change‑of‑Control Economics: 9‑month cash severance rising to 12 months plus target bonus and full acceleration for time‑based equity under double‑trigger CoC is moderate and market‑standard; not overly generous but sufficient to retain talent through strategic outcomes .
- Trading/Selling Pressure: Pledging/hedging bans and mandatory pre‑clearance mitigate near‑term selling pressure; any 10b5‑1 plan could schedule liquidity around vesting, but controls and blackout windows lower risk of opportunistic trades .
- Execution Track Record: Management cites five IND approvals, six global regulatory launches, and nine commercial launches in prior roles, supporting operational capability in advancing PepGen’s programs; continued negative EBITDA reflects clinical investment stage rather than underperformance * *.
Disclaimer: Values retrieved from S&P Global*.