Phil Tennant
PRECIGENAbout Phil Tennant
Phil Tennant, age 55, is Chief Commercial Officer at Precigen (PGEN) and has served in the role since July 2024. He brings 30+ years of biopharma commercial leadership, formerly SVP Global Oncology and then SVP US Oncology at Astellas Pharma (2019–2024), and previously led launch-market immuno-oncology commercialization at Bristol Myers Squibb across Australia and Europe; he holds a first-class BA in Politics from the University of Warwick (UK) . Under his tenure, Precigen secured FDA approval for PAPZIMEOS in August 2025 and initiated US launch, engaging >90% of target institutions; >100 patients registered to date, supported by payer coverage and a $125M credit facility to fund commercialization . Corporate 2024 bonuses were tied primarily to PRGN‑2012 BLA submission and commercial readiness, with the committee assessing operational and clinical/financial goals at 100% of target .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Astellas Pharma | SVP Global Oncology; SVP US Oncology | 2019–2024 | Led global and US oncology portfolios; scaled commercial operations and multiple launches |
| Bristol Myers Squibb | Commercial leadership in new launch markets (Australia/Europe) | Not disclosed | Built commercialization for first wave immuno‑oncology agents across regions |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Illinois Biotechnology Innovation Organization | Board member | Not disclosed | Industry advocacy; network development |
| MATTER (global healthcare startup incubator) | Board member | Current | Innovation ecosystem engagement |
Fixed Compensation
| Component | 2024 Detail | Notes |
|---|---|---|
| Base Salary | $510,000 | Annualized for 2024 |
| Target Bonus % | 40% of base | STI program with 70% operational (PRGN‑2012/commercial), 10% clinical/financial, 20% individual |
| Actual 2024 Bonus | $92,353 paid 100% in RSUs; 66,441 RSUs granted; aggregate achievement 102%; target bonus (prorated) $90,542; RSUs scheduled to vest May 2025 | Committee emphasized equity vs cash for preservation and ownership |
| Perquisites/Other | Company‑paid welfare/life premiums $15,185; 401(k) contribution $6,473; total $21,658 | No deferred comp; same benefit plans as employees |
Performance Compensation
Long‑Term Equity and Awards
| Award Type | Grant Date | Size | Strike/Value | Vesting | Status/Notes |
|---|---|---|---|---|---|
| Stock Options | 7/22/2024 | 200,000 | $1.61 exercise; exp. 7/22/2034 | 25% at 1‑yr, then 36 equal monthly installments | Unexercisable 200,000 at FY‑end 2024 |
| PSUs (Milestone‑based) | 8/28/2024 | 50,000 | Grant date fair value $28,250 (at $1.13) | 50% on BLA submission; 50% on FDA approval; performance period to 12/31/2026 | First milestone achieved Jan 2025; 50% settled in shares; remaining 50% outstanding subject to approval milestone |
| 2024 STI RSUs (bonus in equity) | 4/2025 committee determinations | 66,441 RSUs | $92,353 value | Vest in May 2025 | Paid in lieu of cash bonus to enhance ownership |
Annual Short‑Term Incentive (2024) – Metrics and Payout
| Metric | Weighting (%) | Target Achievement | Individual Adjustment | Payout Form | Vesting |
|---|---|---|---|---|---|
| PRGN‑2012 advancement & commercial capabilities | 70% | Approved at 100% of target | +2% for Tennant’s leadership in building commercial operations | RSUs (66,441) | May 2025 |
| Clinical/financial goals | 10% | Approved at 100% of target | Included in aggregate 102% | RSUs | May 2025 |
| Individual performance (non‑CEO) | 20% | Met/exceeded; Tennant +2% | +2% above target | RSUs | May 2025 |
Equity Ownership & Alignment
Beneficial Ownership (as of March 31, 2025)
| Holder | Shares Owned | Right to Acquire (≤60 days) | Total Beneficial | % Outstanding |
|---|---|---|---|---|
| Phil Tennant | 15,559 | — | 15,559 | <1% (*) |
Outstanding Awards (as of Dec 31, 2024)
| Award | Exercisable | Unexercisable | Exercise Price | Expiration | Unvested PSUs (#) | Market Value of Unearned PSUs ($) |
|---|---|---|---|---|---|---|
| Options (7/22/2024) | — | 200,000 | $1.61 | 7/22/2034 | — | — |
| PSUs (8/28/2024) | — | — | — | — | 50,000 | $56,000 (at $1.12) |
• Company states it does not have formal executive stock ownership guidelines; equity grants are used to align interests and promote long‑term performance .
• No pledging or hedging disclosures specific to Tennant; not disclosed in available filings (skip).
Employment Terms
| Item | Tennant Terms | Notes |
|---|---|---|
| Start Date | July 22, 2024 | Appointed CCO in July 2024 |
| Agreement Type | Employment agreement entered upon appointment; terms consistent with CFO/COO agreements signed Feb 2024 | |
| Severance (without Cause / Good Reason) | 12 months base pay ($510,000) + COBRA premiums up to 12 months | Subject to signed release |
| Change‑in‑Control (CIC) – Equity | Awards generally accelerate only if not continued/assumed/substituted; otherwise acceleration can occur upon involuntary termination post‑CIC (committee discretion) | Effectively double‑trigger structure for most cases |
| PSU Treatment on Termination | Pro‑rata vest eligible on BLA milestone/CIC for term without Cause/with Good Reason; full eligibility on death/disability; for other terminations, unvested forfeited | |
| Potential Payments (illustrative as of 12/31/2024) | Termination w/o Cause/Good Reason: Severance $510,000; PTO $6,743; Benefits $41,656; total $558,399 . CIC Termination: Accelerated equity $56,000; Severance $510,000; PTO $6,743; Benefits $41,656; total $614,399 | Accelerated equity reflects RSU/PSU value assumptions disclosed (at $1.12) |
Vesting Schedule and Potential Insider Selling Pressure
| Instrument | Key Dates | Amount | Details |
|---|---|---|---|
| Options (7/22/2024) | 7/22/2025 | 25% of 200,000 (50,000) | First tranche vests at 1‑year; remaining monthly through 7/2028 |
| PSUs (8/28/2024) | 1/2025 | ~25,000 | 50% settled upon certification of BLA submission milestone |
| PSUs (8/28/2024) | 8/18/2025 (FDA approval event) | Up to ~25,000, subject to committee certification | FDA approval occurred; PSU vesting upon approval requires certification per award terms |
| 2024 STI RSUs | 5/2025 | 66,441 | Bonus paid in RSUs to vest May 2025 |
• Multiple vesting events in 2025 (Jan, May, potential post‑approval certification) indicate possible incremental supply from equity settlement windows, though actual selling is not disclosed (skip explicit sales).
Compensation Committee and Governance Context
• Compensation Committee utilizes an independent consultant; program emphasizes at‑risk pay via equity and performance‑based awards tied to critical milestones (PRGN‑2012 BLA filing/approval) and commercialization .
• 2024 say‑on‑pay received 96.3% approval; no significant policy changes made in response .
Investment Implications
- Alignment and execution: Tennant’s pay mix emphasizes at‑risk equity (options, PSUs, RSU bonus), directly linked to regulatory and launch milestones for PRGN‑2012/PAPZIMEOS, supporting retention through critical commercialization phases .
- Retention risk: Contractual severance (12 months base + benefits) and milestone‑based PSUs reduce near‑term attrition risk; CIC provisions are effectively double‑trigger in most cases, limiting windfalls absent termination or non‑assumption of awards .
- Ownership and selling pressure: Beneficial ownership is modest (15,559 shares), but 2025 vesting of bonus RSUs and milestone PSUs increases near‑term equity settlements; monitor Form 4 filings around May 2025 and post‑approval certification windows for potential liquidity events .
- Performance linkage: 2024 STI tied 70% to PRGN‑2012 advancement/commercial readiness and 10% to clinical/financial goals, all assessed at 100% of target, with modest individual uplift (+2%) for Tennant; ongoing success in launch (institutional engagement, patient registrations, payer coverage) underpins pay‑for‑performance narrative .