Éric Lefebvre
About Éric Lefebvre
Éric Lefebvre, M.D., is Chief Medical Officer of Pliant Therapeutics (PLRX) since May 2018; he is 61 and holds a B.S. in Health Sciences (Cégep Édouard‑Montpetit) and an M.D. (Université de Montréal) . Company 2024 highlights under his clinical leadership include positive Phase 2a data for bexotegrast in PSC and IPF, and the BEACON‑IPF pivotal adaptive Phase 2b/3 design initiation, alongside portfolio and financing actions—key operational drivers for NEO annual incentives . For context on performance conditions, PLRX’s TSR (value of $100 initial investment) was $57.97 in 2024, $79.71 in 2023, and $85.08 in 2022, contributing to 2022‑granted PSU outcomes tied to relative TSR vs NBI .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Allergan plc | Vice President | 2016–2018 | Senior clinical/medical leadership at a global pharma |
| Tobira Therapeutics, Inc. | Chief Medical Officer | 2012–2016 | CMO at clinical-stage biotech (later acquired) |
| Janssen Pharmaceuticals | Global clinical development/medical affairs | ~10 years | Led global clinical development and medical affairs |
| GlaxoSmithKline Canada | Early pharma career | Not disclosed | Entry into pharmaceutical industry |
| Clinique Médicale L’Actuel (Montreal) | Primary care physician | 15 years | Direct patient care experience |
External Roles
| Organization | Role | Years | Note |
|---|---|---|---|
| CymaBay Therapeutics | Director | Mar 2022–Mar 2024 | Tenure ended upon acquisition by Gilead Sciences in Mar 2024 |
Fixed Compensation
| Component | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 500,300 | 520,312 |
| Target Bonus (%) | 40% | 40% |
| Target Bonus ($) | 200,120 (40% of 2023 base; not disclosed in table) | 208,125 |
| Actual Bonus Paid ($) | 220,131 | 228,937 |
Notes:
- 2024 bonus pool funded at 100% based on program/research/finance-operational goals; individual modifiers ranged 100–110%, and Lefebvre’s payout equaled 110% of target .
Performance Compensation
Annual Cash Incentive – 2024 Structure and Outcomes
| Metric Category | Weighting | Corporate Result | Individual Target ($) | Actual Payout ($) | Vesting/Timing |
|---|---|---|---|---|---|
| Program goals (bexotegrast; PLN‑101095) | 55% | Achieved (55%) | 208,125 | 228,937 | Annual cash (2024) |
| Research goals (early stage POCs) | 15% | Achieved (15%) | — | — | — |
| Finance & operational (budget variance, 3‑yr plan, talent) | 30% | Achieved (30%) | — | — | — |
| Stretch goals | +20% pool potential | Not achieved | — | — | — |
Equity Awards – 2024 Grants
| Grant Date | Type | Shares | Exercise/Strike | Vesting | Grant Date Fair Value ($) |
|---|---|---|---|---|---|
| 1/23/2024 | Stock Options | 85,800 | $17.44 | 1/48 monthly from 1/1/2024, service-based | 1,105,104 |
| 1/23/2024 | RSUs | 42,900 | N/A | 3 equal annual tranches from 1/16/2024, service-based | 748,176 |
Incentive Program PSUs (Approved July 2022; vested through Q2 2024)
| PSU Component | Performance Measure | Outcome | Payout Mechanics |
|---|---|---|---|
| Operational goals (IPF clinical milestones) | Company operational milestones | Achieved in 2023 | 50% of PSU award vested upon ops goal achievement |
| Relative TSR vs Nasdaq Biotech Index (NBI) | Percentile ranking | Company TSR −41.09% → 27.5th percentile; 55% of remaining 50% vested | Straight-line vesting; absolute negative TSR capped at ≤ target at Committee discretion |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership (3/31/2025) | 540,347 shares; consists of 146,974 shares held directly and 393,373 options exercisable within 60 days; <1% of shares outstanding (61,386,278) |
| Outstanding unvested RSUs at 12/31/2024 | 38,000 (grant 1/16/2023; MV $500,460) and 42,900 (grant 1/16/2024; MV $564,993) |
| Outstanding options (selected grants at 12/31/2024) | Exercisable/Unexercisable by grant: 1/24/2019: 62,937/— @ $2.08; 3/31/2020: 57,646/— @ $6.22; 1/1/2021: 71,723/1,527 @ $26.50; 1/1/2022: 102,083/37,917 @ $11.86; 1/1/2023: 38,333/41,667 @ $34.65; 1/1/2024: 19,662/66,138 @ $17.44 |
| 2024 equity realized | Shares acquired on vesting: 43,063; value realized $600,246; option exercises: none |
| Hedging/pledging | Company policy prohibits hedging and pledging; short sales and derivatives also prohibited |
| Ownership guidelines | Not disclosed in proxy; company emphasizes variable, at‑risk equity for alignment |
Employment Terms
| Provision | Key Terms |
|---|---|
| Severance Plan (non‑COC) | Upon involuntary termination without cause or resignation for good reason outside COC period: 9 months base salary for NEOs; pro‑rated target bonus; 9 months employer health contribution; paid in installments; release and covenants required |
| Severance Plan (within COC period; double trigger) | Lump sum 100% base salary + 100% target bonus; 12 months employer health contribution; full acceleration of time‑based equity; performance‑based equity deemed at target; release and covenants required |
| Excise tax cutback | Payments reduced if reduction yields higher net after‑tax benefit vs 4999 excise tax |
| Clawback | Amended 2023 to conform with SEC Rule 10D‑1/Nasdaq; recovery upon certain restatements; applies to Section 16 officers |
2024 Potential Payments (Illustrative at 12/31/2024)
| Scenario | Salary+Bonus ($) | Health Care ($) | Equity Acceleration ($) | Total ($) |
|---|---|---|---|---|
| COC Qualifying Termination | 728,437 | 32,872 | 1,115,124 | 1,876,433 |
| Non‑COC Qualifying Termination | 598,359 | 24,654 | — | 623,013 |
Performance & Track Record
- 2024 clinical achievements: positive bexotegrast data in PSC (12‑ and 24‑week) and IPF collagen PET, and BEACON‑IPF pivotal adaptive Phase 2b/3 initiation; portfolio advancement with PLN‑101325 Phase 1 clearance in Australia .
- Shareholder feedback and program refinements: following a 45.3% say‑on‑pay result in 2024, Compensation Committee enhanced disclosure and implemented an equity grant timing policy to address grant sizing and timing concerns .
Compensation Peer Group & Governance Signals
- 2024 peer group (selection of 22 pre‑commercial biopharma peers): includes 4D Molecular Therapeutics, Akero, Arcturus, IDEAYA, Keros, Kymera, Morphic, Protagonist, RAPT, Replimune, Rocket, Scholar Rock, Tarsus, Viridian, among others; market cap $350mm–$3.5bn; ≤250 employees .
- Key policies: double‑trigger equity vesting on COC; no COC tax gross‑ups; clawback; prohibition on hedging/pledging; independent consultant; annual risk and peer group reviews .
Risk Indicators & Related Party
- Section 16 compliance: all required insider reports filed timely for FY2024 .
- Related party transactions: none exceeding $120,000 with executive officer interests during 2024 beyond normal compensation arrangements; board‑approved indemnification agreements in place .
- 2025 corporate update: workforce reduction announced May 1, 2025 (approx. 45% of employees) with ~$3.6mm severance and benefits charge; no disclosure of changes to Dr. Lefebvre’s employment in that filing .
Director/Committee Roles
- Not a director; executive officer (CMO). Compensation Committee responsibilities include approving executive compensation, overseeing incentive structures, and administering clawback policy .
Fixed Compensation (Multi‑Year Summary)
| Year | Salary ($) | Stock Awards ($) | Option Awards ($) | Non‑Equity Incentive ($) | All Other ($) | Total ($) |
|---|---|---|---|---|---|---|
| 2024 | 520,312 | 748,176 | 1,105,104 | 228,937 | 13,089 | 2,615,618 |
| 2023 | 500,300 | 1,975,050 | 1,977,600 | 220,131 | 13,980 | 4,687,061 |
| 2022 | 481,100 | 2,044,000 | 1,095,850 | 269,416 | 12,971 | 3,903,337 |
Equity Ownership & Outstanding Awards (Detail for 12/31/2024)
| Grant/Vesting Commencement | Options Exercisable (#) | Options Unexercisable (#) | Exercise Price ($) | Expiration | Unvested RSUs (#) | Market Value ($) |
|---|---|---|---|---|---|---|
| 1/24/2019 | 62,937 | — | 2.08 | 1/24/2029 | — | — |
| 3/31/2020 | 57,646 | — | 6.22 | 3/31/2030 | — | — |
| 1/1/2021 | 71,723 | 1,527 | 26.50 | 1/23/2031 | — | — |
| 1/1/2022 | 102,083 | 37,917 | 11.86 | 1/26/2032 | — | — |
| 1/1/2023 | 38,333 | 41,667 | 34.65 | 1/25/2033 | 38,000 | 500,460 |
| 1/1/2024 | 19,662 | 66,138 | 17.44 | 1/23/2034 | 42,900 | 564,993 |
Employment Terms (Triggers and Economics)
- Double‑trigger equity acceleration on COC; performance‑based awards deemed at target .
- Non‑COC severance: 9 months base, pro‑rated target bonus, 9 months employer health contribution .
- Illustrative 12/31/2024 payouts shown above; excise tax cutback applies .
Investment Implications
- Alignment: High proportion of variable, at‑risk pay (options and RSUs) tied to share price and milestone execution; 2024 cash incentives linked to clinical/regulatory and operational goals, with Eric paid at 110% of target—signaling solid individual execution .
- Retention: Multi‑year vesting (48‑month options; 3‑year RSUs) and meaningful COC protection ($1.88mm illustrative total) support retention; prohibition on hedging/pledging reduces misalignment risk .
- Selling pressure: 2024 shows no option exercises and 43,063 shares vested ($600k value), suggesting limited immediate selling pressure from options; RSU vesting continues on annual cadence .
- Governance signals: Post‑2024 say‑on‑pay feedback (45.3% support) prompted equity grant timing policy and enhanced disclosure; continued use of independent consultant and clawback policy are positives for pay discipline .