Bryant Lim
Chief Financial Officer, Chief Legal Officer, and Corporate Secretary at Prelude Therapeutics
Executive
About Bryant Lim
Bryant D. Lim, J.D., is Prelude Therapeutics’ Chief Legal Officer and Corporate Secretary (since Feb 20, 2023), served as Interim CFO (Apr 10, 2024–Feb 3, 2025), and was appointed permanent CFO on Feb 3, 2025 . He is 54 years old (as of Apr 16, 2025), holds a J.D. from Villanova University School of Law and a B.A. from the University of Rochester, and has extensive legal, compliance, governance, and business development experience in biopharma . Company performance context during his tenure: FY2024 revenue was $7.0 million , and EBITDA remained negative at -$137.9 million* (FY2024), -$131.1 million* (FY2023), and -$122.2 million* (FY2022); TSR is not provided in this report due to unavailable market data. Values marked with * are from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Aceragen Inc. | SVP, General Counsel, Chief Business Officer | Sep 2022–Feb 2023 | Led legal, governance, and business development functions |
| Idera Pharmaceuticals | SVP, General Counsel, Chief Business Officer | Sep 2018–Oct 2022 | Instituted and oversaw legal, corporate governance, and BD activities |
| Incyte Corporation | VP, Legal and Global Chief Compliance Officer | May 2014–Sep 2018 | Built global compliance; senior legal leadership in large-cap biotech |
| ViroPharma Incorporated | Legal roles of increasing responsibility | Not disclosed | Contributed to legal and corporate governance in specialty pharma |
| Merck & Co., Inc. | Legal roles | Not disclosed | Supported legal frameworks at large global pharma |
| Morgan, Lewis & Bockius LLP | Attorney | Not disclosed | Early career at leading law firm; federal judicial clerkship |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Life Sciences Pennsylvania | Board of Directors | Since May 2019 | Statewide biotech industry association |
Fixed Compensation
| Metric | 2023 | 2024 | 2025 Policy |
|---|---|---|---|
| Base Salary ($) | $359,282 | $444,167 | $483,000 (policy) |
| Target Bonus (%) | 40% | 40% | 40% |
| Actual Bonus Paid (Non-Equity Incentive) ($) | $159,083 | $166,500 | Not disclosed |
Performance Compensation
| Category | 2023 | 2024 |
|---|---|---|
| Non-Equity Incentive Payout ($) | $159,083 | $166,500 |
| Corporate Performance Metrics Tied to Annual Bonus | Completion of dose escalation for PRT1419; objective responses to PRT2527; IND studies for PRT3645 and PRT3789; compliance with budget and culture; strengthening corporate functions | Completion of dose escalation for PRT2527; IND studies for PRT7732; increased enrollment for PRT3789; confirming ADC lead candidate(s); compliance with budget and culture; strengthening corporate functions |
| Weightings / Targets / Payout Formula | Not disclosed | Not disclosed |
| Vesting (cash bonus) | N/A | N/A |
Equity Ownership & Alignment
| Metric | Mar 31, 2024 | Mar 31, 2025 |
|---|---|---|
| Beneficial Ownership (Voting Common Shares) | 75,316 | 212,816 |
| % of Voting Shares Outstanding | Less than 1% | Less than 1% |
| Options Exercisable within 60 Days (#) | 72,916 | 185,416 |
| Shares Pledged as Collateral | Not disclosed | Not disclosed |
Outstanding Option Awards (as of Dec 31, 2024):
| Grant Date | Exercisable (#) | Unexercisable (#) | Exercise Price ($) | Expiration Date | Vesting Schedule |
|---|---|---|---|---|---|
| 3/1/2023 | 109,375 | 140,625 | 5.93 | 2/28/2033 | 25% at 1-year anniversary, then 1/48 monthly; subject to acceleration on qualifying termination |
| 3/1/2024 | — | 150,000 | 4.59 | 2/28/2034 | Same as above |
| 5/14/2024 | — | 25,000 | 3.86 | 5/13/2034 | Same as above |
Policies:
- Anti-hedging: Executives prohibited from hedging/monetization transactions (e.g., zero-cost collars, forward sales, exchange funds) .
- Clawback: SEC Rule 10D‑1 compliant policy adopted Sept 2023; 3-year recovery period on restatements .
- Ownership guidelines: Not disclosed.
Employment Terms
| Term | Details |
|---|---|
| Employment Status | At-will employment per executive offer letters |
| Current Roles | Chief Legal Officer & Corporate Secretary (since Feb 20, 2023); Interim CFO (Apr 10, 2024–Feb 3, 2025); CFO (since Feb 3, 2025) |
| Base Salary & Target Bonus | 2025: $483,000 base; 40% target bonus . 2024 plan terms: $415,000 base; 40% target bonus |
| Non-Compete & Non-Solicit | Severance conditioned on compliance with proprietary information and restrictive covenant agreement (non-compete/non-solicit) |
| Clawback & Insider Trading | Clawback per SEC 10D‑1; anti-hedging policy |
Severance and Change-in-Control Economics (Named Executive Officer terms):
| Item | Ordinary Termination (No Cause) | Change-in-Control (Double Trigger) |
|---|---|---|
| Salary Continuation | 9 months | 12 months |
| COBRA/Benefits | Company-paid/reimbursed during salary period | Company-paid/reimbursed during salary period |
| Bonus Treatment | Not specified | 100% of annual target bonus multiple |
| Equity Awards | Partial acceleration for specified awards (CEO/CMO; Lim’s details not separately specified) | Full acceleration and exercisability of equity awards |
| 280G/4999 Tax Treatment | Best-net or cutback to avoid excise tax, whichever yields greater after-tax benefit |
Company Performance Context (for Pay-for-Performance)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | — | — | 7,000,000 |
| EBITDA ($) | -122,216,000* | -131,108,000* | -137,942,000* |
| Values marked with * are from S&P Global. |
Investment Implications
- Alignment: Lim’s direct/option-based beneficial ownership is less than 1% of outstanding voting shares, indicating limited “skin-in-the-game” relative to float; however, ongoing option grants (2023–2024) and senior roles align his incentives with enterprise value creation .
- Retention/Change-in-Control: Double-trigger CIC protections (12 months salary, 100% target bonus, full equity acceleration) and ordinary severance (9 months) reduce flight risk in strategic scenarios while potentially increasing cost of leadership transition; tax cutback/best-net provisions avoid gross-ups .
- Compensation Mix Trends: 2024 option grant value declined ($581,895) versus 2023 ($1,086,904), while cash elements rose modestly, suggesting a shift to more balanced cash/equity mix amid interim-to-permanent CFO transition .
- Trading Signals: Option grants from 2024 begin vesting at one-year anniversaries per standard 25%/monthly schedules, which can coincide with periodic Form 4 activity; anti-hedging policy mitigates alignment concerns. Form 4 transaction data could not be retrieved in this session; monitor insider filings around vest dates .
- Performance Metrics Linkage: Annual bonuses tied to discrete R&D milestones (dose escalation, INDs, enrollment, ADC candidate selection) and operational discipline; weightings/targets were not disclosed, but payouts were modest ($159k in 2023; $166k in 2024), indicating measured variable pay tied to execution .
Overall: Compensation terms and CIC protections suggest stable retention in a clinically driven biotech. Equity award cadence provides alignment, albeit with a small ownership base. Focus areas for investors are milestone execution (which drives cash bonuses), option vesting calendars for potential insider activity, and any updates to ownership guidelines or pledging policies.