Lee Golden
PTC THERAPEUTICSAbout Lee Golden
Lee Golden, M.D., is Executive Vice President and Chief Medical Officer at PTC Therapeutics; age 57, with an M.D. from NYU School of Medicine and a B.S. from the University of Michigan . He joined PTC on May 4, 2020, becoming SVP, Head of Global Clinical Development (May 2020–Jan 2022), then Chief Medical Officer (Jan 2022–Apr 2023), and EVP & CMO since April 2023 (current tenure ~2 years) . Company performance context: 2024 revenue was $806.8 million and net loss was $363.3 million; cumulative total shareholder return (fixed $100 basis) measured 93.98 for 2024; the corporate bonus rating was 145% reflecting above-target execution .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Gemphire Therapeutics, Inc. | Chief Medical Officer | Oct 2016 – Sep 2018 | CMO of a publicly traded clinical-stage biopharma; led clinical development . |
| Espero Pharmaceuticals, Inc. | Chief Medical Officer | Oct 2018 – May 2020 | CMO of a privately held, development-stage cardiovascular pharma company . |
| PTC Therapeutics | SVP, Head of Global Clinical Development | May 2020 – Jan 2022 | Led global clinical development; progressed multiple pipeline programs . |
| PTC Therapeutics | Chief Medical Officer | Jan 2022 – Apr 2023 | Directed clinical operations and pharmacovigilance across portfolio . |
| PTC Therapeutics | EVP & Chief Medical Officer | Apr 2023 – Present | Executive leadership of clinical strategy; FDA approval achievements . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Coagulation Sciences LLC | Director | Dec 2021 – Present | Privately held blood transfusion medical device company . |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $507,917 | $548,333 |
| All Other Compensation ($) | $19,868 (401(k) match, life insurance, etc.) | $23,538 (401(k) match, life insurance, etc.) |
| Notes | Base salary rate set near peer median for 2024 . | 2024 base salary rate: $553,000 . |
Performance Compensation
Annual Cash Incentive (2024)
| Metric | Target | Corporate Rating | Individual Modifier | Payout Formula | Actual Bonus ($) |
|---|---|---|---|---|---|
| Annual Cash Incentive | 50% of salary | 145% | 1.05 | Base × Target × Corporate × Individual | $421,000 |
Key performance drivers (Company-level):
- Financial: 2024 total revenue ~$806.8M (above $600–680M KPI target) . GAAP R&D+SG&A managed within KPI ranges (GAAP ~$835.4M; non-GAAP ~$760.8M) . BD: $1.0B upfront from Novartis for PTC518; PRV sold for $150M .
- R&D/Regulatory: FDA approval for Kebilidi; NDAs submitted/accepted for sepiapterin (PKU), ataluren (nmDMD), vatiquinone (FA); Translarna expansion filings; PTC518 Phase 2 enrollment complete and 12-month interim readout; Fast track and orphan designations .
- Organizational: culture, systems, digital/AI tools, cybersecurity, facilities consolidation and sustainability .
Lee Golden’s 2024 individual contributions:
- Led clinical strategy/operations and pharmacovigilance; on-time PTC518 Phase 2 execution with interim results; led clinical work for Kebilidi BLA leading to FDA approval; oversaw three NDAs (sepiapterin, ataluren, vatiquinone) and subsequent FDA acceptances; individual modifier 1.05 .
Equity Grants (2024)
| Award Type | Grant Date | Quantity | Exercise/Grant Price | Vesting Schedule | Grant-Date Fair Value ($) |
|---|---|---|---|---|---|
| Stock Options | 2/15/2024 | 50,000 | $25.69 | 25% on 2/15/2025; 6.25% quarterly thereafter over 4 years | $674,573 |
| RSUs (4-year) | 2/15/2024 | 20,000 | — | 25% annually over 4 years starting 2/15/2025 | $513,800 |
| RSUs (2-year) | 2/15/2024 | 2,600 | — | 50% vest on 2/15/2025; 50% on 2/15/2026 | $66,794 |
| Total 2024 Equity | 2/15/2024 | — | — | — | Stock awards $580,594; option awards $674,573 |
Upcoming vesting cadence likely to affect near-term supply:
- 2/15/2025: 12,500 options become exercisable (25% of 50,000) , 5,000 RSUs vest (25% of 20,000) , and 1,300 RSUs vest (50% of 2,600) .
Multi-Year Compensation Summary
| Metric | 2023 | 2024 |
|---|---|---|
| Stock Awards ($) | $863,369 | $580,594 |
| Option Awards ($) | $814,842 | $674,573 |
| Non-Equity Incentive ($) | $189,000 | $421,000 |
| Total ($) | $2,394,995 | $2,248,039 |
Equity Ownership & Alignment
| Item | Quantity/Status |
|---|---|
| Total Beneficial Ownership | 141,941 shares (incl. options exercisable within 60 days) |
| Breakdown | 115,303 options exercisable within 60 days; 26,638 common shares |
| Ownership % of Outstanding | Less than 1% (outstanding shares: 79,237,622 as of 4/21/2025) |
| Pledging/Hedging | Prohibited by Insider Trading Policy; pre-clearance or Rule 10b5-1 plans required for SVP+ |
| Stock Ownership Guidelines | Executive officers must hold ≥1× three-year average cash compensation within 5 years; all NEOs compliant or in grace period as of 12/15/2024 |
| 2024 Exercises/Vests | No option exercises; 10,002 RSUs vested with $285,704 realized value |
Employment Terms
| Term | Details |
|---|---|
| Employment Start & Amendments | Started May 4, 2020; amended Jan 6, 2022 and Apr 28, 2023 |
| Contract Duration | At-will; auto-renew not specified; termination on notice per agreement |
| Severance (No Cause / Good Reason) | 12 months base salary; up to 12 months COBRA premiums |
| Change-in-Control (Double Trigger) | 12 months base salary lump sum; health coverage up to 12 months or cash; full acceleration of all outstanding equity; target annual incentive paid |
| Non-Compete | 18 months post-separation in Company’s fields (genetic disorders incl. DMD, etc.), subject to state law |
| Non-Solicit | 18 months for customers, partners, vendors, employees, contractors |
| Clawback | Dodd-Frank/Nasdaq compliant clawback policy for restatements; SOX 304 reimbursement as applicable |
Quantified Severance Scenarios (as of Dec 31, 2024)
| Scenario | Cash Severance ($) | Health Coverage ($) | Equity Acceleration ($) | Total ($) |
|---|---|---|---|---|
| Termination without Cause / Good Reason | 553,000 | 51,393 | — | 604,393 |
| Termination in Connection with Change in Control | 829,500 | 51,393 | 891,566 (restricted stock) | 1,772,459 |
Investment Implications
- Alignment: Meaningful unexercised option position and ongoing RSU vesting, with hedging/pledging prohibited and stock ownership guidelines in place; suggests retention incentives and alignment with equity value accretion .
- Near-term supply: Feb 15, 2025 is a vesting inflection (options and RSUs), potentially increasing tradable float; trades by SVP+ require pre-clearance or 10b5-1, reducing ad hoc selling risk .
- Retention/Protection: 18-month non-compete and non-solicit plus double-trigger equity acceleration in change-in-control lower transition risk while preserving continuity; quantified severance supports retention yet introduces potential CIC cost .
- Pay-for-performance: 2024 bonus driven by 145% corporate rating and 1.05 individual modifier linked to notable regulatory and clinical milestones under Golden’s remit; indicates compensation sensitivity to execution outcomes .
- Governance signals: 2024 say-on-pay approval ~98.1% reflects broad shareholder support for executive pay programs; lowers governance overhang risk .