Pierre Gravier
PTC THERAPEUTICSAbout Pierre Gravier
Pierre Gravier, age 40, is PTC Therapeutics’ Chief Financial Officer, serving since July 2023. He was previously Managing Director at Perella Weinberg Partners (2013–July 2023), focused on biopharma and pharma services advisory across M&A, JVs, licensing, and capital raises. He holds a Master’s in Finance from ESCP Business School and an M.S. in Bioengineering from the University of Technology of Compiègne, and has served on the board of Cassava Sciences, Inc. since December 2023 . In 2024, key corporate KPIs included revenue, opex discipline and business development; revenue was approximately $806.8 million (vs. KPI range $600–$680 million), and BD achievements included a $1.0 billion upfront Novartis license for PTC518 and a $150 million sale of a priority review voucher, supporting a reported ~$1.1 billion year-end cash and securities position .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Perella Weinberg Partners | Managing Director | 2013–Jul 2023 | Advised biopharma/pharma services on M&A, JVs, licensing, and equity/debt/royalty/convertible capital raising |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Cassava Sciences, Inc. | Director | Dec 2023–present | Public company board experience; oversight in biopharma |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary (paid) ($) | $245,000 | $542,500 |
| Base Salary Rate ($) | — | $546,000 (effective Mar 1, 2024; +4.0% vs 2023 rate) |
| Target Bonus (%) | 45% of salary | 50% of salary |
| Corporate Rating (Annual Cash Incentive) | — | 145% |
| Individual Performance Modifier | — | 1.15 for Gravier |
| Actual Bonus Paid ($) | $94,500 | $455,200 |
The annual incentive award formula: Base Salary × Target Annual Incentive (%) × Corporate Rating (%) × Individual Performance Modifier .
Performance Compensation
Annual Equity Grants (2024)
| Award Type | Grant Date | Quantity | Exercise/Base Price | Grant Date Fair Value ($) |
|---|---|---|---|---|
| Stock Options | Feb 15, 2024 | 47,500 | $25.69/share | $640,845 |
| RSUs (time-based) | Feb 15, 2024 | 19,000 | — | $488,110 |
| RSUs (additional grant) | Feb 15, 2024 | 3,100 | — | $79,639 |
Company-wide inducement grants vest over 4 years: options 25% at 1-year then 6.25% quarterly; RSUs 25% annually on each employment anniversary . All stock options since IPO are “double-trigger” (accelerated only upon change-in-control plus qualifying termination) . Gravier was not granted PSUs in 2024 (PSUs were CEO-specific) .
Summary Compensation (Total Mix)
| Component ($) | 2023 | 2024 |
|---|---|---|
| Salary | $245,000 | $542,500 |
| Stock Awards (RSUs/other) | $1,035,320 | $567,749 |
| Option Awards | $1,358,045 | $640,845 |
| Non-Equity Incentive (Annual Bonus) | $94,500 | $455,200 |
| All Other Compensation | $1,610 | $21,360 |
| Total | $2,734,475 | $2,227,654 |
Annual Cash Incentive – Metrics and Payout
| Metric | Target | Actual | Payout Mechanics | 2024 Payout |
|---|---|---|---|---|
| Corporate KPI score | 100% baseline | 145% corporate rating | Applied in formula; capped at 2× target | Incorporated into $455,200 |
| Individual modifier | Up to 1.15 | 1.15 for Gravier | Applied in formula | Incorporated into $455,200 |
| Target bonus % | 50% of salary | — | Set by plan (raised from 45% in 2023) | — |
Corporate goals spanned revenue, opex discipline (GAAP R&D+SG&A $835.4M; non-GAAP $760.8M), and BD execution (Novartis deal $1.0B upfront; PRV sale $150M); all were achieved/exceeded .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 60,091 shares; less than 1% of outstanding |
| Breakdown (beneficial) | 39,218 options exercisable within 60 days; 16,811 common shares |
| Outstanding Options (as of Dec 31, 2024) | 20,312 exercisable; 44,688 unexercisable at $39.82 exp. 7/12/2033; additional 47,500 unexercisable at $25.69 exp. 2/14/2034 |
| Unvested RSUs (as of Dec 31, 2024) | 19,500 ($880,230); 19,000 ($857,660); 3,100 ($139,934) market value |
| Stock Ownership Guidelines | Executives must hold 1× three-year average cash compensation within 5 years; all NEOs and non-employee directors were compliant or within grace at Dec 15, 2024 |
| Hedging/Pledging | Company policy prohibits pledging, margin purchases/borrowing, hedging, short sales, speculative options; pre-clearance or compliant 10b5-1 plans required for SVP+ and directors |
| Clawback | Compliant with SEC Rule 10D-1; recovery of erroneously awarded incentive comp upon restatement regardless of misconduct |
Employment Terms
| Term | Pierre Gravier |
|---|---|
| Employment Agreement | Entered July 13, 2023 upon appointment as CFO; terms materially consistent with executive agreements |
| Non-Compete | 15 months post-separation (scope: Company’s field of interest in genetic disorder therapies including DMD) |
| Non-Solicit | 15 months post-separation (customers, partners, vendors, employees, contractors) |
| Severance (without cause / good reason) | Base salary continuation for 15 months; health coverage up to 15 months |
| Change-in-Control (double trigger) | Lump sum equal to 15 months’ base salary; health coverage up to 15 months or equivalent lump sum; full acceleration of all outstanding equity; target annual cash incentive for year of termination |
| Tax Gross-Up | Best-net cut or full payment approach under 280G/4999; whichever yields highest after-tax |
| Indemnification | Standard indemnification and advancement of expenses per agreements and charter |
Potential Payments upon Termination (Hypothetical as of Dec 31, 2024)
| Category | Without Cause / Good Reason | Change-in-Control + Qualifying Termination |
|---|---|---|
| Cash Severance ($) | $682,500 | $955,500 |
| Health Coverage ($) | $64,396 | $64,396 |
| Stock Option Acceleration ($) | $0 | $0 |
| Restricted Stock Acceleration ($) | $0 | $716,560 |
| Total ($) | $746,896 | $1,736,456 |
Investment Implications
- Pay-for-performance alignment: Gravier’s cash incentive is formulaic and tied to corporate KPIs and an individual modifier; 2024 payouts reflect outperformance (145% corporate rating; individual modifier 1.15), while equity mix is primarily options and RSUs (no PSUs for CFO), reinforcing stock price and retention alignment through four-year vesting and double-trigger acceleration .
- Retention risk and selling pressure: Significant unvested RSUs (≈41,600 units) and unexercisable options (≈92,188 combined across grants) suggest ongoing vesting cadence; change-in-control terms accelerate equity (RSUs), potentially increasing event-driven liquidity but option awards are double-trigger and showed $0 acceleration value at the December 31, 2024 price in the proxy’s model .
- Ownership alignment and governance: Beneficial ownership is <1%, but the company mandates ownership guidelines and bans hedging/pledging; clawback is in place, lowering governance risk. Severance and CoC economics for CFO are moderate (15 months salary; target bonus on CoC), not excessive relative to peers per company framing .
- Execution track record: Finance-led BD outcomes in 2024 (Novartis $1.0B upfront; PRV $150M; cash ≈$1.1B) and revenue outperformance (~$806.8M vs KPI range) underpin strong incentive realization; continued progress on regulatory and pipeline KPIs elevates future incentive potential but also increases expectations risk .
2024 say-on-pay approval was ~98.1%, signaling broad shareholder support for NEO compensation design and outcomes .