Dennis Huang

About Dennis Huang

Dennis Huang is Executive Vice President, Chief Technical Operations Officer and Gene Therapy Operations at Ultragenyx. He has served as CTO since May 2015, was promoted to EVP in January 2016, and added Gene Therapy Operations in December 2021; he is 60 years old and holds a B.A. in Chemistry from Knox College. Prior roles include senior manufacturing and development leadership at InterMune and Allergan, and he currently serves on the board of CytoDel, Inc. Company performance under his tenure includes total revenue of $560 million in 2024 (+29% YoY), with incentive programs tied to revenue, relative TSR vs. the Nasdaq Biotechnology Index, and strategic milestones; the revenue-based 2023 PSUs paid out at 74% based on $995 million cumulative revenue for 2023–2024 .

Past Roles

External Roles

Fixed Compensation

• Ultragenyx discloses detailed compensation for “named executive officers” (NEOs); Dennis Huang was not listed as an NEO in 2024 or 2023, so his base salary, target bonus %, and actual bonus paid were not disclosed in those proxy statements .
• Company bonus framework for executives other than the CEO is formulaic: corporate and individual performance achievements multiplied by the executive’s target bonus %; typical NEO target bonus for non-CEO executives was 50% in 2023, while CEO target was 80% .

Performance Compensation

The company’s long-term incentives for executive officers emphasize PSUs linked to multi-year revenue, relative TSR vs. Nasdaq Biotechnology Index, and strategic goals. 2023 PSU outcomes are certified; 2024 PSU performance periods are ongoing.

Additional program context:

• For 2025, the Compensation Committee increased the PSU portion for “other executive officers” to 50% (25% RSUs, 25% options, 50% PSUs), further tightening pay-for-performance alignment .
• Company business highlights for 2024 (e.g., revenue growth, pipeline updates) directly fed into annual incentive determinations .

Equity Ownership & Alignment

• Minimum stock ownership guidelines: 3× base salary for CEO, 1× base salary for other named executive officers; guidelines apply to executive officers and directors, counting vested RSUs and retained shares, but excluding unexercised options and unvested/unearned RSUs/PSUs .
• Compliance status: As of December 31, 2024, Board members and named executive officers required to comply had met guidelines; compliance for Dennis Huang was not disclosed because he was not an NEO in 2024 .
• Clawback policy: Mandatory recovery of excess incentive-based compensation upon restatement and discretionary recoupment for fraud/intentional misconduct, covering time-based and performance-based equity awards .
• Hedging/pledging: Prohibited for directors, officers, and employees; no trading in derivatives on company securities .
• Option vesting mechanics under company plans typically include 25% vesting on the first anniversary and monthly vesting thereafter (for options), with forfeiture provisions upon certain terminations; acceleration may occur if awards aren’t assumed in a covered transaction, on terms set by the plan administrator .

Employment Terms

• Executive employment is generally “at-will,” memorialized in offer letters for executives other than the CEO; agreements provide eligibility for severance upon involuntary termination and enhanced benefits within a “covered transaction” protection period; specific severance schedules were disclosed for NEOs (CEO and certain officers) but not for Dennis Huang .
• Severance (NEOs other than CEO): 12 months base salary + target bonus; within 18 months post-covered transaction: 18 months base salary + 1.5× target bonus; COBRA reimbursement for 12 or 18 months; double-trigger accelerated vesting of unvested equity and 12-month option exercise window extension in covered transaction cases .

Investment Implications

• Pay-for-performance linkage tightening: Increasing PSU weighting to 50% for other executives in 2025 raises performance sensitivity to revenue, TSR, and strategic execution—supportive of shareholder alignment and potentially positive for long-term value creation .
• Strong governance mitigants: Anti-hedging/anti-pledging, a robust clawback policy, prohibition of option repricing, and ownership guidelines reduce misalignment and trading-risk behaviors—limiting pledging/hedging-related red flags and dampening insider selling pressure risk signals .
• Retention through change-of-control: Double-trigger vesting and enhanced severance terms for NEOs suggest lower flight risk in an M&A scenario; Dennis Huang’s specific severance terms are not disclosed, but program design indicates consistency across executive ranks .
• Performance backdrop: Company-level revenue growth (+29% YoY to $560M in 2024) and certified PSU outcomes (74% revenue portion for 2023 PSUs) demonstrate operational progress; continued TSR and strategic goal measurement embed external market and execution discipline into payouts .
• Data gaps: Lack of NEO status in recent years limits visibility into Dennis Huang’s individual cash and equity compensation, ownership levels, and Form 4 activity; monitor future proxy disclosures and any Item 5.02 8-Ks for updates.