Emily Hill
About Emily Hill
Emily Hill, age 45, has served as Chief Financial Officer (CFO) of Replimune since September 18, 2023, after prior roles including CFO at PTC Therapeutics and investor relations positions at Warner Chilcott and Genzyme, with an MBA (Finance) from Fordham, an MS in Pharmacology from Tufts, and a BA from Hamilton College . During her tenure, company “pay-versus-performance” disclosures show Replimune’s cumulative TSR (value of $100 invested 3/31/2022) improved from 48.12 in FY2024 to 57.42 in FY2025 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| PTC Therapeutics | Chief Financial Officer | 2019–2023 | Supported transition from development stage to multi-product commercial company |
| PTC Therapeutics | Various finance/IR roles | 2013–2019 | Built investor relations and finance capabilities during growth |
| Warner Chilcott | Director, Investor Relations | — | Led IR until acquisition by Actavis for ~$8.5B |
| Genzyme | Senior Manager, Investor Relations | — | Advanced investor communications at large-cap biotech |
| Summer Street Partners | Biotech Equity Research Associate | — | Sell-side research experience |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No external directorships disclosed |
Fixed Compensation
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Base Salary ($) | 266,538 | 516,500 |
| Target Bonus (% of Salary) | 40% | 40% |
| Actual Bonus Paid ($) | 95,953 (90% of target) | 235,524 (114% of target) |
Performance Compensation
Annual Cash Incentives
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Bonus formula | Company and individual objectives; discretionary payout by Compensation Committee | Company and individual objectives; discretionary payout by Compensation Committee |
| Target (% salary) | 40% | 40% |
| Actual vs Target | 90% | 114% |
| Payout ($) | 95,953 | 235,524 |
Equity Performance Awards (PSUs/RSUs)
| Grant Type | Metric | Target | Vesting/Condition | Status as of 3/31/2025 |
|---|---|---|---|---|
| Performance-Based RSUs | FDA approval of first BLA for RP1 by June 30, 2026 | 26,665 RSUs | Vest upon event; valuation shown assuming 100% attainment | Unvested; condition-based |
| Time-Based RSUs (May 2025 grant) | Service-based | 26,665 RSUs | 25% on May 15, 2025; remaining in three annual installments to May 15, 2028 | Partially scheduled; time-based |
| Time-Based RSUs (Aug 2023/2024 grant) | Service-based | 83,330 RSUs; 25% vested on Aug 15, 2024; remainder annually to Aug 15, 2027 | Service-based vesting | 62,498 unvested, MV $1,124,964 |
Equity Ownership & Alignment
- Beneficial ownership (as of June 30, 2025): 123,418 shares comprised of 36,857 common shares and 86,561 options exercisable within 60 days; none of Emily Hill’s shares are pledged .
- Ownership as % of shares outstanding: 123,418 / 77,807,174 ≈ 0.16% (calculated; shares outstanding as of record date) .
- Hedging/pledging policy: Company prohibits hedging and pledging by employees and directors .
Outstanding Equity Awards (as of March 31, 2025)
| Instrument | Exercisable | Unexercisable | Strike | Expiration | Vesting Schedule |
|---|---|---|---|---|---|
| Stock Options (Grant 9/18/2023) | 46,875 | 78,125 | $18.00 | 9/18/2033 | 25% at 1-year anniversary (9/18/2024) then monthly to 9/18/2027 |
| Stock Options (Grant 4/1/2024) | 0 | 20,000 | $7.73 | 4/1/2034 | 25% on 4/1/2025; remainder monthly to 4/1/2028 |
| Stock Options (Grant 4/1/2024) | 0 | 60,000 | $7.73 | 4/1/2034 | 25% on 4/1/2025; remainder monthly to 4/1/2028 |
| RSUs (Aug 2023/2024 grant) | — | 62,498 | — | — | 25% on 8/15/2024; remainder annually to 8/15/2027 |
| RSUs (May 2025 grant) | — | 26,665 | — | — | 25% on 5/15/2025; remainder annually to 5/15/2028 |
| Performance RSUs | — | 26,665 | — | — | Vest upon RP1 BLA approval by 6/30/2026 |
Note: Initial equity at hire (9/18/2023): option to purchase 125,000 shares at $18.00 and RSUs for 83,330 shares (25% vest 8/15/2024, remainder annually) granted outside the 2018 Plan but with plan-consistent terms .
Employment Terms
| Term | Detail |
|---|---|
| Start date | September 18, 2023 |
| Base/Target Bonus at hire | $495,000 base; 40% target bonus |
| Severance (no cause/good reason) | 12 months base salary paid in installments + COBRA reimbursements up to 12 months (earlier of eligibility or COBRA expiration), subject to release |
| Change-of-control (double-trigger within 1 year) | 12 months base salary + target bonus paid in installments + COBRA reimbursements up to 12 months, subject to release |
| Covenants | 1-year post-termination non-compete and non-solicit; confidentiality |
| 280G | “Best net” cutback only if reduction increases net after-tax benefit |
| Clawback | Company-wide compensation recoupment policy adopted Nov 20, 2023; covers restatement-related recovery under Nasdaq rules |
Additional Notes on Compensation Governance
- Independent compensation consultant (Pearl Meyer) engaged; committee independence affirmed .
- Company adopted anti-hedging and pledging prohibitions for insiders .
- 2018 Omnibus Incentive Compensation Plan evergreen amendment to increase annual share pool auto-refresh from 4% to 5%, subject to stockholder approval (potential dilution consideration) .
Performance & Track Record
| Measure | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Company cumulative TSR (value of $100 invested on 3/31/2022) | 104.00 | 48.12 | 57.42 |
| Net Income (Loss) (millions) | (174.3) | (215.8) | (247.3) |
As a pre-commercial biotechnology company, net income is not used to determine executive compensation per disclosures .
Insider Transactions and Selling Pressure
- We scanned DEF 14A and 8-K filings for Form 4 details but did not find transaction-level disclosures; Form 4 filings are typically filed separately by insiders and were not available in the documents queried here. Outstanding vesting schedules (above) indicate potential periodic RSU settlements and monthly option vesting which can create mechanical selling or net-share withholding events around vest dates .
- Anti-hedging and pledging policy reduces risk of misaligned hedging strategies .
- None of Emily Hill’s disclosed beneficial holdings are pledged .
Investment Implications
- Pay-for-performance alignment: A meaningful portion of compensation is equity-based with performance RSUs explicitly tied to RP1 BLA approval by June 30, 2026, creating event-driven alignment with foundational value milestones .
- Retention risk: One-year non-compete/non-solicit and 12-month severance, with double-trigger CoC protection (salary + target bonus), suggests moderate retention security; severance terms are competitive but not lavish (no tax gross-ups) .
- Ownership/skin-in-the-game: Beneficial ownership of 123,418 shares (0.16% of outstanding; calculated) supports alignment; none pledged and hedging prohibited, reducing red-flag risk .
- Dilution watch: Proposed 2018 Plan evergreen increase (4%→5%) indicates ongoing equity usage across the organization; monitor dilution, burn rate, and grant mix (options vs. RSUs/PSUs) .
- Near-term selling pressure: Time-based RSUs and monthly option vesting could lead to periodic net-share settlements or sales for tax; monitor vest calendars (May 15 and August 15 cycles) for potential supply overhangs .