Steven Hughes
About Steven Hughes
Steven Hughes, M.D., is Chief Medical Officer (CMO) of Avidity Biosciences (NASDAQ: RNA), serving since February 2022; age 58 as of April 2025, with an M.D. and MBA from Imperial College London and board certification in pharmaceutical medicine . He has led and contributed to >50 clinical trials across >25 drugs and rare diseases, with successful approvals cited in his biography . Company-level performance during his tenure includes a 2024 TSR value of $162 per $100 initial investment and a net loss of $322.3 million (vs. 2023 TSR $50 and net loss $212.2 million), reflecting the development-stage profile and pipeline advancement pace . Hughes is a public-facing leader for pivotal updates on del-brax (FSHD) and del-zota (DMD44), regularly presenting clinical progress at investor events .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Arcturus Therapeutics | Chief Medical Officer | — | Led clinical development; part of >50 trials and approvals track record |
| Organovo | Chief Medical Officer | — | Built and led medical affairs and clinical teams |
| Ionis Pharmaceuticals | Chief Clinical Development Officer | — | Leadership across multiple rare disease programs with successful license approvals |
| Biogen | Clinical Leadership Positions | — | Multi-therapeutic area leadership including neurology |
| CSL Behring | Clinical Leadership Positions | — | Clinical development leadership |
| Sanofi | Clinical Leadership Positions | — | Clinical leadership across cardiovascular/rare diseases |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No public-company board roles disclosed for Dr. Hughes in the latest proxy |
Fixed Compensation
- Not disclosed in the 2024 Summary Compensation Table; Dr. Hughes was not a Named Executive Officer in 2024 and therefore specific salary/bonus details are not reported .
- Company practice (for NEOs, not necessarily Hughes): base salary set annually; target bonus typically tied to corporate goals; NEO 2024 bonus payout at 150% of target based on corporate achievement .
Performance Compensation
- Not disclosed specifically for Dr. Hughes. Company program mechanics (for NEOs) include short-term cash incentives linked to corporate objectives and long-term equity via stock options, RSUs, and PSUs with multi‑year vesting; 2024 PSUs tied to del-desiran, del-brax, and del-zota milestones through 2029, eligible to vest on change-in-control .
Equity Ownership & Alignment
| Item | Amount | Notes |
|---|---|---|
| Common shares held | 72,850 | As of April 17, 2025 |
| Options exercisable within 60 days | 113,150 | As of April 17, 2025 |
| Total beneficial shares | 186,000 | Sum of held + exercisable |
| Shares outstanding (denominator) | 120,520,928 | As of April 17, 2025 |
| Beneficial ownership % | ~0.154% | 186,000 / 120,520,928 |
| Hedging/pledging status | Prohibited | Company policy bans hedging and pledging for officers |
| Clawback policy | In place | Clawback for erroneously awarded incentive comp per SEC/Nasdaq rules |
Alignment view: Direct share ownership plus near-term exercisable options provide moderate skin-in-the-game; prohibitions on hedging/pledging and a clawback strengthen alignment .
Employment Terms
- Indemnification: Executives (including officers) have indemnification agreements to the fullest extent permitted under Delaware law; D&O insurance maintained .
- Insider trading controls: Officers are restricted from short sales, derivatives on company stock, hedging, margin purchases, and pledging .
- Change-in-control and severance: Specific terms for Dr. Hughes are not disclosed. Company NEO agreements use double-trigger cash severance with accelerated vesting of time-based equity and specified COBRA coverage; CIC window is 59 days before to 24 months after, with enhanced multiples for CEO and 18 months base + 150% target bonus for other NEOs .
Performance & Track Record
| Metric | 2023 | 2024 |
|---|---|---|
| Value of initial $100 investment (TSR) | $50 | $162 |
| Net Income (Loss), $000s | (212,220) | (322,302) |
- Program milestones during Hughes’s tenure: Company advanced three programs toward commercialization—del-desiran (DM1), del-brax (FSHD), del-zota (DMD44)—with Hughes presenting pivotal clinical readouts (e.g., FORTITUDE Phase 1/2 for FSHD; EXPLORE44/EXPLORE44-OLE for DMD44) .
Investment Implications
- Compensation alignment: While Hughes’s exact pay mix is not disclosed, company-wide executive policies emphasize pay-for-performance, multi-year vesting, clawbacks, and bans on hedging/pledging—reducing misalignment risk and enhancing long-term incentives .
- Retention and vesting pressure: Hughes holds 113,150 options exercisable within 60 days (suggesting ongoing vesting), with company practice for executives emphasizing multi-year vesting; lack of disclosed RSU/PSU specifics limits precision on near-term selling pressure .
- Change-of-control economics: Not disclosed for Hughes; NEO frameworks indicate double-trigger protections and accelerated vesting—if similar for Hughes, potential retention and monetization dynamics would be present in strategic events .
- Execution signal: His public leadership on FSHD and DMD44 updates and the advancement of three programs toward commercialization highlight role criticality; turnover risk at CMO would be a material operational risk factor given pipeline stage, but no departure signals are disclosed .