Mayukh Sukhatme
Roivant SciencesAbout Mayukh Sukhatme
Mayukh Sukhatme, M.D. (age 49), is President & Chief Investment Officer of Roivant Sciences and a Class III director (term through the 2027 AGM). He joined Roivant in 2015, has served as President & CIO since January 2021, and is responsible for sourcing, diligencing, and executing new therapeutic programs while informing capital allocation across the portfolio . His background includes an M.D. from Harvard Medical School and dual B.S. degrees in Biology and Literature from MIT . Programs he in‑licensed or acquired have produced all 11 of Roivant’s positive Phase 3 studies and garnered 8 FDA approvals, underscoring value creation and execution capability . Company performance context: Roivant’s FY2024 TSR was 204 (vs peer group TSR of 104) and year‑end share price was $10.09, framing the pay‑for‑performance environment in which his incentives were set .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Roivant Sciences | President of Roivant Pharma; Chief Business Officer | 2015–2020 (prior roles before CIO) | Led in‑licensing/acquisitions that delivered 11 positive Phase 3s and 8 FDA approvals |
| Institutional investment firms (public markets & VC) | Healthcare analyst and portfolio manager | 2000–2015 | Led diligence and investment decisions across development‑stage biotech/pharma across multiple therapeutic areas |
External Roles
- No public company board roles for Dr. Sukhatme disclosed outside Roivant in the latest proxy .
Fixed Compensation
| Component | FY2022 | FY2023 | FY2024 |
|---|---|---|---|
| Base Salary ($) | $450,000 | $550,000 | $550,000 |
| Target Bonus (% of Salary) | 100% | 100% | 100% |
| Actual Annual Bonus Paid ($) | $1,243,500 | — | $519,750 (94.5% corporate score) |
| One‑time Cash Retention ($) | — | — | $80,550,000 (paid upfront; $15,000,000 recoupment if certain events occur on/before 9/30/2025) |
Notes:
- FY2024 annual bonus derived from corporate performance assessment (weighted goal scoring totaling 94.5%) .
- Recoupment exceptions: no repayment if terminated without cause, or due to death/disability, subject to release conditions .
Performance Compensation
Multi‑Year PSU Structure (Granted 7/26/2024)
| Tranche | % of PSUs | 30‑Day VWAP Hurdle | Performance Period | Service Condition | Post‑Vest Holding |
|---|---|---|---|---|---|
| 1 | 14.71% | $15.00 | 5 years from grant | 1‑year after performance met (continuous service) | 2 years (except tax withholding; waived on CoC/death/disability) |
| 2 | 7.35% | $17.50 | 5 years | 1‑year service | 2 years |
| 3 | 8.82% | $20.00 | 5 years | 1‑year service | 2 years |
| 4 | 11.77% | $22.50 | 5 years | 1‑year service | 2 years |
| 5 | 22.06% | $25.00 | 5 years | 1‑year service | 2 years |
| 6 | 35.29% | $30.00 | 5 years (pro‑rata if $25–$30 at end) | 1‑year service | 2 years |
Additional PSU mechanics:
- Change‑of‑control (CoC): tranches whose hurdle is at/below CoC price deem performance satisfied; others forfeit; service condition remains applicable post‑CoC .
- Termination without cause/for good reason, death/disability: any tranche with satisfied performance condition vests at termination; unmet tranches forfeit .
- As of 3/31/2025, no tranche had met performance; “in‑the‑money” value $0 (year‑end price $10.09; first hurdle $15.00) .
RSUs (Granted 7/26/2024)
| Grant | Units | Vest Start | Schedule | Design Intent |
|---|---|---|---|---|
| FY2024 Senior Executive Program RSUs | 1,836,547 | 3/31/2026 | 20% on 3/31/2026 then 16 equal quarterly installments through 2030 (continuous service) | Represents five years of RSUs at peer 50th percentile; complements PSUs to balance long‑term alignment and retention |
FY2024 Annual Cash Bonus Framework
| Metric | Weight | Target Definition | Actual Achievement | Payout Impact | Vesting/Timing |
|---|---|---|---|---|---|
| Clinical/Regulatory/Commercial milestones at Vants | 60% | Base/Stretch/Outstanding achievement scales | 140% score (multiple positive readouts; program initiations; litigation progress) | Above target for this component | Paid after year‑end |
| In‑licensing new mid/late‑stage assets | 25% | Close qualifying transactions | 0% (no new in‑licensing in FY2024) | No payout for this component | Paid after year‑end |
| Strategic/corp dev goals | 10% | Execute strategic transactions | 70% (Dermavant sale up to ~$1.2B) | Partial payout | Paid after year‑end |
| Tech Vants value creation | 5% | Progress vs objectives | 75% (partial achievement) | Partial payout | Paid after year‑end |
| Corporate performance result | — | Weighted sum | 94.5% | Applies to NEO payouts | Paid after year‑end |
Equity Ownership & Alignment
Beneficial Ownership
| As of Date | Shares Beneficially Owned | % of Shares Outstanding |
|---|---|---|
| 7/1/2024 | 23,018,201 | 3.0% |
| 7/1/2025 | 22,007,109 | 3.1% |
- Hedging/pledging/margin/short sales in Company securities are prohibited (alignment policy) .
- Director/executive stock ownership guidelines: not disclosed in the proxy; non‑employee director compensation policy details provided separately .
Option, RSU, and PSU Position (FY2024 Year‑End)
| Instrument | Exercisable | Unexercisable | Exercise Price | Notes |
|---|---|---|---|---|
| Stock Options (5/20/2019) | 2,560,425 | 1,097,325 | $10.96 | 5/19/2029 expiration |
| Stock Options (3/26/2020) | 2,545,595 | — | $12.68 | 3/31/2026 expiration |
| Stock Options (3/26/2020) | 1,363,711 | — | $12.68 | 3/31/2026 expiration |
| Stock Options (3/26/2020) | 1,306,889 | — | $11.50 (split‑adjusted) | 3/31/2026 expiration |
| Stock Options (5/2/2021) | 1,887,489 | 82,065 | $10.00 | 5/1/2031 expiration |
| Stock Options (4/20/2022) | 10,749,334 | 4,475,029 | $3.85 | 4/19/2032 expiration |
| RSUs (7/26/2024) | — | 1,836,547 | N/A | Five‑year vest start 3/31/2026 |
| PSUs (7/26/2024) | — | Max 17,000,000 | N/A | Six price hurdles, 5‑yr performance, 1‑yr service, 2‑yr hold |
Additional ownership dynamics:
- FY2024 realized liquidity events: options exercised 1,298,821 shares with $10,607,826 value realized; no RSU vesting for Dr. Sukhatme in FY2024 .
- As of 3/31/2025: PSUs and Venker’s options had no “in‑the‑money” value given stock price/hurdles; RSUs had mark‑to‑market value but first Sukhatme RSU vest is in March 2026 .
Employment Terms
| Term | Key Provisions |
|---|---|
| Agreement | Employment agreement dated 5/19/2020; at‑will, no fixed term |
| Base/Bonus | Base salary $550,000; target annual bonus 100% of base (CEO assesses performance; targets set by Compensation Committee) |
| Severance (non‑CoC) | If terminated without cause or resigns for good reason: 12 months base continuation; 12 months payment of target bonus; 12 months COBRA reimbursement (subject to release, covenant compliance) |
| Equity Treatment (death/disability) | 50% of unvested service‑based vesting conditions waived; performance/liquidity conditions remain as applicable |
| Change‑of‑Control (equity) | Company‑wide policy uses double‑trigger for executive equity awards (acceleration on involuntary termination without cause or for good reason following CoC) ; PSU tranches may deem performance met at CoC price; unmet tranches forfeit; service condition remains |
| Clawback | Incentive‑based compensation subject to recoupment in event of accounting restatement under U.S. securities laws |
| Non‑compete/Non‑solicit | Agreements include standard restrictive covenants applying during employment and at least 12 months thereafter |
Board Governance
| Attribute | Details |
|---|---|
| Board Class/Term | Class III director; term through the 2027 AGM |
| Committee Roles | None listed for Dr. Sukhatme; committee memberships shown for other directors |
| Independence | Board determined 6 of 8 directors are independent; CEO (Gline) and Dr. Sukhatme are not independent |
| Attendance | FY2024 Board held 5 meetings; all directors attended ≥75% of Board/committee meetings; six directors attended the 2024 AGM |
| Leadership | Chair separate from CEO (Chair: Ilan Oren); Board believes separation is appropriate |
| Director Pay | Non‑employee director retainer/policy outlined; executive‑directors (including Dr. Sukhatme) are compensated via NEO programs, not the non‑employee director plan |
Compensation Structure Analysis
- Strong equity tilt with multi‑year PSUs and five‑year RSUs for senior executives; PSU hurdles require 49%–197% share price accretion, with >57% of PSUs allocated to $25–$30 hurdles, reinforcing shareholder alignment and long‑duration incentives .
- Explicit two‑year post‑vesting hold on PSUs reduces near‑term selling even after performance/service conditions are met .
- Large upfront cash retention ($80.55M) includes $15M recoupment if certain events occur by 9/30/2025 (exceptions for no‑cause/death/disability), indicating retention priority through the period; by design, equity awards intended to cover five years with expectation of no additional grants absent fundamental business changes .
- Governance practices include double‑trigger CoC equity acceleration, clawback, and prohibition on hedging/pledging/margin/short sales; no executive retirement plans or tax gross‑ups; annual say‑on‑pay and independent comp consultant (Aon) .
Say‑on‑Pay & Peer Group
- Say‑on‑Pay (FY2023 AGM in Sept 2024): ~89% approval, indicating substantial shareholder support for the program .
- Compensation peer group spans large/mid‑cap biotech/pharma (e.g., ACADIA, Exelixis, Incyte, BridgeBio, United Therapeutics, Sarepta, Vaxcyte), used for benchmarking market‑competitive structures and levels; RSUs for senior executives sized to the peer 50th percentile over five years .
Investment Implications
- Alignment: Significant personal ownership (3.1%) and stringent PSU hurdles plus a two‑year post‑vest hold support long‑term value orientation while reducing short‑term sell pressure if hurdles are met .
- Near‑term supply dynamics: No PSU vesting as of 3/31/2025; first RSU vest for Dr. Sukhatme occurs on 3/31/2026, with subsequent quarterly vests through 2030, creating a predictable cadence of potential supply starting FY2026; hedging/pledging bans mitigate forced selling risk .
- Retention risk: The upfront $80.55M retention award with a $15M recoupment window through 9/30/2025 likely secures continuity in the short term; severance (12 months salary + target bonus) and double‑trigger protections further stabilize leadership through strategic events .
- Execution signal: Track record of 11 positive Phase 3s and 8 FDA approvals suggests strong program selection and diligence rigor; FY2024 corporate goal scoring (94.5%) and TSR outperformance frame incentives’ linkage to operational delivery and shareholder returns .
Overall, Dr. Sukhatme’s package is heavily performance‑conditioned with long vesting and holding periods, supporting durable alignment; monitor PSU hurdle attainment and the RSU vesting ramp starting March 2026 for potential trading flows, and any changes to peer benchmarking or award refreshes that could alter risk/reward.
Key Data Sources:
- Roivant DEF 14A (filed 7/29/2025): governance, compensation tables, ownership, program design **[1635088_0001140361-25-027846_ny20049997x1_def14a.htm:9]** **[1635088_0001140361-25-027846_ny20049997x1_def14a.htm:12]** **[1635088_0001140361-25-027846_ny20049997x1_def14a.htm:14]** **[1635088_0001140361-25-027846_ny20049997x1_def14a.htm:18]** **[1635088_0001140361-25-027846_ny20049997x1_def14a.htm:19]** **[1635088_0001140361-25-027846_ny20049997x1_def14a.htm:26]** **[1635088_0001140361-25-027846_ny20049997x1_def14a.htm:31]** **[1635088_0001140361-25-027846_ny20049997x1_def14a.htm:32]** **[1635088_0001140361-25-027846_ny20049997x1_def14a.htm:33]** **[1635088_0001140361-25-027846_ny20049997x1_def14a.htm:34]** **[1635088_0001140361-25-027846_ny20049997x1_def14a.htm:35]** **[1635088_0001140361-25-027846_ny20049997x1_def14a.htm:36]** **[1635088_0001140361-25-027846_ny20049997x1_def14a.htm:37]** **[1635088_0001140361-25-027846_ny20049997x1_def14a.htm:39]** **[1635088_0001140361-25-027846_ny20049997x1_def14a.htm:41]** **[1635088_0001140361-25-027846_ny20049997x1_def14a.htm:43]** **[1635088_0001140361-25-027846_ny20049997x1_def14a.htm:44]** **[1635088_0001140361-25-027846_ny20049997x1_def14a.htm:45]** **[1635088_0001140361-25-027846_ny20049997x1_def14a.htm:46]** **[1635088_0001140361-25-027846_ny20049997x1_def14a.htm:48]** **[1635088_0001140361-25-027846_ny20049997x1_def14a.htm:50]** **[1635088_0001140361-25-027846_ny20049997x1_def14a.htm:51]** **[1635088_0001140361-25-027846_ny20049997x1_def14a.htm:59]** **[1635088_0001140361-25-027846_ny20049997x1_def14a.htm:75]** **[1635088_0001140361-25-027846_ny20049997x1_def14a.htm:79]** **[1635088_0001140361-25-027846_ny20049997x1_def14a.htm:87]** **[1635088_0001140361-25-027846_ny20049997x1_def14a.htm:91]**
- Roivant DEF 14A (filed 7/26/2024): prior‑year beneficial ownership baseline **[1635088_0001140361-24-034423_ny20026685x1_def14a.htm:56]**