Ryan Wong
Sarepta TherapeuticsAbout Ryan Wong
Ryan H. Wong, age 46, was appointed Executive Vice President and Chief Financial Officer of Sarepta Therapeutics effective July 16, 2025, and serves as the company’s principal financial and principal accounting officer . He previously led Strategic Finance, Treasury and Investor Relations, and before that Financial Strategy, Planning & Analysis and Treasury; prior experience includes GW Pharmaceuticals as Vice President, Finance. He holds a B.A. in Chinese language and literature (UC Irvine) and an M.Acc. from USC Marshall School of Business . Company operating context at his appointment included a strategic restructuring and pipeline prioritization (projected ~$400M annual cost reductions) and preliminary Q2 2025 net product revenue of $513M, with ELEVIDYS revenue of $282M and RNA PMO revenue of $231M .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Sarepta Therapeutics | SVP, Strategic Finance, Treasury & Investor Relations | Mar 2025–Jul 2025 | Finance leadership covering capital allocation, treasury, and IR ahead of restructuring |
| Sarepta Therapeutics | VP, Financial Strategy, Planning & Analysis & Treasury | Mar 2022–Mar 2025 | Led FP&A and treasury during ELEVIDYS launch and revenue scale-up |
| Sarepta Therapeutics | VP, Financial Strategy, Planning & Analysis | Jul 2021–Mar 2022 | Built planning frameworks post-approval expansions |
| GW Pharmaceuticals plc | VP, Finance (most recent) | Jun 2017–Jul 2021 | Biopharma finance leadership prior to acquisition integration context |
External Roles
- None disclosed for Mr. Wong in company filings reviewed .
Fixed Compensation
| Component | Value | Notes |
|---|---|---|
| Base Salary | $550,000 | Set upon CFO appointment effective July 16, 2025 |
| Target Annual Bonus % | 50% of base salary | Corporate bonus framework applies; payout based on company goals |
| Actual Bonus Paid (Most Recent) | N/A | No disclosure for Mr. Wong to date |
Performance Compensation
Company bonus framework (2024 corporate goals) that governs NEO incentives:
| Goal Area | Metric | Target Weighting | Achievement | Notes |
|---|---|---|---|---|
| ELEVIDYS | Label expansion to all ambulatory patients | 40% | 60% | Achieved traditional approval 4+ years; non-ambulatory accelerated approval |
| 2024 Revenue Goals | Total company revenue target $1.31B (assuming full label) | 30% | 45% | Actual ~$1.79B (ELEVIDYS ~$821M; PMOs ~$967M) |
| External Opportunities | BD pipeline deepening | 10% | 13% | Signed Arrowhead collaboration for siRNA programs |
| Advance Pipeline | Clinical and manufacturing execution | 10% | 7% | Completed SRP-9003 enrollment; discontinued SRP-5051; manufacturing progress |
| Enablers | Budget, culture, policy advocacy | 10% | 10% | Operated within budget; talent/culture initiatives; turnover below benchmark |
| Total | — | 100% | 135% | Corporate goals funded at 130% with negative discretion |
- CFO appointment context includes restructuring with projected ~$400M annual cost reductions, non-GAAP R&D+SG&A reset to $800–$900M starting 2026, supporting 2027 convert repayment; preliminary Q2 2025 net product revenue $513M (ELEVIDYS $282M, PMOs $231M) .
Equity Ownership & Alignment
| Item | Disclosure |
|---|---|
| Stock Ownership Guidelines | Executives must own stock equal to 1x base salary; CEO 3x; 5-year compliance window; unexercised options and unvested RSUs/PSUs excluded |
| Compliance Status | As of latest proxy, all named executive officers and directors in compliance; Mr. Wong was not a NEO as of Dec 31, 2024 |
| Clawback Policies | Dodd-Frank compliant policy to recoup erroneously paid incentive comp upon restatement; discretionary policy to recoup equity granted in excess of plan limits |
| Equity Grant Practices | Grants generally in early March post-earnings or on appointment; no option/SAR repricing or exchange without shareholder approval under 2018 Plan |
| Pledging/Hedging | No pledging-specific disclosure found in reviewed sections; ownership definition excludes unexercised options/unvested units |
| Insider Transactions | Form 4 data for Mr. Wong not available in this review window; no transactions found in company documents searched. |
Employment Terms
Company standard severance and change-in-control provisions (based on NEO agreements in effect as of Dec 31, 2024):
| Scenario | Cash Severance | Bonus | Equity | Healthcare (COBRA) |
|---|---|---|---|---|
| Qualifying termination within 12 months of Change in Control | 18 months of base salary (lump sum) | 100% of annual target bonus (lump sum) | Accelerated vesting of all outstanding unvested equity awards | Up to 18 months paid/reimbursed coverage |
| Qualifying termination not in connection with Change in Control | Role-specific cash and COBRA amounts; example totals disclosed for NEOs | No automatic acceleration | No acceleration; continued vesting only per plan terms | Paid/reimbursed coverage per agreements |
| Notes | Applies to named executive officers under Severance Agreements; plan-level acceleration if successor does not assume/replace awards |
- Example CFO (Estepan) values as of Dec 31, 2024: Cash severance $992,784 (no CIC) vs $1,323,712 (CIC), accelerated equity vesting $6,559,553 upon CIC, COBRA $29,269 (no CIC) vs $43,904 (CIC), total $1,022,053 (no CIC) vs $7,927,168 (CIC) .
Performance & Track Record
- Leadership transition: Mr. Wong appointed EVP CFO effective July 16, 2025, replacing Mr. Estepan as principal financial and principal accounting officer .
- SOX certifications: Mr. Wong signed Sections 302 and 906 certifications for Q2 and Q3 2025 10-Qs, attesting to disclosure controls and fair presentation of financials .
- Company operating backdrop: Strategic restructuring and pipeline prioritization; preliminary Q2 2025 net product revenue $513M; ELEVIDYS label update including black box warning agreed with FDA .
Compensation Structure Analysis
| Item | Observation |
|---|---|
| CFO Base vs Prior Year Role | Mr. Wong’s CFO base salary set at $550,000 with 50% target bonus upon appointment . Prior CFO base salary at Dec 31, 2024 was $661,856 with a 50% target bonus during 2024; target raised to 65% for Mr. Estepan upon promotion to President & COO . |
| Pay-for-Performance | Corporate bonus outcomes tied to product revenue, label milestones, BD, pipeline, and enablers with total achievement 135% in 2024; Board applied negative discretion to 130% funding . |
| Equity Discipline | No repricing/exchange allowed under 2018 Plan without shareholder approval; Section 162(m)/280G constraints noted . |
Risk Indicators & Red Flags
- Restructuring and workforce reduction (~36%); one-time severance charge estimated $32–$37M in Q3 2025; FDA clinical hold on LGMD programs announced July 21, 2025 (platform designation revoked) .
- No disclosure in reviewed filings of hedging/pledging by Mr. Wong; insider trading data not available in this review window.
Investment Implications
- Compensation alignment: CFO pay structure (50% target bonus) ties a material portion of cash comp to corporate performance metrics heavily weighted to revenue and regulatory milestones, supporting pay-for-performance alignment .
- Retention and severance: Company-standard CIC protections (18 months salary, 100% target bonus, equity acceleration) for NEOs suggest competitive retention mechanics; while Mr. Wong’s specific agreement is not disclosed, plan-level provisions and practice reduce involuntary departure risk in change events .
- Ownership alignment: Five-year stock ownership guideline at 1x base salary for executives fosters skin-in-the-game; no pledging disclosure found; clawback policies reduce misaligned incentive risk .
- Trading signals: CFO appointment coincided with restructuring and substantial cost reset; Mr. Wong’s SOX certifications and principal officer role signal accountability for execution on profitability and 2027 convert obligations; near-term stock dynamics may be influenced by ELEVIDYS label updates, LGMD regulatory path, and achieving cost reduction targets .