Tracey Sacco
About Tracey Sacco
Chief Commercial Officer at Scholar Rock since February 2023; age 48 as of March 31, 2025; MBA (NYU Stern) and BA (Boston College). Biography highlights commercial leadership at Acceleron (SVP Global Strategic Marketing) and earlier commercial strategy roles at Sanofi/Genzyme, Oscient, and Pfizer . Company TSR improved from 36.43 to 173.99 on a $100 base from 2022–2024, while net income remained negative (2024: -$246M; 2023: -$166M; 2022: -$135M) . Scholar Rock notes it had no product revenue in 2023–2024; 2022 revenue was collaboration-based .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| The Nemetz Group | Consultant | Sep 2021–Jan 2023 | Commercial consulting ahead of apitegromab launch preparation |
| Acceleron Pharma (acquired by Merck) | SVP, Global Strategic Marketing (roles of increasing responsibility) | Jun 2012–Aug 2021 | Led global strategic marketing; commercial strategy for late-stage assets |
| Sanofi (formerly Genzyme) | Commercial strategy/business development | 2005–2012 | Commercial and BD roles supporting therapy launches |
| Oscient Pharmaceuticals | Commercial strategy/business development | 2005–2012 | Commercial and BD roles |
| Pfizer | Commercial strategy/business development | 2005–2012 | Commercial and BD roles |
External Roles
No public company board roles disclosed .
Fixed Compensation
| Metric | 2023 |
|---|---|
| Annual Base Salary (policy) | $415,000 |
| Salary Paid (prorated from Feb 6 start) | $367,115 |
| Target Bonus % of Base | 40% |
| Actual Non-Equity Incentive Plan Bonus | $143,192 |
| Signing Bonus | $25,000 |
Employment agreement: at-will; base salary reviewed annually; target annual incentive 40% of base .
Performance Compensation
Annual Cash Incentive Structure (2023)
| Element | Weighting | Target | Actual/Payout | Notes |
|---|---|---|---|---|
| Corporate performance goals | 85% of bonus | Set by Board | Paid via Non-Equity Incentive Plan ($143,192) | Committee determines based on corporate goals |
| Individual performance | 15% of bonus | Committee discretion | Included in payout | Applies to non-CEO NEOs |
Equity Awards and Vesting
| Grant Type | Grant Date | Quantity | Strike/Value | Vesting | Expiration |
|---|---|---|---|---|---|
| Stock options | Feb 13, 2023 | 225,000 | $10.00 | Equal quarterly over 16 quarters; first vest Apr 1, 2023 | Feb 13, 2033 |
| RSUs | Not disclosed for 2023 | — | — | — | — |
Outstanding equity table at 12/31/2023 shows Sacco with 225,000 options unexercisable; no RSUs reported for 2023 . Footnote confirms the 16-quarter vest schedule with initial vest on Apr 1, 2023 .
Trading Plans (Potential Selling Pressure/10b5-1)
| Action Date | Type | Duration/End Date | Aggregate Securities | Description |
|---|---|---|---|---|
| Mar 19, 2024 | Adoption (Rule 10b5-1 plan) | Jun 18, 2025 | 30,000 | Sale of common stock pursuant to plan |
| Dec 20, 2024 | Adoption (Rule 10b5-1 plan) | Mar 25, 2026 | 43,000 | Exercises/sales; includes RSU sell-to-cover requirement |
| May 12, 2025 | Termination (Rule 10b5-1 plan) | May 12, 2025 | 43,000 | Terminated plan; RSU sell-to-cover noted (Former CCO) |
Equity Ownership & Alignment
- Beneficial ownership: Not disclosed among named executive officers and directors in 2025 table (Sacco not listed) .
- Hedging/pledging: Prohibited for officers (no short sales, derivatives, hedging, or pledging) per insider trading policy .
- Clawback: Compensation Recovery Policy adopted Nov 28, 2023; clawback of incentive-based pay upon accounting restatement regardless of fault .
Employment Terms
| Term | Provision |
|---|---|
| Start date and role | Employment agreement effective Feb 6, 2023; Chief Commercial Officer |
| Severance (no change-in-control) | 9 months base salary + reimbursement of COBRA premiums (up to 9 months) + 1x annual target bonus; subject to release |
| Severance (change-in-control within 18 months) | 12 months base salary + reimbursement of COBRA premiums (up to 12 months) + 1x annual target bonus; double-trigger acceleration of all time-based equity |
| Equity vesting acceleration | Immediate vesting of all time-based awards upon qualifying termination within 18 months post change-in-control |
| Work location | Company offices in MA; may work from home per policy |
| At-will | Employment may be terminated by either party at any time |
Performance & Track Record
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| TSR – $100 initial value | $36.43 | $75.68 | $173.99 |
| Net Income (USD Millions) | -$135 | -$166 | -$246 |
- Launch preparedness: Sacco emphasized payer access advantages for SMA and analog learnings from SPINRAZA/risdiplam in a May 22, 2024 transcript, outlining engagement and uptake guidance as launch nears .
- Company states no product revenue in 2023–2024 and limited collaboration revenue in 2022, shaping pay-versus-performance context .
Compensation Structure Analysis
- Cash vs equity mix (2023): Significant equity emphasis via option grant ($1,732,703 grant-date fair value) vs cash salary ($367,115) and bonus ($143,192), plus a $25,000 sign-on bonus .
- Incentive design: 85% corporate/15% individual bonus weighting for non-CEO NEOs aligns payouts to corporate milestones rather than personal discretion .
- Change-in-control: Double-trigger acceleration and 12-month severance/bonus multiple may elevate retention but could increase payout leverage on M&A outcomes .
Risk Indicators & Red Flags
- Hedging/pledging: Prohibited (alignment positive) .
- Clawback: Implemented (alignment positive) .
- 10b5-1 plans: Adoption and later termination may signal structured selling tied to vesting or tax obligations; RSU sell-to-cover noted by company policy .
Compensation Peer Group (Benchmarking)
2023 peer group includes Alector, Deciphera, Denali, Arrowhead, Rocket, Rhythm, SpringWorks, Dyne, Axsome, Biohaven, Pliant, and others used for pay benchmarking and annual salary review . Pay Governance served as compensation consultant; independence assessed .
Say-on-Pay & Shareholder Feedback
- 2024: Company introduced advisory say-on-pay and say-on-frequency in proxy .
- 2025: Advisory vote proposed; Committee/Board will consider outcomes in future compensation decisions .
Investment Implications
- Strong alignment via significant equity/options and clawback/anti-hedging policies; bonus weighting ties to corporate goals, a positive for pay-for-performance .
- Retention risk mitigated by 9–12 month severance and double-trigger acceleration; however, change-in-control economics could create meaningful payout leverage in M&A scenarios .
- Trading plans around RSU vesting and option exercises suggest periodic selling pressure but are structured under Rule 10b5-1 and include sell-to-cover requirements for taxes (monitor future adoptions/terminations for timing signals) .
- Execution focus: Commercial readiness commentary indicates proactive payer engagement for SMA; TSR improvements alongside persistent losses reflect market anticipation of commercialization rather than current profitability .