Barbara Leyman
SUTRO BIOPHARMAAbout Barbara Leyman
Barbara Leyman, Ph.D., is Chief Business Development Officer at Sutro Biopharma (STRO), serving since July 2024; she is 55 years old and holds a Ph.D. in Molecular Biology from Imperial College at Wye, London University, and a Master’s in Chemistry and Biotechnology from Ghent University . Her remit covers business development strategy, licensing and alliances; prior roles include senior corporate development leadership and venture investing/directorships in biotech . Company performance context: Sutro’s 2024 TSR (value of initial $100) was $12 and net income was -$227M; prior years show TSR $20 (2023) and $37 (2022) and net income losses of -$107M (2023) and -$119M (2022) .
| Performance Context | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Sutro TSR – Value of $100 | $37 | $20 | $12 |
| Net Income ($USD Millions) | $(119) | $(107) | $(227) |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| GenEdit | SVP, Corporate Development; led BD, alliance management, and corporate strategy | 2022–2024 | Built partnerships and alliances; corporate strategy leadership |
| Lyell Immunopharma | Business Development/Corporate Strategy roles (increasing responsibility) | 2018–2022 | Led licensing and R&D collaborations; executed co-development transactions |
| Calico Life Sciences | Business Development/Corporate Strategy roles | 2018–2022 | Led due diligence, negotiations, and execution of collaborations |
| LRM (Venture Capital Fund) | Head of Life Sciences Team | 2014–2017 | Managed biotech investments; served as director on three private biotech company boards |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Three private biotech companies (not named) | Director | 2014–2017 | Board service while at LRM; portfolio oversight for VC-managed investments |
Fixed Compensation
- Executive officers participate in standard employee benefits (401(k), ESPP, health and welfare); perquisites generally minimal and not a significant component of executive compensation .
- Individual base salary and bonus details for Dr. Leyman are not disclosed in the latest proxy; NEO disclosures cover CEO, President/COO, and CFO in 2024 .
Performance Compensation
Sutro’s executive compensation emphasizes pay-for-performance, using annual cash incentives linked to corporate goals and long-term equity (stock options and RSUs). Options generally vest monthly over four years (with a one‑year cliff for new-hire grants); RSUs generally vest 25% annually over four years .
| Metric Category | Examples of Metrics Tied to Annual Incentives | Weighting | Target | Actual | Payout | Vesting Notes |
|---|---|---|---|---|---|---|
| Pipeline progression | Progress of proprietary and partnered ADC programs | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Annual cash incentives; equity vests per program design |
| Deal-making | Licensing, collaboration execution | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Equity: options monthly over 4 yrs; RSUs 25% annually |
| Financial performance | Revenue/milestones, capital efficiency | Not disclosed | Not disclosed | Not disclosed | Not disclosed | As above |
| Manufacturing success | Clinical/commercial readiness | Not disclosed | Not disclosed | Not disclosed | Not disclosed | As above |
| Culture & compliance | Governance, operating discipline | Not disclosed | Not disclosed | Not disclosed | Not disclosed | As above |
Note: The company describes categories and alignment mechanisms; specific weights, targets, and payouts for Dr. Leyman are not disclosed in the proxy .
Equity Ownership & Alignment
- Section 16 initial filing (Form 3) shows “No securities are beneficially owned” for Barbara Leyman as of July 10, 2024, shortly after her appointment .
- Company prohibits hedging, purchasing on margin, and pledging of common stock for all employees and directors; maintains a clawback policy .
| As-of Date | Shares Owned | Derivatives (Options/RSUs) | Pledged as Collateral | Notes |
|---|---|---|---|---|
| Jul 10, 2024 (Form 3) | 0 | Not reported | Prohibited by policy | Initial statement filed via attorney‑in‑fact; no beneficial ownership at appointment |
Watch items: No Form 4 transactions were identified in our search; monitor for new-hire grants and vesting events (options typically have a one-year cliff for new hires) that may appear in future Section 16 filings .
Employment Terms
- Executive employment arrangements include written employment agreements (for NEOs) with eligibility for bonus, and standard confidentiality/invention assignment; NEOs are employed “at will” (proxy provides detail for NEOs; Dr. Leyman is an executive officer but not a 2024 NEO in the disclosure) .
- Severance/Change-in-Control plan features include double-trigger CIC vesting/payment and no tax gross-ups; company maintains a clawback policy and prohibits hedging/pledging .
| Term | Provision | Source |
|---|---|---|
| Employment status | At-will for NEOs; executive officer arrangements via employment agreements (Dr. Leyman specific terms not disclosed) | |
| Severance plan | Provides severance and CIC benefits; intended for retention; release required | |
| Change-in-control | Double-trigger; no tax gross-ups | |
| Clawback | Compensation recovery policy maintained | |
| Hedging/pledging | Prohibited for all employees and directors | |
| Equity vesting norms | New-hire options: one-year cliff then monthly over 4 years; RSUs: 25% annually over four years |
Compensation Committee Analysis
| Attribute | Details |
|---|---|
| Members | Joseph Lobacki (Chair), Daniel Petree, Jon M. Wigginton, M.D.; all independent under Nasdaq and SEC rules |
| Consultant | FW Cook; engaged to advise on peer data, market practices, and compensation risk; reports to Committee; no conflicts identified |
| Scope | Oversees executive comp packages, equity plan oversight, succession planning (non-CEO), and regulatory compliance |
Investment Implications
- Alignment signals: Equity-heavy compensation, option/RSU vesting schedules, clawback, and prohibitions on hedging/pledging support alignment with long-term value creation; CIC protections use double-trigger without tax gross-ups, limiting windfalls and encouraging retention through transaction close .
- Ownership/pressure: Initial Form 3 showed no holdings for Dr. Leyman; absence of reported Form 4s reduces near-term insider selling pressure but also implies limited “skin-in-the-game” until grants are disclosed/vest; monitor Section 16 for grant issuance and vesting cadence (new-hire option cliff suggests potential first vesting ~12 months post-grant if applied) .
- Performance linkage: Annual incentives tied to pipeline progress, deal-making, financial performance, and manufacturing execution create clear BD levers for Leyman; payout specifics/weights are undisclosed, so investors should track announced collaborations and licensing milestones as leading indicators of cash incentive outcomes .
- Risk factors: Company TSR and net losses in 2024 highlight execution and financing risk typical of clinical-stage biotech; BD outcomes under Leyman’s remit (licensing, partnerships) are likely to be near-term catalysts and key to value creation and runway management .