Adam Laponis
Twist BioscienceAbout Adam Laponis
Adam Laponis is Chief Financial Officer of Twist Bioscience, appointed effective January 8, 2024; he is 48, with a B.S. in Chemical Engineering from UC Berkeley and an MBA from USC . In fiscal 2024, Twist delivered revenue growth of 28% to $313 million and improved gross profit to $133 million; net income was a loss of $280.7 million and one-year TSR measured at $59.47 per $100 initial investment, reflecting share underperformance versus the Nasdaq Biotech peer group . As CFO, Laponis led SOX remediation and strengthened internal controls and cost tracking, contributing to margin optimization and governance enhancements .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Eargo, Inc. | Chief Financial Officer | Jun 2019–Jan 2024 | Revenue increased >300% over two years; led finance, accounting, IR, operations, IA and IT . |
| Tesla, Inc. | VP, Worldwide FP&A & Business Operations | Nov 2018–Mar 2019 | Oversaw pricing, forecasting, capital planning, internal controls, operations optimization . |
| Tesla, Inc. | Senior Director of Finance | Apr 2017–Nov 2018 | Finance leadership during scaling; cross-functional planning . |
| Cardinal Health (Cardiovascular Care/Cordis) | VP Finance & CFO (Business Unit) | Oct 2015–Apr 2017 | Worldwide business finance lead post Cordis divestiture from J&J . |
| Johnson & Johnson | Various finance roles | Aug 2004–Oct 2015 | Led Cordis divestiture; roles in franchise controlling, supply chain/quality finance, customer service finance . |
External Roles
- None disclosed (no public company directorships listed for Laponis) .
Fixed Compensation
| Metric | FY2024 |
|---|---|
| Base Salary (annual rate) | $450,000 |
| Salary Paid (pro-rated) | $330,708 |
| Target Bonus % of Salary | 55% |
| Signing Bonus | $195,000 (subject to repayment if departure without good reason or termination for cause before Jan 8, 2025) |
| Cash Bonus Paid (FY2024) | $280,624 |
| All Other Compensation | $4,312 (401k $3,570; life insurance $743) |
Performance Compensation
| Component | Metric | Weight | Threshold | Target | Max | FY2024 Result | Payout Factor |
|---|---|---|---|---|---|---|---|
| Cash Bonus Plan | Revenue (ex-biopharma) | 50% | $205M | $257M | $308M | $293M | 170% |
| Cash Bonus Plan | Adjusted Gross Profit (ex-biopharma; ex-SBC) | 20% | $76M | $96M | $115M | $128M | 200% |
| Cash Bonus Plan | Individual Strategic Goals | 30% | — | — | — | Achieved 100% | 100% |
| Cash Bonus Plan | Total Payout Factor (Laponis) | — | — | — | — | — | 155% |
| Long-Term PRSUs (FY2025 program) | Revenue (GAAP; ex-biopharma) | 70% | Confidential | Confidential | 100% cap | Certifies post Oct 1, 2025 | 50–100% linearly interpolated |
| Long-Term PRSUs (FY2025 program) | Ending Cash Balance | 30% | Confidential | Confidential | 100% cap | Certifies post Oct 1, 2025 | 50–100% linearly interpolated |
| Long-Term PRSUs (H2 FY2023 award) | FY2024 Ending Cash Balance | 100% | $220M | $225M | $225M | $277M | 100% eligible |
Notes:
- FY2025 PRSU metrics are confidential; 40% of eligible PRSUs vest on Oct 1, 2025 and 60% on Oct 1, 2026, subject to service .
- For the H2 FY2023 PRSU cash metric, 40% vested Oct 1, 2024 and 60% vest Oct 1, 2025, subject to service .
Equity Awards and Vesting
| Award Type | Grant Date | Shares | Vesting Schedule | Performance Link | Certification/Vesting Dates |
|---|---|---|---|---|---|
| RSUs (time-based) | Jan 8, 2024 | 50,000 | 25% vests Jan 8, 2025; remainder vests quarterly (1/16 each) over 4 years, subject to service | None | Jan 8, 2025 initial cliff; quarterly thereafter |
| RSUs (time-based) | Jan 8, 2024 | 25,000 | Quarterly vesting (1/16 each) over 4 years from Jan 8, 2024, subject to service | None | Quarterly from Jan 8, 2024 |
| PRSUs (FY2025 program) | Jan 8, 2024 | 25,000 | Eligibility based on FY2025 revenue (70%) and ending cash (30%); then 40% vests Oct 1, 2025; 60% vests Oct 1, 2026, subject to service | Revenue and ending cash | Cert post Oct 1, 2025; vests Oct 1, 2025 & Oct 1, 2026 |
| PRSUs (H2 FY2023 cash award) | Jan 8, 2024 | 20,000 | Eligibility based on FY2024 ending cash; 40% vested Oct 1, 2024; 60% vest Oct 1, 2025, subject to service | Ending cash balance | Achieved 100% eligibility; vest Oct 1, 2024 & Oct 1, 2025 |
| Aggregate 2024 Stock Awards (grant date fair value) | FY2024 | — | — | — | $4,197,600 |
Insider selling pressure windows:
- 12,500 RSUs from the 50,000 grant vest on Jan 8, 2025 (one-year cliff), with continual quarterly vesting thereafter; quarterly vesting from the 25,000 RSU grant began April 2024 .
- PRSU tranches vesting on Oct 1, 2025 and Oct 1, 2026 (FY2025 program); and Oct 1, 2025 (H2 FY2023 cash award) may add supply if shares are not retained per guidelines .
Equity Ownership & Alignment
| As of Dec 6, 2024 | Common Shares | Options Exercisable ≤60 Days | RSUs Vesting ≤60 Days | Aggregate Beneficial Ownership | % of Shares Outstanding |
|---|---|---|---|---|---|
| Adam Laponis | 6,923 | — | 14,062 | 20,985 | <1% |
- Stock ownership guidelines: 1× base salary for NEOs; unvested RSUs/PRSUs and options do not count; executives must retain 50% of net shares until guideline met .
- Hedging/pledging: Prohibited (limited exceptions for pledging) under Insider Trading Compliance Program; blackout windows apply; 10b5-1 plans permitted .
- Options: Company ceased granting stock options beginning in 2022; none awarded to NEOs in FY2024 .
Employment Terms
| Term | Provision |
|---|---|
| Appointment | CFO and PFO effective Jan 8, 2024 . |
| Base Salary | $450,000 (annual rate) . |
| Target Bonus | 55% of base salary; eligible commencing FY2024 . |
| Signing Bonus | $195,000; repayable in full if terminated for cause or resigns without good reason before Jan 8, 2025 . |
| Severance (Involuntary, not CIC) | 6 months base salary; pro-rata bonus based on actual performance; 6 months COBRA; estimated total $521,824 (Base $225,000; Bonus $280,624; COBRA $16,200) as of 9/30/2024 . |
| Change-in-Control (CIC) | Double-trigger protections; accelerated vesting of equity if terminated by acquiring entity under specified circumstances; “better-after-tax” 280G cutback provision applies . |
| Clawback | Compensation Recovery Policy (approved Nov 2, 2023) for cash incentives and equity in case of financial restatement; recovery over prior 3 fiscal years; exceptions only if impracticable per Nasdaq rules . |
| Consultant/Advisor Arrangements | None disclosed for Laponis; (former CFO Thorburn transitioned to advisor, then consultant) . |
Performance & Track Record
- Governance and controls: Implemented a SOX compliance program; strengthened internal controls; improved COGS tracking and margin analytics .
- Stockholder engagement: CFO participates in and oversees expanded investor outreach; meetings held with holders of ~72% of shares over 3 years .
- Company performance in FY2024: Revenue $313M (+28% YoY); gross profit $133M (+48% YoY); cash, equivalents and ST investments $276M at Sept 30, 2024 .
Compensation Structure Analysis
- Pay mix and at-risk orientation: Majority of NEO pay is at-risk; for NEOs average target direct compensation comprised ~73% equity, 10% bonus, 17% salary; Laponis’ mix skews 63% RSUs and 37% PRSUs within equity .
- Shift to RSUs/PRSUs: Company ceased options in 2022; PRSUs tie to revenue and cash balance; RSUs vest over four years supporting retention .
- Payouts aligned to performance: FY2024 cash bonus tied to revenue and adjusted gross profit delivered 155% payout for Laponis; PRSUs for FY2024 ending cash met 100% eligibility, underscoring cash discipline .
- Shareholder-friendly features: No golden parachute excise tax gross-ups; double-trigger CIC; hedging/pledging prohibited; clawback policy applies broadly .
Compensation Peer Group (FY2024 benchmarking)
- Peer set used for program design includes: 10x Genomics, AbCellera Biologics, Adaptive Biotechnologies, BioLife Solutions, CareDX, Cytek Biosciences, Guardant Health, Insmed, NanoString Technologies, NeoGenomics, Pacific Biosciences, Quanterix, REGENXBIO, Schrödinger, Ultragenyx Pharmaceutical, Veracyte .
Say-on-Pay & Shareholder Feedback
- Say-on-Pay approval: Approximately 94% support at the February 2024 annual meeting .
- Feedback incorporated: Long-term PRSU targets; disclosure enhancements; material weakness remediation reported as remediated in FY2024 .
Risk Indicators & Red Flags
- Pledging/hedging: Prohibited; no pledged shares disclosed for Laponis .
- Repricings/underwater options: None; options no longer granted .
- Related party transactions: None disclosed involving Laponis .
- Late Section 16 filings: Seven late Form 4s in FY2024 related to director grants; not involving Laponis .
Investment Implications
- Alignment: Laponis’ equity-heavy package with PRSUs tied to revenue and cash is aligned with profitability and liquidity objectives; clawback and anti-hedging policies strengthen shareholder alignment .
- Retention and supply overhang: Significant RSU cliffs and quarterly vesting (12,500 shares vesting Jan 8, 2025 plus ongoing tranches) and PRSU vest dates (Oct 2025 and Oct 2026) could create periodic selling pressure; monitor 10b5-1 activity and blackout windows .
- Execution focus: FY2024 bonus metrics rewarded revenue and gross profit outperformance; governance improvements (SOX remediation) suggest disciplined operational posture under Laponis as Twist advances toward cash-flow breakeven .