Emily Leproust
Twist BioscienceAbout Emily Leproust
Emily M. Leproust, Ph.D., age 51, is Twist Bioscience’s co‑founder, Chief Executive Officer (since April 2013), and Board Chair (since October 2018); she previously served as President (April 2013–October 2022). She holds an M.Sc. in Industrial Chemistry from the Lyon School of Industrial Chemistry and a Ph.D. in Organic Chemistry from the University of Houston. Under her leadership, FY2024 revenue grew 28% to $313 million and gross profit rose 48% to $133 million; year-end cash, cash equivalents and short-term investments were $276 million. FY2024 total shareholder return (TSR) reflects a $59.47 value on an initial fixed $100 investment, versus $26.67 in FY2023, while net income was $(280.7) million in FY2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Twist Bioscience | CEO | 2013–present | Scaled revenue to $313M in FY2024; gross profit to $133M; strengthened cash to $276M . |
| Twist Bioscience | Board Chair | 2018–present | Unified Chair/CEO with robust lead independent oversight to drive strategy and execution . |
| Twist Bioscience | President | 2013–2022 | Led early commercialization and operations (role ended Oct 2022) . |
| Agilent Technologies | Director, Applications & Chemistry R&D | 2009–2013 | Senior leadership in chemistry applications; operational R&D depth . |
External Roles
| Organization | Role | Years | Committee Roles / Notes |
|---|---|---|---|
| GeneDx Holdings Corp. | Director | Since Sept 2020 | Audit, Compensation, and Nominating & Corporate Governance committees; Twist recognized $8M revenue from GeneDx in FY2024; relationship on standard commercial terms; Leproust not involved in negotiations . |
Fixed Compensation
| Metric | FY2022 | FY2023 | FY2024 |
|---|---|---|---|
| Base Salary ($) | $665,000 | $685,000 | $685,000 |
| Target Bonus (% of Base) | n/a | 90% | 90% |
| Actual Cash Bonus Paid ($) | $596,106 | $501,054 | $955,575 |
| CEO Pay Ratio | — | — | 36.6 to 1 (median comp $208,280; CEO $7,620,611) |
Performance Compensation
FY2024 Cash Bonus Plan Outcome
| Metric | Weighting % | Target | Actual | Payout |
|---|---|---|---|---|
| Revenue (ex-biopharma) | 50% | $257M | $293M | 170% |
| Adjusted Gross Profit (ex-biopharma and SBC) | 20% | $96M | $128M | 200% |
| Individual Strategic Goals | 30% | Set by committee | 100% (CEO) | 100% |
| Total Bonus Factor | — | — | — | 155% for CEO |
Equity Awards Structure and Vesting
| Award | Grant Date | Shares/Target | Metrics & Weighting | Vesting |
|---|---|---|---|---|
| FY2024 PRSUs | 11/02/2023 | 168,976 | FY2025 Revenue 70%; FY2025 Ending Cash 30%; vesting eligibility 50–100% | 40% on 10/01/2025; 60% on 10/01/2026 (subject to service) |
| FY2024 Time-based RSUs | 11/02/2023 | 168,976 | Time-based (retention) | 1/16 each quarter over 4 years (from 11/02/2023) |
| FY2023 PRSUs (H1) | 12/19/2022 | 59,758 target; 45,953 eligible (77%) | FY2024 Revenue (80%); Adj GP (20%) | 40% on 10/01/2024; 60% on 10/01/2025 |
| FY2023 PRSUs (H2) | 09/05/2023 | 80,855 eligible (100%) | FY2024 Ending Cash goal achieved at 100% | 40% on 10/01/2024; 60% on 10/01/2025 |
Grant-date fair value for FY2024 PRSUs and RSUs was $2,924,975 each for the CEO .
Equity Ownership & Alignment
| Ownership As Of 12/06/2024 | Count | % Outstanding |
|---|---|---|
| Common stock | 355,823 | — |
| Options exercisable within 60 days | 613,658 | — |
| RSUs vesting within 60 days | 15,349 | — |
| Aggregate beneficial ownership | 984,830 | 1.64% |
| Activity (FY2024) | Shares | Value ($) |
|---|---|---|
| RSUs vested | 81,681 | $3,057,862 |
| Options exercised | — | — |
- Stock ownership guidelines: CEO must hold 3x base salary; executives who have not met guidelines must retain 50% of net shares from vesting/exercise until compliant .
- Hedging/pledging: Prohibited for officers/directors; margin accounts or pledging not allowed; 10b5‑1 trading plans permitted .
- Option grants: Company ceased granting options as part of the equity program beginning in 2022 .
Employment Terms
| Scenario | Cash Severance | Bonus Treatment | COBRA | Equity Acceleration |
|---|---|---|---|---|
| Involuntary termination not in connection with Change-in-Control (CIC) | 12 months base salary (CEO) | Pro‑rata incentive for year of termination based on actual performance | 12 months (CEO) | — |
| Involuntary termination in connection with CIC or within 24 months post‑CIC | 24 months base salary (CEO) | Average bonus for prior two years; plus pro‑rata incentive based on target | 24 months (CEO) | 100% acceleration of time-based awards; performance awards vest at greater of 100% of target or actual performance |
Estimated CEO CIC benefits (as of 09/30/2024): total $28,556,921, including $1,370,000 salary continuation, $548,580 average bonus, $616,500 pro‑rata target bonus, $64,800 COBRA, $10,760,522 time‑based equity acceleration, and $15,196,519 performance‑based equity acceleration .
- Agreements: CEO employment amended and restated on 09/08/2022; at‑will; initial 3‑year term auto‑extends annually unless notice given 90 days prior; “better after‑tax” 280G cutback vs full-pay optimization included .
Board Governance
- Role: CEO and Board Chair; Board maintains Lead Independent Director (Robert Chess) to ensure independent oversight (executive sessions, governance checks). Board has concluded the unified Chair/CEO structure with a strong Lead Independent Director effectively represents stockholder interests .
- Independence: Six of seven directors expected to be independent post‑meeting; CEO/Chair is not independent .
- Committees: Audit & Risk; Compensation; Nominating & Corporate Governance — all composed of independent directors; the CEO is not a committee member .
- Board/committee meetings: Board held 4 meetings in FY2024; all directors attended at least 75% of meetings; all serving directors attended the 2024 Annual Meeting .
Related Party Transactions
- GeneDx (customer): Twist recognized $8M in revenue in FY2024 under a master supply agreement; terms consistent with standard commercial practices; Leproust serves on GeneDx’s Board and three committees but did not participate in negotiations and has no interest beyond normal customer transactions .
- GRAIL (customer): Twist recognized $3M revenue in FY2024; terms consistent with standard practices; director Ragusa is GRAIL’s CEO and recuses from approving equity grants to directors/officers .
Compensation Structure Analysis
- Mix and risk: In FY2024, approximately 82% of CEO target total direct compensation was equity, 9% cash bonus, 9% salary; 91% “at‑risk.” Long‑term equity was split 50% PRSUs and 50% RSUs, emphasizing multi‑year alignment and retention .
- Metrics: FY2024 cash plan tied to revenue and adjusted gross profit (70% of payout) and individual strategic goals (30%); PRSUs linked to FY2025 revenue and ending cash (70/30); payout ranges capped and linearly interpolated .
- Clawback: Compensation Recovery Policy adopted 11/02/2023 for erroneously awarded incentive compensation over preceding three years upon a required restatement, consistent with SEC/Nasdaq rules .
- Say‑on‑pay: 94% approval at 2024 annual meeting .
- Peer group and consultant: Peer group includes 10x Genomics, Guardant, AbCellera, Adaptive, NeoGenomics, Veracyte, etc.; Meridian Compensation Partners serves as independent consultant; no conflicts identified .
Performance & Track Record
| Indicator | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Revenue ($M) | $132.3 | $203.6 | $245.1 | $313.0 |
| Net Income ($M) | $(152.1) | $(217.9) | $(204.6) | $(280.7) |
| TSR: Value of $100 Investment | $140.81 | $46.39 | $26.67 | $59.47 |
Major FY2024 achievements linked to compensation: revenue outperformance versus plan; significant adjusted gross profit expansion; cash preservation supporting path to profitability .
Equity Ownership & Alignment Policies
- Ownership guidelines: CEO 3x salary; retention requirements until compliant .
- Hedging/pledging: Prohibited; margin accounts not allowed; use of Rule 10b5‑1 trading plans permitted .
- Grant timing: No options granted since 2022; equity awards not timed around material nonpublic information; blackout restrictions apply .
Investment Implications
- Pay-for-performance alignment: Strong linkage of variable pay to revenue, profitability, and cash outcomes, plus multi‑year PRSU structures; FY2024 bonus paid at 155% reflects outperformance on financial drivers .
- Retention and potential supply dynamics: Significant unvested RSUs and PRSUs with step‑vests on October 1, 2025 and October 1, 2026 may create scheduled insider transactions (subject to holding requirements and 10b5‑1 plans), but hedging/pledging is prohibited, mitigating adverse alignment signals .
- Change‑in‑control economics: Double‑trigger structure with full acceleration of time‑based equity and performance equity at greater of target or actual; CEO’s estimated CIC package of ~$28.6M underscores meaningful retention value but also potential dilution risk if triggered .
- Governance checks on dual role: Combined Chair/CEO counterbalanced by Lead Independent Director and independent committees; shareholders supported say‑on‑pay (94%), indicating current structures are acceptable to investors .
- Related party oversight: Transparent disclosure and committee oversight for GeneDx/GRAIL relationships reduces conflict risk; revenues from these customers were modest relative to total .