Patrick Finn
Twist BioscienceAbout Patrick Finn
Patrick Finn, Ph.D., is President and Chief Operating Officer of Twist Bioscience (since October 2022); he joined Twist in February 2015 and previously served as VP Sales & Marketing, SVP Commercial Operations, and Chief Commercial Officer. He is 53, holds a B.Sc. in Chemistry (Heriot-Watt University) and a Ph.D. in Chemistry (University of Southampton) . Company performance under the 2024 program included revenue up 28% to $313M and gross profit up 48% to $133M, metrics that drove incentive payouts and PRSU eligibility for executives including Finn . The company’s pay-versus-performance table shows revenue of $313M and a cumulative TSR value of $59.47 for a fixed $100 investment as of FY2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Twist Bioscience | Vice President of Sales & Marketing | Feb 2015 – Oct 2019 | Scaled commercial functions, foundation for subsequent leadership roles |
| Twist Bioscience | Senior Vice President, Commercial Operations | Dec 2018 – Oct 2019 | Optimized commercial operations leadership structure |
| Twist Bioscience | Chief Commercial Officer | Oct 2019 – Oct 2022 | Drove organic growth and margin expansion |
| Twist Bioscience | President & Chief Operating Officer | Oct 2022 – Present | Delivered partnership roadmap, operational scale and customer retention |
| Enzymatics Inc. | Vice President of Sales | Jan 2012 – Mar 2015 | Led sales in molecular biology enzymes market |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Private corporation (undisclosed) | Director | Ongoing | Governance and industry connectivity; disclosed without naming entity |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | 456,000 | 470,000 | 500,000 |
| Target Bonus (% of Salary) | 60% | 60% | 60% |
| Target Bonus ($) | 273,600 | 282,000 | 300,000 |
| Actual Cash Bonus Paid ($) | 272,506 | 230,039 | 465,000 |
| All Other Compensation ($) | 73,273 | 120,142 | 127,394 |
| Notable Perquisites | Corporate housing stipend ($10,000/month) | Corporate housing stipend ($10,000/month) | Corporate housing stipend ($10,000/month) |
Performance Compensation
Annual Cash Bonus Mechanics and Results (FY 2024)
| Metric | Weight | Threshold | Target | Maximum | FY2024 Actual | Payout |
|---|---|---|---|---|---|---|
| Revenue (excl. biopharma services) | 50% | $205M | $257M | $308M | $293M | 170% |
| Adjusted Gross Profit (excl. biopharma services and SBC) | 20% | $76M | $96M | $115M | $128M | 200% |
| Individual Strategic Goals | 30% | N/A | N/A | N/A | Achieved | 100% for Finn |
Total payout factor for Finn was 155% of target, yielding $465,000 .
Equity Awards and PRSU Vesting Constructs
| Award Type | Grant(s) | Shares | Performance Metrics | Vesting Schedule | Status/Notes |
|---|---|---|---|---|---|
| FY2024 RSUs | Nov 2, 2023 | 79,785 | Time-based | 1/16th quarterly over 4 years | Outstanding |
| FY2024 PRSUs | Nov 2, 2023 | 79,785 | FY2025 Revenue (70%), FY2025 Ending Cash (30%) | 40% on Oct 1, 2025; 60% on Oct 1, 2026 (subject to certification) | Performance TBD |
| H1 FY2023 PRSUs | Dec 19, 2022 | 66,110 (incl. 30,626 granted Feb 2023) | FY2024 Revenue (80%), FY2024 Adjusted Gross Profit (20%) | 40% Oct 1, 2024; 60% Oct 1, 2025 | 77% vest-eligible (45,953 CEO example; Finn: 50,838) |
| H2 FY2023 PRSUs | Sep 5, 2023 | 30,000 | FY2024 Ending Cash | 40% Oct 1, 2024; 60% Oct 1, 2025 | 100% vest-eligible |
Target equity value granted to Finn in FY2024 was $2,762,157 (equal split RSUs/PRSUs at grant-date price), with RSU and PRSU counts shown above .
Equity Ownership & Alignment
| Ownership Detail | Value |
|---|---|
| Common Stock Beneficially Owned | 140,826 shares |
| Options Exercisable within 60 Days | 80,851 shares |
| RSUs Vesting within 60 Days | 9,497 shares |
| Aggregate Beneficial Ownership | 231,174 shares; <1% of outstanding |
| Unvested Time-based RSUs (subject to acceleration in CIC) | 104,399 shares |
| Unvested PRSUs (performance-based, subject to CIC acceleration at greater of target or actual) | 187,741 shares |
| Stock Ownership Guidelines | 1x base salary; retain 50% of net shares until compliant |
| Hedging/Pledging Policy | Hedging and pledging prohibited (limited exceptions for pledging); 10b5-1 plans permitted |
Options Snapshot (legacy grants)
| Grant Date | Exercisable Options (#) | Exercise Price ($) | Expiration |
|---|---|---|---|
| Sep 29, 2017 | 3,279 | 8.82 | Sep 28, 2027 |
| Nov 19, 2018 | 34,512 | 26.66 | Nov 18, 2028 |
| Oct 24, 2019 | 19,705 | 23.33 | Oct 23, 2029 |
| Sep 1, 2020 | 23,355 | 67.85 | Aug 31, 2030 |
Employment Terms
- Agreement: Amended and restated employment agreement dated September 8, 2022; further amended effective October 1, 2022 for appointment to President & COO; at-will employment; initial three-year term with automatic one-year extensions unless notice given ≥90 days pre-expiration .
- Severance/Change-in-Control (double-trigger): If terminated without cause or resigns for good reason within 24 months post-CIC, Finn receives 12 months’ base salary, average bonus (two prior years), pro-rata target bonus, 12 months COBRA, full acceleration of time-based equity, and PRSU acceleration at greater of target or actual performance .
- Estimated CIC severance economics (as of Sep 30, 2024): $500,000 salary continuation; $251,273 average bonus; $300,000 pro-rata target bonus; $32,400 COBRA; $4,716,747 acceleration of time-based awards; $8,482,138 acceleration of performance-based awards; total $14,282,558 .
- Clawback: Compensation Recovery Policy approved Nov 2, 2023 covering cash incentives and equity for three years preceding a restatement, irrespective of fault .
- Governance features: No golden parachute tax gross-ups; “better after-tax” cut/reduce provision under Sections 280G/4999; no option repricing without shareholder approval; double-trigger vesting for awards assumed in CIC; immediate vesting if awards not assumed .
Investment Implications
- Pay-for-performance alignment: Finn’s bonus paid at 155% of target based on outperformance in revenue ($293M vs $257M target; 170% payout) and adjusted gross profit ($128M vs $96M target; 200% payout), with full achievement of his individual strategic goals, supporting strong execution in commercial scaling and margin expansion .
- Retention and selling pressure: Significant unvested equity (104,399 time-based RSUs and 187,741 PRSUs) plus FY2024 PRSUs linked to FY2025 targets indicate strong retention incentives; company policy prohibits hedging/pledging, reducing forced selling risk, though future vesting represents potential supply over 2025–2026 .
- Change-in-control economics: Double-trigger CIC package totals ~$14.3M, predominantly equity acceleration, implying alignment to strategic outcomes but also meaningful event-driven dilution potential if a transaction occurs .
- Ownership alignment: Beneficial ownership is <1% of outstanding; stock ownership guidelines (1x salary and 50% net-share retention until compliant) provide additional alignment; no tax gross-ups and anti-repricing policy favor shareholder interests .
Say-on-Pay support (94% approval in 2024) and peer benchmarking underpin compensation governance; continued focus on revenue and cash metrics in PRSUs ties Finn’s equity outcomes to value-creation drivers .