EXECUTIVE COMPENSATION
Compensation Discussion and Analysis
This Compensation Discussion and Analysis, or CD&A, describes our executive compensation program and the 2019 compensation for:
(i) each individual who served as our principal executive officer during 2019; (ii) each individual who served as our principal financial officer during 2019 and (iii) our three most highly compensated executive officers during 2019
other than the individuals set forth above in clauses (i) and (ii), all of whom we refer to collectively as our named executive officers, or NEOs. This CD&A should be read with the compensation tables and related disclosures for our NEOs.
Our NEOs for 2019 were as follows:
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Ted W. Love, our President and Chief Executive Officer, or CEO;
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Jeffrey Farrow, our Chief Financial Officer;
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Brian Cathers, our Chief Scientific Officer;
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David L. Johnson, our Chief Commercial Officer; and
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Joshua Lehrer-Graiwer, our former Chief Medical Officer.
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Management Changes in 2019 and 2020
We
hired Dr. Cathers in February 2019.
On September 17, 2019, our Board of Directors appointed Dr. Lehrer-Graiwer as our
Chief Medical Officer, effective October 1, 2019. Prior to his appointment as our Chief Medical Officer, Dr. Lehrer Graiwer served as our Senior Vice President, Clinical Development. In February 2020, Dr. Lehrer-Graiwer resigned from
his employment with our company, effective April 17, 2020.
Overview
We are a biopharmaceutical company dedicated to the discovery, development and delivery of life-changing treatments that provide hope to
underserved patient communities. Founded in 2011, we are delivering on our goal to transform the treatment and care of sickle cell disease, or SCD, a lifelong, devastating inherited blood disorder that is marked by red blood cell destruction and
occluded blood flow and hypoxia, leading to anemia, stroke, multi-organ failure, severe pain crises, and shortened patient life span. Notably, 2019 was a pivotal year in our corporate history as we became a commercial-stage company with a marketed
drug.
In late November 2019, we received U.S. Food and Drug Administration, or FDA, accelerated approval for our first product, Oxbryta® (voxelotor) tablets for the treatment of SCD in adults and children 12 years of age and older. Oxbryta, an oral therapy taken once daily, is the first
FDA-approved treatment that directly inhibits sickle hemoglobin polymerization, an underlying cause of SCD. This FDA approval was three months ahead of the FDAs Prescription Drug User Fee Act, or PDUFA,
target action date of February 26, 2020, and we began to make Oxbryta available to patients through our specialty pharmacy partner network in early December 2019.
We are conducting and plan to conduct additional studies of Oxbryta, including our Phase 2a HOPE-KIDS 1 Study (an open-label,
single- and multiple-dose Phase 2a study that is evaluating the safety, tolerability, pharmacokinetics and exploratory treatment effect of Oxbryta in pediatric patients aged four to 17 years with SCD) and, as a condition of accelerated
approval, our Phase 3 HOPE-KIDS 2 Study (a post-approval
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