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Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table

The following table reports (i) the “total compensation” of our chief executive officer, or our Principal Executive Officer, or PEO, and our other named executive officers, or Other NEOs, as set forth above under “Executive Compensation—Summary Compensation Table” or the SCT Amounts, (ii) the “compensation actually paid”, or CAP Amounts, to our PEO and Other NEOs as calculated pursuant to the SEC’s pay-versus performance rules, (iii) certain financial and other performance measures and (iv) the relationship of the CAP Amounts to those financial performance measurers.

This disclosure has been prepared in accordance with Item 402(v) of Regulation S-K under the Exchange Act and does not necessarily reflect value actually realized by the executives or how our compensation committee evaluates compensation decisions in light of company or individual performance. The CAP Amounts included in the table below reflect a new measure of compensation which is a combined realizable and realized pay measure predicated on fair value. The grant date fair values included in the SCT Amounts have been replaced with fair values reflecting the change in value of equity awards during the fiscal year. The calculations do not reflect the actual sale of stock underlying equity awards or the exercise of stock options by the applicable executive. For discussion of how our compensation committee seeks to align pay with performance when making compensation decisions, please see the “Compensation Discussion and Analysis” section of this proxy statement beginning on page 27.

 

 

 

 

 

 

 

Value of Initial Fixed $100
 Based On

 

 

 

 

 

Fiscal
 Year
 (a)

Summary
 Compensation
Table Total for
 PEO (1)
(b)

 

Compensation
Actually Paid
 to PEO (2)
(c)

 

Average Summary Compensation Table Total for Other NEOs (1)
(d)

 

Average Compensation Actually Paid to Other NEOs (2)
(e)

 

Total Shareholder Return
(f)

 

Peer Group
Total Shareholder Return (3)
(g)

 

Net Loss
(000's)
(h)

 

Company Selected Measure Product Revenue, Net
(000's)
(i)

 

2023

 

10,373,049

 

 

14,853,049

 

 

4,191,957

 

 

5,459,250

 

 

195.49

 

 

118.87

 

 

(528,628

)

 

366,281

 

2022

 

9,203,556

 

 

13,664,397

 

 

2,832,119

 

 

4,595,545

 

 

168.88

 

 

113.65

 

 

(652,172

)

 

65,092

 

2021

 

9,122,039

 

 

1,957,912

 

 

2,745,212

 

 

455,206

 

 

154.41

 

 

126.45

 

 

(746,354

)

 

15,147

 

2020

 

9,275,425

 

 

17,702,962

 

 

3,081,598

 

 

6,312,770

 

 

186.81

 

 

126.42

 

 

(344,874

)

 

—

 
(1)
Our PEO and Other NEOs for each of these fiscal years are shown below.

 

Fiscal
 Year

PEO

Other NEOs

2023

Cedric Francois, M.D., Ph.D.

Timothy Sullivan, Caroline Baumal M.D., David Watson, Adam Townsend

2022

Cedric Francois, M.D., Ph.D.

Timothy Sullivan, Pascal Deschatelets, Ph.D., David Watson, Adam Townsend

2021

Cedric Francois, M.D., Ph.D.

Timothy Sullivan, Pascal Deschatelets, Ph.D., Federico Grossi, M.D., Ph.D., Adam Townsend

2020

Cedric Francois, M.D., Ph.D.

Timothy Sullivan, Pascal Deschatelets, Ph.D., Nur Nicholson, Adam Townsend

 

(2)
The following table summarizes the adjustments made in accordance with Item 402(v) of Regulation S-K in order to calculate the CAP Amounts from the SCT Amounts. The SCT Amounts and the CAP Amounts do not reflect the actual amount of compensation earned by or paid to our executives during the applicable years, but rather are amounts determined in accordance with Item 402 of Regulation S-K under the Exchange Act. No awards vested in the year that they were granted.

 

2023

 

2022

 

2021

 

2020

 

 

PEO

 

Average
 Other
 NEOs

 

PEO

 

Average
 Other
 NEOs

 

PEO

 

Average
 Other
 NEOs

 

PEO

 

Average
 Other
 NEOs

 

Total Compensation from Summary Compensation Table

$

10,373,049

 

$

4,191,957

 

$

9,203,556

 

$

2,832,119

 

$

9,122,039

 

$

2,745,212

 

$

9,275,425

 

$

3,081,598

 

Adjustments for Equity Awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustment for grant date values in the Summary Compensation Table

$

(8,936,692

)

$

(3,357,184

)

$

(8,004,942

)

$

(2,136,764

)

$

(8,152,500

)

$

(2,140,032

)

$

(8,226,969

)

$

(2,483,345

)

Year-end fair value of unvested awards granted in the current year

$

10,388,775

 

$

3,934,883

 

$

11,854,186

 

$

3,706,967

 

$

5,711,805

 

$

1,713,541

 

$

10,147,631

 

$

3,485,927

 

Year-over-year difference of year-end fair values for unvested awards granted in prior years

$

2,015,403

 

$

468,685

 

$

595,154

 

$

167,358

 

$

(2,200,097

)

$

(810,151

)

$

5,283,111

 

$

1,905,999

 

Fair values at vest date for awards granted and vested in current year

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years

$

1,012,513

 

$

220,908

 

$

16,443

 

$

25,866

 

$

(2,523,336

)

$

(1,053,364

)

$

1,223,765

 

$

322,591

 

Forfeitures during current year equal to prior year-end fair value

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Total Adjustments for Equity Awards

$

4,480,000

 

$

1,267,293

 

$

4,460,841

 

$

1,763,427

 

$

(7,164,127

)

$

(2,290,006

)

$

8,427,537

 

$

3,231,172

 

Compensation Actually Paid (as calculated)

$

14,853,049

 

$

5,459,250

 

$

13,664,397

 

$

4,595,545

 

$

1,957,912

 

$

455,206

 

$

17,702,962

 

$

6,312,770

 

 

 

(3)
Reflects cumulative TSR of the NASDAQ Biotechnology Index.
      
Company Selected Measure Name Company Selected      
Named Executive Officers, Footnote
(1)
Our PEO and Other NEOs for each of these fiscal years are shown below.

 

Fiscal
 Year

PEO

Other NEOs

2023

Cedric Francois, M.D., Ph.D.

Timothy Sullivan, Caroline Baumal M.D., David Watson, Adam Townsend

2022

Cedric Francois, M.D., Ph.D.

Timothy Sullivan, Pascal Deschatelets, Ph.D., David Watson, Adam Townsend

2021

Cedric Francois, M.D., Ph.D.

Timothy Sullivan, Pascal Deschatelets, Ph.D., Federico Grossi, M.D., Ph.D., Adam Townsend

2020

Cedric Francois, M.D., Ph.D.

Timothy Sullivan, Pascal Deschatelets, Ph.D., Nur Nicholson, Adam Townsend
     
Peer Group Issuers, Footnote
(3)
Reflects cumulative TSR of the NASDAQ Biotechnology Index.
      
PEO Total Compensation Amount $ 10,373,049 $ 9,203,556 $ 9,122,039 $ 9,275,425
PEO Actually Paid Compensation Amount $ 14,853,049 13,664,397 1,957,912 17,702,962
Adjustment To PEO Compensation, Footnote
(2)
The following table summarizes the adjustments made in accordance with Item 402(v) of Regulation S-K in order to calculate the CAP Amounts from the SCT Amounts. The SCT Amounts and the CAP Amounts do not reflect the actual amount of compensation earned by or paid to our executives during the applicable years, but rather are amounts determined in accordance with Item 402 of Regulation S-K under the Exchange Act. No awards vested in the year that they were granted.

 

2023

 

2022

 

2021

 

2020

 

 

PEO

 

Average
 Other
 NEOs

 

PEO

 

Average
 Other
 NEOs

 

PEO

 

Average
 Other
 NEOs

 

PEO

 

Average
 Other
 NEOs

 

Total Compensation from Summary Compensation Table

$

10,373,049

 

$

4,191,957

 

$

9,203,556

 

$

2,832,119

 

$

9,122,039

 

$

2,745,212

 

$

9,275,425

 

$

3,081,598

 

Adjustments for Equity Awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustment for grant date values in the Summary Compensation Table

$

(8,936,692

)

$

(3,357,184

)

$

(8,004,942

)

$

(2,136,764

)

$

(8,152,500

)

$

(2,140,032

)

$

(8,226,969

)

$

(2,483,345

)

Year-end fair value of unvested awards granted in the current year

$

10,388,775

 

$

3,934,883

 

$

11,854,186

 

$

3,706,967

 

$

5,711,805

 

$

1,713,541

 

$

10,147,631

 

$

3,485,927

 

Year-over-year difference of year-end fair values for unvested awards granted in prior years

$

2,015,403

 

$

468,685

 

$

595,154

 

$

167,358

 

$

(2,200,097

)

$

(810,151

)

$

5,283,111

 

$

1,905,999

 

Fair values at vest date for awards granted and vested in current year

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years

$

1,012,513

 

$

220,908

 

$

16,443

 

$

25,866

 

$

(2,523,336

)

$

(1,053,364

)

$

1,223,765

 

$

322,591

 

Forfeitures during current year equal to prior year-end fair value

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Total Adjustments for Equity Awards

$

4,480,000

 

$

1,267,293

 

$

4,460,841

 

$

1,763,427

 

$

(7,164,127

)

$

(2,290,006

)

$

8,427,537

 

$

3,231,172

 

Compensation Actually Paid (as calculated)

$

14,853,049

 

$

5,459,250

 

$

13,664,397

 

$

4,595,545

 

$

1,957,912

 

$

455,206

 

$

17,702,962

 

$

6,312,770

 

 

      
Non-PEO NEO Average Total Compensation Amount $ 4,191,957 2,832,119 2,745,212 3,081,598
Non-PEO NEO Average Compensation Actually Paid Amount $ 5,459,250 4,595,545 455,206 6,312,770
Adjustment to Non-PEO NEO Compensation Footnote
(2)
The following table summarizes the adjustments made in accordance with Item 402(v) of Regulation S-K in order to calculate the CAP Amounts from the SCT Amounts. The SCT Amounts and the CAP Amounts do not reflect the actual amount of compensation earned by or paid to our executives during the applicable years, but rather are amounts determined in accordance with Item 402 of Regulation S-K under the Exchange Act. No awards vested in the year that they were granted.

 

2023

 

2022

 

2021

 

2020

 

 

PEO

 

Average
 Other
 NEOs

 

PEO

 

Average
 Other
 NEOs

 

PEO

 

Average
 Other
 NEOs

 

PEO

 

Average
 Other
 NEOs

 

Total Compensation from Summary Compensation Table

$

10,373,049

 

$

4,191,957

 

$

9,203,556

 

$

2,832,119

 

$

9,122,039

 

$

2,745,212

 

$

9,275,425

 

$

3,081,598

 

Adjustments for Equity Awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustment for grant date values in the Summary Compensation Table

$

(8,936,692

)

$

(3,357,184

)

$

(8,004,942

)

$

(2,136,764

)

$

(8,152,500

)

$

(2,140,032

)

$

(8,226,969

)

$

(2,483,345

)

Year-end fair value of unvested awards granted in the current year

$

10,388,775

 

$

3,934,883

 

$

11,854,186

 

$

3,706,967

 

$

5,711,805

 

$

1,713,541

 

$

10,147,631

 

$

3,485,927

 

Year-over-year difference of year-end fair values for unvested awards granted in prior years

$

2,015,403

 

$

468,685

 

$

595,154

 

$

167,358

 

$

(2,200,097

)

$

(810,151

)

$

5,283,111

 

$

1,905,999

 

Fair values at vest date for awards granted and vested in current year

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years

$

1,012,513

 

$

220,908

 

$

16,443

 

$

25,866

 

$

(2,523,336

)

$

(1,053,364

)

$

1,223,765

 

$

322,591

 

Forfeitures during current year equal to prior year-end fair value

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Total Adjustments for Equity Awards

$

4,480,000

 

$

1,267,293

 

$

4,460,841

 

$

1,763,427

 

$

(7,164,127

)

$

(2,290,006

)

$

8,427,537

 

$

3,231,172

 

Compensation Actually Paid (as calculated)

$

14,853,049

 

$

5,459,250

 

$

13,664,397

 

$

4,595,545

 

$

1,957,912

 

$

455,206

 

$

17,702,962

 

$

6,312,770

 

 

      
Compensation Actually Paid vs. Total Shareholder Return

The graph below illustrates the relationship between the CAP Amounts for our PEO and Other NEOs as compared to the TSR of our common stock for the indicated fiscal years.

 

img139075131_22.jpg 

      
Compensation Actually Paid vs. Net Income

The graph below presents the relationship between the CAP Amounts for our PEO and Other NEOs and our net loss for the indicated fiscal years.

 

img139075131_23.jpg 

      
Compensation Actually Paid vs. Company Selected Measure

The graph below presents the relationship between the CAP Amounts for our PEO and Other NEOs and our Product Revenue for the indicated fiscal years:

 

img139075131_24.jpg 

      
Total Shareholder Return Vs Peer Group

The graph below presents the relationship between our cumulative TSR and that of our peer group (NASDAQ Biotechnology Index) for the indicated fiscal years:

 

img139075131_25.jpg 

      
Tabular List, Table

The following table identifies four financial and non-financial performance measures that, in our assessment, represent the most important performance measures we used to link the CAP Amounts for our NEOs for 2023 (our most recently completed fiscal year), to company performance. Of these measures, we have identified Product Revenue, Net as the most important of our financial performance measures used to link CAP Amounts for our executives for 2023 to Company performance.

 

•
Product Revenue, Net
•
Advancement of Pipeline Candidates
•
Regulatory Approvals
•
Operational Effectiveness Objectives

      
Total Shareholder Return Amount $ 195.49 168.88 154.41 186.81
Peer Group Total Shareholder Return Amount 118.87 113.65 126.45 126.42
Net Income (Loss) $ (528,628,000) $ (652,172,000) $ (746,354,000) $ (344,874,000)
Company Selected Measure Amount 366,281,000 65,092,000 15,147,000  
PEO Name Cedric Francois, M.D., Ph.D. Cedric Francois, M.D., Ph.D. Cedric Francois, M.D., Ph.D. Cedric Francois, M.D., Ph.D.
Non Peo Name Timothy Sullivan, Caroline Baumal M.D., David Watson, Adam Townsend Timothy Sullivan, Pascal Deschatelets, Ph.D., David Watson, Adam Townsend Timothy Sullivan, Pascal Deschatelets, Ph.D., Federico Grossi, M.D., Ph.D., Adam Townsend Timothy Sullivan, Pascal Deschatelets, Ph.D., Nur Nicholson, Adam Townsend
Measure:: 1        
Pay vs Performance Disclosure        
Name Product Revenue, Net      
Measure:: 2        
Pay vs Performance Disclosure        
Name Advancement of Pipeline Candidates      
Measure:: 3        
Pay vs Performance Disclosure        
Name Regulatory Approvals      
Measure:: 4        
Pay vs Performance Disclosure        
Name Operational Effectiveness Objectives      
PEO | Adjustment for Grant Date Values in the Summary Compensation Table        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (8,936,692) $ (8,004,942) $ (8,152,500) $ (8,226,969)
PEO | Year-End Fair Value of Unvested Awards Granted in the Current Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 10,388,775 11,854,186 5,711,805 10,147,631
PEO | Year-Over-Year Difference of Year-End Fair Values for Unvested Awards Granted in Prior Years        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 2,015,403 595,154 (2,200,097) 5,283,111
PEO | Difference in Fair Values Betweenprior Year-end Fair Values and Vest Date Fair Values for Awards Granted in Prior Years        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 1,012,513 16,443 (2,523,336) 1,223,765
PEO | Total Adjustments for Equity Awards        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 4,480,000 4,460,841 (7,164,127) 8,427,537
Non-PEO NEO | Adjustment for Grant Date Values in the Summary Compensation Table        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (3,357,184) (2,136,764) (2,140,032) (2,483,345)
Non-PEO NEO | Year-End Fair Value of Unvested Awards Granted in the Current Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 3,934,883 3,706,967 1,713,541 3,485,927
Non-PEO NEO | Year-Over-Year Difference of Year-End Fair Values for Unvested Awards Granted in Prior Years        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 468,685 167,358 (810,151) 1,905,999
Non-PEO NEO | Difference in Fair Values Betweenprior Year-end Fair Values and Vest Date Fair Values for Awards Granted in Prior Years        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 220,908 25,866 (1,053,364) 322,591
Non-PEO NEO | Total Adjustments for Equity Awards        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 1,267,293 $ 1,763,427 $ (2,290,006) $ 3,231,172