Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-28

Fulgent Genetics (FLGT)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$6,207,000
Ming Hsieh total, FY2025
33rd
CEO pay percentile vs peers
92:1
CEO-to-median pay ratio
89.15%
Say-on-pay support, latest vote
Companies that benchmark against FLGT
9 companies name FLGT as a compensation peer

Each company listed discloses FLGT in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named FLGT in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Ming Hsieh$1,000,000$0$4,000,000$0$1,207,000$0$0$6,207,000
Chief Executive Officer and Chairperson of the Board
Jian Xie615,00001,845,0000334,037013,6212,807,658
President and Chief Operating Officer
Paul Kim600,00001,800,0000325,890047,4622,773,352
Chief Financial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Ming Hsieh$6,207,000
Jian Xie2,807,658
Paul Kim2,773,352

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Hanlin GaoChief Scientific Officer2026-04-26D1,645$16$26,830CommonForm 4 ↗
Paul KimCFO and Treasurer2026-04-26D2,7471644,804CommonForm 4 ↗
Jian XiePresident and COO2026-04-26D4,3611671,128CommonForm 4 ↗
Michael NohaileDirector2026-05-14A8,42600Derivative, Class A CommonForm 4 ↗
Michael NohaileDirector2026-05-14A5,55800CommonForm 4 ↗
Regina GrovesDirector2026-05-14A11,11700CommonForm 4 ↗
Linda DongDirector2026-05-14A11,11700CommonForm 4 ↗
Paul KimCFO and Treasurer2026-05-26D1,1681820,639CommonForm 4 ↗
Ming HsiehDirector2026-05-26D2,9491852,109CommonForm 4 ↗
Hanlin GaoChief Scientific Officer2026-05-27D9451816,632CommonForm 4 ↗
Jian XiePresident and COO2026-05-27D1,2011821,138CommonForm 4 ↗
Paul KimCFO and Treasurer2026-06-01D2,0871837,754CommonForm 4 ↗
Ming HsiehDirector2026-06-01D4,3921879,451CommonForm 4 ↗
Jian XiePresident and COO2026-06-02D2,1461838,382CommonForm 4 ↗
Hanlin GaoChief Scientific Officer2026-06-02D1,6881830,191CommonForm 4 ↗
Hanlin GaoChief Scientific Officer2026-07-26D1,6452032,357CommonForm 4 ↗
Paul KimCFO and Treasurer2026-07-26D2,7472054,033CommonForm 4 ↗
Jian XiePresident and COO2026-07-26D4,3612085,781CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Ming HsiehPSU2025-02-2536,832147,329239,410$2,400,000
Jian XieRSU2025-02-2545,304738,000
Hanlin GaoPSU2025-02-2514,17156,68592,113923,400
Jian XiePSU2025-02-2516,98967,956110,4291,107,000
Ming HsiehRSU2025-02-2598,2201,600,000
Paul KimRSU2025-02-2544,199720,000
Paul KimPSU2025-02-2516,57566,298107,7341,080,000
Hanlin GaoRSU2025-02-2537,790615,600
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Ming Hsieh$1,600,000$2,400,000$060.0%
Jian Xie738,0001,107,000060.0%
Hanlin Gao615,600923,400060.0%
Paul Kim720,0001,080,000060.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Ming HsiehRSU358,727$9,423,758
Jian XieRSU157,2454,130,826
Paul KimRSU153,4594,031,368
GaoRSU131,4973,454,426
05

Incentive-plan design — the Compensation Discussion & Analysis

The goal of our executive compensation philosophy is to deliver competitive levels of total compensation that attract and retain top leadership talent, with primary emphasis on pay for performance.

CEO STI target (% of salary)100%
CEO LTI target (% of salary)
Independent consultantUSI
Clawback policytrue
Anti-hedgingfalse
Anti-pledgingFalse
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-1419,800,2262,410,23945,47889.15%Passed
20252025-05-1516,269,4633,814,78860,43381.01%Passed
20242024-05-1619,786,239573,41125,95097.18%Passed
20232023-05-1818,882,872607,633101,00796.38%Passed
20222022-05-1815,719,000405,69099,73397.48%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-1489.15%a
20252025-05-1581.01%b
20242024-05-1697.18%c

a. Approved under the standard stated in the filing — “Abstentions will have no effect on the results of this vote.”.

b. Approved under the standard stated in the filing — “Abstentions will have no effect on the results of this vote.”.

c. Approved under the standard stated in the filing — “Abstentions will have no effect on the results of this vote.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)92 : 1
CEO total compensation$6,207,000
Median employee compensation$67,465
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Regina GrovesIndependent · Audit (Chair) · Compensation · Nominating/Governance$117,500$180,000$0$0$0$297,500
Linda DongIndependent · Audit · Compensation (Chair) · Nominating/Governance105,500180,00000285,500
Michael NohaileIndependent · Audit · Compensation · Nominating/Governance (Chair)103,50090,00090,00000283,500
Ming HsiehEmployee director · Board Chair00000
09

Board fee structure and ownership guideline

Annual cash retainer$90,000
Annual equity retainer$180,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)15,000 / 10,000 / 6,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$326,500
Equity awards (grant-date value)$450,000
All other compensation$0
Total cost of the board$776,500

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Fulgent Genetics names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Fulgent Genetics.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Twist Bioscience Corporation2025Emily Leproust$720,000$11,998,134$0$932,918$13,781,570
2GeneDx Holdings Corp.2025Katherine Stueland715,86911,738,60001,075,50013,547,219
3NeoGenomics, Inc.2025Tony Zook601,5393,999,9973,998,235513,4009,127,092
4Adaptive Biotechnologies Corporation2025Chad Robins698,2587,675,1000703,3809,081,690
5Veracyte, Inc.2025Marc Stapley700,0005,890,8770826,0007,421,877
6CareDx, Inc.2025John Hanna693,2695,622,6380852,5157,179,699
7Castle Biosciences, Inc.2025Derek Maetzold751,3504,977,20801,036,8636,786,771
810x Genomics, Inc.2025Serge Saxonov674,2505,020,2690634,7256,329,244
9Fulgent Genetics2025Ming Hsieh1,000,0004,000,00001,207,0006,207,000
10Myriad Genetics, Inc.2025Samraat Raha856,9013,989,7290814,6605,686,740
11Cytek Biosciences, Inc.2025Wenbin Jiang620,0002,000,0002,000,000485,2115,120,061
12Pacific Biosciences of California, Inc.2025Christian Henry748,2501,151,0131,696,278714,3054,309,846
13Opko Health, Inc.2025Phillip Frost960,0000400,0001,854,000

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Fulgent Genetics120.7%PSU 60 · RSU 40NoUSI
10x Genomics, Inc.93%PSU 60 · RSU 40Yes — 3-year Relative TSRAlpine Rewards LLC
Adaptive Biotechnologies Corporation100%RSU 50 · PSU 50NoSemler Brossy Consulting Group, LLC
CareDx, Inc.122%RSU 70 · PSU 30NoAlpine Rewards
Castle Biosciences, Inc.138%RSU 50 · PSU 50NoAON (AON's Human Capital Solutions Practice, a division of AON plc)
Cytek Biosciences, Inc.78.4%RSU 50 · Options 50not disclosedMeridian Compensation Partners, LLC
GeneDx Holdings Corp.150%PSU 50 · RSU 50NoPearl Meyer
Myriad Genetics, Inc.89%RSU 50 · PSU 50YesMercer
NeoGenomics, Inc.60%RSU 50 · Options 50not disclosedWTW
Opko Health, Inc.not disclosednot disclosednot disclosedNone (no third-party compensation consultant has been engaged; internally generated peer group survey used instead)
Pacific Biosciences of California, Inc.95%not disclosednot disclosedAon Human Capital Solutions
Twist Bioscience Corporation129.6%PSU 50 · RSU 50Nonot disclosed
Veracyte, Inc.118%PSU 50 · RSU 50NoAon

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Ming HsiehDEF 14A2026-03-310001674930-26-000020Section “Summary Compensation Table”. As printed: 6,207,000. Filing ↗machine: r3 · c22 · span 533279–533288
2Section 01, Jian XieDEF 14A2026-03-310001674930-26-000020Section “Summary Compensation Table”. As printed: 2,807,658. Filing ↗machine: r15 · c22 · span 631529–631538
3Section 01, Paul KimDEF 14A2026-03-310001674930-26-000020Section “Summary Compensation Table”. As printed: 2,773,352. Filing ↗machine: r7 · c22 · span 566028–566037
4Section 03, Ming Hsieh PSUDEF 14A2026-03-310001674930-26-000020Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t18 · r4 · c40 · span 729395–729404
5Section 03, Jian Xie RSUDEF 14A2026-03-310001674930-26-000020Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t18 · r14 · c40 · span 876224–876231
6Section 03, Hanlin Gao PSUDEF 14A2026-03-310001674930-26-000020Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t18 · r10 · c39 · span 817616–817623
7Section 03, Jian Xie PSUDEF 14A2026-03-310001674930-26-000020Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t18 · r13 · c40 · span 861570–861579
8Section 03, Ming Hsieh RSUDEF 14A2026-03-310001674930-26-000020Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t18 · r5 · c40 · span 744049–744058
9Section 03, Paul Kim RSUDEF 14A2026-03-310001674930-26-000020Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t18 · r8 · c40 · span 788313–788320
10Section 03, Paul Kim PSUDEF 14A2026-03-310001674930-26-000020Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t18 · r7 · c40 · span 773659–773668
11Section 03, Hanlin Gao RSUDEF 14A2026-03-310001674930-26-000020Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t18 · r11 · c39 · span 831962–831969
12Section 07, pay ratioDEF 14A2026-03-310001674930-26-000020Section “CEO Pay Ratio”. As printed: 92 : 1. Filing ↗machine: span 1011385–1011387
13Section 08, Regina GrovesDEF 14A2026-03-310001674930-26-000020Section “Director Compensation”. As printed: 297,500. Filing ↗
14Section 08, Linda DongDEF 14A2026-03-310001674930-26-000020Section “Director Compensation”. As printed: 285,500. Filing ↗machine: t21 · r2 · c27 · span 1037400–1037407
15Section 08, Michael NohaileDEF 14A2026-03-310001674930-26-000020Section “Director Compensation”. As printed: 283,500. Filing ↗machine: t21 · r3 · c27 · span 1047712–1047719
16Section 08, Ming HsiehDEF 14A2026-03-310001674930-26-000020Section “Director Compensation”. As printed: 0. Filing ↗
17Section 02, Hanlin Gao 2026-04-26Form 42026-04-280001193125-26-187451Insider equity transaction reported since the proxy statement. Filing ↗
18Section 02, Paul Kim 2026-04-26Form 42026-04-280001193125-26-187445Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, Jian Xie 2026-04-26Form 42026-04-280001193125-26-187448Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, Michael Nohaile 2026-05-14Form 42026-05-180001890563-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, Michael Nohaile 2026-05-14Form 42026-05-180001890563-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Regina Groves 2026-05-14Form 42026-05-180001653877-26-000001Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Linda Dong 2026-05-14Form 42026-05-180001765204-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Paul Kim 2026-05-26Form 42026-05-280001253820-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Ming Hsieh 2026-05-26Form 42026-05-270001302110-26-000019Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Hanlin Gao 2026-05-27Form 42026-05-280001684532-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Jian Xie 2026-05-27Form 42026-05-280001819718-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Paul Kim 2026-06-01Form 42026-06-030001253820-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Ming Hsieh 2026-06-01Form 42026-06-030001302110-26-000022Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Jian Xie 2026-06-02Form 42026-06-030001819718-26-000007Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Hanlin Gao 2026-06-02Form 42026-06-030001684532-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Hanlin Gao 2026-07-26Form 42026-07-280001193125-26-321085Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Paul Kim 2026-07-26Form 42026-07-280001193125-26-321087Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Jian Xie 2026-07-26Form 42026-07-280001193125-26-321086Insider equity transaction reported since the proxy statement. Filing ↗
35Section 06, 2026 voteForm 8-K2026-05-140001193125-26-224147Item 5.07 · say-on-pay result. As reported: 89.15% (votes for as printed: 19,800,226). Filing ↗
36Section 06, 2025 voteForm 8-K2025-05-150000950170-25-072676Item 5.07 · say-on-pay result. As reported: 81.01% (votes for as printed: 16,269,463). Filing ↗
37Section 06, 2024 voteForm 8-K2024-05-160000950170-24-061120Item 5.07 · say-on-pay result. As reported: 97.18% (votes for as printed: 19,786,239). Filing ↗
38Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
39Section 09b board cost (computed)ComputedcomputedCash 326,500 + equity 450,000 + all other 0 = 776,500, summed across the director compensation table rows.machine: formula: Σ = 776,500
40Twist Bioscience Corporation, Section 10b CEO totalDEF 14A2026-01-060001581280-26-000006CEO total compensation as printed in Twist Bioscience Corporation's own proxy. As printed: 13,781,570. Filing ↗machine: t34 · r2 · c15 · span 1510951–1510961
41GeneDx Holdings Corp., Section 10b CEO totalDEF 14A2026-04-300001818331-26-000030CEO total compensation as printed in GeneDx Holdings Corp.'s own proxy. As printed: 13,547,219. Filing ↗machine: span 565318–565328
42NeoGenomics, Inc., Section 10b CEO totalDEF 14A2026-04-060001077183-26-000014CEO total compensation as printed in NeoGenomics, Inc.'s own proxy. As printed: 9,127,092. Filing ↗machine: r2 · c45 · span 869460–869469
43Adaptive Biotechnologies Corporation, Section 10b CEO totalDEF 14A2026-04-240001193125-26-177409CEO total compensation as printed in Adaptive Biotechnologies Corporation's own proxy. As printed: 9,081,690. Filing ↗machine: span 818708–818717
44Veracyte, Inc., Section 10b CEO totalDEF 14A2026-04-220001384101-26-000021CEO total compensation as printed in Veracyte, Inc.'s own proxy. As printed: 7,421,877. Filing ↗machine: r4 · c27 · span 855413–855422
45CareDx, Inc., Section 10b CEO totalDEF 14A2026-04-270001217234-26-000028CEO total compensation as printed in CareDx, Inc.'s own proxy. As printed: 7,179,699. Filing ↗machine: t113 · r3 · c9 · span 1893652–1893661
46Castle Biosciences, Inc., Section 10b CEO totalDEF 14A2026-04-080001628280-26-024166CEO total compensation as printed in Castle Biosciences, Inc.'s own proxy. As printed: 6,786,771. Filing ↗machine: r3 · c24 · span 933087–933096
4710x Genomics, Inc., Section 10b CEO totalDEF 14A2026-04-240001628280-26-027201CEO total compensation as printed in 10x Genomics, Inc.'s own proxy. As printed: 6,329,244. Filing ↗machine: r3 · c48 · span 583283–583292
48Fulgent Genetics (subject), Section 10b CEO totalDEF 14A2026-03-310001674930-26-000020CEO total compensation as printed in Fulgent Genetics's own proxy. As printed: 6,207,000. Filing ↗machine: r3 · c22 · span 533279–533288
49Myriad Genetics, Inc., Section 10b CEO totalDEF 14A2026-04-140000899923-26-000031CEO total compensation as printed in Myriad Genetics, Inc.'s own proxy. As printed: 5,686,740. Filing ↗machine: r2 · c24 · span 792987–792997
50Cytek Biosciences, Inc., Section 10b CEO totalDEF 14A2026-04-280001140361-26-017479CEO total compensation as printed in Cytek Biosciences, Inc.'s own proxy. As printed: 5,120,061. Filing ↗machine: r2 · c21 · span 561243–561252
51Pacific Biosciences of California, Inc., Section 10b CEO totalDEF 14A2026-04-230001299130-26-000064CEO total compensation as printed in Pacific Biosciences of California, Inc.'s own proxy. As printed: 4,309,846. Filing ↗machine: r2 · c48 · span 876974–876983
52Opko Health, Inc., Section 10b CEO totalDEF 14A2026-04-300001193125-26-197120CEO total compensation as printed in Opko Health, Inc.'s own proxy. As printed: 1,854,000. Filing ↗machine: t21 · r4 · c25 · span 941666–941675
53Section 10a, Veracyte, Inc. reciprocityDEF 14A0001384101-26-000021Veracyte, Inc. names Fulgent Genetics in its own disclosed peer group (read from its most recent proxy). Filing ↗
54Section 10a, GeneDx Holdings Corp. reciprocityDEF 14A0001818331-26-000030GeneDx Holdings Corp.'s most recent proxy was read; its disclosed peer group does not include Fulgent Genetics. Filing ↗
55Section 10a, NeoGenomics, Inc. reciprocityDEF 14A0001077183-26-000014NeoGenomics, Inc. names Fulgent Genetics in its own disclosed peer group (read from its most recent proxy). Filing ↗
56Section 10a, Castle Biosciences, Inc. reciprocityDEF 14A0001628280-26-024166Castle Biosciences, Inc.'s most recent proxy was read; its disclosed peer group does not include Fulgent Genetics. Filing ↗
57Section 10a, 10x Genomics, Inc. reciprocityDEF 14A0001628280-26-02720110x Genomics, Inc.'s most recent proxy was read; its disclosed peer group does not include Fulgent Genetics. Filing ↗
58Section 10a, Pacific Biosciences of California, Inc. reciprocityDEF 14A0001299130-26-000064Pacific Biosciences of California, Inc. names Fulgent Genetics in its own disclosed peer group (read from its most recent proxy). Filing ↗
59Section 10a, Cytek Biosciences, Inc. reciprocityDEF 14A0001140361-26-017479Cytek Biosciences, Inc.'s most recent proxy was read; its disclosed peer group does not include Fulgent Genetics. Filing ↗
60Section 10a, Adaptive Biotechnologies Corporation reciprocityDEF 14A0001193125-26-177409Adaptive Biotechnologies Corporation names Fulgent Genetics in its own disclosed peer group (read from its most recent proxy). Filing ↗
61Section 10a, CareDx, Inc. reciprocityDEF 14A0001217234-26-000028CareDx, Inc. names Fulgent Genetics in its own disclosed peer group (read from its most recent proxy). Filing ↗