Velarion · Company Intelligence
Compensation Brief
Fiscal year 2022 · Filings through 2026-04-30

Karuna Therapeutics (KRTX)

Fiscal year 2022 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.

$11,224,103
Steven Paul total, FY2022
CEO pay percentile vs peers
27:1
CEO-to-median pay ratio
Say-on-pay support, latest vote
Companies that benchmark against KRTX
1 company names KRTX as a compensation peer

Each company listed discloses KRTX 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 KRTX 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 2022

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Steven Paul$700,000$0$0$9,905,953$609,000$0$9,150$11,224,103
President and Chief Executive Officer
Andrew Miller500,000004,939,490326,25009,1505,774,890
Chief Operating Officer
Stephen Brannan470,000003,661,629272,60009,1504,413,379
Chief Medical Officer
Troy Ignelzi460,000003,270,515266,80009,1504,006,465
Chief Financial Officer
Charmaine Lykins475,000000275,50009,150759,650
Chief Commercial 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 officerFY2022 totalFY2021 totalFY2020 totalΔ FY20212022
Steven Paul$11,224,103$13,136,960$8,902,241−1,912,857
Andrew Miller5,774,8904,662,146
Stephen Brannan4,413,3793,492,833
Troy Ignelzi4,006,4654,513,5173,751,661−507,052
Charmaine Lykins759,650488,437+271,213

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

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2022

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Steven PaulOPTION2022-02-16146,900$9,905,953
Andrew MillerOPTION2022-02-1673,2504,939,490
Troy IgnelziOPTION2022-02-1648,5003,270,515
Stephen BrannanOPTION2022-02-1654,3003,661,629
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Steven Paul$0$0$9,905,9530.0%
Andrew Miller004,939,4900.0%
Troy Ignelzi003,270,5150.0%
Stephen Brannan003,661,6290.0%

% 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 2022

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Steven PaulOption43,75099.72
Troy IgnelziOption17,18799.72
Andrew MillerOption21,87599.72
Troy IgnelziOption34,2249.2
Steven PaulOption91,040131.64
Troy IgnelziOption29,053131.64
Andrew MillerOption73,250111.97
Stephen BrannanOption28,884131.64
Stephen BrannanOption11,3629.2
Stephen BrannanOption15,62599.72
Charmaine LykinsOption56,250125.52
Steven PaulOption146,900111.97
Troy IgnelziOption48,500111.97
Andrew MillerOption37,631131.64
Stephen BrannanOption54,300111.97
05

Incentive-plan design — the Compensation Discussion & Analysis

The core elements of the compensation committee's executive compensation philosophy are as follows: Link pay to performance and achievement of our corporate and strategic goals; Align executive officers' interests with those of the Company and our stockholders, generally through the use of equity as a significant component of compensation; Provide market competitive compensation to attract, motivate and retain qualified talent at executive levels; and Design programs that we believe are simple and transparent.

CEO STI target (% of salary)60%
CEO LTI target (% of salary)
Independent consultantAon plc (Human Capital Solutions practice)
Clawback policyFalse
Anti-hedgingTrue
Anti-pledgingTrue
07

CEO pay ratio

Ratio (CEO : median employee)27 : 1
CEO total compensation$11,224,103
Median employee compensation
08

Director compensation — fiscal year 2022

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Christopher J. CoughlinIndependent · Board Chair · Audit (Chair) · Compensation$89,042$0$284,104$-1$373,145
Laurie OlsonIndependent · Audit · Nominating/Governance (Chair)61,0000284,104345,104
Atul Pande, M.DIndependent · Compensation (Chair) · Nominating/Governance60,5000284,104344,604
James Healy, M.D., Ph.DIndependent · Audit52,0000284,104336,104
Denice TorresIndependent · Compensation49,2500284,104333,354
David Wheadon, M.DIndependent · Nominating/Governance47,0000284,104331,104
Jeffrey Jonas, M.DNot independent42,5000284,104326,604
Bill MeuryEmployee director00000
Steven Paul, M.DEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer$45,000
Annual equity retainer$284,104
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 10,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2022
Cash retainers and fees$401,292
Equity awards (grant-date value)$0
All other compensation$-1
Total cost of the board$401,291

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

10

Disclosed peer group — fiscal year 2022

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 Karuna Therapeutics 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 Karuna Therapeutics.

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
1TG Therapeutics, Inc.2025Michael Weiss$875,000$23,550,000$0$1,146,250$25,571,250
2Rhythm Pharmaceuticals, Inc.2025David Meeker807,6928,274,7857,688,560759,48817,544,525
3Cerevel Therapeutics Holdings, Inc.2022N. Anthony Coles642,735010,085,985496,70611,225,426
4Karuna Therapeutics2022Steven Paul700,00009,905,953609,00011,224,103
5Apellis Pharmaceuticals, Inc.2024Cedric Francois793,1934,779,8324,787,768010,957,451
6Axsome Therapeutics, Inc.2025Herriot Tabuteau835,0005,533,5542,833,237876,75010,283,492
7Intra-Cellular Therapies, Inc.2023Sharon Mates891,6537,749,9840010,086,413
8Acadia Pharmaceuticals Inc.2025Catherine Owen Adams930,0003,240,5583,234,797818,5598,256,518
9Sage Therapeutics, Inc.2024Barry Greene830,7123,164,3642,669,263431,9707,112,589
10Arvinas, Inc.2025John Houston706,2362,685,8402,671,051457,0006,534,127
11Allakos Inc.2023Robert Alexander805,4602,171,3402,623,519684,6416,299,426
12Prothena Corporation plc2025Gene Kinney692,973961,8003,809,738415,7845,896,045
13Denali Therapeutics Inc.2025Ryan Watts718,0001,151,8672,180,00304,751,515
14Kodiak Sciences Inc.2025Victor Perlroth792,4970923,032772,8242,499,221
15Alector, Inc.2025Arnon Rosenthal678,100422,876558,216325,4881,995,018
Mirati Therapeutics, Inc.not in coverage universe
BioXcel Therapeutics, Inc.not in coverage universe

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
Karuna Therapeutics145%Options 100not disclosedAon plc (Human Capital Solutions practice)
Acadia Pharmaceuticals Inc.110%Options 50 · PSU 25 · RSU 25YesFW Cook
Alector, Inc.80%not disclosednot disclosedPearl Meyer & Partners, LLC
Allakos Inc.not disclosedOptions 55 · RSU 45NoCompensia
Apellis Pharmaceuticals, Inc.90.74%not disclosedYes — Total Shareholder Return (TSR) relative to NASDAQ Biotechnology IndexPay Governance
Arvinas, Inc.108%Options 50 · RSU 50not disclosedAon (Aon's Human Capital Solutions practice, a division of Aon plc)
Axsome Therapeutics, Inc.150%RSU 33 · Options 33 · PSU 33NoFrederic W. Cook & Co., Inc.
BioXcel Therapeutics, Inc.not disclosednot disclosednot disclosednot disclosed
Cerevel Therapeutics Holdings, Inc.128.8%Options 100not disclosedPay Governance LLC
Denali Therapeutics Inc.145%not disclosednot disclosedAlpine Rewards
Intra-Cellular Therapies, Inc.150%RSU 75 · PSU 25Yes — Total Stockholder Return (TSR) relative to Nasdaq Biotechnology IndexAon Consulting, Inc.
Kodiak Sciences Inc.150%Options 100not disclosedCompensia, Inc.
Mirati Therapeutics, Inc.not disclosednot disclosednot disclosednot disclosed
Prothena Corporation plc100%not disclosednot disclosedPay Governance
Rhythm Pharmaceuticals, Inc.120%Options 50 · RSU 50NoPay Governance LLC
Sage Therapeutics, Inc.80%not disclosedYes — TSR milestones / Relative TSR vs. Nasdaq Biotechnology IndexAlpine Rewards
TG Therapeutics, Inc.131%RSU 100NoCompensia, Inc.

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, Steven PaulDEF 14A2023-04-270000950170-23-014979Section “Summary Compensation Table”. As printed: 11,224,103. Filing ↗machine: r2 · c25 · span 856684–856694
2Section 01, Andrew MillerDEF 14A2023-04-270000950170-23-014979Section “Summary Compensation Table”. As printed: 5,774,890. Filing ↗machine: r8 · c25 · span 921070–921079
3Section 01, Stephen BrannanDEF 14A2023-04-270000950170-23-014979Section “Summary Compensation Table”. As printed: 4,413,379. Filing ↗machine: r11 · c25 · span 953156–953165
4Section 01, Troy IgnelziDEF 14A2023-04-270000950170-23-014979Section “Summary Compensation Table”. As printed: 4,006,465. Filing ↗machine: r5 · c25 · span 888985–888994
5Section 01, Charmaine LykinsDEF 14A2023-04-270000950170-23-014979Section “Summary Compensation Table”. As printed: 759,650. Filing ↗machine: r14 · c25 · span 985148–985155
6Section 03, Steven Paul OPTIONDEF 14A2023-04-270000950170-23-014979Section “Grants of Plan-Based Awards for Fiscal Year 2022” · grants of plan-based awards table. Filing ↗machine: t16 · r2 · c5 · span 791526–791533
7Section 03, Andrew Miller OPTIONDEF 14A2023-04-270000950170-23-014979Section “Grants of Plan-Based Awards for Fiscal Year 2022” · grants of plan-based awards table. Filing ↗machine: t16 · r4 · c5 · span 797519–797525
8Section 03, Troy Ignelzi OPTIONDEF 14A2023-04-270000950170-23-014979Section “Grants of Plan-Based Awards for Fiscal Year 2022” · grants of plan-based awards table. Filing ↗machine: t16 · r3 · c5 · span 794519–794525
9Section 03, Stephen Brannan OPTIONDEF 14A2023-04-270000950170-23-014979Section “Grants of Plan-Based Awards for Fiscal Year 2022” · grants of plan-based awards table. Filing ↗machine: t16 · r5 · c5 · span 800520–800526
10Section 07, pay ratioDEF 14A0000950170-23-014979Section “CEO Pay Ratio”. As printed: 27 : 1.machine: span 1586316–1586323
11Section 08, Christopher J. CoughlinDEF 14A2023-04-270000950170-23-014979Section “Director Compensation”. As printed: 373,145. Filing ↗machine: t27 · r2 · c15 · span 1863150–1863157
12Section 08, Laurie OlsonDEF 14A2023-04-270000950170-23-014979Section “Director Compensation”. As printed: 345,104. Filing ↗machine: t27 · r5 · c15 · span 1884358–1884365
13Section 08, Atul Pande, M.DDEF 14A2023-04-270000950170-23-014979Section “Director Compensation”. As printed: 344,604. Filing ↗machine: t27 · r6 · c15 · span 1891425–1891432
14Section 08, James Healy, M.D., Ph.DDEF 14A2023-04-270000950170-23-014979Section “Director Compensation”. As printed: 336,104. Filing ↗machine: t27 · r3 · c15 · span 1870225–1870232
15Section 08, Denice TorresDEF 14A2023-04-270000950170-23-014979Section “Director Compensation”. As printed: 333,354. Filing ↗machine: t27 · r7 · c15 · span 1898489–1898496
16Section 08, David Wheadon, M.DDEF 14A2023-04-270000950170-23-014979Section “Director Compensation”. As printed: 331,104. Filing ↗machine: t27 · r8 · c15 · span 1905559–1905566
17Section 08, Jeffrey Jonas, M.DDEF 14A2023-04-270000950170-23-014979Section “Director Compensation”. As printed: 326,604. Filing ↗machine: t27 · r4 · c15 · span 1877295–1877302
18Section 08, Bill MeuryDEF 14A2023-04-270000950170-23-014979Section “Director Compensation”. As printed: 0. Filing ↗
19Section 08, Steven Paul, M.DDEF 14A2023-04-270000950170-23-014979Section “Director Compensation”. As printed: 0. Filing ↗
20Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
21Section 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
22Section 09b board cost (computed)ComputedcomputedCash 401,292 + equity 0 + all other -1 = 401,291, summed across the director compensation table rows.machine: formula: Σ = 401,291
23TG Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-300001437749-26-014233CEO total compensation as printed in TG Therapeutics, Inc.'s own proxy. As printed: 25,571,250. Filing ↗machine: r4 · c24 · span 404551–404561
24Rhythm Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-04-290001628280-26-028375CEO total compensation as printed in Rhythm Pharmaceuticals, Inc.'s own proxy. As printed: 17,544,525. Filing ↗machine: r2 · c42 · span 513064–513074
25Cerevel Therapeutics Holdings, Inc., Section 10b CEO totalDEF 14A2023-04-280000950170-23-015766CEO total compensation as printed in Cerevel Therapeutics Holdings, Inc.'s own proxy. As printed: 11,225,426. Filing ↗machine: t23 · r2 · c29 · span 1010006–1010016
26Karuna Therapeutics (subject), Section 10b CEO totalDEF 14A2023-04-270000950170-23-014979CEO total compensation as printed in Karuna Therapeutics's own proxy. As printed: 11,224,103. Filing ↗machine: r2 · c25 · span 856684–856694
27Apellis Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2025-04-230000950170-25-056966CEO total compensation as printed in Apellis Pharmaceuticals, Inc.'s own proxy. As printed: 10,957,451. Filing ↗machine: r2 · c25 · span 951555–951565
28Axsome Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-240001193125-26-177610CEO total compensation as printed in Axsome Therapeutics, Inc.'s own proxy. As printed: 10,283,492. Filing ↗machine: t51 · r2 · c27 · span 900236–900246
29Intra-Cellular Therapies, Inc., Section 10b CEO totalDEF 14A2024-04-290001628280-24-018986CEO total compensation as printed in Intra-Cellular Therapies, Inc.'s own proxy. As printed: 10,086,413. Filing ↗machine: r2 · c39 · span 440593–440603
30Acadia Pharmaceuticals Inc., Section 10b CEO totalDEF 14A2026-04-240001193125-26-174163CEO total compensation as printed in Acadia Pharmaceuticals Inc.'s own proxy. As printed: 8,256,518. Filing ↗machine: t33 · span 1170878–1170887
31Sage Therapeutics, Inc., Section 10b CEO totalDEF 14A2025-04-240000950170-25-058060CEO total compensation as printed in Sage Therapeutics, Inc.'s own proxy. As printed: 7,112,589. Filing ↗machine: r4 · c28 · span 1143784–1143793
32Arvinas, Inc., Section 10b CEO totalDEF 14A2026-04-290001628280-26-028156CEO total compensation as printed in Arvinas, Inc.'s own proxy. As printed: 6,534,127. Filing ↗machine: t20 · r3 · c22 · span 471921–471930
33Allakos Inc., Section 10b CEO totalDEF 14A2024-04-230000950170-24-047043CEO total compensation as printed in Allakos Inc.'s own proxy. As printed: 6,299,426. Filing ↗machine: r2 · c26 · span 505098–505107
34Prothena Corporation plc, Section 10b CEO totalDEF 14A2026-03-270001559053-26-000012CEO total compensation as printed in Prothena Corporation plc's own proxy. As printed: 5,896,045. Filing ↗machine: r3 · c27 · span 627016–627025
35Denali Therapeutics Inc., Section 10b CEO totalDEF 14A2026-04-210001714899-26-000054CEO total compensation as printed in Denali Therapeutics Inc.'s own proxy. As printed: 4,751,515. Filing ↗machine: t25 · r2 · c25 · span 469605–469614
36Kodiak Sciences Inc., Section 10b CEO totalDEF 14A2026-04-220001193125-26-170429CEO total compensation as printed in Kodiak Sciences Inc.'s own proxy. As printed: 2,499,221. Filing ↗machine: r4 · c14 · span 905058–905068
37Alector, Inc., Section 10b CEO totalDEF 14A2026-04-280001193125-26-186928CEO total compensation as printed in Alector, Inc.'s own proxy. As printed: 1,995,018. Filing ↗machine: span 1038665–1038674
38Section 10a, Allakos Inc. reciprocityDEF 14A0000950170-24-047043Allakos Inc.'s most recent proxy was read; its disclosed peer group does not include Karuna Therapeutics. Filing ↗
39Section 10a, Arvinas, Inc. reciprocityDEF 14A0001628280-26-028156Arvinas, Inc.'s most recent proxy was read; its disclosed peer group does not include Karuna Therapeutics. Filing ↗
40Section 10a, Denali Therapeutics Inc. reciprocityDEF 14A0001714899-26-000054Denali Therapeutics Inc.'s most recent proxy was read; its disclosed peer group does not include Karuna Therapeutics. Filing ↗
41Section 10a, Kodiak Sciences Inc. reciprocityDEF 14A0001193125-26-170429Kodiak Sciences Inc.'s most recent proxy was read; its disclosed peer group does not include Karuna Therapeutics. Filing ↗
42Section 10a, Prothena Corporation plc reciprocityDEF 14A0001559053-26-000012Prothena Corporation plc's most recent proxy was read; its disclosed peer group does not include Karuna Therapeutics. Filing ↗
43Section 10a, Acadia Pharmaceuticals Inc. reciprocityDEF 14A0001193125-26-174163Acadia Pharmaceuticals Inc.'s most recent proxy was read; its disclosed peer group does not include Karuna Therapeutics. Filing ↗
44Section 10a, Rhythm Pharmaceuticals, Inc. reciprocityDEF 14A0001628280-26-028375Rhythm Pharmaceuticals, Inc.'s most recent proxy was read; its disclosed peer group does not include Karuna Therapeutics. Filing ↗
45Section 10a, Alector, Inc. reciprocityDEF 14A0001193125-26-186928Alector, Inc.'s most recent proxy was read; its disclosed peer group does not include Karuna Therapeutics. Filing ↗
46Section 10a, Sage Therapeutics, Inc. reciprocityDEF 14A0000950170-25-058060Sage Therapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include Karuna Therapeutics. Filing ↗
47Section 10a, TG Therapeutics, Inc. reciprocityDEF 14A0001437749-26-014233TG Therapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include Karuna Therapeutics. Filing ↗
48Section 10a, Apellis Pharmaceuticals, Inc. reciprocityDEF 14A0000950170-25-056966Apellis Pharmaceuticals, Inc.'s most recent proxy was read; its disclosed peer group does not include Karuna Therapeutics. Filing ↗
49Section 10a, Axsome Therapeutics, Inc. reciprocityDEF 14A0001193125-26-177610Axsome Therapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include Karuna Therapeutics. Filing ↗
50Section 10a, Cerevel Therapeutics Holdings, Inc. reciprocityDEF 14A0000950170-23-015766Cerevel Therapeutics Holdings, Inc. names Karuna Therapeutics in its own disclosed peer group (read from its most recent proxy). Filing ↗
51Section 10a, Intra-Cellular Therapies, Inc. reciprocityDEF 14A0001628280-24-018986Intra-Cellular Therapies, Inc.'s most recent proxy was read; its disclosed peer group does not include Karuna Therapeutics. Filing ↗