Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-05

MBX Biosciences (MBX)

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.

$2,990,867
P. Kent Hawryluk total, FY2025
CEO pay percentile vs peers
CEO-to-median pay ratio
Say-on-pay support, latest vote
Companies that benchmark against MBX
1 company names MBX as a compensation peer

Each company listed discloses MBX 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 MBX 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
P. Kent Hawryluk$625,000$0$0$1,998,092$359,375$0$8,400$2,990,867
President and Chief Executive Officer
Richard Bartram484,00000781,147222,64008,4881,496,275
Former Chief Financial Officer
Salomon Azoulay488,50000740,034235,946010,4981,474,978
Chief Medical 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
P. Kent Hawryluk$2,990,867
Richard Bartram1,496,275
Salomon Azoulay1,474,978

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
Steven L. HoerterDirector2026-05-01A74,249$0$0Derivative, Class A CommonForm 4 ↗
Steven L. HoerterDirector2026-05-01A11,93800RSUForm 4 ↗
P. Kent HawrylukDirector2026-05-06D6073017,931CommonForm 4 ↗
Salomon AzoulayChief Medical Officer2026-05-06D231306,824CommonForm 4 ↗
Salomon AzoulayChief Medical Officer2026-05-08A55,00000Derivative, Class A CommonForm 4 ↗
Salomon AzoulayChief Medical Officer2026-05-08A15,00300Derivative, Class A CommonForm 4 ↗
Salomon AzoulayChief Medical Officer2026-05-08D55,000382,110,900CommonForm 4 ↗
Salomon AzoulayChief Medical Officer2026-05-08D15,00338574,615CommonForm 4 ↗
Salomon AzoulayChief Medical Officer2026-05-08A15,00316240,048CommonForm 4 ↗
Salomon AzoulayChief Medical Officer2026-05-08A55,00010575,300CommonForm 4 ↗
Steven RyderDirector2026-06-04A12,50000Derivative, Class A CommonForm 4 ↗
Laurie StelzerDirector2026-06-04A12,50000Derivative, Class A CommonForm 4 ↗
Patrick J. HeronDirector2026-06-04A12,50000Derivative, Class A CommonForm 4 ↗
Edward T. MathersDirector2026-06-04A12,50000Derivative, Class A CommonForm 4 ↗
Steven L. HoerterDirector2026-06-04A12,50000Derivative, Class A CommonForm 4 ↗
Tiba AynechiDirector2026-06-04A12,50000Derivative, Class A CommonForm 4 ↗
Ora PescovitzDirector2026-06-04A12,50000Derivative, Class A CommonForm 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
Richard BartramOPTION$781,147
P. Kent HawrylukOPTION1,998,092
Salomon AzoulayOPTION740,034
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Richard Bartram$0$0$781,1470.0%
P. Kent Hawryluk001,998,0920.0%
Salomon Azoulay00740,0340.0%

% 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
Salomon AzoulayOption30,94616
Richard BartramOption29,27316
P. Kent HawrylukOption82,80016
Salomon AzoulayOption155,96310.46
Richard BartramOption95,00010.49
P. Kent HawrylukOption243,00010.49
Salomon AzoulayOption90,00010.49
05

Incentive-plan design — the Compensation Discussion & Analysis

our compensation programs are designed to encourage our executive officers and other employees to remain focused on both short-term and long-term strategic goals, in particular in connection with our pay-for-performance compensation philosophy

CEO STI target (% of salary)50%
CEO LTI target (% of salary)
Independent consultantAlpine Rewards
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
07

CEO pay ratio

Ratio (CEO : median employee)
CEO total compensation
Median employee compensation
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Steven L. HoerterIndependent · Board Chair · Audit · Science and Medicine · Newly elected$40,477$0$959,509$0$0$999,986
Patrick J. HeronIndependent · Compensation (Chair) · Nominating and Corporate Governance74,0000146,94700220,947
Tiba AynechiIndependent · Audit · Compensation53,7430146,94700200,690
Ora PescovitzIndependent · Nominating and Corporate Governance (Chair) · Science and Medicine52,0000146,94700198,947
James M. CorneliusIndependent · Audit · Compensation · Not standing for re-election · Departed during FY50,0540146,94700197,001
Edward T. MathersIndependent · Nominating and Corporate Governance · Science and Medicine49,2430146,94700196,190
Steven RyderIndependent · Science and Medicine (Chair)48,0000146,94700194,947
Carl L. GordonIndependent · Audit · Not standing for re-election · Departed during FY22,21300022,213
Laurie StelzerIndependent · Audit (Chair) · Compensation · Newly elected000000
P. Kent HawrylukEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer
Annual equity retainer
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

ComponentFY2025
Cash retainers and fees$389,730
Equity awards (grant-date value)$0
All other compensation$0
Total cost of the board$389,730

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

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
1MBX Biosciences2025P. Kent Hawryluk$625,000$0$1,998,092$359,375$2,990,867

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.

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, P. Kent HawrylukDEF 14A2026-04-220001193125-26-168536Section “2025 summary compensation table”. As printed: 2,990,867. Filing ↗machine: r2 · c25 · span 347871–347880
2Section 01, Richard BartramDEF 14A2026-04-220001193125-26-168536Section “2025 summary compensation table”. As printed: 1,496,275. Filing ↗machine: r4 · c25 · span 366793–366802
3Section 01, Salomon AzoulayDEF 14A2026-04-220001193125-26-168536Section “2025 summary compensation table”. As printed: 1,474,978. Filing ↗machine: r6 · c25 · span 385717–385726
4Section 03, Richard Bartram OPTIONDEF 14A2026-04-220001193125-26-168536Section “EXECUTI VE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t6 · r4 · c13 · span 362667–362674
5Section 03, P. Kent Hawryluk OPTIONDEF 14A2026-04-220001193125-26-168536Section “EXECUTI VE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t6 · r2 · c13 · span 343743–343752
6Section 03, Salomon Azoulay OPTIONDEF 14A2026-04-220001193125-26-168536Section “EXECUTI VE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t6 · r6 · c13 · span 381590–381597
7Section 07, pay ratio10-K2026-03-120001193125-26-103121Section “CEO Pay Ratio”. As printed: —. Filing ↗
8Section 08, Steven L. HoerterDEF 14A2026-04-220001193125-26-168536Section “Director Compensation”. As printed: 999,986. Filing ↗machine: t10 · r6 · c15 · span 673268–673275
9Section 08, Patrick J. HeronDEF 14A2026-04-220001193125-26-168536Section “Director Compensation”. As printed: 220,947. Filing ↗machine: t10 · r5 · c15 · span 667278–667285
10Section 08, Tiba AynechiDEF 14A2026-04-220001193125-26-168536Section “Director Compensation”. As printed: 200,690. Filing ↗machine: t10 · r2 · c15 · span 649316–649323
11Section 08, Ora PescovitzDEF 14A2026-04-220001193125-26-168536Section “Director Compensation”. As printed: 198,947. Filing ↗machine: t10 · r8 · c15 · span 685236–685243
12Section 08, James M. CorneliusDEF 14A2026-04-220001193125-26-168536Section “Director Compensation”. As printed: 197,001. Filing ↗machine: t10 · r3 · c15 · span 655307–655314
13Section 08, Edward T. MathersDEF 14A2026-04-220001193125-26-168536Section “Director Compensation”. As printed: 196,190. Filing ↗machine: t10 · r7 · c15 · span 679254–679261
14Section 08, Steven RyderDEF 14A2026-04-220001193125-26-168536Section “Director Compensation”. As printed: 194,947. Filing ↗machine: t10 · r9 · c15 · span 691217–691224
15Section 08, Carl L. GordonDEF 14A2026-04-220001193125-26-168536Section “Director Compensation”. As printed: 22,213. Filing ↗machine: t10 · r4 · c3 · span 657146–657152
16Section 08, Laurie StelzerDEF 14A2026-04-220001193125-26-168536Section “Director Compensation”. As printed: 0. Filing ↗
17Section 08, P. Kent HawrylukDEF 14A2026-04-220001193125-26-168536Section “Director Compensation”. As printed: 0. Filing ↗
18Section 02, Steven L. Hoerter 2026-05-01Form 42026-05-040001193125-26-202615Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, Steven L. Hoerter 2026-05-01Form 42026-05-040001193125-26-202615Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, P. Kent Hawryluk 2026-05-06Form 42026-05-080001193125-26-214574Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, Salomon Azoulay 2026-05-06Form 42026-05-080001193125-26-214582Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Salomon Azoulay 2026-05-08Form 42026-05-110001193125-26-216704Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Salomon Azoulay 2026-05-08Form 42026-05-110001193125-26-216704Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Salomon Azoulay 2026-05-08Form 42026-05-110001193125-26-216704Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Salomon Azoulay 2026-05-08Form 42026-05-110001193125-26-216704Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Salomon Azoulay 2026-05-08Form 42026-05-110001193125-26-216704Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Salomon Azoulay 2026-05-08Form 42026-05-110001193125-26-216704Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Steven Ryder 2026-06-04Form 42026-06-050001193125-26-258422Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Laurie Stelzer 2026-06-04Form 42026-06-050001193125-26-258432Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Patrick J. Heron 2026-06-04Form 42026-06-050001193125-26-258435Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Edward T. Mathers 2026-06-04Form 42026-06-050001193125-26-259236Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Steven L. Hoerter 2026-06-04Form 42026-06-050001193125-26-258429Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Tiba Aynechi 2026-06-04Form 42026-06-050001193125-26-258420Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Ora Pescovitz 2026-06-04Form 42026-06-050001193125-26-258436Insider equity transaction reported since the proxy statement. Filing ↗
35Section 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
36Section 09b board cost (computed)ComputedcomputedCash 389,730 + equity 0 + all other 0 = 389,730, summed across the director compensation table rows.machine: formula: Σ = 389,730
37MBX Biosciences (subject), Section 10b CEO totalDEF 14A2026-04-220001193125-26-168536CEO total compensation as printed in MBX Biosciences's own proxy. As printed: 2,990,867. Filing ↗machine: r2 · c25 · span 347871–347880