Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-08-05

MBX Biosciences (MBX)

CEO P. Kent Hawryluk was paid $2,990,867 in fiscal year 2025, ↑ up 33.8% from fiscal year 2024 (SEC filing 0001193125-26-168536 ↗): 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
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CEO pay percentile vs peers
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CEO-to-median pay ratio
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Say-on-pay support, latest vote

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MBX's next annual pay disclosure, estimated April 21, 2027.est. Filing ↗

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 FY2024→2025
P. Kent Hawryluk$2,990,867$2,235,317$4,862,064↑ +755,550
Richard Bartram1,496,2751,153,5681,051,106↑ +342,707
Salomon Azoulay1,474,9783,095,920—↓ −1,620,942

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

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Companies that benchmark against MBX
1 company names MBX as a compensation peer

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01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Carl L. GordonFormer director (through FY2025)$22,213
Edward T. MathersIndependent Director$196,190
James M. CorneliusFormer director (through FY2025)$197,001
Laurie StelzerIndependent Director—
Ora PescovitzIndependent Director$198,947
Patrick J. HeronIndependent Director$220,947
Steven L. HoerterChair of the Board$999,986
Steven RyderIndependent Director$194,947
Tiba AynechiIndependent Director$200,690
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 Officer2026-05-08A55,00010575,300CommonForm 4 ↗
Salomon AzoulayChief Medical Officer2026-05-08D15,00338574,615CommonForm 4 ↗
Salomon AzoulayChief Medical Officer2026-05-08D55,000382,110,900CommonForm 4 ↗
Salomon AzoulayChief Medical Officer2026-05-08A15,00316240,048CommonForm 4 ↗
Salomon AzoulayChief Medical Officer2026-05-08A15,00300Derivative, Class A CommonForm 4 ↗
Salomon AzoulayChief Medical Officer2026-05-08A55,00000Derivative, Class A CommonForm 4 ↗
Tiba AynechiDirector2026-06-04A12,50000Derivative, Class A CommonForm 4 ↗
Steven RyderDirector2026-06-04A12,50000Derivative, Class A CommonForm 4 ↗
Steven L. HoerterDirector2026-06-04A12,50000Derivative, Class A CommonForm 4 ↗
Patrick J. HeronDirector2026-06-04A12,50000Derivative, Class A CommonForm 4 ↗
Laurie StelzerDirector2026-06-04A12,50000Derivative, Class A CommonForm 4 ↗
Ora PescovitzDirector2026-06-04A12,50000Derivative, Class A CommonForm 4 ↗
Edward T. MathersDirector2026-06-04A12,50000Derivative, Class A CommonForm 4 ↗
Steven L. HoerterDirector2026-08-03A331,00000Derivative, Class A CommonForm 4 ↗
John W. SmitherChief Financial Officer2026-08-03A28,00000CommonForm 4 ↗
Steven L. HoerterDirector2026-08-03A71,00000CommonForm 4 ↗
John W. SmitherChief Financial Officer2026-08-03A130,00000Derivative, Class A CommonForm 4 ↗
Salomon AzoulayChief Medical Officer2026-08-04D3706624,335CommonForm 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
Salomon AzoulayOPTION—————740,034
P. Kent HawrylukOPTION—————1,998,092
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%
Salomon Azoulay00740,0340.0%
P. Kent Hawryluk001,998,0920.0%

% 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
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-04—————
20252025-06-05—————

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
20262026-06-04—a
20252025-06-05—b

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

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)—
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 FY22,2130—0022,213
Laurie StelzerIndependent · Audit (Chair) · Compensation · Newly elected000000
P. Kent HawrylukEmployee director000—00
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.

10d

Frequently asked questions

Who was the highest-paid executive at MBX Biosciences in fiscal 2025?
As disclosed, P. Kent Hawryluk (President and Chief Executive Officer) was the highest-paid executive at MBX Biosciences in fiscal 2025, with total compensation of $2,990,867.
How much does MBX Biosciences spend in total on board compensation for fiscal 2025?
As disclosed, MBX Biosciences reported total board compensation of $389,730 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

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, 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
6Section 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
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 673077–673286
9Section 08, Patrick J. HeronDEF 14A2026-04-220001193125-26-168536Section “Director Compensation”. As printed: 220,947. Filing ↗machine: t10 · r5 · c15 · span 667087–667296
10Section 08, Tiba AynechiDEF 14A2026-04-220001193125-26-168536Section “Director Compensation”. As printed: 200,690. Filing ↗machine: t10 · r2 · c15 · span 649125–649334
11Section 08, Ora PescovitzDEF 14A2026-04-220001193125-26-168536Section “Director Compensation”. As printed: 198,947. Filing ↗machine: t10 · r8 · c15 · span 685045–685254
12Section 08, James M. CorneliusDEF 14A2026-04-220001193125-26-168536Section “Director Compensation”. As printed: 197,001. Filing ↗machine: t10 · r3 · c15 · span 655116–655325
13Section 08, Edward T. MathersDEF 14A2026-04-220001193125-26-168536Section “Director Compensation”. As printed: 196,190. Filing ↗machine: t10 · r7 · c15 · span 679063–679272
14Section 08, Steven RyderDEF 14A2026-04-220001193125-26-168536Section “Director Compensation”. As printed: 194,947. Filing ↗machine: t10 · r9 · c15 · span 691026–691235
15Section 08, Carl L. GordonDEF 14A2026-04-220001193125-26-168536Section “Director Compensation”. As printed: 22,213. Filing ↗machine: t10 · r4 · c3 · span 656955–657163
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, Tiba Aynechi 2026-06-04Form 42026-06-050001193125-26-258420Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Steven Ryder 2026-06-04Form 42026-06-050001193125-26-258422Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Steven L. Hoerter 2026-06-04Form 42026-06-050001193125-26-258429Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Patrick J. Heron 2026-06-04Form 42026-06-050001193125-26-258435Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Laurie Stelzer 2026-06-04Form 42026-06-050001193125-26-258432Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Ora Pescovitz 2026-06-04Form 42026-06-050001193125-26-258436Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Edward T. Mathers 2026-06-04Form 42026-06-050001193125-26-259236Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Steven L. Hoerter 2026-08-03Form 42026-08-040001193125-26-331639Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, John W. Smither 2026-08-03Form 42026-08-040001193125-26-331642Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Steven L. Hoerter 2026-08-03Form 42026-08-040001193125-26-331639Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, John W. Smither 2026-08-03Form 42026-08-040001193125-26-331642Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, Salomon Azoulay 2026-08-04Form 42026-08-050001193125-26-335373Insider equity transaction reported since the proxy statement. Filing ↗
40Section 06, 2026 voteForm 8-K2026-06-050001193125-26-258417Item 5.07 · say-on-pay result. As reported: —. Filing ↗
41Section 06, 2025 voteForm 8-K2025-06-060000950170-25-082697Item 5.07 · say-on-pay result. As reported: —. Filing ↗
42Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
43Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
44Section 09b board cost (computed)Computed——Cash 389,730 + equity 0 + all other 0 = 389,730, summed across the director compensation table rows.machine: formula: Σ = 389,730
45MBX 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

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