Velarion · Company Intelligence
Compensation Brief
Fiscal year 2024 · Filings through 2026-04-30

Mersana Therapeutics (MRSN)

Fiscal year 2024 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.

$1,613,754
Michael Huber total, FY2024
10th
CEO pay percentile vs peers
5:1
CEO-to-median pay ratio
Say-on-pay support, latest vote
Companies that benchmark against MRSN
12 companies name MRSN as a compensation peer

Each company listed discloses MRSN 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 MRSN 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 2024

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Michael Huber$632,500$0$133,635$518,044$322,575$0$7,000$1,613,754
President and Chief Executive Officer
Brian DeSchuytner500,0000176,166682,920177,50007,0001,543,586
Senior Vice President, Chief Operating Officer and Chief Financial Officer
Mohan Bala470,0000176,166682,920166,85007,0001,502,936
Senior Vice President, Chief Development Officer
Timothy Lowinger485,0000151,000585,360172,17507,0001,400,535
Senior Vice President, Chief Science and Technology Officer
Alejandra Carvajal455,0000151,000585,360161,52507,0001,359,885
Senior Vice President, Chief Legal 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 officerFY2024 totalFY2023 totalFY2022 totalΔ FY20232024
Michael Huber$1,613,754$2,601,249−987,495
Brian DeSchuytner1,543,5861,738,2151,297,485−194,629
Mohan Bala1,502,9361,581,334874,978−78,398
Timothy Lowinger1,400,5351,689,0681,180,869−288,533
Alejandra Carvajal1,359,8851,613,231874,978−253,346

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 2024

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Michael HuberOPTION2024-01-15199,125$518,044
Timothy LowingerOPTION2024-01-15225,000585,360
Alejandra CarvajalOPTION2024-01-15225,000585,360
Brian DeSchuytnerOPTION2024-01-15262,500682,920
Timothy LowingerRSU2024-01-1550,000151,000
Mohan BalaRSU2024-01-1558,333176,166
Michael HuberRSU2024-01-1544,250133,635
Alejandra CarvajalRSU2024-01-1550,000151,000
Brian DeSchuytnerRSU2024-01-1558,333176,166
Mohan BalaOPTION2024-01-15262,500682,920
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Michael Huber$133,635$0$518,0440.0%
Timothy Lowinger151,0000585,3600.0%
Alejandra Carvajal151,0000585,3600.0%
Brian DeSchuytner176,1660682,9200.0%
Mohan Bala176,1660682,9200.0%

% 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 2024

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Brian DeSchuytnerRSU6,250$8,938
Alejandra CarvajalRSU50,00071,500
Timothy LowingerRSU28,12540,219
Timothy LowingerRSU50,00071,500
Timothy LowingerOption182,8123.02
Brian DeSchuytnerRSU58,33383,416
Mohan BalaRSU6,2508,938
Michael HuberRSU44,25063,278
Michael HuberOption687,5001.32
Michael HuberOption161,7893.02
Brian DeSchuytnerOption7,03221.09
Brian DeSchuytnerOption213,2813.02
Timothy LowingerOption8,20421.09
Alejandra CarvajalOption90,7036.06
Timothy LowingerOption26,9546.28
Alejandra CarvajalRSU26,87538,431
Alejandra CarvajalRSU5,0007,150
Mohan BalaOption213,2813.02
Mohan BalaRSU58,33383,416
Alejandra CarvajalOption182,8123.02
Brian DeSchuytnerOption35,1576.28
Timothy LowingerRSU7,29110,426
Alejandra CarvajalOption14,06216.98
Michael HuberRSU500,250715,358
Brian DeSchuytnerRSU30,00042,900
Mohan BalaRSU26,25037,538
Brian DeSchuytnerRSU12,50017,875
Timothy LowingerRSU9,58313,704
Michael HuberOption18,3558.64
Brian DeSchuytnerOption101,2506.06
Mohan BalaOption28,1258.63
Mohan BalaOption88,5946.06
Alejandra CarvajalOption14,0626.28
Timothy LowingerOption94,9226.06
05

Incentive-plan design — the Compensation Discussion & Analysis

Our executive compensation program is designed to attract, retain and reward talented executives, to incentivize them based on the achievement of key performance goals, and to align their interests with the interests of our stockholders.

CEO STI target (% of salary)60%
CEO LTI target (% of salary)
Independent consultantPearl Meyer & Partners, LLC
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
07

CEO pay ratio

Ratio (CEO : median employee)5 : 1
CEO total compensation
Median employee compensation$316,460
08

Director compensation — fiscal year 2024

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
David MottIndependent · Board Chair · Lead Independent Director · Audit · Compensation · Nominating/Governance$80,000$0$105,996$185,996
Lawrence M. AllevaIndependent · Audit · Compensation · Nominating/Governance59,0000105,996164,996
Willard Dere, M.DIndependent · Audit · Compensation · Nominating/Governance55,5000105,996161,496
Kristen M. Hege, M.DIndependent · Audit · Compensation · Nominating/Governance49,0000105,996154,996
Andrew A. F. Hack, M.D., Ph.DIndependent · Audit · Compensation · Nominating/Governance47,5000105,996153,496
Allene M. DiazIndependent · Audit · Compensation · Nominating/Governance45,0000105,996150,996
Anna ProtopapasIndependent · Audit · Compensation · Nominating/Governance40,0000105,996145,996
Martin Huber, M.DEmployee director0000
09

Board fee structure and ownership guideline

Annual cash retainer$40,000
Annual equity retainer
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)15,000 / 10,000 / 8,000
Stock ownership guidelineSet robust executive officer and non-employee director stock ownership guidelines
09b

Total cost of the board

ComponentFY2024
Cash retainers and fees$376,000
Equity awards (grant-date value)$0
All other compensation$0
Total cost of the board$376,000

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

10

Disclosed peer group — fiscal year 2024

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

VSTM Verastem, Inc.IPSC Century Therapeutics, Inc.CTMX CytomX Therapeutics, Inc.PYXS Pyxis Oncology, Inc.BDTX Black Diamond Therapeutics, Inc.CCCC C4 Therapeutics, Inc.FATE Fate Therapeutics, Inc.FHTX Foghorn Therapeutics, Inc.INO Inovio Pharmaceuticals, Inc.ITOS iTeos Therapeutics, Inc.ZYME Zymeworks, Inc. Omega Therapeutics, Inc.ACET Adicet Bio, Inc.IGMS IGM Biosciences, Inc.GLUE Monte Rosa Therapeutics, Inc.PRLD Prelude Therapeutics IncorporatedVOR Vor Biopharma, Inc.TNGX Tango Therapeutics, Inc.TCRX TScan Therapeutics, Inc.HOWL Werewolf Therapeutics, Inc.
10a

Peer reciprocity

Of the companies Mersana 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.

Verastem, Inc. (VSTM) Century Therapeutics, Inc. (IPSC) CytomX Therapeutics, Inc. (CTMX) Pyxis Oncology, Inc. (PYXS) Black Diamond Therapeutics, Inc. (BDTX) C4 Therapeutics, Inc. (CCCC)39 Fate Therapeutics, Inc. (FATE) Foghorn Therapeutics, Inc. (FHTX) Inovio Pharmaceuticals, Inc. (INO) iTeos Therapeutics, Inc. (ITOS) Zymeworks, Inc. (ZYME) Adicet Bio, Inc. (ACET) IGM Biosciences, Inc. (IGMS) Monte Rosa Therapeutics, Inc. (GLUE) Prelude Therapeutics Incorporated (PRLD) Vor Biopharma, Inc. (VOR) Tango Therapeutics, Inc. (TNGX)40 TScan Therapeutics, Inc. (TCRX) Werewolf Therapeutics, Inc. (HOWL)

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 Mersana 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
1iTeos Therapeutics, Inc.2024Michel Detheux$628,684$0$4,965,264$421,014$6,085,657
2Zymeworks, Inc.2024Kenneth Galbraith654,8332,112,0001,985,672361,6525,253,616
3IGM Biosciences, Inc.2023Fred Schwarzer646,797868,0501,336,743355,7383,207,328
4C4 Therapeutics, Inc.2025Andrew Hirsch694,925710,730848,007573,3132,940,975
5Tango Therapeutics, Inc.2025Barbara Weber697,950308,0961,275,328524,2502,823,992
6TScan Therapeutics, Inc.2025Gavin MacBeath665,00001,982,800139,6502,801,450
7Foghorn Therapeutics, Inc.2025Adrian Gottschalk638,00001,334,037385,9902,361,027
8Fate Therapeutics, Inc.2025Bahram Valamehr600,00001,283,868360,0002,248,568
9Black Diamond Therapeutics, Inc.2025Mark Velleca667,400189,0001,006,030348,7172,234,919
10Mersana Therapeutics2024Michael Huber632,500133,635518,044322,5751,613,754
11Inovio Pharmaceuticals, Inc.2025Jacqueline Shea728,000346,101351,955144,1441,587,155
Verastem, Inc.not in coverage universe
Century Therapeutics, Inc.not in coverage universe
CytomX Therapeutics, Inc.not in coverage universe
Pyxis Oncology, Inc.not in coverage universe
Adicet Bio, Inc.not in coverage universe
Monte Rosa Therapeutics, Inc.not in coverage universe
Prelude Therapeutics Incorporatednot in coverage universe
Vor Biopharma, Inc.not in coverage universe
Werewolf 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
Mersana Therapeutics85%Options 75 · RSU 25not disclosedPearl Meyer & Partners, LLC
Adicet Bio, Inc.not disclosednot disclosednot disclosednot disclosed
Black Diamond Therapeutics, Inc.95%not disclosednot disclosedAon Human Capital Solutions (Aon plc)
C4 Therapeutics, Inc.120%not disclosednot disclosedPearl Meyer
Century Therapeutics, Inc.not disclosednot disclosednot disclosednot disclosed
CytomX Therapeutics, Inc.not disclosednot disclosednot disclosednot disclosed
Fate Therapeutics, Inc.100%Options 100NoAon's Human Capital Solutions practice (Radford)
Foghorn Therapeutics, Inc.not disclosedOptions 100not disclosedPay Governance, LLC
IGM Biosciences, Inc.not disclosednot disclosednot disclosedAon
Inovio Pharmaceuticals, Inc.33%not disclosedYes — Relative TSRAon (Human Capital Solutions practice)
iTeos Therapeutics, Inc.not disclosednot disclosednot disclosedRadford
Monte Rosa Therapeutics, Inc.not disclosednot disclosednot disclosednot disclosed
Prelude Therapeutics Incorporatednot disclosednot disclosednot disclosednot disclosed
Pyxis Oncology, Inc.not disclosednot disclosednot disclosednot disclosed
Tango Therapeutics, Inc.not disclosednot disclosednot disclosedPearl Meyer & Partners, LLC
TScan Therapeutics, Inc.not disclosedOptions 100not disclosednot disclosed
Verastem, Inc.not disclosednot disclosednot disclosednot disclosed
Vor Biopharma, Inc.not disclosednot disclosednot disclosednot disclosed
Werewolf Therapeutics, Inc.not disclosednot disclosednot disclosednot disclosed
Zymeworks, Inc.not disclosedOptions 50 · RSU 50not disclosedAon plc (Human Capital Solutions practice)

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, Michael HuberDEF 14A2025-04-290001104659-25-040448Section “2024 Summary Compensation Table”. As printed: 1,613,754. Filing ↗machine: t16 · r1 · c41 · span 608188–608197
2Section 01, Brian DeSchuytnerDEF 14A2025-04-290001104659-25-040448Section “2024 Summary Compensation Table”. As printed: 1,543,586. Filing ↗machine: t16 · r3 · c41 · span 616811–616820
3Section 01, Mohan BalaDEF 14A2025-04-290001104659-25-040448Section “2024 Summary Compensation Table”. As printed: 1,502,936. Filing ↗machine: t16 · r6 · c41 · span 629192–629201
4Section 01, Timothy LowingerDEF 14A2025-04-290001104659-25-040448Section “2024 Summary Compensation Table”. As printed: 1,400,535. Filing ↗machine: t16 · r11 · c41 · span 649843–649852
5Section 01, Alejandra CarvajalDEF 14A2025-04-290001104659-25-040448Section “2024 Summary Compensation Table”. As printed: 1,359,885. Filing ↗machine: t16 · r8 · c41 · span 637633–637642
6Section 03, Michael Huber OPTIONDEF 14A2025-04-290001104659-25-040448Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t15 · r1 · c5 · span 555624–555631
7Section 03, Timothy Lowinger OPTIONDEF 14A2025-04-290001104659-25-040448Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t15 · r5 · c5 · span 562002–562009
8Section 03, Alejandra Carvajal OPTIONDEF 14A2025-04-290001104659-25-040448Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t15 · r4 · c5 · span 560389–560396
9Section 03, Brian DeSchuytner OPTIONDEF 14A2025-04-290001104659-25-040448Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t15 · r2 · c5 · span 557205–557212
10Section 03, Timothy Lowinger RSUDEF 14A2025-04-290001104659-25-040448Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t15 · r5 · c11 · span 562502–562508
11Section 03, Mohan Bala RSUDEF 14A2025-04-290001104659-25-040448Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t15 · r3 · c11 · span 559309–559315
12Section 03, Michael Huber RSUDEF 14A2025-04-290001104659-25-040448Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t15 · r1 · c11 · span 556126–556132
13Section 03, Alejandra Carvajal RSUDEF 14A2025-04-290001104659-25-040448Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t15 · r4 · c11 · span 560889–560895
14Section 03, Brian DeSchuytner RSUDEF 14A2025-04-290001104659-25-040448Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t15 · r2 · c11 · span 557705–557711
15Section 03, Mohan Bala OPTIONDEF 14A2025-04-290001104659-25-040448Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t15 · r3 · c5 · span 558809–558816
16Section 07, pay ratioDEF 14A0001104659-25-040448Section “CEO Pay Ratio”. As printed: 5 : 1.machine: span 668038–668044
17Section 08, David MottDEF 14A2025-04-290001104659-25-040448Section “Director Compensation”. As printed: 185,996. Filing ↗machine: t5 · r6 · c17 · span 321868–321875
18Section 08, Lawrence M. AllevaDEF 14A2025-04-290001104659-25-040448Section “Director Compensation”. As printed: 164,996. Filing ↗machine: t5 · r1 · c17 · span 311380–311387
19Section 08, Willard Dere, M.DDEF 14A2025-04-290001104659-25-040448Section “Director Compensation”. As printed: 161,496. Filing ↗machine: t5 · r2 · c17 · span 313467–313474
20Section 08, Kristen M. Hege, M.DDEF 14A2025-04-290001104659-25-040448Section “Director Compensation”. As printed: 154,996. Filing ↗machine: t5 · r5 · c17 · span 319789–319796
21Section 08, Andrew A. F. Hack, M.D., Ph.DDEF 14A2025-04-290001104659-25-040448Section “Director Compensation”. As printed: 153,496. Filing ↗machine: t5 · r4 · c17 · span 317674–317681
22Section 08, Allene M. DiazDEF 14A2025-04-290001104659-25-040448Section “Director Compensation”. As printed: 150,996. Filing ↗machine: t5 · r3 · c17 · span 315575–315582
23Section 08, Anna ProtopapasDEF 14A2025-04-290001104659-25-040448Section “Director Compensation”. As printed: 145,996. Filing ↗machine: t5 · r7 · c17 · span 323977–323984
24Section 08, Martin Huber, M.DDEF 14A2025-04-290001104659-25-040448Section “Director Compensation”. As printed: 0. Filing ↗
25Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
26Section 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
27Section 09b board cost (computed)ComputedcomputedCash 376,000 + equity 0 + all other 0 = 376,000, summed across the director compensation table rows.machine: formula: Σ = 376,000
28iTeos Therapeutics, Inc., Section 10b CEO totalDEF 14A2025-04-240000950170-25-057666CEO total compensation as printed in iTeos Therapeutics, Inc.'s own proxy. As printed: 6,085,657. Filing ↗machine: r2 · c27 · span 499272–499281
29Zymeworks, Inc., Section 10b CEO totalDEF 14A2025-11-100001193125-25-274338CEO total compensation as printed in Zymeworks, Inc.'s own proxy. As printed: 5,253,616. Filing ↗machine: r2 · c30 · span 541437–541446
30IGM Biosciences, Inc., Section 10b CEO totalDEF 14A2024-04-260000950170-24-049091CEO total compensation as printed in IGM Biosciences, Inc.'s own proxy. As printed: 3,207,328. Filing ↗machine: r2 · c21 · span 824822–824831
31C4 Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-290001628280-26-028104CEO total compensation as printed in C4 Therapeutics, Inc.'s own proxy. As printed: 2,940,975. Filing ↗machine: span 511808–511817
32Tango Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-170001193125-26-160287CEO total compensation as printed in Tango Therapeutics, Inc.'s own proxy. As printed: 2,823,992. Filing ↗machine: r2 · c39 · span 540371–540380
33TScan Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-170001193125-26-160304CEO total compensation as printed in TScan Therapeutics, Inc.'s own proxy. As printed: 2,801,450. Filing ↗machine: r2 · c27 · span 220378–220387
34Foghorn Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-300001193125-26-193928CEO total compensation as printed in Foghorn Therapeutics, Inc.'s own proxy. As printed: 2,361,027. Filing ↗machine: r2 · c34 · span 245360–245369
35Fate Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-240001193125-26-177094CEO total compensation as printed in Fate Therapeutics, Inc.'s own proxy. As printed: 2,248,568. Filing ↗machine: r2 · c31 · span 391551–391560
36Black Diamond Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-290001104659-26-051474CEO total compensation as printed in Black Diamond Therapeutics, Inc.'s own proxy. As printed: 2,234,919. Filing ↗machine: r1 · c41 · span 370031–370040
37Mersana Therapeutics (subject), Section 10b CEO totalDEF 14A2025-04-290001104659-25-040448CEO total compensation as printed in Mersana Therapeutics's own proxy. As printed: 1,613,754. Filing ↗machine: t16 · r1 · c41 · span 608188–608197
38Inovio Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-04-070001055726-26-000011CEO total compensation as printed in Inovio Pharmaceuticals, Inc.'s own proxy. As printed: 1,587,155. Filing ↗machine: r4 · c24 · span 548358–548367
39Section 10a, C4 Therapeutics, Inc. reciprocityDEF 14A0001628280-26-028104C4 Therapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include Mersana Therapeutics. Filing ↗
40Section 10a, Tango Therapeutics, Inc. reciprocityDEF 14A0001193125-26-160287Tango Therapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include Mersana Therapeutics. Filing ↗