Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-08

Puma Biotechnology (PBYI)

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.

$3,062,337
Alan Auerbach total, FY2025
40th
CEO pay percentile vs peers
11:1
CEO-to-median pay ratio
Say-on-pay support, latest vote
Companies that benchmark against PBYI
4 companies name PBYI as a compensation peer

Each company listed discloses PBYI 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 PBYI 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
Alan Auerbach$931,333$551,549$535,513$1,027,307$16,635$3,062,337
President and Chief Executive Officer
Jeff Ludwig264,880132,998129,131949,1591,476,167
Chief Commercial Officer
Maximo Nougues562,961130,607170,848165,881191,06919,8491,241,215
Chief Financial Officer
Douglas Hunt489,060122,265133,765129,878165,98720,4451,061,400
Chief Regulatory Affairs, Medical Affairs, and Pharmacovigilance 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
Alan Auerbach$3,062,337$3,969,931$2,944,748−907,594
Jeff Ludwig1,476,1671,228,2881,381,848+247,879
Maximo Nougues1,241,2151,404,9781,231,826−163,763
Douglas Hunt1,061,4001,217,5011,021,553−156,101

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
Alessandra CesanoDirector2026-06-11A27,000$0$0CommonForm 4 ↗
Troy Edward WilsonDirector2026-06-11D10,800777,748CommonForm 4 ↗
Adrian SenderowiczDirector2026-06-11D27,0007194,311CommonForm 4 ↗
Brian M. StuglikDirector2026-06-11A27,00000CommonForm 4 ↗
Jay M. MoyesDirector2026-06-11D22,0007158,796CommonForm 4 ↗
Allison DorvalDirector2026-06-11A27,00000CommonForm 4 ↗
Allison DorvalDirector2026-06-11D11,610783,579CommonForm 4 ↗
Troy Edward WilsonDirector2026-06-11A27,00000CommonForm 4 ↗
Brian M. StuglikDirector2026-06-11D8,100758,311CommonForm 4 ↗
Adrian SenderowiczDirector2026-06-11A27,00000CommonForm 4 ↗
Michael P. MillerDirector2026-06-11A27,00000CommonForm 4 ↗
Jay M. MoyesDirector2026-06-11A27,00000CommonForm 4 ↗
Alan H. AuerbachDirector2026-07-06D44,0588364,051CommonForm 4 ↗
Maximo NouguesChief Financial Officer2026-07-06D9,386877,557CommonForm 4 ↗
Douglas HuntSee Remarks2026-07-06D8,460869,905CommonForm 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
Alan AuerbachRSU2025-02-07198,399$551,549
Jeff LudwigOPTION2025-02-0766,221129,131
Alan AuerbachOPTION2025-02-07274,622535,513
Maximo NouguesOPTION2025-02-0785,067165,881
Douglas HuntOPTION2025-02-0766,604129,878
Maximo NouguesRSU2025-02-0761,456170,848
Jeff LudwigRSU2025-02-0747,841132,998
Douglas Hunt2025-02-0748,117133,765
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Alan Auerbach$551,549$0$535,5130.0%
Jeff Ludwig132,9980129,1310.0%
Maximo Nougues170,8480165,8810.0%
Douglas Hunt00129,8780.0%

% 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
Alan AuerbachOption205,9672.78
Alan AuerbachRSU40,199239,184
Alan AuerbachRSU1,6459,788
Douglas HuntRSU36,088214,724
Maximo NouguesRSU10,82764,421
Douglas HuntOption49,9532.78
Alan AuerbachOption2,2625
Maximo NouguesOption63,8012.78
Alan AuerbachOption55,6446.36
Maximo NouguesOption14,9876.36
Douglas HuntOption13,1136.36
Alan AuerbachRSU148,800885,360
Maximo NouguesRSU46,092274,247
Douglas HuntRSU9,47456,370
05

Incentive-plan design — the Compensation Discussion & Analysis

Our executive compensation program is structured to attract, motivate and retain highly qualified executives by paying them competitively, consistent with our success and their contribution to that success.

CEO STI target (% of salary)65%
CEO LTI target (% of salary)
Independent consultantCompensia
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
07

CEO pay ratio

Ratio (CEO : median employee)11 : 1
CEO total compensation$3,062,337
Median employee compensation$273,504
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Troy E. Wilson, Ph.D., J.DIndependent · Audit · Nominating/Governance (Chair) · Research and Development$77,500$95,580$0$0$173,080
Jay M. MoyesIndependent · Lead Independent Director · Audit (Chair) · Compensation77,50095,58000173,080
Brian Stuglik, R.PhIndependent · Compensation (Chair) · Research and Development72,50095,58000168,080
Adrian M. Senderowicz, M.DIndependent · Nominating/Governance · Research and Development (Chair)70,00095,58000165,580
Michael P. MillerIndependent · Compensation · Nominating/Governance62,50095,58000158,080
Allison DorvalIndependent · Audit60,00095,58000155,580
Alessandra Cesano, M.D., Ph.DIndependent · Research and Development57,50095,58000153,080
Alan H. AuerbachEmployee director · Board Chair00000
09

Board fee structure and ownership guideline

Annual cash retainer$50,000
Annual equity retainer$95,580
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$477,500
Equity awards (grant-date value)$669,060
All other compensation$0
Total cost of the board$1,146,560

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 Puma Biotechnology 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 Puma Biotechnology.

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
1Nektar Therapeutics2025Howard Robin$1,106,282$942,081$2,986,535$1,106,282$6,256,954
2Akebia Therapeutics2025John Butler864,0102,164,3382,024,798580,9735,652,339
3Rigel Pharmaceuticals2025Raul Rodriguez787,405951,3272,241,570634,6494,658,805
4Esperion Therapeutics2025Sheldon Koenig770,8331,260,000847,929639,3753,535,512
5Heron Therapeutics2025Craig Collard689,431946,2541,352,917517,1893,516,291
6Aclaris Therapeutics2025Neal Walker615,000828,4261,581,615350,5503,375,591
7Puma Biotechnology2025Alan Auerbach931,333551,549535,5131,027,3073,062,337
8Coherus BioSciences2025Dennis Lanfear1,026,5450828,130869,2952,736,874
9Karyopharm Therapeutics2025Richard Paulson770,000838,996241,544350,3502,320,902
10MacroGenics, Inc.2025Eric Risser561,56852,0001,049,386251,9002,078,854
11Agenus Inc.2025Garo Armen715,2600141,00001,350,325
Organogenesis Holdingsnot in coverage universe
Assertio Holdings, 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
Puma Biotechnology169.7%Options 50 · RSU 50not disclosedCompensia
Aclaris Therapeuticsnot disclosednot disclosednot disclosedPearl Meyer
Agenus Inc.125%Options 100not disclosedAon Radford
Akebia Therapeutics90%Options 50 · RSU 25 · MSU 25NoPearl Meyer
Assertio Holdings, Inc.not disclosednot disclosednot disclosednot disclosed
Coherus BioSciencesnot disclosedOptions 100not disclosedAon
Esperion Therapeutics110%not disclosednot disclosednot disclosed
Heron Therapeutics100%Options 67 · RSU 33not disclosedCompensia, Inc.
Karyopharm Therapeutics90%not disclosedYes — Relative TSRAlpine Rewards, LLC (through September 2025); Willis Towers Watson (beginning August 2025)
MacroGenics, Inc.85%not disclosednot disclosedAlpine Rewards, LLC
Nektar Therapeutics100%not disclosedNoAon
Organogenesis Holdingsnot disclosednot disclosednot disclosednot disclosed
Rigel Pharmaceuticals124%Options 75 · RSU 25NoPearl Meyer

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, Alan AuerbachDEF 14A2026-04-280001437749-26-013671Section “Summary Compensation Table” · page 26. As printed: 3,062,337. Filing ↗machine: t56 · r1 · c29 · span 540970–540979
2Section 01, Jeff LudwigDEF 14A2026-04-280001437749-26-013671Section “Summary Compensation Table” · page 26. As printed: 1,476,167. Filing ↗machine: r7 · c29 · span 566881–566890
3Section 01, Maximo NouguesDEF 14A2026-04-280001437749-26-013671Section “Summary Compensation Table” · page 26. As printed: 1,241,215. Filing ↗machine: r4 · c29 · span 553934–553943
4Section 01, Douglas HuntDEF 14A2026-04-280001437749-26-013671Section “Summary Compensation Table” · page 26. As printed: 1,061,400. Filing ↗machine: t56 · r10 · c29 · span 579834–579843
5Section 03, Alan Auerbach RSUDEF 14A2026-04-280001437749-26-013671Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: t54 · r1 · c2 · span 510562–510569
6Section 03, Jeff Ludwig OPTIONDEF 14A2026-04-280001437749-26-013671Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: t53 · r3 · c2 · span 507250–507256
7Section 03, Alan Auerbach OPTIONDEF 14A2026-04-280001437749-26-013671Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: t53 · r1 · c2 · span 505656–505663
8Section 03, Maximo Nougues OPTIONDEF 14A2026-04-280001437749-26-013671Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: t53 · r2 · c2 · span 506455–506461
9Section 03, Douglas Hunt OPTIONDEF 14A2026-04-280001437749-26-013671Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: t53 · r4 · c2 · span 508057–508063
10Section 03, Maximo Nougues RSUDEF 14A2026-04-280001437749-26-013671Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: t54 · r2 · c2 · span 511361–511367
11Section 03, Jeff Ludwig RSUDEF 14A2026-04-280001437749-26-013671Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: t54 · r3 · c2 · span 512156–512162
12Section 03, Douglas Hunt DEF 14A2026-04-280001437749-26-013671Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: t54 · r4 · c2 · span 512963–512969
13Section 07, pay ratioDEF 14A2026-04-280001437749-26-013671Section “CEO Pay Ratio”. As printed: 11 : 1. Filing ↗machine: span 839030–839034
14Section 08, Troy E. Wilson, Ph.D., J.DDEF 14A2026-04-280001437749-26-013671Section “Director Compensation”. As printed: 173,080. Filing ↗machine: t25 · r7 · c11 · span 303144–303151
15Section 08, Jay M. MoyesDEF 14A2026-04-280001437749-26-013671Section “Director Compensation”. As printed: 173,080. Filing ↗machine: t25 · r4 · c11 · span 297640–297647
16Section 08, Brian Stuglik, R.PhDEF 14A2026-04-280001437749-26-013671Section “Director Compensation”. As printed: 168,080. Filing ↗machine: t25 · r6 · c11 · span 301307–301314
17Section 08, Adrian M. Senderowicz, M.DDEF 14A2026-04-280001437749-26-013671Section “Director Compensation”. As printed: 165,580. Filing ↗machine: t25 · r5 · c11 · span 299477–299484
18Section 08, Michael P. MillerDEF 14A2026-04-280001437749-26-013671Section “Director Compensation”. As printed: 158,080. Filing ↗machine: t25 · r3 · c11 · span 295818–295825
19Section 08, Allison DorvalDEF 14A2026-04-280001437749-26-013671Section “Director Compensation”. As printed: 155,580. Filing ↗machine: t25 · r2 · c11 · span 293991–293998
20Section 08, Alessandra Cesano, M.D., Ph.DDEF 14A2026-04-280001437749-26-013671Section “Director Compensation”. As printed: 153,080. Filing ↗machine: t25 · r1 · c11 · span 292167–292174
21Section 08, Alan H. AuerbachDEF 14A2026-04-280001437749-26-013671Section “Director Compensation”. As printed: 0. Filing ↗
22Section 02, Alessandra Cesano 2026-06-11Form 42026-06-150001437749-26-020702Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Troy Edward Wilson 2026-06-11Form 42026-06-150001437749-26-020709Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Adrian Senderowicz 2026-06-11Form 42026-06-150001437749-26-020706Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Brian M. Stuglik 2026-06-11Form 42026-06-150001437749-26-020708Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Jay M. Moyes 2026-06-11Form 42026-06-150001437749-26-020704Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Allison Dorval 2026-06-11Form 42026-06-150001437749-26-020703Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Allison Dorval 2026-06-11Form 42026-06-150001437749-26-020703Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Troy Edward Wilson 2026-06-11Form 42026-06-150001437749-26-020709Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Brian M. Stuglik 2026-06-11Form 42026-06-150001437749-26-020708Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Adrian Senderowicz 2026-06-11Form 42026-06-150001437749-26-020706Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Michael P. Miller 2026-06-11Form 42026-06-150001437749-26-020705Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Jay M. Moyes 2026-06-11Form 42026-06-150001437749-26-020704Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Alan H. Auerbach 2026-07-06Form 42026-07-080001437749-26-023079Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Maximo Nougues 2026-07-06Form 42026-07-080001437749-26-023077Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Douglas Hunt 2026-07-06Form 42026-07-080001437749-26-023078Insider equity transaction reported since the proxy statement. Filing ↗
37Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
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 477,500 + equity 669,060 + all other 0 = 1,146,560, summed across the director compensation table rows.machine: formula: Σ = 1,146,560
40Nektar Therapeutics, Section 10b CEO totalDEF 14A2026-04-240001140361-26-016708CEO total compensation as printed in Nektar Therapeutics's own proxy. As printed: 6,256,954. Filing ↗machine: r2 · c24 · span 738327–738336
41Akebia Therapeutics, Section 10b CEO totalDEF 14A2026-04-280001517022-26-000034CEO total compensation as printed in Akebia Therapeutics's own proxy. As printed: 5,652,339. Filing ↗machine: r3 · c39 · span 516847–516856
42Rigel Pharmaceuticals, Section 10b CEO totalDEF 14A2026-04-030001034842-26-000023CEO total compensation as printed in Rigel Pharmaceuticals's own proxy. As printed: 4,658,805. Filing ↗machine: t120 · r3 · c22 · span 886059–886068
43Esperion Therapeutics, Section 10b CEO totalDEF 14A2026-04-160001628280-26-025499CEO total compensation as printed in Esperion Therapeutics's own proxy. As printed: 3,535,512. Filing ↗machine: span 423838–423847
44Heron Therapeutics, Section 10b CEO totalDEF 14A2026-04-300001193125-26-196306CEO total compensation as printed in Heron Therapeutics's own proxy. As printed: 3,516,291. Filing ↗machine: span 728212–728221
45Aclaris Therapeutics, Section 10b CEO totalDEF 14A2026-04-230001104659-26-047262CEO total compensation as printed in Aclaris Therapeutics's own proxy. As printed: 3,375,591. Filing ↗machine: r2 · c14 · span 317880–317889
46Puma Biotechnology (subject), Section 10b CEO totalDEF 14A2026-04-280001437749-26-013671CEO total compensation as printed in Puma Biotechnology's own proxy. As printed: 3,062,337. Filing ↗machine: t56 · r1 · c29 · span 540970–540979
47Coherus BioSciences, Section 10b CEO totalDEF 14A2026-04-200001104659-26-045251CEO total compensation as printed in Coherus BioSciences's own proxy. As printed: 2,736,874. Filing ↗machine: t112 · r5 · c14 · span 540087–540096
48Karyopharm Therapeutics, Section 10b CEO totalDEF 14A2026-04-130001503802-26-000023CEO total compensation as printed in Karyopharm Therapeutics's own proxy. As printed: 2,320,902. Filing ↗machine: r2 · c29 · span 1192339–1192348
49MacroGenics, Inc., Section 10b CEO totalDEF 14A2026-04-080001125345-26-000021CEO total compensation as printed in MacroGenics, Inc.'s own proxy. As printed: 2,078,854. Filing ↗machine: r2 · c57 · span 494189–494198
50Agenus Inc., Section 10b CEO totalDEF 14A2026-04-300001193125-26-197536CEO total compensation as printed in Agenus Inc.'s own proxy. As printed: 1,350,325. Filing ↗machine: r2 · c21 · span 404620–404629
51Section 10a, Akebia Therapeutics reciprocityDEF 14A0001517022-26-000034Akebia Therapeutics names Puma Biotechnology in its own disclosed peer group (read from its most recent proxy). Filing ↗
52Section 10a, Rigel Pharmaceuticals reciprocityDEF 14A0001034842-26-000023Rigel Pharmaceuticals names Puma Biotechnology in its own disclosed peer group (read from its most recent proxy). Filing ↗
53Section 10a, MacroGenics, Inc. reciprocityDEF 14A0001125345-26-000021MacroGenics, Inc.'s most recent proxy was read; its disclosed peer group does not include Puma Biotechnology. Filing ↗
54Section 10a, Coherus BioSciences reciprocityDEF 14A0001104659-26-045251Coherus BioSciences names Puma Biotechnology in its own disclosed peer group (read from its most recent proxy). Filing ↗
55Section 10a, Nektar Therapeutics reciprocityDEF 14A0001140361-26-016708Nektar Therapeutics's most recent proxy was read; its disclosed peer group does not include Puma Biotechnology. Filing ↗
56Section 10a, Heron Therapeutics reciprocityDEF 14A0001193125-26-196306Heron Therapeutics's most recent proxy was read; its disclosed peer group does not include Puma Biotechnology. Filing ↗
57Section 10a, Agenus Inc. reciprocityDEF 14A0001193125-26-197536Agenus Inc.'s most recent proxy was read; its disclosed peer group does not include Puma Biotechnology. Filing ↗