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Companies Avidity Biosciences, Inc.

Avidity Biosciences (RNAM): executive pay, fiscal 2024

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CEO total pay$14,176,480CEO Sarah Boyce · source
CEO vs. named peers88th pct.Of 17 peer CEOs
CEO pay ratio48:1To the median employee · source

CEO pay, last three years

  • $5,366,111FY2022
  • $11,139,719FY2023
  • $14,176,480FY2024

CEO total pay was $14,176,480 in fiscal 2024, up from $11,139,719 in fiscal 2023.

FY2024: salary $659,900 · bonus $0 · stock awards $10,748,480 · option awards $2,157,090

Full detail

Every table from the filing. Open any section.

Summary compensation table
Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Sarah Boyce$659,900$0$10,748,480$2,157,090$594,000$0$17,010$14,176,480
President and Chief Executive Officer
John Moriarty208,33304,226,0905,081,184168,800014,7899,699,196
Chief Legal Officer and Corporate Secretary
Michael MacLean490,80003,340,440762,172331,300017,0104,941,722
Chief Financial Officer
W. Michael Flanagan500,30003,315,040632,746337,800017,0104,802,896
Chief Scientific Officer
Teresa McCarthy456,90003,279,480560,843308,500017,0104,622,733
Chief Human Resources 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 FY2023→2024
Sarah Boyce$14,176,480$11,139,719$5,366,111↑ +3,036,761
John Moriarty9,699,196———
Michael MacLean4,941,7224,476,1282,035,530↑ +465,594
W. Michael Flanagan4,802,8964,885,9612,065,986↓ −83,065
Teresa McCarthy4,622,7333,726,3932,265,809↑ +896,340

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

Incentive-plan design — the Compensation Discussion & Analysis

The company's executive compensation program is designed to align pay with company performance, attract and retain a high-performing executive team, and align the interests of executive officers with those of stockholders by providing competitive total pay opportunities and establishing a direct link between business results, individual performance, and total compensation.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantAlpine Rewards, LLC
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
Equity grants and outstanding awards

Grants of plan-based awards — fiscal year 2024

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Sarah BoyceOPTION2024-01-20——300,000—$2,157,090
Sarah BoyceRSU2024-01-20——62,500—635,000
Sarah BoycePSU2024-10-30—234,000——10,113,480
W. Michael FlanaganOPTION2024-01-20——88,000—632,746
W. Michael FlanaganRSU2024-01-20——20,000—203,200
W. Michael FlanaganPSU2024-10-30—72,000——3,111,840
Michael MacLeanOPTION2024-01-20——106,000—762,172
Michael MacLeanRSU2024-01-20——22,500—228,600
Michael MacLeanPSU2024-10-30—72,000——3,111,840
Teresa McCarthyOPTION2024-01-20——78,000—560,843
Teresa McCarthyRSU2024-01-20——16,500—167,640
Teresa McCarthyPSU2024-10-30—72,000——3,111,840
John MoriartyOPTION2024-08-01——160,000—5,081,184
John MoriartyRSU2024-08-01——25,000—1,114,250
John MoriartyPSU2024-10-30—72,000——3,111,840

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Sarah Boyce$635,000$10,113,480$2,157,09078.4%
W. Michael Flanagan203,2003,111,840632,74678.8%
Michael MacLean228,6003,111,840762,17275.9%
Teresa McCarthy167,6403,111,840560,84381.0%
John Moriarty1,114,2503,111,8405,081,18433.4%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

Outstanding equity awards at fiscal year-end 2024

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Michael MacLeanOption1,91722.34—
Teresa McCarthyOption2,29222.34—
W. Michael FlanaganOption3,12526.75—
Sarah BoyceOption6,25022.34—
Michael MacLeanRSU13,875—403,485
Teresa McCarthyRSU15,000—436,200
Teresa McCarthyRSU16,500—479,820
W. Michael FlanaganRSU20,000—581,600
Michael MacLeanRSU22,500—654,300
Michael MacLeanRSU25,000—727,000
W. Michael FlanaganRSU25,000—727,000
Teresa McCarthyRSU25,000—727,000
John MoriartyRSU25,000—727,000
W. Michael FlanaganRSU30,000—872,400
Michael MacLeanOption35,54714.22—
W. Michael FlanaganOption36,96914.22—
Teresa McCarthyOption37,1256.57—
Sarah BoyceRSU37,500—1,090,500
Teresa McCarthyOption42,65714.22—
W. Michael FlanaganOption49,5006.57—
Michael MacLeanOption50,8756.57—
Teresa McCarthyOption56,25022.47—
Teresa McCarthyOption60,12510.16—
Sarah BoyceRSU62,500—1,817,500
W. Michael FlanaganOption67,83410.16—
Michael MacLeanPSU72,000—2,093,760
W. Michael FlanaganPSU72,000—2,093,760
Teresa McCarthyPSU72,000—2,093,760
John MoriartyPSU72,000—2,093,760
W. Michael FlanaganOption75,00022.47—
Michael MacLeanOption77,08422.47—
Michael MacLeanOption81,70910.16—
Sarah BoyceOption115,10514.22—
Sarah BoyceOption137,5006.57—
John MoriartyOption160,00044.57—
Sarah BoyceOption208,33422.47—
Sarah BoyceOption231,25010.16—
Sarah BoycePSU234,000—6,804,720
Director compensation
DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Simona SkerjanecIndependent$15,260—$865,554—$0$880,814
Troy Wilson, Ph.D., J.DIndependent · Board Chair · Human Capital Management71,908—374,989—0446,897
Noreen Henig, M.DIndependent · Nominating and Corporate Governance (Chair) · Audit55,500—374,989—0430,489
Carsten BoessIndependent · Audit (Chair)55,000—374,989—0429,989
Edward M. Kaye, M.DIndependent · Human Capital Management (Chair) · Nominating and Corporate Governance54,000—374,989—0428,989
Tamar ThompsonIndependent · Nominating and Corporate Governance · Human Capital Management49,000—374,989—0423,989
Jean KimIndependent · Audit47,500—374,989—0422,489

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 guideline—

Total cost of the board

ComponentFY2024
Cash retainers and fees$348,168
Equity awards (grant-date value)$0
All other compensation$0
Total cost of the board$348,168

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

Peer group, and who names Avidity Biosciences as a peer

Companies that benchmark against RNAM

9 companies name RNAM as a compensation peer

Each company listed discloses RNAM 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 RNAM in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

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.

Peer reciprocity

Of the companies Avidity Biosciences, Inc. 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 Avidity Biosciences, Inc..

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
1Stoke Therapeutics2025Ian Smith$170,625$11,590,000$14,035,067$0$27,031,655
2Vaxcyte2025Grant Pickering800,0004,300,1598,714,048630,00014,458,937
3Avidity Biosciences, Inc.2024Sarah Boyce659,90010,748,4802,157,090594,00014,176,480
4Janux Therapeutics2025David Campbell680,000012,459,031367,20013,506,231
5Crinetics Pharmaceuticals2025R. Scott Struthers718,5003,280,5407,160,564462,35511,628,959
6Kymera Therapeutics2025Nello Mainolfi693,00007,318,859519,7508,545,609
7Verve Therapeutics2024Sekar Kathiresan639,2311,683,0004,727,372378,9727,442,663
8RAPT Therapeutics2024Brian Wong630,00005,927,297416,0006,979,539
9Beam Therapeutics2025John Evans755,0001,513,5752,876,754662,5135,818,525
10Pliant Therapeutics2025Bernard Coulie682,0001,810,2502,713,750204,6005,462,901
11Erasca2025Jonathan Lim670,40003,135,250482,6884,298,838
12Rocket Pharmaceuticals2025Gaurav Shah671,076806,7511,613,377403,0483,510,241
13IGM Biosciences2023Fred Schwarzer646,797868,0501,336,743355,7383,207,328
14Inhibrx Inc2025Mark Lappe695,25000479,7232,892,473
15Dyne Therapeutics2025John Cox721,0000937,893410,9702,076,868
16Arcturus Therapeutics Holdings2025Joseph Payne750,0000941,00001,691,000
17Zentalis Pharmaceuticals2025Julie Eastland700,00099,77256,975441,0001,300,731
18Ventyx Biosciences2024Raju Mohan621,9200303,800342,0451,283,015

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.

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Avidity Biosciences, Inc.not disclosedOption 80 · RSU 20not disclosedAlpine Rewards, LLC
Arcturus Therapeutics Holdingsnot disclosedOptions 100not disclosednot disclosed
Beam Therapeutics135%Options 66 · RSU 34not disclosedPay Governance LLC
Crinetics Pharmaceuticalsnot disclosedOptions 70 · RSU 30not disclosedPearl Meyer
Dyne Therapeutics95%not disclosednot disclosedAlpine Rewards, LLC
Erasca120%Options 100not disclosedAlpine Rewards, LLC
IGM Biosciencesnot disclosednot disclosednot disclosedAon
Inhibrx Incnot disclosedOption 100not disclosednot disclosed
Janux Therapeutics90%not disclosednot disclosedFW Cook
Kymera Therapeutics125%not disclosedNoAlpine Rewards
Pliant Therapeuticsnot disclosedOption 66.67 · RSU 33.33not disclosedPearl Meyer; Alpine Rewards
RAPT Therapeutics120%Option 100not disclosedAon plc/Radford
Rocket Pharmaceuticalsnot disclosednot disclosednot disclosedSemler Brossy
Stoke Therapeuticsnot disclosednot disclosednot disclosedAon
Vaxcyte105%not disclosednot disclosedPay Governance
Ventyx Biosciencesnot disclosednot disclosednot disclosedAON/Radford
Verve Therapeuticsnot disclosednot disclosednot disclosedRadford Data & Analytics from Aon plc
Zentalis Pharmaceuticals105%not disclosednot disclosedAnderson Pay Advisors LLC / Pay Governance LLC

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.

Say-on-pay history and pay ratio

No say-on-pay vote is on file for this company.

CEO pay ratio

Ratio (CEO : median employee)48 : 1
CEO total compensation—
Median employee compensation$297,345
Insider trades since the proxy

No insider equity transactions reported since the proxy statement.

Sources (60 citations)

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

  • Section 01, Sarah Boyce. DEF 14A, filed 2025-04-29. Section “COMPENSATION TABLES” · page 36. As printed: 14,176,480. View filing ↗
  • Section 01, John Moriarty. DEF 14A, filed 2025-04-29. Section “COMPENSATION TABLES” · page 36. As printed: 9,699,196. View filing ↗
  • Section 01, Michael MacLean. DEF 14A, filed 2025-04-29. Section “COMPENSATION TABLES” · page 36. As printed: 4,941,722. View filing ↗
  • Section 01, W. Michael Flanagan. DEF 14A, filed 2025-04-29. Section “COMPENSATION TABLES” · page 36. As printed: 4,802,896. View filing ↗
  • Section 01, Teresa McCarthy. DEF 14A, filed 2025-04-29. Section “COMPENSATION TABLES” · page 36. As printed: 4,622,733. View filing ↗
  • Section 03, Sarah Boyce OPTION. DEF 14A, filed 2025-04-29. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Sarah Boyce RSU. DEF 14A, filed 2025-04-29. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Sarah Boyce PSU. DEF 14A, filed 2025-04-29. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, W. Michael Flanagan OPTION. DEF 14A, filed 2025-04-29. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, W. Michael Flanagan RSU. DEF 14A, filed 2025-04-29. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, W. Michael Flanagan PSU. DEF 14A, filed 2025-04-29. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Michael MacLean OPTION. DEF 14A, filed 2025-04-29. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Michael MacLean RSU. DEF 14A, filed 2025-04-29. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Michael MacLean PSU. DEF 14A, filed 2025-04-29. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Teresa McCarthy OPTION. DEF 14A, filed 2025-04-29. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Teresa McCarthy RSU. DEF 14A, filed 2025-04-29. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Teresa McCarthy PSU. DEF 14A, filed 2025-04-29. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, John Moriarty OPTION. DEF 14A, filed 2025-04-29. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, John Moriarty RSU. DEF 14A, filed 2025-04-29. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, John Moriarty PSU. DEF 14A, filed 2025-04-29. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 07, pay ratio. DEF 14A, filed 2025-04-29. Section “CEO Pay Ratio”. As printed: 48 : 1. View filing ↗
  • Section 08, Simona Skerjanec. DEF 14A, filed 2025-04-29. Section “Director Compensation”. As printed: 880,814. View filing ↗
  • Section 08, Troy Wilson, Ph.D., J.D. DEF 14A, filed 2025-04-29. Section “Director Compensation”. As printed: 446,897. View filing ↗
  • Section 08, Noreen Henig, M.D. DEF 14A, filed 2025-04-29. Section “Director Compensation”. As printed: 430,489. View filing ↗
  • Section 08, Carsten Boess. DEF 14A, filed 2025-04-29. Section “Director Compensation”. As printed: 429,989. View filing ↗
  • Section 08, Edward M. Kaye, M.D. DEF 14A, filed 2025-04-29. Section “Director Compensation”. As printed: 428,989. View filing ↗
  • Section 08, Tamar Thompson. DEF 14A, filed 2025-04-29. Section “Director Compensation”. As printed: 423,989. View filing ↗
  • Section 08, Jean Kim. DEF 14A, filed 2025-04-29. Section “Director Compensation”. As printed: 422,489. View filing ↗
  • Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
  • Section 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).
  • Section 09b board cost (computed). Computed. Cash 348,168 + equity 0 + all other 0 = 348,168, summed across the director compensation table rows.
  • Stoke Therapeutics, Section 10b CEO total. DEF 14A, filed 2026-04-22. CEO total compensation as printed in Stoke Therapeutics's own proxy. As printed: 27,031,655. View filing ↗
  • Vaxcyte, Section 10b CEO total. DEF 14A, filed 2026-04-23. CEO total compensation as printed in Vaxcyte's own proxy. As printed: 14,458,937. View filing ↗
  • Avidity Biosciences, Inc. (subject), Section 10b CEO total. DEF 14A, filed 2025-04-29. CEO total compensation as printed in Avidity Biosciences, Inc.'s own proxy. As printed: 14,176,480. View filing ↗
  • Janux Therapeutics, Section 10b CEO total. DEF 14A, filed 2026-04-28. CEO total compensation as printed in Janux Therapeutics's own proxy. As printed: 13,506,231. View filing ↗
  • Crinetics Pharmaceuticals, Section 10b CEO total. DEF 14A, filed 2026-04-29. CEO total compensation as printed in Crinetics Pharmaceuticals's own proxy. As printed: 11,628,959. View filing ↗
  • Kymera Therapeutics, Section 10b CEO total. DEF 14A, filed 2026-04-29. CEO total compensation as printed in Kymera Therapeutics's own proxy. As printed: 8,545,609. View filing ↗
  • Verve Therapeutics, Section 10b CEO total. DEF 14A, filed 2025-04-25. CEO total compensation as printed in Verve Therapeutics's own proxy. As printed: 7,442,663. View filing ↗
  • RAPT Therapeutics, Section 10b CEO total. DEF 14A, filed 2025-04-14. CEO total compensation as printed in RAPT Therapeutics's own proxy. As printed: 6,979,539. View filing ↗
  • Beam Therapeutics, Section 10b CEO total. DEF 14A, filed 2026-04-17. CEO total compensation as printed in Beam Therapeutics's own proxy. As printed: 5,818,525. View filing ↗
  • Pliant Therapeutics, Section 10b CEO total. DEF 14A, filed 2026-04-22. CEO total compensation as printed in Pliant Therapeutics's own proxy. As printed: 5,462,901. View filing ↗
  • Erasca, Section 10b CEO total. DEF 14A, filed 2026-04-28. CEO total compensation as printed in Erasca's own proxy. As printed: 4,298,838. View filing ↗
  • Rocket Pharmaceuticals, Section 10b CEO total. DEF 14A, filed 2026-04-06. CEO total compensation as printed in Rocket Pharmaceuticals's own proxy. As printed: 3,510,241. View filing ↗
  • IGM Biosciences, Section 10b CEO total. DEF 14A, filed 2024-04-26. CEO total compensation as printed in IGM Biosciences's own proxy. As printed: 3,207,328. View filing ↗
  • Inhibrx Inc, Section 10b CEO total. DEF 14A, filed 2026-04-23. CEO total compensation as printed in Inhibrx Inc's own proxy. As printed: 2,892,473. View filing ↗
  • Dyne Therapeutics, Section 10b CEO total. DEF 14A, filed 2026-04-23. CEO total compensation as printed in Dyne Therapeutics's own proxy. As printed: 2,076,868. View filing ↗
  • Arcturus Therapeutics Holdings, Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in Arcturus Therapeutics Holdings's own proxy. As printed: 1,691,000. View filing ↗
  • Zentalis Pharmaceuticals, Section 10b CEO total. DEF 14A, filed 2026-04-30. CEO total compensation as printed in Zentalis Pharmaceuticals's own proxy. As printed: 1,300,731. View filing ↗
  • Ventyx Biosciences, Section 10b CEO total. DEF 14A, filed 2025-04-23. CEO total compensation as printed in Ventyx Biosciences's own proxy. As printed: 1,283,015. View filing ↗
  • Section 10a, Arcturus Therapeutics Holdings reciprocity. DEF 14A. Arcturus Therapeutics Holdings's most recent proxy was read; its disclosed peer group does not include Avidity Biosciences, Inc.. View filing ↗
  • Section 10a, Rocket Pharmaceuticals reciprocity. DEF 14A. Rocket Pharmaceuticals's most recent proxy was read; its disclosed peer group does not include Avidity Biosciences, Inc.. View filing ↗
  • Section 10a, Beam Therapeutics reciprocity. DEF 14A. Beam Therapeutics's most recent proxy was read; its disclosed peer group does not include Avidity Biosciences, Inc.. View filing ↗
  • Section 10a, Janux Therapeutics reciprocity. DEF 14A. Janux Therapeutics's most recent proxy was read; its disclosed peer group does not include Avidity Biosciences, Inc.. View filing ↗
  • Section 10a, Dyne Therapeutics reciprocity. DEF 14A. Dyne Therapeutics's most recent proxy was read; its disclosed peer group does not include Avidity Biosciences, Inc.. View filing ↗
  • Section 10a, Kymera Therapeutics reciprocity. DEF 14A. Kymera Therapeutics's most recent proxy was read; its disclosed peer group does not include Avidity Biosciences, Inc.. View filing ↗
  • Section 10a, Crinetics Pharmaceuticals reciprocity. DEF 14A. Crinetics Pharmaceuticals names Avidity Biosciences, Inc. in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Pliant Therapeutics reciprocity. DEF 14A. Pliant Therapeutics's most recent proxy was read; its disclosed peer group does not include Avidity Biosciences, Inc.. View filing ↗
  • Section 10a, Stoke Therapeutics reciprocity. DEF 14A. Stoke Therapeutics's most recent proxy was read; its disclosed peer group does not include Avidity Biosciences, Inc.. View filing ↗
  • Section 10a, Vaxcyte reciprocity. DEF 14A. Vaxcyte's most recent proxy was read; its disclosed peer group does not include Avidity Biosciences, Inc.. View filing ↗
  • Section 10a, Zentalis Pharmaceuticals reciprocity. DEF 14A. Zentalis Pharmaceuticals's most recent proxy was read; its disclosed peer group does not include Avidity Biosciences, Inc.. View filing ↗