Company: AGIO
Filing Date: 2025-04-25
Form Type: DEF 14A
Source: 0001193125-25-096719
Chunk: 57

Company: AGIOS PHARMACEUTICALS, INC.
Filing Date: 2025-04-25
Form: DEF 14A
Chunk 57
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 1 study of AG-181, our phenylalanine hydroxylase stabilizer, for the treatment of phenylketonuria.

We also made significant progress on the transactional front. In May 2024, we sold our rights to royalty payments on U.S. net sales of Servier’s vorasidenib to Royalty Pharma Investments 2019 ICAV, or Royalty Pharma, for a one-time payment of $905.0 million in cash upon approval of vorasidenib by the FDA, which approval occurred in August 2024. We retain a 3% royalty on annual U.S. net sales of vorasidenib greater than $1.0 billion. This royalty stream was part of the consideration we received from the sale of our oncology business to Servier Pharmaceuticals, LLC in 2021, in connection with which we also received a $200.0 million milestone payment in September 2024 following the FDA’s approval of vorasidenib. In July 2024, we entered into a distribution agreement with NewBridge Pharmaceuticals FZ-LLC, or NewBridge, pursuant to which we granted NewBridge the right to commercialize PYRUKYNDin the Gulf Cooperation Council region.

In addition to the above achievements, we attracted, retained and fostered the development of our high caliber team and strengthened our company culture of inclusion. We exercised financial discipline by managing our cash spending in line with our board-approved budget, thereby maintaining our balance sheet strength to continue to maintain the financial positioning of the company in challenging macroeconomic conditions.

Based upon an evaluation of our performance against each of our goals for 2024 and the weighting assigned to each, the board of directors determined, upon recommendation from the compensation & people committee, that, with respect to our annual performance-based cash incentive program, we achieved an overall result of 125% for the year. For more information with respect to our performance-based cash incentive program, see “Executive Compensation Elements–Annual Performance-based Cash Incentives”below.

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Executive Compensation Overview

To foster the future success of the company, we reward our executives in a manner that reinforces our pay-for-performance philosophy and culture. Our compensation & people committee is committed to ensuring that a substantial portion of executive compensation is “at-risk” and variable. As such, 90% of Mr. Goff’s total direct compensation for 2024 and, on average, 82% of total direct compensation for