MADRID, 27 Jun. (EUROPA PRESS) –
The Oryzon Genomics shareholders’ meeting has approved a long-term incentive plan for the period 2023-2025 aimed at executives and key personnel, including its executive president, whose maximum cost will be, for the set of beneficiaries, 6.45 million euros, as reported by the company to the National Securities Market Commission (CNMV) on Tuesday.
The company has explained that it is a remuneration system through which the beneficiaries can obtain a cash incentive, linked to the value of the company on the Stock Market, depending on the fulfillment of a series of objectives or before the achievement of a strategic milestone. during the three-year term of the plan.
The plan is addressed to those Oryzon managers and key employees who are invited to participate by the company, including its CEO. Currently, the group of potential beneficiaries is made up of approximately thirteen people, without prejudice to the fact that other potential beneficiaries may join the plan during its term.
The settlement of the corresponding incentive, if applicable, will be made in cash, based on the value of the Oryzon share on the date of termination of the Plan.
Said settlement will take place in the three months following the date of completion of the plan, already in the year 2026, or in the three months following the early settlement date in the event of achievement of one of the strategic milestones.
Among the beneficiaries of the plan is the executive president of Oryzon, whose initial concession under the plan is equivalent to 150% of his annual fixed remuneration for 2023.
The amount of the cash incentive that will be delivered to each beneficiary at the end of the plan will depend on whether they are active in Oryzon on the date the plan ends; that it meets the minimum thresholds of the corporate objectives linked to the incentive, and that, on the expiration date of the plan, the company has cash for a period of more than one year.
The achievement of the corporate objectives to which the incentives are linked will be measured through identifiable and quantifiable parameters.
In addition to the incentive plan for executives, the biopharmaceutical board has approved the 2022 annual accounts and the company’s management report, as well as the re-election of Deloitte as auditor for the 2023 financial year.
The company recorded net losses of 4.2 million euros during the year 2022, 9.7% less compared to the ‘red numbers’ registered in 2021, as reported to the CNMV last February.
The company then stressed that this result was in line with the specificity of the biotechnology business model, in the development phase in which the firm is, with a long-term maturation period for its products, and without recurrences since the income perspective.
The company intensified its investments in R&D in 2022 to reach a figure of 16.9 million euros, which represents an increase of 30% compared to the previous year. Said investments in R D corresponded to 15.7 million in development activities and 1.2 million in research activities.
