DEF 14A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of

the Securities Exchange Act of 1934 (Amendment No.        )

Filed by the Registrant þ
Filed by a Party other than the Registrant ☐
Check the appropriate box:
☐	Preliminary Proxy Statement
☐	Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
þ	Definitive Proxy Statement
☐	Definitive Additional Materials
☐	Soliciting Material under §240.14a-12

PTC Therapeutics, Inc.

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check all boxes that apply):

     þ     No fee required.

☐  Fee paid previously with preliminary materials.

☐  Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-111.

PTC Therapeutics, Inc.

500 Warren Corporate Center Drive

Warren, New Jersey 07059

April 26, 2024

Dear Stockholder:

You are cordially invited to attend the 2024 Annual Meeting of Stockholders of PTC Therapeutics, Inc., on Tuesday, June 18, 2024 at 9:00 a.m., Eastern Time. The Annual Meeting will be held over the Internet in a virtual meeting format, via live webcast at www.virtualshareholdermeeting.com/PTCT2024. There will not be a physical meeting location for the Annual Meeting and stockholders will not be able to attend the Annual Meeting in person.

The attached Notice of the Annual Meeting and proxy statement provide important information about the Annual Meeting and will serve as your guide to the business to be conducted at the meeting. Your vote is very important to us. We urge you to read the accompanying materials regarding the matters to be voted on at the Annual Meeting and to submit your voting instructions by proxy. Our Board of Directors recommends that you vote "for" each of the proposals listed on the attached Notice.

You may submit your proxy by Internet, by telephone or by requesting, prior to June 4, 2024, a printed or emailed copy of the proxy materials and using the enclosed proxy card. If you submit your proxy before the Annual Meeting but later decide to virtually attend the Annual Meeting, you may still vote at the Annual Meeting.

On behalf of our Board of Directors, management and all of our employees, I thank you for your continuing support and confidence.

As always, we encourage you to vote your shares prior to the Annual Meeting regardless of whether you intend to attend.

Sincerely,

Matthew B. Klein, M.D., M.S., F.A.C.S.

Chief Executive Officer

PTC Therapeutics, Inc.

500 Warren Corporate Center Drive

Warren, New Jersey 07059

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS

To be held on June 18, 2024

To the Stockholders of PTC Therapeutics, Inc.:

The attached proxy statement contains information about the 2024 Annual Meeting of Stockholders of PTC Therapeutics, Inc., which we refer to as the Annual Meeting. The Annual Meeting will be held on Tuesday, June 18, 2024 at 9:00 a.m., Eastern Time, over the Internet in a virtual format, via live webcast at www.virtualshareholdermeeting.com/PTCT2024. There will not be a physical meeting location for the Annual Meeting, and stockholders will not be able to attend the Annual Meeting in person.

At the Annual Meeting, stockholders will consider and act upon the following matters:

1. To elect the four Class II director nominees nominated by our Board of Directors and named in the proxy statement, each to serve for a term ending in 2027, or until his or her successor has been duly elected and qualified;

2. To ratify the appointment of Ernst & Young LLP, a registered public accounting firm, as our independent registered public accounting firm for the fiscal year ending December 31, 2024;

3. To hold an advisory vote to approve named executive officer compensation; and

4. To transact such other business as may properly come before the Annual Meeting or any adjournment or postponement thereof.

Instead of mailing a printed copy of our proxy materials to all of our stockholders, we provide access to these materials via the Internet. This reduces the amount of paper necessary to produce these materials as well as the costs associated with mailing these materials to all stockholders. Accordingly, on or about April 26, 2024, we will begin mailing a Notice of Internet Availability of Proxy Materials, or the Notice, to stockholders of record at the close of business on April 22, 2024, the record date for the Annual Meeting, and will post our proxy materials on the website referenced in the Notice. As more fully described in the Notice, stockholders may choose to access our proxy materials on the website referred to in the Notice or may request, prior to June 4, 2024, to receive a printed or emailed set of our proxy materials.

We encourage you to vote in one of the following ways:

● Virtually at the Annual Meeting, by accessing the annual meeting webcast at www.virtualshareholdermeeting.com/PTCT2024 (have the Notice or proxy card in hand when you access the website);

● Vote over the Internet prior to the Annual Meeting, by going to www.proxyvote.com (have the Notice or proxy card in hand when you access the website);

● Vote by Telephone, by calling the toll-free number 1-800-690-6903 (have the Notice or proxy card in hand when you call); or

● Vote by Mail, if you received (or requested and received) a printed copy of the proxy materials, by returning the enclosed proxy card (signed and dated) in the envelope provided.

If your shares are held in “street name,” meaning that they are held for your account by a broker or other nominee, you may receive additional instructions from your broker or other nominee on how to vote your shares.

Whether or not you plan to virtually attend the Annual Meeting, we urge you to take the time to vote your shares.

By Order of the Board of Directors,

Gabriel Holdsman

Secretary

April 26, 2024

TABLE OF CONTENTS

Important Information about the Annual Meeting and Voting	2
Corporate Governance	8
Code of Business Conduct and Ethics	8
Corporate Responsibility	8
Corporate Governance Guidelines	9
Director Independence	10
Director Nominations	11
Board Meeting and Annual Meeting Attendance	12
Board Leadership Structure	12
Board Committees	13
Risk Oversight	16
Communicating with our Directors	17
Compensation Committee Interlocks and Insider Participation	17
Policies and Procedures for Related Person Transactions	17
Related Person Transactions	18
Principal Stockholders	20
Proposal 1: Election of Directors	24
Information Regarding Directors and Director Nominees	24
Proposal 2: Ratification of Selection of Independent Registered Public Accounting Firm	32
Fees Paid to Independent Registered Public Accounting Firm	32
Audit Committee Pre-Approval Policy and Procedures	33
Report of the Audit Committee of the Board of Directors	33
Executive Officers	34
Executive Compensation	36
Compensation Discussion and Analysis	36
Compensation Committee Report	51
Summary Compensation Table	52
Grants of Plan-Based Awards in 2023	54
Outstanding Equity Awards at December 31, 2023	58
Option Exercises and Stock Vested in 2023	60
Potential Payments Upon Termination or Change in Control (2023)	60
Pay Ratio Disclosure	64
Pay Versus Performance Disclosure	64
Equity Compensation Plan Information	69
2023 Director Compensation	71
Narrative to 2023 Director Compensation Table	71
Proposal 3: Advisory Vote to Approve Named Executive Officer Compensation	74
Stockholder Proposals and Nominations for Director	75
Director Nominations for Inclusion in Proxy Materials (Proxy Access)	75
Other Stockholder Proposals to be Included in the 2025 Proxy Statement	75
Stockholder Proposals to be Brought Before the 2025 Annual Meeting (not included in the proxy statement)	75
Householding of Proxies	76
Other Matters	76
Exhibit A: Reconciliation of Non-GAAP Financial Measures	A-1

PTC Therapeutics, Inc.

500 Warren Corporate Center Drive

Warren, New Jersey 07059

PROXY STATEMENT FOR THE ANNUAL MEETING OF STOCKHOLDERS

To be held on June 18, 2024

These proxy materials are being furnished in connection with the solicitation of proxies by our Board of Directors for use at the 2024 Annual Meeting of Stockholders, or the Annual Meeting, to be held on Tuesday, June 18, 2024 at 9:00 a.m., Eastern Time, via live webcast at www.virtualshareholdermeeting.com/PTCT2024, or the Annual Meeting Website, and at any adjournment or postponement thereof. The Annual Meeting will be conducted over the Internet in a virtual format. There will not be a physical meeting location for the Annual Meeting, and stockholders will not be able to attend the Annual Meeting in person.

All proxies will be voted in accordance with the instructions contained in those proxies. If no choice is specified, the proxies will be voted "for" each of the director nominees and "for" each of the proposals set forth in the accompanying Notice of Annual Meeting of Stockholders. You may revoke your proxy at any time before it is exercised at the Annual Meeting by giving our Secretary written notice to that effect.

The Notice of Annual Meeting and proxy statement are first being mailed and/or made available to stockholders on or about April 26, 2024 in conjunction with the delivery of our 2023 Annual Report to Stockholders.

In this proxy statement, unless expressly stated otherwise or the context otherwise requires, the use of "PTC," "the Company," "our," "we" or "us" refers to PTC Therapeutics, Inc., and its subsidiaries. Certain information contained in this proxy statement relating to the occupations and security holdings of our directors and officers is based upon information received from the individual directors and officers.

Whether or not you expect to virtually attend the Annual Meeting, please vote as promptly as possible to ensure your representation and the presence of a quorum at the Annual Meeting. You may vote your shares on the Internet by visiting www.proxyvote.com or by telephone by calling 1-800-690-6903 and following the recorded instructions, by requesting, prior to June 4, 2024, a printed or emailed copy of the proxy materials and using the enclosed proxy card or by voting via the Annual Meeting Website at the Annual Meeting. Your proxy is revocable in accordance with the procedures set forth in this proxy statement.

Important Notice Regarding Availability of Proxy Materials

for the 2024 Annual Meeting of Stockholders on June 18, 2024

This proxy statement and the 2023 Annual Report to Stockholders are available for viewing, printing and downloading at: http://ir.ptcbio.com/annualmeetingmaterials

All website addresses given in this proxy statement are for information only and are not intended to be an active link or to incorporate any website information into this document.

IMPORTANT INFORMATION ABOUT THE ANNUAL MEETING AND VOTING

Q.	Why did I receive these proxy materials?	A.	We are providing these proxy materials to you in connection with the solicitation by our Board of Directors, or Board, of proxies to be voted at our Annual Meeting to be held via live webcast at the Annual Meeting Website on Tuesday, June 18, 2024 at 9:00 a.m., Eastern Time. At the Annual Meeting, our stockholders will consider and vote on the matters described in this proxy statement. As of the date of this proxy statement, we are not aware of any business to come before the Annual Meeting other than the matters described herein. The Notice of Annual Meeting, proxy statement, and voting instructions, together with our 2023 Annual Report, will be made available to each stockholder entitled to vote starting on or about April 26, 2024. These materials are available for viewing, printing and downloading on the Internet at www.proxyvote.com.
Q.	Why is the Annual Meeting a virtual, online meeting?	A.	We believe that hosting a virtual meeting will facilitate stockholder attendance and participation at the Annual Meeting by enabling stockholders to participate remotely from any location around the world. Our virtual meeting will be governed by our Rules of Conduct, which will be made available during the virtual meeting at www.virtualshareholdermeeting.com/PTCT2024. We have designed the Annual Meeting to provide the same rights and opportunities to participate as stockholders have at an in-person meeting, including the right to vote and ask questions through the Annual Meeting Website.
Q.	How do I virtually attend the Annual Meeting?	A.	We will host the Annual Meeting live online. The webcast of the Annual Meeting will start at 9:00 a.m. Eastern Time, on June 18, 2024. Online access to the webcast will open 15 minutes prior to the start of the Annual Meeting to allow time for you to log-in and test your device’s audio system. To be admitted to the Annual Meeting, you will need to log-in at www.virtualshareholdermeeting.com/PTCT2024 using your control number found on the Notice (or your proxy card or voting instruction card).
Q.	Who can vote at the Annual Meeting?	A.	Our Board has fixed April 22, 2024 as the record date for the Annual Meeting. If you were a stockholder of record on the record date, you are entitled to vote (via the webcast or by proxy) all of the shares that you held on that date at the Annual Meeting and at any postponement or adjournment thereof. On the record date, we had 76,696,655 shares of our common stock outstanding. Each share of common stock entitles its holder to one vote per share. Holders of common stock do not have cumulative voting rights.

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Q.	How do I vote?	A.	If (i) you are a stockholder of record, meaning that your shares are registered directly in your name or (ii) your shares are held in "street name," meaning they are held for your account by a broker, bank, trust or other nominee or custodian, then you are considered the beneficial owner of those shares and you may vote:
			(1)	Over the Internet prior to the Annual Meeting: Go to www.proxyvote.com. Use the vote control number printed on the Notice (or your proxy card or voting instruction card) to access your account and vote your shares. You must specify how you want your shares voted or your Internet vote cannot be completed and you will receive an error message. Your shares will be voted according to your instructions. You must submit your Internet proxy before 11:59 p.m., Eastern Time, on June 17, 2024, the day before the Annual Meeting, for your proxy to be valid and your vote to count. If you choose to vote over the Internet, you do not have to return a proxy card (or voting instruction card).
			(2)	By Telephone: Call 1-800-690-6903, toll free from the United States, Canada and Puerto Rico, and follow the recorded instructions. You will need to have the Notice (or your proxy card or voting instruction card) in hand when you call. You must specify how you want your shares voted and confirm your vote at the end of the call or your telephone vote cannot be completed. Your shares will be voted according to your instructions. You must submit your telephonic proxy before 11:59 p.m., Eastern Time, on June 17, 2024, the day before the Annual Meeting, for your proxy to be valid and your vote to count. If you choose to vote by telephone, you do not have to return the proxy card (or voting instruction card).
			(3)	By Mail: If you received a printed or emailed copy of the proxy materials, complete and sign your enclosed proxy card and mail it in the enclosed postage prepaid envelope. Your shares will be voted according to your instructions. Broadridge must receive the proxy card by June 17, 2024, the day before the Annual Meeting, for your proxy to be valid and your vote to count. If you sign and return your proxy card but do not specify how you want your shares voted, they will be voted as recommended by our Board.
			(4)	Virtually at the Meeting: To virtually attend the Annual Meeting, you must access the Annual Meeting Website. To vote at the Annual Meeting via the Annual Meeting Website, use the vote control number printed on the Notice (or your

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				proxy card or voting instruction card) to vote your shares. If you submit your proxy prior to the Annual Meeting and also virtually attend the Annual Meeting, there is no need to vote again at the Annual Meeting unless you wish to change your vote.
				If your shares are held in “street name,” you may receive additional instructions from your broker or other nominee on how to vote your shares.
Q.	Can I change or revoke my vote?	A.	You may revoke your proxy and change your vote at any time before the Annual Meeting. To do so, you must do one of the following:
			(1)	Vote over the Internet or by telephone as instructed above. Only your latest Internet or telephone vote is counted. You may not change your vote over the Internet or by telephone after 11:59 p.m., Eastern Time, on June 17, 2024.
			(2)	Sign a new proxy and submit it as instructed above. Only your latest dated proxy, received by Broadridge not later than June 17, 2024, will be counted.
			(3)	Virtually attend the Annual Meeting via the Annual Meeting Website and use the vote control number printed on the Notice (or your proxy card or voting instruction card) to vote your shares. Your vote at the Annual Meeting will be the vote that is counted. Virtually attending the Annual Meeting will not revoke your Internet vote, telephone vote or proxy, as the case may be, unless you vote at the Annual Meeting.
Q.	Will my shares be voted if I do not return my proxy?	A.	If your shares are registered directly in your name, your shares will not be voted if you do not vote over the Internet, by telephone, or by returning your proxy prior to the Annual Meeting or virtually at the Annual Meeting via the Annual Meeting Website.
			If your shares are held in street name, your broker or other nominee may, under certain circumstances, vote your shares if you do not timely return your proxy.
			Stock exchange rules permit brokers to vote their customers’ unvoted shares on certain matters. Stock exchange rules, however, prohibit brokers from voting such shares in the case of election of directors, executive compensation and certain other matters. If you do not timely return a proxy to your broker to vote your shares, your broker may, on certain matters, either vote your shares or leave your shares unvoted.
			Of the matters to be voted on at the Annual Meeting, we expect the only proposal on which brokers will

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			have discretionary voting authority is the ratification of the appointment of our independent registered public accounting firm (Proposal 2).
			Broker non-votes are shares that are held in street name by a brokerage firm that indicates on its proxy that it does not have or did not exercise discretionary authority to vote on a particular matter.
			We encourage you to provide voting instructions to your broker or other nominee by giving your proxy to them. This ensures that your shares will be voted virtually at the Annual Meeting according to your instructions.
Q.	How many shares must be present to hold the Annual Meeting?	A.	The holders of a majority in voting power of the common stock issued, outstanding and entitled to vote at the meeting must be virtually present to hold the Annual Meeting and conduct business. This is called a quorum. For purposes of determining whether a quorum exists, we count as "present" any shares that are voted over the Internet, by telephone, or by completing and submitting a proxy prior to the Annual Meeting or that are virtually represented at the Annual Meeting. Abstentions and broker non-votes will be counted for the purposes of establishing a quorum at the meeting. If a quorum is not present, we expect to adjourn the Annual Meeting until we obtain a quorum.
Q.	What vote is required to approve each proposal and how are votes counted?	A.	Proposal 1—Election of Four Class II Directors The four director nominees receiving the highest number of votes FOR election will be elected as directors. This is called a plurality. Shares held in street name by a broker or other nominee who indicate on their proxies that they do not have authority to vote shares on Proposal 1 will not be counted as votes FOR or WITHHELD from any broker or other nominee and will be treated as broker non-votes. Broker non-votes will have no effect on the voting on Proposal 1. With respect to Proposal 1, you may: •   vote FOR all director nominees; •   vote FOR one or more director nominee(s) and WITHHOLD your vote from the other director nominee(s); or •   WITHHOLD your vote from all director nominees Votes that are withheld will not be included in the vote tally for the election of directors and will not affect the results of the vote.
			Proposal 2—Ratification of Appointment of Independent Registered Public Accounting Firm To approve Proposal 2, stockholders holding a majority of the votes cast on the matter must vote FOR the proposal. If your shares are held in street name by a broker or other nominee and you do not vote your shares,

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			we expect that your broker or other nominee will have the authority to vote your unvoted shares on Proposal 2. If you vote to ABSTAIN from voting on Proposal 2, your shares will not be voted FOR or AGAINST Proposal 2 and will also not be counted as votes cast or shares voting on Proposal 2. Voting to ABSTAIN will have no effect on the voting on Proposal 2.
			Proposal 3—Advisory Vote to Approve Named Executive Officer Compensation Proposal 3 asks for a non-binding, advisory vote, so there is no "required vote" that would constitute approval. We value the opinions expressed by our stockholders in this advisory vote, and our Compensation Committee, which is responsible for overseeing and administering our executive compensation programs, will consider the outcome of the vote when designing our compensation programs and making future compensation decisions for our named executive officers. Shares held in street name by a broker or other nominee who indicate on their proxies that they do not have the authority to vote the shares on Proposal 3 will not be counted as votes FOR or AGAINST Proposal 3 and will be treated as broker non-votes. Broker non-votes will have no effect on the voting on Proposal 3. If you vote to ABSTAIN on Proposal 3, your shares will not be voted FOR or AGAINST Proposal 3 and will also not be counted as votes cast or shares voting on Proposal 3. Voting to ABSTAIN will have no effect on the voting on Proposal 3.
Q.	Are there other matters to be voted on at the Annual Meeting?	A.	We do not know of any matters that may come before the Annual Meeting other than the matters listed in the accompanying Notice of Annual Meeting of Stockholders. If any other matters are properly presented at the Annual Meeting, the persons named in the accompanying proxy intend to vote, or otherwise act, in accordance with their judgment on the matter.
Q.	Who may attend and ask questions at the Annual Meeting?	A.	All stockholders of record on our books at the close of business on April 22, 2024, the record date for the Annual Meeting, may attend the meeting. Stockholders may submit questions during the Annual Meeting. If you wish to submit a question, you may do so by logging into the virtual meeting platform during the Annual Meeting Website, typing your question into the “Ask a Question” field, and clicking “Submit.” We will answer questions on any matters related to the proposals to be voted on by the stockholders at the Annual Meeting before voting is closed. We do not intend to address any questions that are not in compliance with the Rules of Conduct and Procedures for the Annual Meeting, which will be made available on the Annual Meeting Website, including questions that are, among other things, irrelevant to the Company’s business, relate to material non-public information or relate to personal grievances.

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Q.	What if I experience technical difficulties at the Annual Meeting?	A.	If you encounter any difficulties accessing the Annual Meeting during the check-in beginning at 8:45 a.m. Eastern Time or meeting time beginning at 9:00 a.m. Eastern Time and require assistance, technical support phone numbers will be provided on the Annual Meeting Website landing page. Technical support will be available beginning at 8:45 a.m. Eastern Time on June 18, 2024 through the conclusion of the Annual Meeting.
Q.	Where can I find the voting results?	A.	We will report the voting results in a Current Report on Form 8-K within four business days following the adjournment of the Annual Meeting.

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CORPORATE GOVERNANCE

Our Board believes that good corporate governance is important to ensure that our Company is managed for the long-term benefit of our stockholders. This section describes key corporate governance guidelines and practices that we have adopted to further this goal. Complete copies of the Audit Committee Charter, Compensation Committee Charter, Nominating and Corporate Governance Committee Charter, Code of Business Conduct and Ethics and Corporate Governance Guidelines described below are available on the Corporate Governance page of the Investors section of our website, www.ptcbio.com. Alternatively, you can request a copy of any of these documents by writing to our Vice President, Corporate Communications, PTC Therapeutics, Inc., 500 Warren Corporate Center Drive, Warren, New Jersey 07059.

Code of Business Conduct and Ethics

We have adopted a written Code of Business Conduct and Ethics, which is a code of ethics that applies to our directors, officers and employees, including our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. We have posted a current copy of the Code of Business Conduct and Ethics on the Corporate Governance page of the Investors section of our website, www.ptcbio.com. In addition, we intend to post on our website all disclosures that are required by law or Nasdaq’s listing standards concerning any amendments to, or waivers from, any provision of the Code of Business Conduct and Ethics.

Corporate Responsibility

As we seek to maximize value for our stockholders, patients and other stakeholders, we do so with a concerted and constant effort to embody the PTC Expectations within our culture and every aspect of our business.

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As part of the PTC Expectations, we have focused on the need to be responsible corporate citizens, including in the following areas:

● Patient Needs – We care for our patients’ safety and well-being and seek to make decisions based on our patients’ needs. Our ongoing interactions with patient advocacy groups and support programs for individual patients helps us to understand how we can continue to better serve our patients.

● Equality, Diversity and Inclusion – We are committed to hiring, developing and supporting a diverse and inclusive workplace, and continue to focus on extending our equality, diversity and inclusion, or ED&I, initiatives across our workforce. Our ED&I program seeks to enable all employees to feel a sense of purpose and belonging through their connections with our internal communities. This program is guided by a steering committee comprised of senior leaders, volunteer ED&I ambassadors and representatives from our seven Employee Resource Groups, or ERGs, each of which associates with a different underrepresented community. Our ERGs meet monthly and serve to offer a safe place for our employees to have conversations about social issues, celebrate cultural observances and to grow as individuals. We believe that our ERGs and our ED&I program help our employees to better understand and celebrate each other, resulting in a more cohesive work environment.

● Employee Development – We believe that investing in our employees’ professional development is important to our success and enriches our employee’s work experience. Our employees complete talent assessments and attend related training sessions to help them identify their core strengths and learn how to use these strengths to become more engaged and productive at work as well as to lead an overall more satisfied and healthier lifestyle. We offer employees a number of additional resources and tools to help in their personal and professional development, including career coaching, targeted leadership development for identified current and emerging leaders, internal and external development programs, professional assessment tools, a paid subscription to a digital on-demand career and management learning solutions platform and a wellness website through which employees may access information regarding scheduled healthy lifestyle activities, articles and other beneficial resources. Our executive team routinely reviews employee turnover throughout the organization to monitor employee satisfaction.

● Community Engagement – We believe that being involved in and giving back to our communities is vital to being a responsible corporate citizen. In particular, we seek to provide greater access for economically disadvantaged students to science, technology, engineering and math programs and opportunities.

Our Board works with our management team to ensure that our culture is conducive to a productive and healthy work setting and that the Company approaches corporate governance, environmental and social issues in a way that is consistent with our culture. Furthermore, we have historically provided equity awards to all of our employees upon commencement of employment and annually in our continuing effort to foster a culture in which every employee is responsible for our successes and is rewarded for our achievements.

Corporate Governance Guidelines

Our Board has adopted Corporate Governance Guidelines to assist it in the exercise of its duties and responsibilities and to serve the best interests of our Company and our stockholders. We have posted a current copy of the Corporate Governance Guidelines on the Corporate Governance page of the Investors section of our website, www.ptcbio.com.

The principal responsibility of the directors under the Corporate Governance Guidelines, which provides a framework for the conduct of our Board’s business, is to oversee our management and, in so doing, serve the best interests of the Company and its stockholders. This responsibility includes:

● reviewing and approving fundamental operating, financial and other corporate plans, strategies and objectives;

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● evaluating the performance of the Company and its senior executives and taking appropriate action, including removal, when warranted;

● evaluating the Company’s compensation programs on a regular basis and determining the compensation of its senior executives;

● reviewing and approving senior executive succession plans;

● evaluating whether corporate resources are used only for appropriate business purposes;

● establishing a corporate environment that promotes timely and effective disclosure (including robust and appropriate controls, procedures and incentives), fiscal accountability, high ethical standards and compliance with all applicable laws and regulations;

● reviewing the Company’s policies and practices with respect to risk assessment and risk management;

● reviewing and approving material transactions and commitments not entered into in the ordinary course of business;

● reviewing and assessing the effectiveness of the Company’s corporate responsibility program and policies and monitoring the risks related to such programs and policies;

● developing a corporate governance structure that allows and encourages the Board to fulfill its responsibilities;

● providing advice and assistance to the Company’s senior executives; and

● evaluating the overall effectiveness of the Board and its committees.

Additional principles within the Corporate Governance Guidelines provide that:

● a majority of the members of our Board shall be independent directors;

● the independent directors meet regularly in executive session;

● directors have full and free access to management and, as necessary and appropriate, independent advisors;

● new directors participate in an orientation program and all directors are encouraged to attend director education programs; and

● at least annually, our Board and its committees will conduct a self-evaluation to determine whether they are functioning effectively.

Director Independence

Our Board has determined that all of our directors and director nominees, other than Dr. Klein, our Chief Executive Officer, are independent as defined under applicable Nasdaq rules. In making such determination, our Board considered the relationships that each such person has with our Company and all other facts and circumstances that our Board deemed relevant in determining independence, including beneficial ownership of our common stock by our non-employee directors.

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Director Nominations

Process

Our Nominating and Corporate Governance Committee is responsible for identifying individuals qualified to serve as directors, consistent with criteria approved by our Board, and recommending the persons to be nominated for election as directors.

The process followed by our Nominating and Corporate Governance Committee to identify and evaluate director candidates includes requests to members of our Board, search firms and others for recommendations, meetings from time to time to evaluate biographical information and background material relating to potential candidates and interviews of selected candidates by members of our Nominating and Corporate Governance Committee and our Board.

Criteria and Diversity

In considering whether to recommend any particular candidate for inclusion in our Board’s slate of recommended director nominees, our Nominating and Corporate Governance Committee applies the criteria specified in our Corporate Governance Guidelines. These criteria include the candidate’s integrity, business acumen, knowledge of our business and industry, experience, diligence, conflicts of interest with us, and ability to act in the interests of stockholders. Furthermore, the renomination of existing directors is not viewed as automatic, but is based on the continued qualification under the criteria set forth above as well as the existing directors’ participation in continuing director education and the directors’ performance and attendance on the Board and any committee. Our Nominating and Corporate Governance Committee does not assign specific weight to particular criteria and no particular criterion is a prerequisite for any prospective director nominee.

Our Board does not have a formal policy with respect to diversity, but our Corporate Governance Guidelines provide that an objective of Board composition is to bring to our Company a variety of perspectives and skills derived from high quality business and professional experience and no potential nominees may be discriminated against on the basis of race, religion, national origin, sex, sexual orientation, disability or any other basis proscribed by law. Our Board recognizes its responsibility to ensure that director nominees possess appropriate qualifications and reflect a reasonable diversity of personal and professional experience, skills, backgrounds and perspectives. Furthermore, in accordance with our Corporate Governance Guidelines, our Board is committed to actively seeking out highly qualified women, people of color, and other historically underrepresented minorities to include in the pool from which director nominees are chosen. We believe that the backgrounds and qualifications of our directors, considered as a group, should provide a composite mix of experience, knowledge and abilities that will allow our Board to promote our strategic objectives and to fulfill its responsibilities to our stockholders. In order to achieve the appropriate mix, our Board recognizes the importance of balancing longer tenured directors, who are able to develop detailed knowledge of our business over time, with new directors, who may bring new perspectives and ideas to the Board. The following table sets forth the self-reported gender and demographic background diversity of our current Board members and director nominee.

Board Diversity Matrix (As of April 26, 2024)
Name	Male	Female
Total Number of Directors and Director Nominees	11
Part I: Gender Identity
Directors and Director Nominees	7	4
Part II: Demographic Background
African American or Black	0	1
Alaskan Native or Native American	0	1
White	7	2
Member of LGBTQ+ Community	1	0

The director biographies presented under "Proposal 1: Election of Directors" indicate each director nominee’s experience, qualifications, attributes and skills that led our Board to conclude that he or she should be nominated to serve as a member of our Board or, in the case of our continuing directors, that he or she is qualified to serve on our Board.

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Our Board believes that each of the director nominees and continuing directors has had substantial achievement in his or her professional and personal pursuits, and possesses the background, talents and experience that our Board desires and that will contribute to the best interests of our Company and to long-term stockholder value.

Stockholder Nominations

Stockholders may recommend individuals to our Nominating and Corporate Governance Committee for consideration as potential director candidates by submitting their names, together with appropriate biographical information and background materials as of the date such recommendation is made, to our Nominating and Corporate Governance Committee, c/o Secretary, PTC Therapeutics, Inc., 500 Warren Corporate Center Drive, Warren, New Jersey 07059. Assuming that appropriate biographical and background material has been provided on a timely basis, our Nominating and Corporate Governance Committee will evaluate stockholder-recommended candidates by following substantially the same process, and applying substantially the same criteria, as it follows for candidates submitted by others.

Stockholders also have the right under our bylaws to directly nominate director candidates, without any action or recommendation on the part of our Nominating and Corporate Governance Committee or our Board, by following the procedures set forth under "Stockholder Proposals and Nominations for Director."

Board Meeting and Annual Meeting Attendance

Our Board held 19 meetings during 2023.

During 2023, each of our directors attended at least 75% of the Board meetings and the meetings of the committees on which such director then served, other than Mr. Bell. Due to unavoidable prior obligations, Mr. Bell was unable to attend several special meetings of the Board that were called on short notice and as a result attended 71% of the aggregate number of our Board meetings and the meetings of the committees upon which he served in 2023. Notwithstanding his attendance record at formal board meetings during 2023, Mr. Bell has been consistently available to our Board and management for regular consultations on matters critical to our success, in particular those related to his areas of expertise with knowledge of the healthcare industry and his understanding of how to advise healthcare companies on strategic business issues. 

Our Corporate Governance Guidelines provide that our directors are expected to attend the Annual Meeting. Nine of our ten directors then serving on the Board attended our 2023 annual meeting of stockholders. Mr. Bell, who was elected to the Board at the 2023 annual meeting of stockholders, also attended the 2023 annual meeting.

Board Leadership Structure

The positions of Chair of the Board and Chief Executive Officer are currently separate. Mr. Schmertzler serves as our Chair of the Board and Dr. Klein serves as our Chief Executive Officer. This leadership structure allows our Chief Executive Officer to focus on our day-to-day business and allows our Chair of the Board to lead our Board in its fundamental role of providing advice to and independent oversight of management. Our Board recognizes the time, effort and energy that our Chief Executive Officer must devote to his position, as well as the commitment required by Mr. Schmertzler to serve as our Chair of the Board, particularly as our Board’s oversight responsibilities continue to grow. Our Board also believes that this structure ensures a greater role for the independent directors in the oversight of our Company and active participation of the independent directors in setting agendas and establishing priorities and procedures for the work of our Board.

Our bylaws do not require the position of Chair of our Board and Chief Executive Officer to be separate. Our Board believes that its leadership structure demonstrates our commitment to good corporate governance, and is appropriate at present because it strikes an effective balance between strategy development, independent leadership and management oversight. Our Board believes its leadership structure positively affects its administration of its risk oversight function.

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Board Committees

Our Board has established four standing committees: our Audit Committee, our Compensation Committee, our Nominating and Corporate Governance Committee and our Development Committee. Each of these committees operates under a charter that has been approved by our Board. The charters for our Audit Committee, our Compensation Committee and our Nominating and Corporate Governance Committee are posted on the Corporate Governance page of the Investors section of our website, www.ptcbio.com.

Our Board has determined that all of the members of our Audit Committee, our Compensation Committee and our Nominating and Corporate Governance Committee are independent as defined under applicable Nasdaq rules, including, in the case of all members of our Audit Committee, the independence requirements contemplated by Rule 10A-3 under the Securities Exchange Act of 1934, as amended, or the Exchange Act, and, in the case of all members of our Compensation Committee, the independence requirements contemplated by Rule 10C-1 under the Exchange Act.

Audit Committee

The members of our Audit Committee are Ms. Reeve, Ms. Smith, Mr. Southwell and Ms. Young. Ms. Reeve chairs our Audit Committee. Our Audit Committee held seven meetings in 2023.

Our Audit Committee’s responsibilities include:

● appointing, approving the compensation of, and assessing the independence of our registered public accounting firm;

● overseeing the work of our independent registered public accounting firm, including through the receipt and consideration of reports from such firm;

● reviewing and discussing with management and our independent registered public accounting firm our annual and quarterly financial statements and related disclosures;

● monitoring our internal control over financial reporting, disclosure controls and procedures and code of business conduct and ethics;

● overseeing our internal audit function;

● overseeing our risk assessment and risk management policies, including with regard to cybersecurity and other information technology risks;

● establishing policies regarding hiring employees from our independent registered public accounting firm and procedures for the receipt and retention of accounting related complaints and concerns;

● meeting independently with our internal auditing staff, our independent registered public accounting firm and management;

● reviewing and approving or ratifying any related person transactions; and

● preparing the audit committee report required by Securities and Exchange Commission, or SEC, rules.

Our Board has determined that Ms. Reeve, Mr. Southwell and Ms. Young are "audit committee financial experts" as defined in applicable SEC rules.

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Compensation Committee

The members of our Compensation Committee are Messrs. Bell, Schmertzler and Southwell, Msses. Reeve and Smith, and Dr. Steele. Dr. Steele chairs our Compensation Committee as of March 2024, and Mr. Schmertzler chaired our Compensation Committee throughout 2023. Our Compensation Committee held thirteen meetings in 2023.

Our Compensation Committee’s responsibilities include:

● reviewing and approving, or making recommendations to our Board with respect to, the compensation of our Chief Executive Officer and our other executive officers;

● overseeing an evaluation of our senior executives;

● administering and interpreting our clawback policy;

● overseeing and administering our cash and equity incentive plans; and

● reviewing and making recommendations to our Board with respect to director compensation.

Compensation Processes and Procedures

Our Compensation Committee makes all compensation decisions regarding our Chief Executive Officer and each of his direct reports, including salary, annual cash incentive compensation and long-term equity compensation (or, when the Compensation Committee deems it appropriate, makes recommendations concerning such matters to our Board). If the Compensation Committee deems it appropriate, it may delegate any of its responsibilities to one or more Compensation Committee members or subcommittees.

Our Compensation Committee relies on management for legal, tax, compliance, finance and human resource recommendations, data and analysis for the design and administration of the compensation and benefits programs for our executive officers. As a result, our Chief Executive Officer, our Chief Financial Officer, our SVP, Chief Accounting Officer & Head of People Services and our Executive Vice President & Chief Legal Officer generally attend Compensation Committee meetings upon the invitation of the Compensation Committee. The Compensation Committee also establishes, with input from the Chief Executive Officer and other members of the executive team, the corporate goals applicable to our annual cash incentive awards.

On an annual basis, our Chief Executive Officer meets with the executive officers to discuss the Company’s accomplishments as well as the individual officer’s performance and contributions over the year. Based on these discussions and input from others within the Company, our Chief Executive Officer, with respect to each executive officer other than himself, prepares an evaluation of the executive officer as to the level of contribution made to the management and success of our Company. In addition, our Chief Executive Officer, with the participation of other members of senior management, prepares information concerning the Company’s achievements and our performance against corporate goals during the fiscal year.

The Compensation Committee is presented with this information and the Chief Executive Officer’s recommendations with respect to each executive officer, other than himself, as to each element of compensation. The Chief Executive Officer’s recommendations, information concerning the Company’s performance over the applicable fiscal period, expectations concerning performance in the coming year, and advice and information from its independent compensation consultant are all taken into account by the Compensation Committee when it makes final determinations on executive compensation matters.

Our Chief Executive Officer’s performance and salary, annual cash incentive compensation and long-term equity compensation are discussed by the Compensation Committee in executive session, with advice and participation from

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the Compensation Committee’s independent compensation consultant as requested by the Compensation Committee. Our Chief Executive Officer does not participate in decisions regarding his own compensation.

For additional information concerning our executive compensation program, see Compensation Discussion and Analysis on page 36.

Our Compensation Committee has delegated to the Chief Executive Officer limited authority to make equity award grants to employees of the Company or any of its present or future subsidiaries, other than to himself, any other named executive officer, or any employee who is a voting member of the executive committee of the Company or above the level of Executive Vice President or its equivalent, without necessity for any further action by the Board, Compensation Committee or any other committee of the Board. Any such awards must be reported to our Compensation Committee at its next meeting. Our Chief Executive Officer did not make any equity award grants pursuant to this delegated authority in 2023.

Role of Independent Compensation Consultants

Our Compensation Committee may, in its sole discretion, retain or obtain the advice of one or more compensation consultants. In 2023, our Compensation Committee engaged Frederic W. Cook & Co., Inc., or FW Cook, as its independent compensation consultant, to provide comparative data on executive compensation practices in our industry, to assist the Compensation Committee in developing an appropriate list of peer companies against which to conduct compensation benchmarking, and to advise on our executive compensation program generally. The Compensation Committee also engaged FW Cook for recommendations and review of non-employee director compensation in 2023.

Although our Compensation Committee considers the advice and recommendations of independent compensation consultants as to our executive compensation program, our Compensation Committee ultimately makes its own decisions about these matters. In the future, we expect that our Compensation Committee will continue to engage independent compensation consultants to provide additional guidance on our executive compensation programs and to conduct further competitive benchmarking against a peer group of publicly traded companies.

The Compensation Committee has reviewed information regarding the independence and potential conflicts of interest of FW Cook during 2023 and 2024, taking into account, among other things, the factors set forth in the Nasdaq listing standards. Based on such reviews, the Compensation Committee concluded that the engagement of FW Cook did not raise any conflict of interest. FW Cook did not provide services to the Company outside of services provided at the request of the Compensation Committee in 2023.

Nominating and Corporate Governance Committee

The members of our Nominating and Corporate Governance Committee are Mr. Schmertzler, Msses. Okey and Young and Dr. Zeldis. Ms. Okey chairs our Nominating and Corporate Governance Committee. Our Nominating and Corporate Governance Committee held four meetings in 2023.

Our Nominating and Corporate Governance Committee’s responsibilities include:

● identifying individuals qualified to become members of our Board;

● recommending to our Board the persons to be nominated for election as directors and to each of our Board’s committees;

● reviewing and making recommendations to our Board with respect to our board leadership structure;

● reviewing and making recommendations to our Board with respect to management succession planning;

● developing and recommending to our Board corporate governance principles;

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● overseeing a periodic evaluation of our Board; and

● overseeing our corporate responsibility program and policies and related risk management

Development Committee

The members of our Development Committee are Drs. Jacobson, Klein, Steele and Zeldis and Mr. Schmertzler. Dr. Jacobson chairs our Development Committee. Our Development Committee did not meet in 2023.

Our Development Committee’s responsibilities include:

● discussing Phase 2 and Phase 3 clinical trial protocols and regulatory strategy with our Chief Operating Officer (or equivalent position);

● evaluating any serious adverse event that is unexpected and deemed to be drug related (specifically death and life-threatening events) that occurs during the conduct of our clinical trials;

● evaluating any serious adverse event that is unexpected and deemed to be drug related (specifically death and life-threatening events) from one of our commercial products; and

● reporting to our Board or Audit Committee, as appropriate, regarding the progress of our clinical trials, occurrence of serious adverse events, our regulatory filings and any material compliance or legal updates related thereto.

Risk Oversight

Risk is inherent with every business and how well a business manages risk can ultimately determine its success. We face a number of risks, including those described under "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and those described in our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. Our Board is actively involved in oversight of risks that could affect us.

Role of Our Board in Management of Risk

Our Board administers its risk oversight function directly and through its Audit Committee and receives regular reports from members of senior management, including our Chief Executive Officer, Chief Financial Officer and Chief Legal Officer, on areas of material risk to our Company, including operational, financial, legal and regulatory, cybersecurity, and strategic and reputational risks and has direct access to our Chief Compliance and Risk Officer, Chief Information Officer, Global Head of Information Technology Security, Senior Vice President, Quality and our Senior Vice President, Global Regulatory Affairs. As part of its charter, our Audit Committee regularly discusses with management our major risk exposures, their potential financial impact on our Company and the steps we take to manage them. Our Board believes that full and open communication between our management and our Board is essential for effective risk management and oversight.

In addition, our Compensation Committee assists our Board in fulfilling its oversight responsibilities with respect to the management and risks arising from our compensation policies and programs. Our Nominating and Corporate Governance Committee assists our Board in fulfilling its oversight responsibilities with respect to the management of risks associated with board organization, membership and structure, succession planning for our directors and executive officers, corporate governance and our corporate responsibility program and policies. Our Development Committee assists our Board in fulfilling its oversight responsibilities with respect to the management of risks associated with clinical trials and potential serious adverse events occurring within such trials or related to our commercial products as well as risk associated with regulatory developments.

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Our Chair of the Board meets regularly with management to discuss risks facing the Company and the Company’s risk management strategy. Our Chair of the Board also approves the agenda for each Board meeting in accordance with our Corporate Governance Guidelines, confirming that potential material risks that may affect the Company are brought forth for discussion to the Board. We believe that utilizing an independent Chair of the Board to perform these responsibilities brings an added strategic perspective in support of the Company’s risk oversight.

Communicating with our Directors

Our Board will give appropriate attention to written communications that are submitted by stockholders, and will respond if and as appropriate. Our Chair of the Board and the Chair of our Nominating and Corporate Governance Committee, with the assistance of our Chief Legal Officer and Vice President, Corporate Communications, are primarily responsible for monitoring communications from stockholders and for providing copies or summaries to the other directors as they consider appropriate.

Communications are forwarded to all directors if they relate to important substantive matters. In general, communications relating to corporate governance and corporate strategy are more likely to be forwarded than communications relating to ordinary business affairs, personal grievances and matters that are duplicative communications. Items that are unrelated to the duties and responsibilities of the Board may be excluded or redirected, as appropriate, such as business solicitations, job inquiries or advertisements, mass mailings, new product suggestions, or communications that have no rational relevance to our business or operations. In addition, material that is unduly hostile, threatening or similarly unsuitable will be excluded; however, any communication will be made available to any director upon her or his request.

Stockholders who wish to send communications on any topic to our Board should address such communications to the Board of Directors c/o PTC Therapeutics, Inc., 500 Warren Corporate Center Drive, Warren, New Jersey 07059, Attn: Secretary.

Compensation Committee Interlocks and Insider Participation

Messrs. Bell, Schmertzler and Southwell, Msses. Reeve and Smith, and Dr. Steele served as members of the Compensation Committee during the last completed fiscal year.

None of our executive officers serves as a member of the board of directors or compensation committee, or other committee serving an equivalent function, of any other entity that has one or more of its executive officers serving as a member of our Board or our Compensation Committee. None of the members of our Compensation Committee is, or has ever been, an officer or employee of PTC.

Policies and Procedures for Related Person Transactions

Our Board has adopted a written related person policy, which sets forth our policies and procedures for the review of any transaction, arrangement or relationship in which the Company is a participant, the amount involved exceeds $120,000 and one of our executive officers, directors, director nominees or 5% stockholders, or their immediate family members, each of whom we refer to as a "related person," has a direct or indirect material interest.

If a related person proposes to enter into such a transaction, arrangement or relationship, which we refer to as a "related person transaction," the related person must report the proposed related person transaction to our Chief Legal Officer. Our related person policy calls for the proposed related person transaction to be reviewed and, if deemed appropriate, approved by our Audit Committee. Whenever practicable, the reporting, review and approval will occur prior to entry into the transaction. If advance review and approval is not practicable, the Audit Committee will review, and, in its discretion, may ratify the related person transaction. Our related person policy also permits the Chair of our Audit Committee to review and, if deemed appropriate, approve proposed related person transactions that arise between Audit Committee meetings, subject to ratification by the Audit Committee at its next meeting. Any related person transactions that are ongoing in nature will be reviewed annually.

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A related person transaction reviewed under the policy will be considered approved or ratified if it is authorized by our Audit Committee after full disclosure of the related person’s interest in the transaction. As appropriate for the circumstances, the Audit Committee will review and consider:

● the related person’s interest in the related person transaction;

● the approximate dollar value of the amount involved in the related person transaction;

● the approximate dollar value of the amount of the related person’s interest in the transaction without regard to the amount of any profit or loss;

● whether the transaction was undertaken in the ordinary course of our business;

● whether the terms of the transaction are no less favorable to us than terms that could have been reached with an unrelated third party;

● the purpose of, and the potential benefits to us of, the transaction; and

● any other information regarding the related person transaction or the related person in the context of the proposed transaction that would be material to investors in light of the circumstances of the particular transaction.

Our Audit Committee may approve or ratify the transaction only if the Audit Committee determines that, under all of the circumstances, the transaction is in our best interests. The Audit Committee may impose any conditions on the related person transaction that it deems appropriate.

In addition to the transactions that are excluded by the instructions to the SEC’s related person transaction disclosure rule, our Board has determined that the following transactions do not create a material direct or indirect interest on behalf of related persons and, therefore, are not related person transactions for purposes of this policy:

● interests arising solely from the related person’s position as an executive officer of another entity (whether or not the person is also a director of such entity) that is a participant in the transaction, where (a) the related person and all other related persons own in the aggregate less than a 10% equity interest in such entity, (b) the related person and his or her immediate family members are not involved in the negotiation of the terms of the transaction and do not receive any special benefits as a result of the transaction and (c) the amount involved in the transaction is less than the greater of $200,000 or 5% of the annual gross revenues of the company receiving payment under the transaction; and

● a transaction that is specifically contemplated by provisions of our certificate of incorporation or our bylaws.

Our related person policy provides that transactions involving compensation of executive officers shall be reviewed and approved by our Compensation Committee in the manner specified in its charter.

All of the transactions discussed below under the heading "Related Person Transactions" that occurred or were ongoing during 2023 were reviewed and approved by our Audit Committee or, with respect to compensation matters, our Compensation Committee, in each case in accordance with our policy.

Related Person Transactions

Since January 1, 2023, we have engaged in the following transactions in which our directors, executive officers and holders of more than 5% of our voting securities, and affiliates of our directors, executive officers and holders of more than 5% of our voting securities may have a direct or indirect material interest. We believe that all of these transactions were on terms as favorable to us as could have been obtained from unrelated third parties.

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Familial Relationship

Jane (Zheng) Yang Almstead, the wife of Neil Almstead, our Chief Technical Operations Officer, is employed by us as a Senior Manager, Analytical Development and Ellen Welch, Ph.D., the wife of Stuart W. Peltz, who served as our Chief Executive Officer until his resignation in March 2023, was employed by us until December 2023, including as our Chief Scientific Officer until September 2023. For their services to the Company during fiscal 2023, these employees received compensation of $231,067 to $2,240,465, comprised of base salary, equity awards in the form of stock options and restricted stock units (based on the grant-date fair value), company 401(k) matching contributions, group term life insurance premiums paid by the Company, with respect to Dr. Welch, vacation payout, and, with respect to Ms. Almstead, non-equity incentive compensation (paid in fiscal 2024 based on 2023 performance) and amounts under an employee-wide health incentive program. These amounts reflect the full grant-date fair value of equity compensation awarded in 2023 (computed in accordance with the provisions of ASC 718), and do not represent the actual value realized by the employee during the year. Each of these individuals participated in our benefit programs generally available to U.S. employees during 2023. Neither Dr. Almstead nor Dr. Peltz participates or participated in the compensation decisions by the Company regarding their family members, and we believe that the compensation paid to Ms. Almstead and Dr. Welch is fair and commensurate with what their compensation would be if they had no relationship to an executive officer of the Company.

BioElectron Acquisition

As previously disclosed, on October 25, 2019 we completed the acquisition, or the Acquisition, of substantially all of the assets of BioElectron Technology Corporation, or BioElectron, pursuant to an Asset Purchase Agreement by and between us and BioElectron, dated October 1, 2019, or the Asset Purchase Agreement.

Upon the closing of the Acquisition, we paid to BioElectron total upfront consideration of $10.0 million, funded with cash on hand, less (i) transaction expenses incurred by BioElectron, (ii) the amount of outstanding indebtedness of BioElectron and (iii) $1.5 million to be held in an escrow account to secure potential indemnification obligations owed to us. Subject to the terms and conditions of the Asset Purchase Agreement, BioElectron may become entitled to receive contingent milestone payments of up to $200.0 million (in cash or in shares of our common stock, as determined by us) from us based on the achievement of certain regulatory and net sales milestones. Subject to the terms and conditions of the Asset Purchase Agreement, BioElectron may also become entitled to receive contingent payments of a low single digit percentage of net sales of certain products.

In April 2020, Matthew B. Klein was named our Chief Development Officer, was promoted to Chief Operating Officer in January 2022 and, since March 2023, has served as our Chief Executive Officer. At the time of the Acquisition, Dr. Klein was the Chief Executive Officer and director of BioElectron, and was, and remains as of the date of this proxy statement, a shareholder of BioElectron, owning approximately six percent of its outstanding shares. As a shareholder of BioElectron, Dr. Klein is entitled to receive a portion of any payments made to BioElectron pursuant to the Asset Purchase Agreement. No such payments were made to BioElectron in 2023. Dr. Klein was not a related party at the time of the Acquisition.

Indemnification Agreements

Our restated certificate of incorporation, or certificate of incorporation, provides that we will indemnify our directors and officers to the fullest extent permitted by Delaware law. In addition, we have entered into indemnification agreements with our directors and executive officers. These indemnification agreements may require us, among other things, to indemnify each such director and executive officer for some expenses, including attorneys’ fees, judgments, fines and settlement amounts incurred by him or her in any action or proceeding arising out of his or her service as one of our directors and/or executive officers.

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PRINCIPAL STOCKHOLDERS

The following table sets forth information, to the extent known by us or ascertainable from public filings, with respect to the beneficial ownership of our common stock as of April 22, 2024, except as otherwise indicated in the table below, by each of our directors and director nominees; each of our named executive officers; all of our directors, director nominees and executive officers as a group; and each person, or group of affiliated persons, who is known by us to beneficially own more than 5% of our common stock.

The column entitled "Percentage of shares beneficially owned" is based on a total of 76,696,655 shares of our common stock outstanding as of April 22, 2024.

Beneficial ownership is determined in accordance with the rules and regulations of the SEC and includes voting or investment power with respect to our common stock. Shares of our common stock subject to (i) options that are currently exercisable or exercisable within 60 days of April 22, 2024 or (ii) restricted stock units that will vest within 60 days of April 22, 2024 are considered outstanding and beneficially owned by the person holding the options or restricted stock units for the purpose of calculating the percentage ownership of that person but not for the purpose of calculating the percentage ownership of any other person. Except as otherwise noted, the persons and entities in this table have sole voting and investing power with respect to all of the shares of our common stock beneficially owned by them, subject to community property laws, where applicable.

Except as otherwise indicated in the table below, addresses of named beneficial owners are in care of PTC Therapeutics Inc., 500 Warren Corporate Center Drive, Warren, New Jersey 07059.

		Percentage of
	Shares	shares
	beneficially	beneficially
Name of Beneficial Owner	owned	owned
Named executive officers, directors and director nominees
Matthew B. Klein M.D., M.S., F.A.C.S.(1)	339,745	*
Pierre Gravier(2)	7,700	*
Eric Pauwels(3)	353,862	*
Lee Golden(4)	96,388	*
Mark Boulding(5)	373,834	*
William F. Bell, Jr. (6)	17,500	*
Allan Jacobson, Ph.D.(7)	123,015	*
Stephanie S. Okey, M.S.(8)	81,701	*
Emma Reeve(9)	70,266	*
Michael Schmertzler(10)	1,723,193	2.2	%
Mary Smith(11)	52,864	*
David P. Southwell(12)	95,167	*
Glenn D. Steele, Jr., M.D., Ph.D.(13)	129,167	*
Alethia Young(14)	28,135	*
Jerome B. Zeldis, M.D., Ph.D.(15)	141,167	*
Stuart W. Peltz, Ph.D.(16)	—	-
Emily Hill(17)	—	-
All executive officers, directors and director nominees as a group (17 persons)(18)	4,203,204	5.5	%
5% stockholders
Wellington Management Group LLP(19)	9,816,603	12.8	%
The Vanguard Group(20)	8,800,843	11.5	%
BlackRock Inc.(21)	7,668,871	10.0	%
RTW Investments, LP(22)	7,423,970	9.7	%
Armistice Capital, LLC(23)	6,864,000	8.9	%
State Street Corporation(24)	4,633,955	6.0	%
Camber Capital Management LP(25)	4,000,000	5.2	%

* Less than one percent.

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(1) Consists of (a) 291,938 shares of common stock underlying options that are exercisable as of April 22, 2024 or will become exercisable within 60 days of such date; and (b) 52,475 shares of common stock.

(2) Consists of 7,700 shares of common stock.

(3) Consists of (a) 334,918 shares of common stock underlying options that are exercisable as of April 22, 2024 or will become exercisable within 60 days of such date; and (b) 19,731 shares of common stock.

(4) Consists of (a) 81,348 shares of common stock underlying options that are exercisable as of April 22, 2024 or will become exercisable within 60 days of such date; (b) 713 restricted stock units that will vest within 60 days of April 22, 2024; and (c) 14,327 shares of common stock.

(5) Consists of (a) 325,145 shares of common stock underlying options that are exercisable as of April 22, 2024 or will become exercisable within 60 days of such date; and (b) 48,689 shares of common stock.

(6) Consists of (a) 12,500 shares of common stock underlying options that are exercisable as of April 22, 2024 or will become exercisable within 60 days of such date; (b) 2,667 restricted stock units that will vest within 60 days of April 22, 2024 and (c) 2,333 shares of common stock.

(7) Consists of (a) 109,333 shares of common stock underlying options that are exercisable as of April 22, 2024 or will become exercisable within 60 days of such date; (b) 1,334 restricted stock units that will vest within 60 days of April 22, 2024 and (c) 12,348 shares of common stock.

(8) Consists of (a) 74,500 shares of common stock underlying options that are exercisable as of April 22, 2024 or will become exercisable within 60 days of such date; (b) 1,334 restricted stock units that will vest within 60 days of April 22, 2024 and (c) 5,867 shares of common stock.

(9) Consists of (a) 61,732 shares of common stock underlying options that are exercisable as of April 22, 2024 or will become exercisable within 60 days of such date; (b) 1,334 restricted stock units that will vest within 60 days of April 13, 2023 and (c) 7,200 shares of common stock.

(10) Consists of (a) 1,386,594 shares of common stock held by Section Six Partners, L.P., of which Mr. Schmertzler is a general partner and limited partner; (b) 218,666 shares of common stock underlying options held by Mr. Schmertzler that are exercisable as of April 22, 2024 or will become exercisable within 60 days after such date; (c) 2,667 restricted stock units that will vest within 60 days of April 22, 2024 and (d) 115,266 shares of common stock held directly by Mr. Schmertzler. Mr. Schmertzler disclaims beneficial ownership of the shares held by Section Six Partners, L.P., except to the extent of his pecuniary interest therein.

(11) Consists of (a) 48,167 shares of common stock underlying options that are exercisable as of April 22, 2024 or will become exercisable within 60 days of such date; (b) 2,223 restricted stock units that will vest within 60 days of April 22, 2024 and (c) 9,813 shares of common stock.

(12) Consists of (a) 83,333 shares of common stock underlying options that are exercisable as of April 22, 2024 or will become exercisable within 60 days of such date; (b) 1,334 restricted stock units that will vest within 60 days of April 22, 2023 and (c) 10,500 shares of common stock.

(13) Consists of (a) 117,333 shares of common stock underlying options that are exercisable as of April 22, 2024 or will become exercisable within 60 days of such date; (b) 1,334 restricted stock units that will vest within 60 days of April 22, 2024 and (c) 10,500 shares of common stock.

(14) Consists of (a) 16,667 shares of common stock underlying options that are exercisable as of April 22, 2024 or will become exercisable within 60 days of such date; (b) 2,401 restricted stock units that will vest within 60 days of April 22, 2024 and (c) 9,067 shares of common stock.

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(15) Consists of (a) 129,333 shares of common stock underlying options that are exercisable as of April 22, 2024 or will become exercisable within 60 days of such date; (b) 1,334 restricted stock units that will vest within 60 days of April 22, 2024 and (c) 10,500 shares of common stock.

(16) Based on the most recently available information available to us regarding Dr. Peltz’s ownership. Dr. Peltz separated from the Company on October 3, 2023.

(17) Based on the most recently available information available to us regarding Ms. Hill’s ownership. Ms. Hill separated from the Company on August 20, 2023.

(18) Consists of (a) 2,409,025 shares of common stock underlying options that are exercisable as of April 22, 2024 or will become exercisable within 60 days after such date; (b) 18,336 restricted stock units that will vest within 60 days of April 22, 2024; and (c) 1,781,298 shares of common stock. Such amounts include (i) 511,112 shares of common stock underlying options; and (ii) 58,388 shares of common stock held by executive officers not listed in the table above.

(19) The address for Wellington Management Group LLP, or Wellington, is 280 Congress Street, Boston, MA 02210. As of December 29, 2023, consists of 9,816,603 shares of common stock held by Wellington and its affiliates. Shared voting power is held for 9,218,634 shares and shared dispositive power is held for 9,816,603 shares. The information contained in this footnote and the table above has been included solely in reliance upon, and without independent investigation of, the disclosures by Wellington that are contained in a Schedule 13G/A filed with the SEC on February 14, 2024.

(20) The address for The Vanguard Group, or Vanguard, is 100 Vanguard Blvd., Malvern, PA 19355. As of December 29, 2023, consists of 8,800,843 shares of common stock held by Vanguard and its affiliates. Shared voting power is held for 114,097 shares, sole dispositive power is held for 8,611,112 shares and shared dispositive power is held for 189,731 shares. The information contained in this footnote and the table above has been included solely in reliance upon, and without independent investigation of, the disclosures by Vanguard that are contained in a Schedule 13G/A filed with the SEC on February 13, 2024.

(21) The address for BlackRock, Inc., or BlackRock, is 50 Hudson Yards, New York, NY 10001. As of December 31, 2023, consists of 7,668,871 shares of common stock held by BlackRock and its affiliates. Sole voting power is held over 7,387,785 shares and sole dispositive power is held over 7,668,871 shares. The information contained in this footnote and the table above has been included solely in reliance upon, and without independent investigation of, the disclosures by BlackRock that are contained in a Schedule 13G/A filed with the SEC on January 8, 2024.

(22) The address for RTW Investments, LP, or RTW, is 40 10th Avenue, Floor 7, New York, New York 10014. As of December 31, 2023, consists of 7,423,970 shares of common stock held by RTW and its affiliates. Shared voting power is held for 7,423,970 shares and shared dispositive power is held for 7,423,970 shares. The information contained in this footnote and the table above has been included solely in reliance upon, and without independent investigation of, the disclosures by RTW that are contained in a Schedule 13G/A filed with the SEC on February 14, 2024.

(23) The address for Armistice Capital, LLC, or Armistice, is 510 Madison Avenue, 7^th Floor, New York, New York 10022. As of December 31, 2023, consists of 6,864,000 shares of common stock held by Armistice and its affiliates. Shared voting power is held for 6,864,00 shares and shared dispositive power is held for 6,864,000 shares. The information contained in this footnote and the table above has been included solely in reliance upon, and without independent investigation of, the disclosures by Armistice that are contained in a Schedule 13G filed with the SEC on February 14, 2024.

(24) The address for State Street Corporation, or State Street, is State Street Financial Center, 1 Congress Street, Suite 1, Boston, MA 02114. As of December 31, 2023, consists of 4,633,955 shares of common stock held by State Street and its affiliates. Shared voting power is held over 4,418,814 shares and shared dispositive power is

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held over 4,633,955 shares. The information contained in this footnote and the table above has been included solely in reliance upon, and without independent investigation of, the disclosures by State Street that are contained in a Schedule 13G/A filed with the SEC on January 24, 2024.

(25) The address for Camber Capital Management LP, or Camber, is 101 Huntington Avenue, Boston, MA 02110. As of October 19, 2023, consists of 4,000,000 shares of common stock held by Camber and Stephen DuBois. Camber and Stephen DuBois hold shared voting power over 4,000,000 shares and shared dispositive power over 4,000,000 shares. The information contained in this footnote and the table above has been included solely in reliance upon, and without independent investigation of, the disclosures by Camber and Stephen DuBois that are contained in a Schedule 13G filed with the SEC on October 30, 2023.

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PROPOSAL 1: ELECTION OF DIRECTORS

Information Regarding Directors and Director Nominees

Board Composition

We currently have a classified board of directors consisting of three classes: Class I, Class II, and Class III. The terms of service of the three classes are staggered so that the term of one class expires each year. At each annual meeting of stockholders, directors are elected for a full term of three years to continue in office or to succeed those directors whose terms are expiring. Our directors hold office until their successors have been elected and qualified, or until the earlier of their resignation or removal.

Our certificate of incorporation and bylaws provide that the authorized number of directors may be changed only by resolution of our Board; that our directors may be removed only for cause by the affirmative vote of the holders of at least 75% of the votes entitled to be cast in an annual election of directors; and that any vacancy on our Board, including a vacancy resulting from an enlargement of our Board, may be filled only by vote of a majority of our directors then in office or at a meeting of stockholders. Our Board is authorized to have eleven directors and currently consists of eleven directors, four Class I directors, four Class II directors, and three Class III directors.

There are no family relationships between or among any of our executive officers, directors or director nominees. The principal occupation and employment during the past five years of each of our directors and director nominees was carried on, in each case except as specifically identified below, with a corporation or organization that is not a parent, subsidiary or other affiliate of us. There is no arrangement or understanding between any of our directors or director nominees and any other person or persons pursuant to which he was or is to be selected as a director or director nominee.

Director Nominees

At the Annual Meeting, stockholders will be asked to consider the election of Emma Reeve, Michael Schmertzler, Mary Smith and Glenn D. Steele, Jr., M.D., Ph.D. Upon the recommendation of our Nominating and Corporate Governance Committee, our Board has nominated Ms. Reeve, Mr. Schmertzler, Ms. Smith and Dr. Steele for election at the Annual Meeting as Class II directors, each to serve until the 2027 annual meeting of stockholders.

Each of Ms. Reeve, Mr. Schmertzler, Ms. Smith and Dr. Steele, our director nominees, has indicated his or her willingness to serve on our Board, if elected. If any director nominee should be unable to serve, the person acting under the proxy may vote the proxy for a substitute director nominee designated by our Board. We do not contemplate that any of our director nominees will be unable to serve if elected.

Unless otherwise instructed in the proxy, all proxies will be voted "FOR" the election of each of the director nominees identified above to a three-year term ending in 2027, each such director nominee to hold office until his or her successor has been duly elected and qualified.

A plurality of the voting power of the shares of common stock present in person or represented by proxy at the Annual Meeting and entitled to vote is required to elect each director nominee as a director. Proxies cannot be voted for a greater number of persons than the number of nominees named.

Our Board Recommends that You Vote "FOR" the Election of Emma Reeve, Michael Schmertzler, Mary Smith and Glenn D. Steele, Jr.

Biographical Information

The following table and biographical descriptions provide information as of April 22, 2024 relating to each director nominee and each director continuing in office, including age and period of service as a director of our Company; committee memberships; business experience during the past five years, including directorships at other public companies; community activities; and the other experience, qualifications, attributes or skills that led our Board to conclude that such director should serve as a director of PTC.

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Class II Director nominees to be elected at the Annual Meeting (terms expiring in 2024)

Name	Age	Board Tenure, Principal Occupation, Other Business Experience During the Past Five Years and Other Directorships
Emma Reeve Audit Committee (Chair) Compensation Committee	63	Ms. Reeve has served as a member of our Board since 2018. Ms. Reeve served as the Senior Vice President and Chief Financial Officer of Constellation Pharmaceuticals, Inc., a Nasdaq-listed biopharmaceutical company, from October 2017 to July 2021, its Treasurer from December 2017 to July 2021 and its Secretary from December 2017 to September 2018. Ms. Reeve served as the Corporate Controller of Parexel International, a Nasdaq-listed life sciences consulting firm and contract research organization, from September 2014 to October 2017 and as interim Chief Financial Officer and corporate controller of Parexel from July 2016 to May 2017. Previously, Ms. Reeve served as Head of Finance and Administration at Novartis Pharma Schweiz, a pharmaceutical company, from May 2012 to August 2014 and as Vice President, Global Head Business Planning and Analysis for Novartis Vaccines and Diagnostics, a division of Novartis, from January 2008 to April 2012. Prior to that, she served as the Chief Financial Officer of Inotek Pharmaceuticals, Inc., and of Aton Pharma, Inc., and in operational and finance roles at Merck Research Laboratories and Bristol Myers Squibb Company. Ms. Reeve has served on the board of directors of Editas Medicine, Inc. and Aadi Bioscience, Inc., both Nasdaq-listed biopharmaceutical companies, since September 2021 and has served on the board of directors of Cardurion Pharmaceuticals, Inc., a privately-held biopharmaceutical company since September 2023. Ms. Reeve received a B.Sc. degree in computer science from Imperial College, University of London and is an associate of the Institute of Chartered Accountants in England & Wales. We believe that Ms. Reeve is qualified to serve on the Board because of her extensive executive leadership experience, including her experience as chief financial officer and within the finance department for various companies in our industry.
Michael Schmertzler Chair of the Board Compensation Committee Nominating and Corporate Governance Committee Development Committee	72	Mr. Schmertzler has served as a member of our Board since 2001 and as Chair of our Board since 2004. Mr. Schmertzler served as a director of our UK subsidiary until February 2016. Since 2008, he has been an Adjunct Professor and Lecturer in Economics at Yale University and, since 2018, a Visiting Professor at Yale NUS in Singapore. Mr. Schmertzler also serves as a Charter Trustee of the Phillips Academy Andover. Mr. Schmertzler currently also serves as Executive Chairman of SHY Therapeutics, a private biotechnology company, as Executive Chairman of Berryville Holdings and Disepl LLC, private cyber-technology companies, and as a Director of AgNovos, a private biotechnology company. From 2001 to 2015, Mr. Schmertzler served as a Managing Director of Aries Advisors, LLC, the sub-advisor to Credit Suisse First Boston Equity Partners, L.P., a private equity fund, and the Chair of the investment committee of Credit Suisse First Boston Equity Partners, L.P. From 1997 to 2001, Mr. Schmertzler was Co-Head of United States and Canadian Private Equity at Credit Suisse First Boston, an investment banking firm. Prior to 1997, Mr. Schmertzler held various management positions with Morgan Stanley and its affiliates, including President of Morgan Stanley

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Name	Age	Board Tenure, Principal Occupation, Other Business Experience During the Past Five Years and Other Directorships
		Leveraged Capital Funds and founding Managing Director of Morgan Stanley's biotechnology pharmaceuticals group, and was Managing Director and Chief Financial Officer of Lehman Brothers Kuhn Loeb and Head of International Sales and Trading and Investment Banking at its successor, Lehman Brothers, both investment banking firms. Mr. Schmertzler recently served as a court-appointed director of Lehman Commercial Paper Incorporated, the largest liquidating post-bankruptcy subsidiary of Lehman Brothers Holdings, Incorporated. Mr. Schmertzler also previously served as a member of the board of directors of Cytokinetics, Inc., and Idenix Pharmaceuticals, Inc., both of which were at the time public biopharmaceutical companies. Mr. Schmertzler received a B.A. from Yale College in Molecular Biophysics and Biochemistry, History and City Planning and an M.B.A. from the Harvard Business School. We believe that Mr. Schmertzler is qualified to serve on our Board due to his extensive experience as an investment banking and financial professional, his extensive personal knowledge of our industry and his many years of service as one of our directors.
Mary Smith Audit Committee Compensation Committee	61	Ms. Smith has served as a member of our Board since 2021. Since February 2018, Ms. Smith has served as Vice Chair at the VENG Group, a non-partisan government relations and public affairs firm, consulting clients on business development, strategy, healthcare and corporate governance. Ms. Smith served as Principal Deputy Director (Chief Executive Officer equivalent) from March 2016 to January 2017 and Deputy Director from October 2015 to March 2016 of Indian Health Service, a division of the U.S. Department of Health and Human Services and system of hospitals providing healthcare to over 2.2 million Native Americans in the United States. From July 2014 to April 2015, Ms. Smith served as Special Counsel & Estate Trust Officer at the Office of Special Deputy Receiver Chicago Illinois, managing and advising on mergers and acquisitions for financially troubled insurance companies. Previously, Ms. Smith served as General Counsel at the Illinois Department of Insurance from June 2012 to July 2014, Counselor at the United States Department of Justice, Civil Division from February 2010 to June 2012 and Partner at Schoeman, Updike, Kaufman & Scharf. Earlier in her career, Ms. Smith served in the White House from 1997 to 2001 as Associate Director of Policy Planning in the Domestic Policy Council and later as Associate Counsel to the U.S. President in the White House Counsel’s Office. Ms. Smith received a B.S. degree in mathematics and computer science from Loyola University Chicago and a J.D. degree from the University of Chicago Law School. Additionally, Ms. Smith, who is Native American and an enrolled member of the Cherokee Nation, started a foundation, the Caroline and Ora Smith Foundation, to train Native American girls in science, technology, engineering and math. We believe that Ms. Smith is qualified to serve on our Board because of her executive leadership experience, personal knowledge of the healthcare industry and corporate governance experience.

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Name	Age	Board Tenure, Principal Occupation, Other Business Experience During the Past Five Years and Other Directorships
Glenn D. Steele Jr., M.D., Ph.D. Compensation Committee (Chair) Development Committee	79	Dr. Steele has served as a member of our Board since 2015. Dr. Steele has served as the Chairman of xG Health Solutions, a health care redesign and optimization company affiliated with Geisinger Health System, from 2013 to 2018. From 2001 until 2015, Dr. Steele served as President and Chief Executive Officer of Geisinger Health System, an integrated health services organization in central and northeastern Pennsylvania. Dr. Steele previously served as the dean of the Biological Sciences Division and the Pritzker School of Medicine and vice president for medical affairs at the University of Chicago, as well as the Richard T. Crane Professor in the Department of Surgery. Prior to that, he was the William V. McDermott Professor of Surgery at Harvard Medical School, president and chief executive officer of Deaconess Professional Practice Group, Boston, MA, and chairman of the department of surgery at New England Deaconess Hospital (Boston, MA). Dr. Steele has served on the board of directors of several companies, including Wellcare Health Plans Inc., a NYSE-listed managed care company, from 2009 to 2019. We believe that Dr. Steele is qualified to serve on our Board because of his leadership and business experience, extensive experience in the health care industry, and his service on the boards of directors of other public companies.

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Class III Directors (terms expiring in 2025)

Name	Age	Board Tenure, Principal Occupation, Other Business Experience During the Past Five Years and Other Directorships
Allan Jacobson, Ph.D. Development Committee (Chair)	78	Dr. Jacobson is a co-founder of PTC Therapeutics, Inc., and has served as a member of our Board since our inception in 1998, and previously served as Chairman of our Board from 1998 to 2004. Since 2000, From 1994 to 2023, Dr. Jacobson was the Chairman of the Department of Microbiology and Physiological Systems at the University of Massachusetts Chan Medical School, where he is currently the Gerald L. and Zelda S. Haidak Professor of Cell Biology. In 1982, Dr. Jacobson co-founded Applied bioTechnology, Inc., a biotechnology company, and served as its chairman until its sale in 1991. From 1987 to 1990, Dr. Jacobson served as special limited partner at Euclid Partners, a venture capital firm. Dr. Jacobson received a Ph.D. from Brandeis University in 1971, has authored over 100 publications in the field of post-transcriptional control processes and is an elected member of the American Academy of Microbiology and the American Academy of Arts and Sciences and is a co-recipient of the 2023 Gruber Prize in Genetics. We believe that Dr. Jacobson is qualified to serve on our Board because of his service as one of our directors since our inception, his knowledge of our Company and his extensive experience as a founder and leader of new businesses in the life science industry.
David P. Southwell Audit Committee Compensation Committee	63	Mr. Southwell has served as a member of our Board since 2005. From October 2018 to March 2023, he served as the Chief Executive Officer, and a member of the board of directors, of TScan Therapeutics, Inc., a Nasdaq-listed biotechnology company. Previously Mr. Southwell served as President and Chief Executive Officer of Inotek Pharmaceuticals, Inc., a formerly publicly listed biotechnology company from 2014 until its merger with Rocket Pharmaceuticals Inc., a Nasdaq-listed biotechnology company, in 2018. From March 2010 to September 2012, Mr. Southwell served as the Executive Vice President and Chief Financial Officer, and from 2008 to 2010 served as a member of the board of directors, of Human Genome Sciences, Inc., a formerly publicly listed biopharmaceutical company. Prior to joining Human Genome Sciences, he served as Executive Vice President and Chief Financial Officer of Sepracor, Inc., a research-based pharmaceutical company, from June 1994 to March 2008, and as Sepracor's Senior Vice President and Chief Financial Officer, from 1994 to 1995. From August 1988 until 1994, Mr. Southwell was associated with Lehman Brothers Inc., a securities firm, in various positions within the investment banking division. Mr. Southwell currently serves on the board of directors of Rocket Pharmaceuticals. From 2018 to 2019, Mr. Southwell served on the board of directors of Spero Therapeutics, Inc., a Nasdaq-listed biotechnology company. During 2016, Mr. Southwell served on the board of directors of inVentiv Health, Inc., a contract research organization prior to its recapitalization in late 2016. From 2007 to 2016, Mr. Southwell served on the board of directors of THL Credit, Inc., a Nasdaq-listed business development company under

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Name	Age	Board Tenure, Principal Occupation, Other Business Experience During the Past Five Years and Other Directorships
		the Investment Company Act of 1940. Mr. Southwell received a B.A. from Rice University and an M.B.A. from the Tuck School of Business at Dartmouth College. We believe that Mr. Southwell is qualified to serve on our Board because of his extensive executive leadership experience and knowledge of our industry.
Alethia Young Audit Committee Nominating & Corporate Governance Commttee	45	Ms. Young has served as a member of our Board since 2022. Ms. Young has more than 20 years of experience in healthcare and biotech equity research and investing and has served as the Chief Financial Officer of Bicycle Therapeutics PLC, a Nasdaq-listed biopharmaceutical company since June 2023. From April 2022 to June 2023, Ms. Young served as Chief Financial Officer of Graphite Bio, Inc., a Nasdaq-listed biopharmaceutical company. From 2018 to March 2022, Ms. Young served as senior biotech analyst and head of research at Cantor Fitzgerald, managing the equity research department covering small-cap, mid-cap and large-cap biotechnology companies. Prior to joining Cantor Fitzgerald in 2018, Ms. Young held senior biotech analyst positions at Credit Suisse from August 2015 to August 2018 and Deutsche Bank from July 2011 to July 2015. Earlier in her career, she was a research policy analyst and president at Marwood Group, providing healthcare-focused advisory services to institutional investors. She began her career at J.P. Morgan in the investment banking and asset management divisions. Ms. Young served on the board of directors for BUILD NYC from 2021 to 2023. Ms. Young has also served as a member of the board of directors of Pacira BioSciences, Inc., a Nasdaq-listed biopharmaceutical company, since October 2023. She earned a B.A. in Economics and Spanish from Duke University. We believe that Ms. Young is qualified to serve on the Board because of her extensive experience covering the biotechnology industry and her experience as chief financial officer of a biopharmaceutical company.

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Class I Directors (terms expiring in 2026)

8
Name	Age	Board Tenure, Principal Occupation, Other Business Experience During the Past Five Years and Other Directorships
William F. Bell, Jr. Compensation Committee	67	Mr. Bell has served as a member of our Board since 2022. Mr. Bell has more than 30 years of experience at several global consulting firms advising senior executive clients, with a focus on the healthcare industry. He has served as the Managing Director and Head of Healthcare Services Practice for L.E.K. Consulting, a global strategy consulting partnership, since April 2013. From April 2005 to March 2013, Mr. Bell served as Partner and Head of Healthcare and Consumer Practices for the Parthenon Group, a global strategy consulting group. Prior to joining the Parthenon Group in 2005, Mr. Bell worked in multiple roles, including Vice President and Head of U.S. Operations at Mars & Co., a global strategy consulting firm. Mr. Bell earned a B.A. in Economics from Haverford College and an M.B.A. from Harvard Business School. We believe that Mr. Bell is qualified to serve on the Board because of his leadership experience, his knowledge of the healthcare industry and his understanding of how to advise healthcare companies on strategic business issues.
Matthew B. Klein, M.D., M.S., F.A.C.S. Chief Executive Officer and Director Development Committee	52	Dr. Klein has been our Chief Executive Officer since March 2023. Dr. Klein joined the Company in October 2019 as Global Head Gene and Mitochondrial Therapies and became Global Head Clinical Development in March 2020, Chief Development Officer in April 2020 and Chief Operating Officer in January 2022. He also serves as a director of PTC Therapeutics International Limited, our international headquarters and indirect wholly-owned subsidiary. Prior to joining the Company, Dr. Klein was Chief Executive Officer of BioElectron from 2018 to 2019, and served as a member of the board of directors of BioElectron from 2018 to 2020. Dr. Klein served as the Chief Medical Officer of BioElectron from 2013 to 2019 and was Senior Vice President, Clinical Science at BioElectron from 2012 to 2013. Dr. Klein has also served as a member of the board of directors of ClearPoint Neuro, Inc., a Nasdaq-listed company, since 2020 as our director designee. Dr. Klein has a BA from the University of Pennsylvania, an MD from Yale University School of Medicine and an MS in epidemiology from the University of Washington School of Public Health.
Stephanie S. Okey, M.S. Nominating and Corporate Governance Committee (Chair)	64	Ms. Okey has served as a member of our Board since 2018. For over 25 years, from 1987 until 2015, Ms. Okey served in various positions of increasing responsibility in the biopharmaceutical industry, first at Genentech, Inc., followed by 19 years at Genyzme, a Sanofi company ("Genzyme"). Ms. Okey’s management experience during her tenure at Genyzme included serving as Senior Vice President, Head of North America, Rare Diseases, and U.S. General Manager, Rare Diseases from August 2012 to July 2015 and as Vice President and General Manager, U.S. Genetic Diseases Business Unit from September 2011 to August 2012. Ms. Okey retired from Genzyme in July 2015. Ms. Okey has served as a member of the board of directors of Crinetics Pharmaceuticals, Inc., a Nasdaq-listed biopharmaceutical company, since July 2019 and Catalent, Inc., a NYSE-listed biopharmaceutical company, since August 2023. In addition, she

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8
Name	Age	Board Tenure, Principal Occupation, Other Business Experience During the Past Five Years and Other Directorships
		previously served as a member of the board of directors of the California Life Sciences Association from October 2014 to January 2016, as a member of the board of directors of Orphazyme A/S, a Nasdaq-listed biopharmaceutical company, from March 2021 to May, 2022 and as a member of the board of directors of Albireo Pharma, Inc., a Nasdaq-listed biopharmaceutical company, from June 2018 to March 2023. Ms. Okey received a B.S. degree in Zoology from The Ohio State University and a M.S. degree in Immunology and Medical Microbiology from Wright State University. We believe that Ms. Okey is qualified to serve on the Board because of her executive leadership experience and her extensive experience in the commercialization of orphan disease products.
Jerome B. Zeldis, M.D., Ph.D. Nominating and Corporate Governance Committee Development Committee	74	Dr. Zeldis has served as a member of our Board since September 2012. Dr. Zeldis served as the Executive Vice President and Head of Research and Development of NexImmune, Inc., a Nasdaq-listed clinical-stage biotechnology company from January 2021 to March 2023. From August 2016 through March 2020, Dr. Zeldis served as the Chief Medical Officer of Sorrento Therapeutics, Inc., a public clinical-stage biopharmaceutical company. From August 2017 through September 2018, Dr. Zeldis served as the Chief Medical Officer of Celularity, Inc., a biotechnology company. Prior to joining Sorrento, Dr. Zeldis served as Chief Executive Officer of Celgene Global Health and the Chief Medical Officer of Celgene Corporation, a public biopharmaceutical company, where he had been employed since 1997. He previously served as Celgene's Senior Vice President of Clinical Research and Medical Affairs. Previously, Dr. Zeldis served as Assistant Professor of Medicine at Harvard Medical School, Associate Professor of Medicine at University of California, Davis, Clinical Associate Professor of Medicine at Cornell Medical School, and Professor of Clinical Medicine at the Robert Wood Johnson Medical School, Rutgers University. Dr. Zeldis received an A.B. and M.S. from Brown University and a M.Phil., M.D. and Ph.D. in Molecular Biophysics and Biochemistry (immunochemistry) from Yale University. Dr. Zeldis has served on the board of directors of Soligenix, Inc., a Nasdaq-listed biopharmaceutical company, since 2011; NexGel, Inc., a Nasdaq-listed company, since 2020; and has previously served on the board of directors of several public companies including; BioSig Technologies, Inc., a Nasdaq-listed diagnostic company, from 2015 to 2017 and from 2019 to 2020; Alliqua BioMedical, Inc., a Nasdaq-listed biomedical company, from 2011 to 2017; MetaStat, Inc., a medical device company traded on the OTCQB, from 2016 to 2019; and Kalytera Therapeutics, Inc., a pharmaceutical company traded on the TSXV, from 2015 to 2017. We believe that Dr. Zeldis is qualified to serve on our Board because of his executive leadership experience, his knowledge of the biopharmaceutical industry, his extensive role in drug development and clinical studies as well as his directorships in other life science companies.

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PROPOSAL 2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Our Audit Committee has appointed the firm of Ernst & Young LLP, an independent registered public accounting firm, to audit our books, records and accounts for the fiscal year ending December 31, 2024. This appointment is being presented to the stockholders for ratification at the Annual Meeting.

Ernst & Young LLP has served as our auditor since 2010, and has served as our independent registered public accounting firm beginning in connection with our initial public offering in 2013. Ernst & Young LLP has no direct or indirect material financial interest in our Company or our subsidiaries. Representatives of Ernst & Young LLP are expected to be present at the Annual Meeting and will be given the opportunity to make a statement on the firm’s behalf if they so desire. The representatives also will be available to respond to appropriate questions.

Our Audit Committee is solely responsible for selecting our independent registered public accounting firm for 2024. Although we are not required to submit the appointment to a vote of the stockholders, our Board believes that it is appropriate as a matter of good corporate governance to request that the stockholders ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm.

If the stockholders do not ratify the appointment, our Audit Committee will investigate the reasons for stockholder rejection and may reconsider its appointment of Ernst & Young LLP as our independent registered public accounting firm for 2024 and may appoint another independent registered public accounting firm. Even if the appointment is ratified, our Audit Committee in their discretion may direct the appointment of a different independent registered public accounting firm at any time during the year if they determine that such a change would be in the best interests of our Company and our stockholders.

A majority of the voting power of the shares of common stock cast on this matter is required to approve this proposal. Unless otherwise instructed in the proxy, all proxies will be voted "FOR" the ratification of Ernst & Young LLP.

Our Board Recommends that You Vote "FOR" the Ratification of Ernst & Young LLP as our Independent Registered Public Accounting Firm for the Fiscal Year Ending December 31, 2024.

Fees Paid to Independent Registered Public Accounting Firm

The following table sets forth the fees incurred for services performed by Ernst & Young LLP during fiscal years 2023 and 2022:

Nature of Service	2023		2022
Audit Fees(1)	$	2,417,712	$	2,271,554
Audit Related Fees	$	—	$	—
Tax Fees(2)	$	215,023	$	260,542
All Other Fees(3)	$	30,200	$	2,000
Total:	$	2,662,935	$	2,534,096

(1) "Audit Fees" represent fees for the respective fiscal year for professional services for the audit of our annual financial statements, the review of financial statements included in our quarterly financial statements, accounting consultations, and other services that are normally provided by the independent registered public accounting firm in connection with other statutory or regulatory requirements including, services rendered relating to our registration statement filings with the SEC and public offerings of our common stock and services rendered in connection with the audit of the Company’s internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act.

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(2) "Tax Fees" is primarily for services rendered in connection with international tax matters, including services rendered for tax compliance and tax advice.

(3) This category consists of fees for any other products or services provided by Ernst & Young LLP not described above. The services for fees in 2023 are related to licensed accounting research software and pre-implementation procedures resulting from the new ERP system. The services for fees in 2022 are related to licensed accounting research software.

Our Audit Committee determined that the provision of the non-audit services by Ernst & Young LLP described above is compatible with maintaining Ernst & Young LLP’s independence.

Audit Committee Pre-Approval Policy and Procedures

Our Audit Committee as a whole, or through its Chair, pre-approves all audit and non-audit services (including fees) to be provided by the independent registered public accounting firm. Our Audit Committee has delegated to the Chair of our Audit Committee the authority to pre-approve non-audit services not prohibited by law to be performed by Ernst & Young LLP and associated fees, provided that the Chair of our Audit Committee reports any decisions to pre-approve such services and fees to the full Audit Committee at its next regular meeting. All services provided by Ernst & Young LLP during 2023 and 2022 were pre-approved by the Audit Committee.

REPORT OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS

The Audit Committee has reviewed and discussed the audited financial statements of PTC Therapeutics, Inc. for the fiscal year ended December 31, 2023 with management.

The Audit Committee has discussed with Ernst & Young LLP, our independent registered public accounting firm, the matters required to be discussed by the applicable requirements of the Public Company Accounting Oversight Board and the SEC.

The Audit Committee has received the written disclosures and the letter from Ernst & Young LLP required by Public Company Accounting Oversight Board Rule 3526 regarding Ernst & Young LLP’s communications with the Audit Committee concerning independence, and has discussed Ernst & Young LLP’s independence from us with Ernst & Young LLP.

Based on the review and discussions referred to in the foregoing paragraphs, the Audit Committee recommended to the Board that the audited financial statements as of and for the year ended December 31, 2023 be included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

By the Audit Committee of the

Board of Directors of PTC Therapeutics, Inc.

Emma Reeve, Chair

Mary Smith

David P. Southwell

Alethia Young

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EXECUTIVE OFFICERS

The following table and biographical descriptions provide information as of April 22, 2024 relating to each of our executive officers, other than Dr. Klein, who also serves as a director of the Company. Dr. Klein’s biographical information is presented above in this proxy statement under the heading "Proposal 1: Election of Directors—Biographical Information."

Name	Age	Board Tenure, Principal Occupation, Other Business Experience During the Past Five Years and Other Directorships
Neil Almstead, Ph.D. Chief Technical Operations Officer	57	Dr. Almstead has served as our Chief Technical Operations Officer since December 2018. Dr. Almstead has been employed with PTC since 2000. He served as our Executive Vice President, Research, Pharmaceutical Operations and Technology from January 2015 to December 2018, Senior Vice President, Research and CMC from July 2008 to December 2014 and Senior Vice President, Chemistry and CMC from January 2007 to June 2008. Prior to joining PTC, Dr. Almstead served as Project Manager at Procter & Gamble Company, a publicly traded consumer products company. Dr. Almstead has co-authored more than 75 publications and patents pertaining to the design and synthesis of lead candidate compounds for genetic disorders, oncology and inflammatory diseases. Dr. Almstead received a B.S. from Clarkson University and a Ph.D. in Organic Chemistry from the University of Illinois at Urbana-Champaign.
Mark E. Boulding Executive Vice President and Chief Legal Officer	63	Mr. Boulding has served as our Executive Vice President and Chief Legal Officer since March 2012, and previously served as our Senior Vice President and General Counsel from April 2002 to February 2012 and our Corporate Secretary from 2002 to 2017. He also serves as a director of one and as co-secretary of two subsidiaries of PTC. Prior to joining us, Mr. Boulding served as General Counsel, Executive Vice President and Secretary of MedicaLogic/Medscape, Inc., a provider of digital health records software and healthcare information, from May 2000 to April 2002. From June 1999 to May 2000, Mr. Boulding served as the General Counsel, Vice President and Secretary of Medscape, Inc., a provider of online health information and education. Mr. Boulding previously was a partner in two Washington, D.C.-based law firms. Mr. Boulding received a J.D. from the University of Michigan and a B.A. from Yale College.
Lee Golden, M.D. Executive Vice President and Chief Medical Officer	56	Dr. Golden has served as our Executive Vice President and Chief Medical Officer since April 2023 and previously served as our Chief Medical Officer from January 2022 to April 2023 and our SVP, Head of Global Clinical Development from May 2020 to January 2022. Prior to joining PTC, Dr. Golden served as Chief Medical Officer of Espero Pharmaceuticals, Inc, a former privately-held, development-stage cardiovascular pharmaceutical company, from October 2018 to May 2020 and as Chief Medical Officer of Gemphire Therapeutics, Inc., a former publicly traded clinical-stage biopharmaceutical company, from October 2016 to September 2018. Dr. Golden has also served on the board of directors of Coagulation Sciences LLC, a privately held blood transfusion medical device

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		company, since December 2012. Dr. Golden received a B.S. from the University of Michigan and an MD from New York University School of Medicine.
Pierre Gravier Chief Financial Officer	39	Mr. Gravie has served as our Chief Financial Officer since July 2023. Prior to joining the Company, Mr. Gravier served as Managing Director of Perella Weinberg Partners (“Perella Weinberg”), a global independent investment banking firm, from 2013 to July 2023. While employed at Perella Weinberg, Mr. Gravier focused on the biopharmaceutical and pharmaceutical services sectors, advising clients on a range of transactions including mergers and acquisitions, joint ventures and licensing arrangements, and capital raises across the equity, debt, royalty and convertible securities markets. Mr. Gravier has served as a member of the board of directors of Cassava Sciences, Inc., a Nasdaq-listed biopharmaceutical company, since December 2023. Mr. Gravier holds a Master’s Degree in Finance from ESCP Business School and a Master of Science in Bioengineering from the University of Technology of Compiègne.
Eric Pauwels Chief Business Officer	63	Mr. Pauwels has served as our Chief Business Officer since April 2020. Mr. Pauwels has 40 years of healthcare experience in biopharmaceuticals and medical devices. Mr. Pauwels joined the Company in March 2015 as Senior Vice President and General Manager of the Americas. He also serves as a director of one of our subsidiaries. From September 2011 until March 2015, Mr. Pauwels was the Chief Commercial Officer and President of International for NPS Pharmaceuticals, a publicly traded biopharmaceutical company that was acquired by Shire plc. In 2011, Mr. Pauwels was the Chief Marketing Officer of Accuray Inc. From 2005 to 2010 Mr. Pauwels served as the first Chief Commercial Officer for the Shire Rare Disease Business. Mr. Pauwels earned his B.S. from California State Polytechnic University in Pomona, California.
Christine Utter Senior Vice President, Chief Accounting Officer and Head of People Services	46	Ms. Utter has served as our Chief Accounting Officer since June 2019. Ms. Utter joined the Company in 2010 as the Assistant Controller, became Senior Vice President, Finance, in January 2017 and Principal Financial Officer in June 2017 and served in such capacity until June 2019. From 2005 until 2009, Ms. Utter was the Assistant Corporate Controller of Barrier Therapeutics. Prior to 2005, Ms. Utter held positions as a financial analyst at Engelhard Corporation and as an auditor at both Ernst & Young LLP and Arthur Andersen. Ms. Utter holds a B.S. in accounting from The College of New Jersey and is a certified public accountant.

There are no family relationships between or among any of our executive officers or directors. There is no arrangement or understanding between any of our executive officers or directors and any other person or persons pursuant to which he or she was or is to be selected as an executive officer director.

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EXECUTIVE COMPENSATION

This section describes the material elements of compensation awarded to, earned by or paid to our named executive officers, who, for fiscal year 2023, are:

● Matthew B. Klein, M.D., M.S., F.A.C.S., Chief Executive Officer*;

● Pierre Gravier, Chief Financial Officer;

● Eric Pauwels, Chief Business Officer;

● Lee Golden M.D, Executive Vice President and Chief Medical Officer;

● Mark E. Boulding, Executive Vice President and Chief Legal Officer;

● Stuart W. Peltz, Ph.D., former Chief Executive Officer (until March 22, 2023); and

● Emily Hill, former Chief Financial Officer (separated from Company as of August 20, 2023 and ceased to be an executive officer as of May 20, 2023).

*Dr. Klein was our Chief Operating Officer prior to his promotion to Chief Executive Officer on March 22, 2023.

Additionally, this section discusses the principles underlying our decisions with respect to the compensation of our named executive officers, as well as qualitative information regarding the manner and context in which compensation is awarded to and earned by our named executive officers, and is intended to provide context for the data presented in the tables and narrative that follow.

Compensation Discussion and Analysis

Executive Summary

Our executive compensation program is intended to be competitive with our peers and to motivate our executive team to achieve our short-term and long-term strategy for creating stockholder value with a significant portion of our executive officers’ compensation being “at risk”. Base salaries are reviewed annually by our Compensation Committee to ensure that they are competitive against our peers and appropriate for each executive's responsibilities. Our Compensation Committee established a cash incentive program based on corporate goals set at the beginning of the year with further consideration being given to each named executive officer’s individual performance over the past year. The corporate rating for the 2023 cash incentive program was 80% of target and the individual performance modifier was 1.0 for our named executive officers, such that cash bonuses were not adjusted from the level funded for corporate performance. Our Compensation Committee continued to focus the majority of our named executive officers’ compensation in long-term incentives consisting of stock options and restricted stock units. Approximately 45% of our named executive officers’ 2023 annual equity awards was comprised of stock options, based upon the grant date fair value of the awards. This is consistent with our Compensation Committee’s belief that stock options are most effective in aligning our named executive officers’ motivations with our shareholders' long-term interests.

In 2023, there was a CEO transition in which our long-tenured Chief Executive Officer, Dr. Peltz, retired and Dr. Klein, our Chief Operating Officer, was promoted to Chief Executive Officer. Dr. Peltz continued to provide services to us pursuant to a consulting agreement from his retirement in March 2023 until October 2023. Dr. Klein received standard annual equity awards at the beginning of 2023 in his role as Chief Operating Officer, and in connection with his promotion to Chief Executive Officer, received a base salary increase and additional equity awards. He also was granted an additional RSU and a PSU award in December 2023 with the PSUs vesting upon achievement of certain challenging regulatory milestones during the two years following the grant. The grant in December 2023 was made to reflect the

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success of the leadership transition and Dr. Klein’s first year as Chief Executive Officer, while emphasizing items that need to be achieved in the future through the use of PSUs.

The 2023 total compensation value reported in the Summary Compensation Table to this proxy was below the total compensation median value for both the 2022 and 2023 peer groups for all ongoing named executive officers employed at the end of 2023.

2023 Say on Pay Vote

Pursuant to Section 14A of the Exchange Act, at our 2023 annual meeting of stockholders, our stockholders voted, in an advisory manner, on a proposal to approve our named executive officers’ compensation, which is commonly referred to as the “say-on-pay” vote.

The 2023 non-binding say-on-pay vote was approved by our stockholders with approximately 97.8% of the votes cast in favor of the overall compensation of our named executive officers, including related compensation philosophy, policies and practices. We were pleased with the continued strong support from our stockholders and continue to evaluate our executive compensation program on an ongoing basis.

Executive Compensation Objectives and Philosophy

Our compensation policies and programs are intended to:

● drive the achievement of key corporate milestones and the execution of our long-term growth strategy by placing a significant portion of named executive officer compensation "at risk",

● attract and retain well-qualified executive management, and

● align the interests of our executive officers and long-term stockholders.

"At-risk" compensation drives executive focus on achievement of our short- and long-term goals. Under our executive compensation program, a significant majority (91.6% and 76.1%, respectively) of our Chief Executive Officer’s and other named executive officers’ (for those who were named executive officers for the full year) primary compensation elements in 2023 (comprised of base salary, annual cash incentive at target, and the grant date fair market

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value of the annual equity award) were variable based on our annual performance against pre-established goals or our stock price, as shown below:

Primary compensation elements in 2023

(base salary, annual cash incentive at target, and equity award)

The equity award portion of our Chief Executive Officer’s and other named executive officers’ 2023 primary compensation consisted of stock options and restricted stock units. Dr. Klein, our Chief Executive Officer, additionally received a performance stock unit, or PSU, award in December 2023, consisting of a target award of 75,000 PSUs, or the Target PSUs, that vest based upon achievement of challenging regulatory-related performance goals, with the opportunity to earn up to an additional 75,000 PSUs for over-achievement of the goals, as described further below. The PSUs remain subject to additional time-based vesting requirements following the achievement of the performance milestones. Dr. Peltz, our former Chief Executive Officer, was granted an annual equity award in January 2023, before he retired, consisting of 132,500 stock options and 53,000 restricted stock units, with a grant date fair value of $2,773,225 and $2,089,260, respectively. The stock option value was calculated using the Black-Scholes pricing model, as further described in our Summary Compensation Table below, with an exercise price of $39.42, which was the closing price of our common stock on January 5, 2023, the date the stock options were granted.

Dr. Klein, our Chief Executive Officer, was granted an annual equity award as our Chief Operating Officer in January 2023 and an additional equity award in April 2023 in connection with his promotion to Chief Executive Officer. Dr. Klein’s 2023 annual equity award consisted of 65,000 stock options and 26,000 restricted stock units, with a grant date fair value of $1,360,450 and $1,024,920, respectively. The January stock options have an exercise price of $39.42, which was the closing price of our common stock on January 5, 2023, the date the stock options were granted. In connection with his promotion to Chief Executive Officer in March 2023, Dr. Klein was granted an additional equity award of 65,000 stock options and 26,000 restricted stock units, with a grant date fair value of $1,791,855 and $1,376,960, respectively. The stock options have an exercise price of $52.96, which was the closing price of our common stock on April 18, 2023, the date the stock options were granted. The stock option values were calculated using the Black-Scholes pricing model, as further described in our Summary Compensation Table below. Additionally, our Compensation Committee awarded Dr. Klein an equity grant in December 2023 consisting of 75,000 RSUs and 75,000 Target PSUs with an opportunity to earn additional PSUs for above-target performance. The restricted stock units had a grant date fair value of $2,143,500 and the Target PSUs had a grant date fair value of $2,143,500, assuming achievement of the relevant performance milestones. The achievement of the performance milestones for the Target PSUs and of the additional above-target performance milestones must occur in the two years following the grant, by December 31, 2025 Our Compensation Committee determined it was appropriate to make the December 2023 RSU and PSU grant to Dr. Klein in recognition of his exceptional performance during his time as Chief Executive Officer and the completion of the successful leadership transition to Chief Executive Officer while navigating difficult circumstances that had arisen in

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2023. The December 2023 grant was structured to encourage and reward his future performance and company success. Our Chief Executive Officer and other named executive officers may only realize value on the stock options they received in connection with their annual equity awards if our stock price increases above the exercise price and such increased value is maintained through the vesting and exercise date. We believe that structuring the primary compensation of our Chief Executive Officer and other named executive officers with a high percentage of performance-based and equity-related compensation as illustrated above strongly aligns with stockholders’ interests.

We believe that our annual cash incentive program contributes to the achievement of key short-term goals that drive the success of our long-term growth strategy. Our Compensation Committee works with management to establish corporate objectives under our annual cash incentive program that highlight the Company’s strategic goals and provide appropriate motivation toward the achievement of significant milestones that we believe directly correlate to the long-term enhancement of stockholder value.

Equity awards are typically made at the start of the new year, which is after performance results for the previous year are known and before the results for the new year can be known. The January 2023 equity grant was therefore influenced by our Company’s performance in 2022. As further described in our Summary Compensation Table below, our Chief Executive Officer’s and named executive officers’ 2023 annual equity awards granted in January 2023 were composed of approximately 50% options and 50% restricted stock units, based upon the grant date fair value of the awards. Dr. Klein was granted a similar award comprised of 50% options and 50% RSUs in April 2023 with four-year vesting in connection with his March 2023 promotion to Chief Executive Officer. Additionally, in December 2023, Dr. Klein was granted an award consisting of 75,000 RSUs and 75,000 Target PSUs with an opportunity to earn additional PSUs for above-target performance for his exceptional performance transitioning from Chief Operating Officer to Chief Executive Officer. The RSUs granted in December 2023 vest in four equal tranches, with the first tranche vesting in in December 2023 and the remaining three tranches vesting annually thereafter. The PSUs will be earned for achieving several challenging milestone goals by the end of 2025 that are related to significant regulatory success enabling the commercialization our pipeline products over the next two years, and, if all of the milestone goals are achieved, Dr. Klein will double his target opportunity, earning a maximum of 2x of the Target PSUs. The PSUs remain subject to additional time-based vesting requirements following the achievement of the performance milestones.

Attract and retain well-qualified executive management.  We believe the Company’s growth and success can only be achieved through the contributions of our employees, as led by our executive officers. Our Compensation Committee regularly works with FW Cook, an independent compensation consultant, to understand the competitive landscape and assist in designing and maintaining a compensation program intended to attract, engage and retain high caliber, talented executives capable of executing on our short- and long-term growth strategy.

For compensation decisions made in January 2023, our Compensation Committee utilized data from the 2022 peer group developed with the assistance of its independent compensation consultant as one tool to assist the Compensation Committee with respect to competitive positioning and internal parity for base salary, bonus target under our annual incentive program, and equity awards. Peer group data are a reference point in making compensation decisions, but the Compensation Committee does not utilize peer data in a formulaic manner. As a result, individual pay levels vary based on individual experience, scope of responsibilities, past performance and expectations with respect to future performance and leadership potential.

Peer Group Composition

General.  Our Compensation Committee uses peer group benchmark information developed in coordination with FW Cook to assist it in understanding the range of base salary, target annual incentive compensation, and equity grant levels offered for comparable roles at peer companies. Our Compensation Committee considers the relevance of its compensation peer group based on factors that include the Company’s stage of development, therapeutics focus, market capitalization, revenue and headcount.

2022 Peer Group. Our Compensation Committee directed FW Cook to assist in the development of a reference peer group, which we refer to as the 2022 peer group, for compensation decisions to be made effective in January 2023,

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including 2023 base salary adjustments, annual cash incentive targets for 2023, and the annual equity awards granted on January 5, 2023 informed by 2022 performance.

In developing the 2022 peer group, with input from FW Cook, the Compensation Committee selected companies within what it considered a relevant market cap range, that have at least one commercial product, have a clinical pipeline, employ an internal sales force and are headquartered on the east coast or the west coast of the United States to align cost-of-living and labor market. Amarin Corporation plc, bluebird bio, Inc. and Heron Therapeutics, Inc. were removed from the peer group because each company’s market cap was no longer in the intended range. Two new companies were added, Alkermes plc and Jazz Pharmaceuticals plc, with market caps in a 0.33x to 3x range of PTC’s market cap at the time of the 2022 peer group review, for a total of 17 peer companies. The 17 peer companies in the 2022 peer group had a median market cap of approximately $3.43 billion at the time of the 2022 peer group review. PTC’s market cap at that time was $3.68 billion, which was near the median. PTC’s trailing 12-month revenue was slightly higher than the median of the 2022 peer group. The 2022 peer group consisted of:

ACADIA Pharmaceuticals Inc.	Agios Pharmaceuticals, Inc.	Alkermes plc*
Amicus Therapeutics, Inc.	Blueprint Medicines Corp.	Exelixis, Inc.
Fibrogen, Inc.	Global Blood Therapeutics, Inc.	Insmed, Inc.
Ionis Pharmaceuticals, Inc.	Ironwood Pharmaceuticals, Inc.	Jazz Pharmaceuticals plc*
Neurocrine Biosciences, Inc.	Pacira BioSciences, Inc.	Sarepta Therapeutics, Inc.
Supernus Pharmaceuticals, Inc.	Ultragenyx Pharmaceutical Inc.

* New peer group member in 2022

2023 Peer Group. Our Compensation Committee directed FW Cook to assist in the development of a reference peer group, which we refer to as the 2023 peer group, for compensation decisions to be made effective in February 2024, including 2024 base salary adjustments, annual cash incentive targets for 2024, and the annual equity awards granted on February 15, 2024 informed by 2023 performance. The reference 2023 peer group data was also available when the Compensation Committee granted Dr. Klein the RSU and PSU awards in December 2023.

In developing the 2023 peer group, with input from FW Cook, the Compensation Committee selected companies within what it considered a relevant market cap range, that have at least one commercial product, have a clinical pipeline, employ an internal sales force and are headquartered on the east coast or the west coast of the United States to align cost-of-living and labor market. Agios Pharmaceuticals, Inc. and Ironwood Pharmaceuticals, Inc. were removed from the peer group because each company’s market cap, combined with other metrics, such as employee headcount and revenue, were no longer in the intended range. Global Blood Therapeutics, Inc. was removed from the peer because it was acquired in 2022. Three new companies were added, Apellis Pharmaceuticals, Inc., Intra-Cellular Therapies, Inc. and United Therapeutics Corporation, with market caps between $6 billion and $10 billion, for a total of 17 peer companies. At the time that the 2023 peer group was approved in June 2023, PTC’s market cap was $3.2 billion, and its trailing 12-month average market cap was $3.3 billion, which was within the $1.5 billion to $10.8 billion range of peers’ trailing 12-month average market caps and near the $4.4 billion median. The 2023 peer group consisted of:

ACADIA Pharmaceuticals Inc.	Alkermes plc	Amicus Therapeutics, Inc.
Apellis Pharmaceuticals, Inc.*	Blueprint Medicines Corp.	Exelixis, Inc.
Fibrogen, Inc.	Insmed, Inc.	Intra-Cellular Therapies, Inc.*
Ionis Pharmaceuticals, Inc.	Jazz Pharmaceuticals plc	Neurocrine Biosciences, Inc.
Pacira BioSciences, Inc.	Sarepta Therapeutics, Inc.	Supernus Pharmaceuticals, Inc.
Ultragenyx Pharmaceutical Inc.	United Therapeutics Corporation*

* New peer group member in 2023

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Individual and Company Performance

When making annual compensation determinations, the Compensation Committee considers each named executive officer’s individual performance over the past year, his or her contributions to the execution of the Company’s short-term goals and long-term strategy, the Board’s expectations of performance against key strategic, financial and operational objectives in the coming year, and demonstration of executive leadership at the Company.

Individual performance is used together with other information resources to assist in a holistic evaluation of executive compensation. In connection with the close of each fiscal year, our Compensation Committee considers the Company’s performance against the objectives and metrics established for that fiscal year as well as the Company’s total shareholder return for that fiscal year and over the long-term and assigns a corporate rating value, defined as a percentage against goals, to corporate performance based on their assessment of results. This corporate rating is applied, together with the individual performance modifier described below, to determine the amounts earned by each named executive officer under the annual incentive program for the last closed (or closing) fiscal year. Awards under the 2023 annual cash incentive program were determined in February 2024 based on the Compensation Committee’s assessment of individual and Company performance during 2023.

While individual performance is considered in connection with all aspects of executive compensation, the individual performance modifier only directly impacts the value of cash incentive compensation paid to our named executive officers under our annual incentive program. Quantitative weight is assigned to individual performance in the form of an individual performance modifier, which could range from above 1.0 for top performers to 1.0 for employees who consistently deliver on their position requirements and expectations. Performance below these levels can result in the application of an individual performance modifier that is less than 1.0, reducing the annual incentive award below the level determined by corporate performance.

Our Compensation Committee generally considers our Chief Executive Officer’s assessment of each named executive officer’s performance, other than himself, around the end of the fiscal year at the same time that it considers the Company’s performance against the corporate goals established by the Compensation Committee and our Chief Executive Officer’s performance for the applicable fiscal year. Our Chief Executive Officer has overall responsibility for our business strategy, operations and corporate vision and our Compensation Committee generally assesses his performance in the context of the execution of our business strategy and the performance of the Company as a whole over the applicable fiscal year.

As a result, our Compensation Committee considers individual and Company performance during the most recent fiscal year as well as expectations for individual and Company performance during the coming year when setting base salary, target annual cash incentive opportunity and annual equity awards that will become effective in January of the coming year. For example, 2023 base salary adjustments and annual option awards were considered in late 2022 and set in January 2023 after considering Company and individual performance during 2022. At the same time, our Compensation Committee considered the demands that would be placed on our executive team in order to execute our 2023 strategic goals.

For a discussion of the Compensation Committee’s assessment of individual and corporate performance in 2023, which directly impacted annual cash incentive awards for 2023, see "Annual cash incentive program" on page 42. For information concerning individual and corporate performance in 2022, which directly impacted 2023 base salary and equity awards, see "Base salary" below.

Elements of Executive Compensation

The material elements of compensation and the periods of time in which our Compensation Committee made determinations with respect to each element for 2023 were as follows, other than salary determination and equity awards made in connection with new hires or promotions, and Dr. Klein’s December 2023 grant which was given to recognize

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his success transitioning to the role of Chief Executive Officer and to drive accomplishment of future regulatory and commercial priorities related to our pipeline:

Element of compensation	2023 compensation determinations finalized in
Base salary	January 2023
Annual cash incentive award	February 2024
Annual equity award	January 2023

Base salary.  Base salary is designed to attract, motivate and retain qualified employees by providing a consistent cash flow throughout the year as compensation for performance of day-to-day responsibilities. The responsibilities of the position; background and experience; individual, team, and corporate performance and contribution; market competitive conditions; and other factors described below are taken into account by the Compensation Committee when determining this component of compensation.

2023 base salary determinations. Base salary determinations for 2023 were discussed in December 2022, set in January 2023 and became effective as of March 1, 2023. Our Compensation Committee set 2023 base salaries near the median of our 2022 peer group for the named executive officers overall, subject to relatively modest individual variation based on experience, proficiency, and importance of their role. These base salary adjustments for 2022 reflected 3% to 6% increases over 2022 salaries for our named executive officers. These increases were generally similar to the rate of increases observed for comparable roles in the 2022 peer group during the year prior. Our Compensation Committee determined that each of the named executive officers consistently delivered on their position requirements and expectations during 2022. Dr. Klein’s base salary was increased in connection with his promotion to Chief Executive Officer and Mr. Gravier had his salary set when hired as CFO. Dr. Klein’s base salary as Chief Executive Officer was set below the median of the 2022 peer group upon promotion consistent with his new position.

Tabular presentation of base salary adjustments in 2023.  The table below sets forth our named executive officers salaries, as determined by our Compensation Committee for fiscal year 2023:

	2023		Increase over
	base salary rate		2022 base salary rate
Name	($)		(%)
Matthew Klein*	$	788,000	N/A
Pierre Gravier*	$	525,000	N/A
Eric Pauwels	$	551,800	3.0	%
Lee Golden*	$	525,000	N/A	%
Mark E. Boulding	$	542,200	3.0	%
Stuart Peltz	$	840,000	5.6	%
Emily Hill	$	533,500	4.0	%

* Base salary reflects base salary following mid-year promotion or mid-year hire. Increases were given in line with all promotion and new-hire salary increases and were paid on a pro-rated basis. Prior to his promotion, Dr. Klein had a 2023 base salary of $618,000 for his role as our Chief Operating Officer, an increase of 3.0% over his 2022 base salary. In connection with his promotion to Chief Executive Officer in March 2023, Dr. Klein’s salary was increased to $788,000.

Annual cash incentive program.  Our annual cash incentive program is intended to motivate and reward our named executive officers to achieve and exceed annual goals and milestones that are expected to advance our long-term growth strategy. Both pre-established corporate goals and individual contributions toward these goals factor into the amount earned under the program. The corporate goals established under the program are tied to the Company’s operating plan for the applicable year and have typically been focused on the achievement of specific research, clinical, regulatory, commercial, financial, compliance or operational milestones developed in collaboration with our Compensation Committee. Our Compensation Committee strives to establish goals that challenge our management team and other employees to be “ever better” in accordance with the PTC Expectations and provide them with targets that are

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only achievable with exceptional effort. Achievement of these goals is viewed as conducive to the creation of stockholder value because the goals are designed to be consistent with our short-term and long-term strategic priorities.

Mechanics of annual cash incentive program.  Each named executive officer has the potential to realize a pre-established target value tied to a percentage of his or her salary, with the risk of earning no bonus and the ability to earn up to two times target. The 2023 target for Dr. Klein was 75% of his base salary following his promotion to Chief Executive Officer in March 2023, which was an increase from his prior 50% target as Chief Operating Officer prior to his promotion to Chief Executive Officer. The 2023 target for each of the other named executive officers remained the same as the level previously established by the Board for those roles, an amount equal to 45% of each of Mr. Gravier’s, Mr. Pauwels’, Dr. Golden’s and Mr. Boulding’s respective salaries. Pursuant to the terms of each of the named executive officers’ employment agreements, the target bonus level can be raised or lowered in any given year at the discretion of the Board.

In connection with the close of each fiscal year, our Compensation Committee considers the Company’s performance against the objectives and metrics established for that fiscal year as well as the Company’s total shareholder return for that fiscal year and over the long-term and assigns a value to corporate performance based on the Compensation Committee’s assessment of results. The amounts that could be achieved under the corporate performance segment of the annual incentive program are capped at two times target. The program permits the exercise of both negative and positive discretion based on our Compensation Committee’s view of overall corporate performance during the year (subject to the maximum award cap). The corporate rating for the 2023 cash incentive program, as determined in January 2024, was 80% for the named executive officers, as further discussed below.

Individual performance is considered in the manner described under "Individual and Company Performance" on page 41, with a maximum quantitative modifier for potential awards based on 2023 performance of up to 1.0.

The combination of corporate and individual performance is applied using the following formula:

Base
Salary X Target Annual
Incentive (%) X Corporate
Rating (%) X Individual
Performance Modifier = Incentive
Award

Company goals and results under the 2023 annual incentive program.   The goals and key performance indicators, or KPIs, used to evaluate the goals established by our Compensation Committee for 2023, and our performance under such goals and KPIs, were as follows:

Deliver on financial performance. The purpose of this goal was to manage cash flow to support long-term growth of the Company. The KPIs established to assess achievement of this goal were to have (i) 2023 full-year total revenues between $940 million and $1 billion, which included having 2023 full-year net product revenues for the Duchenne muscular dystrophy, or DMD, franchise between $545 and $565 million and (ii) managing use of cash to support long-term growth in accordance with approved budget by having 2023 full-year U.S. Generally Accepted Accounting Principles, or GAAP, research and development, or R&D, expense plus GAAP selling, general and administrative, or SG&A, expense between $1.01 and $1.06 billion and non-GAAP R&D expense plus non-GAAP SG&A expense between $890 and $940 million, excluding estimated non-cash, stock based compensation expense of approximately $120 million, with up to $80 million of one-time payments upon achievement of potential clinical and regulatory success-based milestones from previous acquisitions. This first KPI for this goal was considered achieved as 2023 total revenue was approximately $938 million with approximately $611 million in 2023 DMD franchise, which was approximately $45 million more than the top of our KPI range for the DMD franchise. In May 2023 and September 2023, under the new leadership of Dr. Klein as our recently promoted Chief Executive Officer, we announced strategic pipeline prioritizations following reviews of our portfolio.

In connection with the strategic pipeline prioritizations, we reduced our workforce by 32%, which primarily affected employees in the United States, including those employees involved in early-stage research and gene therapy manufacturing and associated selling, general and administrative functions. We also decided to discontinue our preclinical and early research programs for our gene therapy platform, which included programs for Friedreich ataxia

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and Angelman syndrome, as well as our oncology platform, which included programs for unesbulin for the treatment of diffuse intrinsic pontine glioma and leiomyosarcoma, or LMS. As a result of the strategic pipeline prioritization, we revised our budget mid-year to reflect the lower expenses that we would now have since we discontinued programs with the updated targets of 2023 full-year U.S. GAAP R&D expense plus GAAP SG&A expense being between $915 and $965 million (lowered from $1.01 to $1.06 billion) and non-GAAP R&D expense plus non-GAAP SG&A expense being between $810 and $860 million (lowered from $890 to $940 million), excluding estimated non-cash, stock based compensation expense of approximately $105 million (lowered from $120 million), with up to $37 million of one-time payments upon achievement of potential clinical and regulatory success-based milestones from previous acquisitions (lowered from $80 million). It was important to update the goal as the original expense goal was too high for the business going forward and would have been easily achieved. Lowering the expense goals to match our lower costs therefore maintained an appropriate level of rigor for the bonus program.

We achieved these targets as our updated GAAP R&D expense plus SG&A was approximately $999 million and our non-GAAP R&D expense plus non-GAAP SG&A expense was approximately $897, which in both cases included $37 million of one-time payments upon achievement of potential clinical and regulatory success-based milestones from previous acquisitions, which were not included in the initial GAAP and non-GAAP calculations. Please refer to Exhibit A of this proxy statement for a description and reconciliation of these non-GAAP financial measures relative to reported GAAP financial measures. In addition to the specific financial performance KPIs achieved, we added unexpected financial value by entering into an Amended and Restated Royalty Purchase Agreement with Royalty Pharma Investments, or RPI, for $1.0 billion and up to potentially another $500 million for the sale of a portion of our retained royalty rights on worldwide net sales of Evrysdi and by terminating the credit agreement with Blackstone Life Sciences and Blackstone Credit.

Accelerate commercial success. The purpose of this goal was to commercially advance and expand our various commercial products. The first KPI for this goal was to deliver geographic region-specific strategies with a focus on product launch readiness in Japan and further build out our regional operations in Latin America, or LATAM, and the Middle East to accelerate Translarna and Upstaza growth. This KPI was achieved as we established a launch readiness plan in Japan with associated resources and bolstered our LATAM and Middle East operations to drive further growth in these regions including revenue expansion in seven new markets. The second KPI for this goal was to secure and maintain access and reimbursement by (i) securing and maintaining reimbursed access for all DMD franchise patients, (ii) ensure access and maintain appropriate pricing for Upsatza and (iii) secure access for Tegsedi and Waylivra. This KPI was achieved as we maintained and expanded reimbursed access for all commercial products in our portfolio in all key regions. The third KPI for this goal was to bring forward a business development opportunity to complement our pipeline and leverage our geographic footprint. This KPI was achieved as we conducted diligence, performed financial assessments and brought forward for discussion many business development opportunities. Overall, this goal was achieved because we achieved all corresponding KPIs.

Advance programs and pipelines. The purpose of this goal was to advance clinical programs in our pipeline, and we grouped three sets of KPIs for this goal. Our first set of KPIs was related to advancing our late stage programs: submitting a biologics license application, or BLA, to the FDA for Upstaza; resubmit a new drug application, or NDA, for Translarna; receive approval for Translarna in the EMA to convert to a full marketing authorization; submitting an NDA to the FDA for sepiapterin for PKU; submit an NDA to the FDA and a Marketing Authorization Application, or MAA, to the European Medicines Authority, or EMA, for vatiquinone for Friedreich ataxia; submit an NDA to the FDA for vatiquinone for in children with mitochondrial disease associated seizures; and support global regulatory submissions for franchise expansion for Translarna. This KPI was not achieved as we received a negative opinion from the Committee for Medicinal Products for Human Use, or CHMP, of the EMA relating to our attempt to convert Translarna’s conditional marketing authorization to a full marketing authorization and for the continuation of Translarna’s conditional marketing authorization. Additionally, we did not make any of the proposed regulatory submissions, although we did continue to take steps for some of these programs that will allow us to make the regulatory submissions in the future, with several of these submissions having already occurred or expected to occur in the first half of 2024. Our next KPI was to continue to advance our late-stage development pipeline: delivering interim data from our Phase 2 trial in PTC518 for Huntington’s disease, achieve enrollment sufficient for interim analysis for unesbulin in LMS and achieve last subject screened for our Phase 2 trial in LMS. This set of KPIs was achieved. Our last set of KPIs for this goal was to advance our late-stage development pipeline including: advancing our gene therapy platform by

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treating a patient in the next gene therapy study and submit Investigational New Drug Applications, or INDs, or clinical trial applications, or CTAs to dose first subjects in two phase 1 healthy volunteer studies. We did not achieve this third set of KPIs as we discontinued our pre-clinical gene therapy programs. We made the strategic decision that we would not be undertaking clinical development for either program following the leadership transition to Dr. Klein as Chief Executive Officer. We viewed the overall goal as not achieved, primarily due to the negative CHMP opinion received for Translarna in the European Economic Area, or EEA, and our inability to make the stated regulatory submissions in 2023. However, we had a successful interim data readout of our Phase 2 trial of PTC518 for HD which had met all study objectives to that point. Additionally, while not a stated KPI, we did achieve a successful phase 3 trial of sepiapterin for PKU, which we expect to support future global regulatory submissions and which is included in the milestone goals attached to the December 2023 PSUs granted to Dr. Klein.

Progress research and translational programs. The purpose of this goal was to grow our pipeline through the identification of new chemical entities or new therapies that enter pre-clinical safety toxicology studies. The KPI’s for this goal were (i) to advance four to six programs to late-research stage, including at least one program from our splicing platform, (ii) declare one to two development candidates and (iii) initiate and complete IND-enabling studies for two to three programs. We considered this goal achieved as we advanced four programs to late-research stage, including two programs from our splicing program, declared one development candidate and initiated and completed IND-enabling studies for three programs.

Continue Technical Operations Excellence. The purpose of this goal was to make sure that our technical operations were ahead of the needs of our programs to enable us to sufficiently provide materials for early- and late-stage product development as well as commercial-grade materials and additionally utilize our capabilities to be a manufacturing source for others. The KPIs for the first part of this goal were (i) to ensure continuity of commercial supply for all of our commercial products, (ii) provide clinical material on time to support our clinical programs, (iii) provide IND-enabling and clinical trial material for two to four of our programs. These KPIs were achieved. The KPIs from the second part of this goal were to sign at least two external customers for our plasmid and adeno-associated virus manufacturing and to supply material to our first external customer. These KPIs were achieved. Based on the successes of our KPIs for this goal, this goal was achieved.

Building the “Enduring PTC Engine” to benefit our patients. The purpose of this goal was to move the organization towards long-term success by continuing to develop the Company’s people, processes, systems and environment. This goal was considered satisfied due to multiple achievements affecting the Company’s day-to-day operations, including: continuing to support our organization via commitment to our strengths-based learning culture; integrating and streamlining our operations to drive performance, improve quality and compliances; increase efficiency with a focus on enterprise systems; enhancing our digital strategy, including leveraging data analytics and AI to increase productivity and heightening cybersecurity protocols and implementation; maintaining a safe working environment, including enabling decisions to achieve LEED certification in our new global headquarters in Warren, NJ as well as developing processes to encourage consideration of minority-owned vendors and suppliers.

The recommendations of Dr. Klein, our Chief Executive Officer, who, with input from the other named executive officers, assessed the Company’s performance against corporate goals for 2023, were also considered. As part of the assessment, the Compensation Committee also took into consideration how the achievement of our corporate goals expanded the long-term outlook of the Company and the impact on all of its stakeholders. In January 2024, our Compensation Committee determined that 2023 performance against the overall corporate objectives, goals and metrics, including qualitative assessment of the importance of the achievements to long-term success, warranted a corporate rating of 80% for the named executive officers. The primary reasons for the below-target rating were the negative opinions from the CHMP related to converting Translarna’s conditional marketing authorization to a full marketing authorization and to the continuation of Translarna’s conditional marketing authorization; and, also we did not make some proposed regulatory submissions by the end of 2023, although several were already submitted in 2024 and others are still planned to be submitted in 2024.

Individual performance in 2023. For individual performance in 2023, our Compensation Committee considered the following key accomplishments and contributions by individual named executive officers during 2023 and Dr. Klein’s

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recommendations with respect to performance ratings for all named executive officers, other than himself, and provided each with an individual performance modifier rating:

Name/Rating	Key performance factors in 2023
Matthew Klein/1.0	•    Key contributions: strategy, leadership, vision, execution
	•    Oversaw all critical aspects of our business and operations, including work towards all corporate goals, via active supervision of direct reports
	•    Led successful transition to new management team in 2023, and oversaw corporate restructuring and financing activities
	•    Continued to lead focus on our culture, which we feel is a strategic advantage for us, and in hiring and retaining of our employees, which continues to be critical to our success and continued growth
Pierre Gravier/1.0	•    Key contributions: led growing global finance team with increased complexity in support of all finance-related activities (such as revenue, tax, purchase accounting, debt and cash management)
	•    Led structuring and negotiating of successful $1.5B royalty financing deal with RPI
	•    Continued work to optimize PTC tax structure
	•    Led efforts to retire costly debt facility to strengthen company balance sheet
Eric Pauwels/1.0	•    Key contributions: business strategy, development and execution of commercial and business development functions
	•    Delivered 2023 revenue, with record year of net product revenue
	•    Accelerated commercial successes for Translarna with continued growth in mature markets
	•    Led geographic expansion of commercial products into new markets by achieving pricing and reimbursement for commercial products in additional territories
Lee Golden/1.0	•    Key contributions: development strategy, clinical operations, pharmacovigilance
	•    Continued to executed development strategy for multiple teams, including clinical development, clinical operations and pharmacovigilance
	•    Oversaw completion of successful phase 3 trial of sepiapterin in PKU patients as well as completion of other phase 2 and phase 3 clinical trials
	•    Oversaw conduct of ongoing clinical trials for Huntington disease (“HD”), ALS and AADC deficiency, including ensuring timely enrollment to allow interim readout of phase 2 trial in HD in 2023 and planned readouts of HD and ALS trials in 2024
	•    Oversaw global pharmacovigilance operations to support clinical development and commercial activities
Mark Boulding/ 1.0	•   Key contributions: corporate strategy, legal, compliance, quality assurance and information technology
	• Continued to execute corporate global strategy for multiple teams, including legal, compliance, information technology and quality assurance
	•   Continued strong protection of IP estate and defensive framework of key PTC programs

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Name/Rating	Key performance factors in 2023
	•   Oversaw Quality organization to ensure successful regulatory pre-approval and post-approval inspections of manufacturing facilities
	•   Oversaw creation of dedicated AI team to facilitate drug discovery and development efforts

Amounts earned under 2023 annual incentive program.  Our named executive officers earned the amounts set forth in the table below based on our Compensation Committee’s determinations with respect to the Company’s corporate rating and individual performance modifiers under the 2023 annual cash incentive program:

			2023 corporate rating
	Target		and individual
	incentive		performance		2023 amount
Name*	(% of salary)		modifier (%)		awarded ($)
Matthew Klein	75	%	80	%	$	472,800
Pierre Gravier**	45	%	80	%	$	94,500
Eric Pauwels	45	%	80	%	$	198,600
Lee Golden	45	%	80	%	$	189,000
Mark E Boulding	45	%	80	%	$	195,200

*Dr. Peltz and Ms. Hill were not eligible to receive awards for 2023 under our annual cash incentive program in light of their mid-year departures.

**Mr. Gravier’s 2023 annual cash incentive was pro-rated based on his mid-year start date.

Annual equity award. A significant portion of our executive compensation program in 2023 and in prior years has been in the form of an annual equity award that vests over a four-year period.

The “Stock Award” and "Options Awards" columns of our Summary Compensation Table set forth the full grant date fair value of the restricted stock units and stock option awards, respectively, granted to each named executive officer in January 2023, calculated in accordance with the provisions of Financial Accounting Standards Board Accounting Standard Codification, Topic 718, or FASB ASC Topic 718. These amounts do not represent the actual value realized by the named executive officers in 2023; in fact, no portion of the applicable equity awards vested until January 2024.

Our Compensation Committee views time-vested stock option awards as an important tool to align the interests of our named executive officers with the interests of our stockholders and believes that this form of equity is most effective at rewarding successful execution of our long-term growth strategy. The time vesting feature of the annual equity award, for both the stock options and restricted stock units, is also intended to promote employment retention of executives.

In determining the size of the annual equity awards granted to our named executive officers, our Compensation Committee considers the Company’s performance during the year prior to grant, the individual’s key contributions to our execution of our short-term and long-term goals during that year, as well as expectations for the Company’s and the individual’s performance in the new year, including the individual’s potential for enhancing the long-term creation of value for our stockholders. Our Compensation Committee also considers information provided by its independent compensation consultant, including information regarding comparative stock ownership of, and equity awards received by, the executives in our peer group and our industry. Our Compensation Committee also considers matters of internal pay equity as well as individual expectations based on historic Company practices. In addition, our Chief Executive Officer provides his recommendations to our Compensation Committee for each named executive officer other than himself.

Timing, pricing, material terms, of other matters related to equity awards.  All grants to our named executive officers must be approved by our Compensation Committee. Annual equity awards are generally granted at predetermined meetings of the Compensation Committee, in the beginning of the calendar year when the prior year can be reviewed, and were held in January, in 2021, 2022 and 2023. The annual equity awards consider the prior year’s

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performance more than the current year’s, because the Compensation Committee does not know the results of the coming year at the time of grant. As a result, performance in the previous year is a key factor in determining the grant amount.

Specifically, the equity awards granted in January 2023, which are disclosed in the Summary Compensation Table, were impacted by our Compensation Committee’s assessment of 2022 performance and expectations for 2023. We viewed 2022 as a year with significant corporate accomplishments, including reaching our overall full-year net product revenue guidance as well as our DMD franchise revenue guidance, expanding our geographical footprint and advancing various of our clinical programs in our pipeline. Our Compensation Committee’s assessment of 2023 performance and expectations for 2024 were factors in determining the equity awards granted in February 2024, which will be discussed in next year’s Summary Compensation Table.

The exercise price for annual stock option awards is set at the closing price of the Company’s common stock on the date of the grant. Annual stock option awards granted to employees, including our named executive officers, since our initial public offering have generally vested over a four-year period, with 25% of the shares underlying such options vesting one year after grant and 6.25% of the shares vesting at the end of each successive three-month period thereafter. The restricted stock units granted to our named executive officers in 2021, 2022 and 2023 vest over a four-year period, with 25% of the shares vesting one year after grant, and an additional 25% of the shares vesting annually thereafter.

Fiscal 2023 equity award determinations. In allocating equity awards among the named executive officers, our Compensation Committee considered individual performance in the context of both the Company’s achievements during 2022, as described under "Annual cash incentive program" beginning on page 42, as well as our Chief Executive Officer’s assessment and recommendations for each of the named executive officers. The Compensation Committee also considered the prevalence of restricted stock unit grants within the 2022 peer group and the usefulness of restricted stock units in managing the Company’s burn rate and dilution overhang.

Based on the factors detailed above, our Compensation Committee granted the stock option awards and restricted stock units described under the "Tabular presentation of annual equity awards in 2023" below to our named executive officers, pursuant to our 2013 Long-Term Incentive Plan, on January 5, 2023.

In addition, in connection with his March 2023 promotion to Chief Executive Officer, in April 2023 the Compensation Committee granted Dr. Klein an additional equity award consisting of 65,000 stock options and 26,000 restricted stock units. Additionally, in December 2023, our Compensation Committee awarded Dr. Klein an equity award consisting of 75,000 RSUs and 75,000 Target PSUs with an opportunity to earn additional PSUs for above-target performance. Our Compensation Committee determined it was appropriate to make the December 2023 RSU and PSU awards to Dr. Klein in recognition of his exceptional performance and the completion of the successful leadership transition to Chief Executive Officer while navigating difficult circumstances that had arisen in 2023 and structured the grant to encourage and reward his future performance.

The PSUs vest upon successful achievement of three regulatory milestones over two years. The regulatory milestones cannot be disclosed publicly without creating competitive harm. The 75,000 Target PSUs vest upon successful completion of a specified regulatory milestone. An additional 37,500 PSUs vest upon successful completion of a second specified regulatory milestone. An additional tranche of 37,500 PSUs vest upon successful completion of a third specified regulatory milestone, however, this PSU tranche will only vest if either the first or second regulatory milestone has also been achieved, in each case prior to December 31, 2025. Upon achievement of the relevant performance condition, each PSU tranche remains subject to additional time-based vesting, with one-third of the earned shares vesting immediately upon the achievement of the milestone and the remaining shares vesting in two equal amounts on each successive anniversary date of the achievement of the milestone.

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Tabular presentation of annual equity awards in 2023. The table below sets forth the grant date fair value of the equity awards made to each of our named executive officers who were named executive officers in January 2023, calculated in accordance with the provisions of FASB ASC Topic 718.

	Stock Option	Restricted Stock	Target PSU	2023 grant date
Name	award (#)(1)	Unit award (#)	award (#)	fair value ($)
Matthew Klein (2)	130,000	127,000	75,000	$	9,841,185
Eric Pauwels	45,000	18,000	—	$	1,651,410
Mark E Boulding	36,250	17,000	—	$	1,428,853
Stuart Peltz	132,500	53,000	—	$	4,862,485
Emily Hill	42,500	19,500	—	$	1,658,215

(1) Except as otherwise described below, each stock option has an exercise price of $39.42, the closing price of our common stock on January 5, 2023, the date of grant.

(2) Dr. Klein’s equity awards include a grant made in connection with his promotion to Chief Executive Officer in March 2023 of 65,000 stock options and 26,000 restricted stock units. The vesting schedule of these awards is the same as the vesting schedule of the annual equity awards granted in January 2023. The stock option values were calculated using an exercise price of $52.96, which was the closing price of our common stock on the April 18, 2023 grant date. Additionally, Dr. Klein’s equity awards include the December 2023 RSU grant and the Target PSU grant, assuming achievement of the relevant performance milestones. As discussed above, the December PSU award has the potential to be earned at 2x target.

Severance Benefits.  Each of our named executive officers has an employment agreement that entitles such executive to certain cash payments and other benefits in the event such officer’s employment is terminated (other than for "cause") or the Company undergoes a change in control. See "Employment Agreements with Executive Officers" on page 55 for additional information with respect to the employment agreements in general and "Potential Payments Upon Termination or Change in Control (2022)" on page 60 for addition information concerning specific severance payments and other benefits that our named executive officers may be entitled to receive under their employment agreements.

We believe the benefits under these employment agreements are consistent with market practice. The change in control provisions are intended to help to promote a continuity of management during a corporate transaction, while the severance arrangements are used primarily to attract, retain and motivate well-qualified executive management. Each employment agreement includes restrictive covenants (such as non-compete and non-solicitation provisions) that would apply in the event of the named executive officer’s termination, which our Board believes helps us protect our value.

Our change in control benefits are "double trigger" benefits. A "double trigger" benefit means that a change in control, by itself, would not trigger benefits. Instead, benefits would be paid only if the employment of the named executive officer is terminated during a specified period before or after the change in control. We believe this structure would help us secure the continued employment and focus of our named executive officers during change in control negotiations in which they believe they may lose their jobs.

Other Elements of Compensation.  Our named executive officers are eligible to participate in all of our employee benefit plans, in each case on the same basis as other employees. We maintain broad-based benefits that are provided to eligible employees, including health, dental, life and disability insurance and our 401(k) savings and retirement plan, or 401(k) plan. During 2023, we provided a 100% matching contribution for up to the first 6%, subject to applicable federal limits, of each contributing employee’s eligible compensation under our 401(k) plan. The matching contribution is subject to vesting at the rate of 25% at the end of each year of employment, for an employee’s first four years of employment, following which the matching contribution vests at 100% upon receipt. We do not maintain an executive perquisite program or any guaranteed or funded retirement plan benefits other than the matching contributions under our 401(k) plan, which we make available to all employees. Our named executive officers are also eligible to participate in our ESPP, which is available on the same basis to other employees. Additionally, all of our employees, including our named executive officers, are reimbursed for all business related aircraft travel, including travel to and from their respective residences.

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Stock Ownership Guidelines

In December 2016, our Board adopted Executive and Director Stock Ownership Guidelines, or Guidelines. The purpose of the Guidelines is to encourage ownership of the Company’s common stock by our executive officers and directors, promote the alignment of the long-term interests of our executive officers and directors with the long-term interests of the Company’s stockholders, and to further promote our commitment to sound corporate governance. The Guidelines are applicable to our executive officers and our non-employee directors.

Under the Guidelines, executive officers and non-employee directors must acquire target common stock ownership levels within five years of the date that the individual became subject to the Guidelines. The target common stock ownership levels are specified as shares of our common stock (including unvested RSUs) with a value equal to a multiple of the three-year average cash compensation (sum of base salary plus annual cash incentive program award) in the case of executive officers, and a multiple of the three-year average cash Board retainer, in the case of non-employee directors, as follows:

● Three times (3x) average cash compensation for the Chief Executive Officer;

● One times (1x) average cash compensation for each other executive officer; and

● Three times (3x) average cash Board retainer for non-employee directors.

Individuals covered by the Guidelines are expected to achieve their target ownership level by the fifth anniversary of their becoming subject to the Guidelines, or they will become subject to a requirement to hold 50% of their after tax profit shares until compliance is achieved. Ownership levels were measured as of December 15, 2023 to determine compliance with the Guidelines. As of December 15, 2023, Ms. Okey’s common stock ownership level was below three times her three-year average Board retainer. Ms. Okey retained at least 50% of her after-tax profit shares following stock option exercise or stock vesting, which is required until the target ownership level is met. Ms. Okey has subsequently achieved her target common stock ownership levels during 2024. All other named executive officers and non-employee directors were in compliance with the Guidelines or within the grace period for compliance as of December 15, 2023.

Insider Trading, Prohibition Against Pledging, and Anti-Hedging Policies

We have an Insider Trading Policy that has been adopted in light of restrictions under applicable securities laws. This policy prohibits trades in our common stock that would violate these laws, and it also imposes other restrictions such as blackout periods and prior notification and/or clearance requirements intended to protect against inadvertent violations of these laws. This policy also prohibits all employees, executive officers and directors from purchasing Company securities on margin, borrowing against Company securities held in a margin account, or pledging Company securities as collateral for loans as well as prohibits engaging in hedging or similar transactions, engaging in any short sales of our common stock or any purchases or sales of puts or calls for speculative purposes. In addition, this policy prohibits any employees of the Company with a title of “Senior Vice President” or above, or any non-employee directors from trading in the Company’s securities unless the transaction is done either through pre-clearance by our Chief Legal Officer or Chief Financial Officer or through a Rule 10b5-1 plan that (a) is entered into at a time when such person is not aware of material nonpublic information, (b) has a term of at least three months and (c) provides that any trade under such Rule 10b5-1 plan does not occur until at least 30 days, or 90 days in the case of an executive officer or non-employee director, after the date of the Rule 10b5-1 plan.

Adjustment or Recovery of Awards—Clawback Provisions

We have adopted a compensation clawback policy in accordance with Rule 10D-1 of the Exchange Act, and Nasdaq listing standards that is applicable to all of our current or former executive officers, or the Covered Persons. The clawback policy is administered by our Compensation Committee. In the event we are required to prepare an accounting restatement due to material noncompliance with any financial reporting requirement under U.S. federal securities laws, including any required restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements or that would result in a material misstatement if the error were corrected in the

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current period or left uncorrected in the current period, it is our policy to recover reasonably promptly the amount of erroneously awarded incentive-based compensation received by Covered Persons. The recovery of such compensation applies regardless of whether an executive engaged in misconduct or otherwise caused or contributed to the requirement for the accounting restatement.

Further, under Section 304 of the Sarbanes-Oxley Act, if we are required to restate our financial results due to material noncompliance with any financial reporting requirements as a result of misconduct, our Chief Executive Officer and Chief Financial Officer could be required to reimburse the Company for (1) any bonus or other incentive-based or equity-based compensation received during the twelve months following the first public issuance of the non-complying document, and (2) any profits realized from the sale of our securities during those twelve months.

Tax Considerations

We are generally entitled to a U.S. federal income tax deduction with respect to compensation income paid to our service providers. However, section 162(m) of the Internal Revenue Code of 1986, as amended, or the Code, generally disallows a tax deduction to public companies for compensation in excess of $1 million paid in any one year to each of certain of the Company’s current and former executive officers. While the Compensation Committee generally considers the financial accounting and tax implications to us of its executive compensation decisions, neither element was a material consideration in the compensation awarded to our named executive officers in 2023. The Compensation Committee has and will continue to review on a periodic basis the effect of Section 162(m) and may use its judgment to authorize compensation payments that may be in excess of the limit when it believes such payments are appropriate, and in the best interests of our company and our stockholders.

Compensation Committee Report

The Compensation Committee furnishes the following report:

The Compensation Committee has reviewed and discussed the Compensation Discussion and Analysis required by Item 402(b) of Regulation S-K with our management. Based on this review and discussion, the Compensation Committee recommended to our Board of Directors that the Compensation Discussion and Analysis be included in this proxy statement.

By the Compensation Committee of the

Board of Directors of PTC Therapeutics, Inc.

Glenn D. Steele, Jr., M.D., Ph.D., Chair

William F. Bell, Jr.

Emma Reeve

Michael Schmertzler

Mary Smith

David P. Southwell

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Summary Compensation Table

The following table sets forth information regarding compensation awarded to, earned by or paid to our named executive officers during the years indicated:

						Non-equity
						incentive
				Stock	Option	plan	All other
		Salary	Bonus	awards	awards	compensation	compensation	Total
Name and principal position	Year	($)(1)	($)	($)(2)	($)(2)	($)(3)	($)(4)	($)
Matthew B. Klein(5)	2023	747,222	—	4,545,380	3,152,305	472,800	19,318	8,937,025
Chief Executive Officer	2022	598,417	—	1,562,100	2,451,800	379,500	17,482	5,009,299
Pierre Gravier(6)	2023	245,000	—	1,035,320	1,358,045	94,500	1,610	2,734,475
Chief Financial Officer
Eric Pauwels	2023	549,117	—	709,560	941,850	198,600	13,463	2,412,590
Chief Business Officer	2022	530,533	—	640,080	1,506,960	304,900	12,239	2,994,712
	2021	502,250	—	678,198	2,790,550	297,700	10,518	4,279,216
Lee Golden(7)	2023	507,917	—	863,369	814,842	189,000	19,868	2,394,995
Executive Vice President and Chief Medical Officer
Mark E Boulding	2023	539,567	—	670,140	758,713	195,200	27,169	2,190,788
Executive Vice President and Chief Legal Officer	2022	523,067	—	548,640	1,291,680	272,400	21,756	2,657,543
	2021	503,938	—	678,198	2,790,550	298,700	21,456	4,292,842
Stuart W. Peltz, Ph.D.(8)	2023	188,033	—	2,089,260	2,773,225	—	608,866	5,659,384
Former Chief Executive Officer	2022	791,833	—	1,676,400	3,946,800	720,600	28,107	7,163,740
	2021	768,750	—	1,835,124	7,550,900	835,300	32,249	11,022,323
Emily Hill(9)	2023	352,250	—	768,690	889,525	—	248,624	2,259,089
Former Chief Financial Officer	2022	509,833	—	594,360	1,399,320	292,000	17,866	2,813,380
	2021	489,500	—	718,092	2,954,700	312,100	12,740	4,487,132

(1) Base salary determinations for 2023 were set by our Compensation Committee in January 2023 and became effective as of March 1, 2023.

(2) These amounts do not represent the actual value realized by the named executive officers during the respective year. The amounts reported in the "Stock awards" and "Option awards" columns reflect the full grant date fair value of share-based compensation awarded during the applicable fiscal year computed in accordance with the provisions of FASB ASC Topic 718.

The stock option values were calculated using the Black-Scholes option pricing model. See Notes 2 and 10 to our audited financial statements for the fiscal year ended December 31, 2023, included in our 2023 Annual Report on Form 10-K for the fiscal year ended December 31, 2023 for information regarding assumptions underlying the valuation of equity awards.

(3) Represents cash awards earned by our named executive officers under our annual incentive program.

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(4) The amounts reported in the "All other compensation" column in 2023 reflects, for each named executive officer, PTC’s 401(k) plan matching contribution and group term life insurance premiums paid by the Company. In addition, for Dr. Peltz, the figure includes the value of personal use of chartered aircraft by his family members in connection with Dr. Peltz’s business-related aircraft travel and for Mr. Boulding includes an amount paid to Mr. Boulding in connection with his 20-year employment anniversary, pursuant to a program available to all of our employees. Additionally, for Dr. Peltz and Ms. Hill, the figures include payments made in conjunction with their separations from the Company. For Dr. Peltz, this included payment of $387,700 for payouts for accrued but unused vacation days and payments in the aggregate of $197,903 pursuant to his Consulting Agreement as described under “Consulting Agreements” on page 56. For Ms. Hill, this included payments of $177,833 for severance and $51,298 for vacation day payouts.

(5) Dr. Klein also serves as a member of our Board but does not receive any additional compensation for his service as a director. Dr. Klein was appointed as our Chief Executive Officer effective as of March 22, 2023. In connection with his promotion, his annual base salary increased from $618,000 to $788,000 in 2023, which salary was pro-rated for 2023 based on the date of his appointment. Dr. Klein’s stock and options awards for 2023 include (i) a grant in April 2023 made in connection with his promotion to Chief Executive Officer in March 2023 of 65,000 stock options and 26,000 restricted stock units and (ii) a grant in December 2023 of 75,000 RSUs. Additionally, the December 2023 grant included 75,000 Target PSUs and the opportunity to earn 75,000 additional PSUs for above-target performance. On the date of the grant, for purposes of accounting recognition as required by the Summary Compensation Table, the PSUs were valued at $0 as the achievements of the performance goals have not yet been deemed probable. The maximum value of the PSUs on the grant date assuming achievement of all performance conditions was $2,143,500 for the Target PSUs and $2,143,500 for the additional, above-target PSUs.

(6) Mr. Gravier was appointed as our Chief Financial Officer effective as of July 13, 2023. In connection with his appointment, he received an annual base salary of $525,000, which salary was pro-rated for 2023 based on the date of his promotion.

(7) Dr. Golden received a promotion effective as of April 1, 2023. In connection with his promotion, his annual base salary increased to $525,000 in 2023, which increased salary was pro-rated for 2023 based on the date of his promotion. Prior to his April 1, 2023 promotion date, Dr. Golden received $114,167 of 2023 salary.

(8) Dr. Peltz also served as a member of our Board in 2023 but did not receive any additional compensation for his service as a director. Dr. Peltz retired as Chief Executive Officer and a member of our Board effective as of March 22, 2023. The amount reported in the “Salary” column is the amount earned by Dr. Peltz prior to his retirement from the Company. Dr. Peltz also received payments as a consultant during 2023 as reported in the "All other compensation" column pursuant to a consulting agreement, or the Consulting Agreement, he entered into with us in connection with his retirement. Dr. Peltz forfeited his entire annual equity award granted in 2023 upon the termination of his Consulting Agreement.

(9) Ms. Hill ceased being our Chief Financial Officer on May 20, 2023 and separated from the Company on August 20, 2023. The amount reported in the “Salary” column is the amount earned by Ms. Hill prior to her separation from the Company. Ms. Hill forfeited her entire annual equity award granted in 2023 upon her separation from the Company.

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Grants of Plan-Based Awards in 2023

The following table sets forth information concerning each grant of an award made in 2023 to the named executive officers under any Company compensation plan.

											All Other
										All other	Option			Grant Date
		Estimated Future Payouts					Estimated Future Payouts			Stock	Awards:	Exercise or		Fair Value of
		Under Non-Equity Incentive					Under Equity Incentive			Number of	Number of	base price		Stock and
		Plan Awards(1)					Plan Awards			Shares of	Securities	of Option		Option
	Grant	Threshold	Target		Maximum		Threshold	Target	Maximum	Stock units	Underlying	Awards		Awards
Name	Date	($)	($)		($)		(#)	(#)	(#)	(#)(2)	Options (#)(3)	($/Sh)(4)		($)(5)
Matthew Klein (6)	1/5/2023						—	—	—	—	65,000	$	39.42	$	1,360,450
	1/5/2023						—	—	—	26,000	—	$	39.42	$	1,024,920
	4/18/2023						—	—	—	—	65,000	$	52.96	$	1,791,855
	4/18/2023						—	—	—	26,000	—	$	52.96	$	1,376,960
	12/28/2023						—	—	—	75,000	—	$	28.58	$	2,143,500
	12/28/2023						—	75,000	150,000	—	—	$	28.58	$	—
		—	$	591,000	$	1,182,000
Pierre Gravier(7)	7/13/2023						—	—	—	—	65,000	$	39.82	$	1,358,045
	7/13/2023						—	—	—	26,000	—	$	39.82	$	1,035,320
		—	$	118,125	$	236,250
Eric Pauwels	1/5/2023						—	—	—	—	45,000	$	39.42	$	941,850
	1/5/2023						—	—	—	18,000	—	$	39.42	$	709,560
		—	$	248,310	$	496,620
Lee Golden(8)	1/5/2023						—	—	—	—	11,400	$	39.42	$	238,602
	1/5/2023						—	—	—	10,640	—	$	39.42	$	419,429
	4/24/2023						—	—	—	—	21,000	$	52.85	$	576,240
	4/24/2023						—	—	—	8,400	—	$	52.85	$	443,940
		—	$	236,250	$	472,500
Mark Boulding	1/5/2023						—	—	—	—	36,250	$	39.42	$	758,713
	1/5/2023						—	—	—	17,000	—	$	39.42	$	670,140
		—	$	243,990	$	487,980
Stuart Peltz	1/5/2023						—	—	—	—	132,500	$	39.42	$	2,773,225
	1/5/2023						—	—	—	53,000	—	$	39.42	$	2,089,260
		—		—		—
Emily Hill	1/5/2023						—	—	—	—	42,500	$	39.42	$	889,525
	1/5/2023						—	—	—	19,500	—	$	39.42	$	768,690
		—		—		—

(1) Amounts represent potential awards under the annual cash incentive program, which equal a specified percentage of the participant’s 2023 base salary. Dr. Klein could earn, at target, an amount equal to 75% of his base salary, and each other named executive officer that is currently employed by the Company can earn, at target, an amount equal to 45% of his or her respective base salary. For Mr. Gravier, the potential award reflects the maximum bonus Mr. Gravier was eligible to receive pro-rated based on his start date.  Dr. Peltz and Ms. Hill both separated from the Company in 2023 and therefore, were not eligible to receive an award under the cash incentive program. No definitive threshold value was established by the Compensation Committee in 2023.

The amount reflected under “Maximum” is the largest potential award that was achievable by each named executive officer in 2023, which is two times the target. The maximum award may not be increased above this limitation to reflect the individual performance modifier. Since 2019, individual payouts under the annual cash incentive program to named executive officers have ranged from a low of 80% to a high of 148.5%, in each case based on the combination of the corporate rating and the individual performance modifier as describe above in “Mechanics of annual cash incentive program” on page 43.

The actual amounts earned by each named executive officer are set forth in the “Non-Equity Incentive Plan Compensation” column of the Summary Compensation Table. For more information on the annual cash incentive program in 2023, please see “Compensation Discussion and Analysis—Annual cash incentive program” on page 42.

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(2) Other than as described herein, all of the restricted stock units granted in 2023 to each of our named executive officers vest in four equal installments over four years, with the initial 25% vesting on the anniversary date of grant. The restricted stock units granted to Dr. Golden on April 24, 2023 vest in four equal installment over four years, with the initial 25% vesting on April 1, 2024. The restricted stock units granted to Dr. Klein on December 28, 2023 vest in four equal installment over four years, with the initial 25% vesting on December 29, 2023.

(3) Other than as described herein, all of the options granted in 2023 to each of our named executive officers vest over four years, with 25% of the shares underlying such options vesting on the first anniversary of the grant date and 6.25% of the shares vesting at the end of each successive three-month period thereafter. The options granted to Dr. Golden on April 24, 2023 vest over four years, with 25% of the shares underlying such options vesting on April 1, 2024 and 6.25% of the shares vesting at the end of each successive three-month period thereafter.

(4) The exercise price is the closing price of PTC common stock, as traded on the Nasdaq Global Select Market on the date of the respective grant. For more information on stock options granted to the named executive officers in 2022, please see "Compensation Discussion and Analysis—Annual equity award" on page 47.

(5) This column represents the full grant date fair value of stock options and restricted stock units granted to each of the named executive officers in 2023, as calculated in accordance with FASB ASC Topic 718. These amounts do not represent the actual value realized by the named executive officers during 2023.

(6) The equity grant Dr. Klein received on January 5, 2023, relates to his award under the Company's annual equity incentive program based on his employment at the Company in 2022 as Chief Operating Officer. The equity grant Dr. Klein received on April 18, 2023 related to his award granted in connection with his promotion to Chief Executive Officer. Additionally, on December 28, 2023, Dr. Klein was granted a grant of (i) 75,000 RSUs and (2) 75,000 Target PSUs with an opportunity to earn additional PSUs (for a aggregate amount of 2x target) for above-target performance. The PSUs will vest only upon satisfaction of certain challenging performance goals relating to regulatory milestones that are achieved prior to December 31, 2025. The grant date fair value of the PSUs was $0 as the achievements of the performance goals had not yet been deemed probable. The value of the Target PSUs on the grant date assuming achievement of all performance conditions was $2,143,500, and the maximum PSU value on the grant date assuming achievement of all target and above-target performance conditions was $4,287,000.

(7) The equity grant Mr. Gravier received on July 13, 2023 was in connection with his appointment to Chief Financial Officer.

(8) The equity grant Dr. Golden received on January 5, 2023, relates to his award under the Company's annual equity incentive program based on his employment at the Company in 2022, prior to his appointment as an executive officer. The equity grant Dr. Golden received on April 24, 2023 related to his award granted in connection with a promotion to EVP.

Employment Agreements with Executive Officers

Prior to our initial public offering in June 2013, we negotiated employment agreements with all of our then executive officers, including Mr. Boulding. The employment agreements established initial base salaries to be effective following our initial public offering and a minimum annual cash incentive opportunity, calculated as a percentage of each executive’s annual base salary. Actual amounts earned under the annual cash incentive program, and any increases to base salary or annual cash opportunity, are determined by our Compensation Committee.

These agreements provide that employment will continue until either we or the applicable named executive officer provides written notice of termination in accordance with the terms of the agreement. Under the terms of their respective employment agreements, each executive is entitled to receive an annual base salary (subject to annual review and increase, but not decrease) and participate in our annual cash incentive program (subject to the discretion of the Board). Each named executive officer is also entitled to participate in any employee benefit plans that we make available to senior executives (including group life, medical, dental and other insurance, retirement, profit-sharing and similar plans).

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In addition, we have agreed to indemnify each of our named executive officers in any action or proceeding arising out of his or her service to us, unless he or she initiates such action or proceeding. These indemnification obligations require us, among other things, to indemnify such named executive officer for certain expenses, including attorneys’ fees, that are incurred by him or her, and to advance him or her such expenses upon request.

In addition, each of these agreements prohibits our named executive officers from disclosing confidential information and competing with us during the term of their employment and for a specified time thereafter. Upon execution and effectiveness of a release of claims, each of our named executive officers will be entitled to severance payments and other benefits if his or her employment is terminated under specified circumstances. The terms of the agreements were intended to attract and retain our named executive officers by providing them with a measure of financial security as the Company prepared for its initial public offering, which was balanced against our need to protect our value through the use of restrictive covenants (such as non-compete and non-solicitation provisions) in the event of the officer’s termination.

Matthew Klein, our Chief Operating Officer for 2022, entered into an employment agreement with us on October 28, 2019, when he joined the Company as Global Head of Gene and Mitochondrial Therapies. Dr. Klein’s employment agreement was amended on April 11, 2020, when Dr. Klein was promoted to Chief Development Officer and on January 7, 2022, when Dr. Klein was promoted to Chief Operating Officer. On April 18, 2023, Dr. Klein entered into an Amended and Restated Employment Agreement (the “Klein Employment Agreement”) with us. The Klein Employment Agreement provides that Dr. Klein will be entitled to receive an annual base salary at the rate of $788,000, effective as of March 22, 2023, the date he was appointed Chief Executive Officer and President of the Company, and will have a target annual bonus opportunity of 75% of his annual base salary, in each case subject to adjustment. The terms of Dr. Klein’s employment agreement are materially consistent with the terms of the employment agreements discussed above.

Pierre Gravier, our Chief Financial Officer, entered into an employment agreement with us on July 13, 2023, when he was appointed as our Chief Financial Officer. The Gravier Employment Agreement provides that Mr. Gravier will be entitled to receive an annual base salary at the rate of $525,000 and will have a target annual bonus opportunity of 45% of his annual base salary, in each case subject to adjustment. The terms of Mr. Gravier’s employment agreement are materially consistent with the terms of the employment agreements discussed above.

Eric Pauwels, our Chief Business Officer, entered into an employment agreement with us on March 9, 2015, when he joined the Company as Senior Vice President & General Manager - Americas. Mr. Pauwels’ employment agreement was amended on April 16, 2020, when Mr. Pauwels was promoted to Chief Business Officer. The terms of Mr. Pauwels’ employment agreement are materially consistent with the terms of the employment agreements discussed above.

Lee Golden, our Executive Vice President and Chief Medical Officer, entered into an employment agreement with us on May 4, 2020, when he joined the Company as Senior Vice President, Head of Global Clinical Development. Dr. Golden’s employment agreement was amended on January 6, 2022, when Dr. Golden was promoted to Chief Medical Officer. Dr. Golden’s employment agreement was amended on April 28, 2023, when Dr. Golden was promoted to Executive Vice President & Chief Medical Officer. The terms of Dr. Golden’s employment agreement are materially consistent with the terms of the employment agreements discussed above.

Emily Hill, our former Chief Financial Officer, entered into an employment agreement with us on December 11, 2017, when she was promoted to Vice President, Head of Investor Relations. Ms. Hill’s employment agreement was amended on January 1, 2019, when Ms. Hill was promoted to Senior Vice President, Head of Investor Relations. The terms of Ms. Hill’s employment agreement were materially consistent with the terms of the employment agreements discussed above.

Consulting Agreements

On March 22, 2023, Dr. Peltz provided the Board with notice of his decision to retire as Chief Executive Officer and a member of our Board, effective as of March 22, 2023. In connection with his retirement, we entered into the Consulting Agreement to ensure continued access to Dr. Peltz. Dr. Peltz was viewed by our Board and our management team as an important ongoing resource as he was an initial co-founder of the Company and he served as our Chief

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Executive Officer for approximately 25 years. Pursuant to the Consulting Agreement, Dr. Peltz continued to provide services to us as a Senior Advisor and as a member of our Scientific Advisory Board. The term of the Consulting Agreement was for approximately two years, from March 24, 2023, the date he terminated employment, until April 11, 2025 (subject to earlier termination, or the consulting period). In accordance with the Consulting Agreement, Dr. Peltz was to be paid a consulting fee of $600,000 in respect of his consulting services for the first twelve months of the consulting period and $400,000 in respect of his consulting services for the next twelve months of the consulting period (through March 24, 2025). The consulting fees were paid monthly and in arrears. Dr. Peltz and his eligible dependents were eligible to continue to receive group health insurance benefits for 18 months from the date of the Consulting Agreement, subject to applicable law and the terms of the applicable policies and subject to a maximum amount of expenses. In addition, pursuant to the Consulting Agreement, Dr. Peltz continued to be eligible to receive a prorated 2023 bonus, should the Consulting Agreement be in effect at the time bonuses were paid out to executive officers. The amount of such prorated 2023 annual bonus was set to be equal to 25% of Dr. Peltz’s 2022 annual bonus and payable at the time 2023 bonuses are paid to our executive officers. While Dr. Peltz serves on our Scientific Advisory Board, he will be compensated for such services in accordance with our policies. Unvested equity awards previously granted to Dr. Peltz continued to be eligible to vest based on his continued service during the consulting period in accordance with their existing terms. Dr. Peltz also agreed to a release of claims relating to the end of his service as Chief Executive Officer and remains subject to certain continuing obligations in favor of us. The Consulting Agreement was terminated on October 3, 2023. Dr. Peltz received an aggregate of $197,903 pursuant to the Consulting Agreement. Following the termination of the Consulting Agreement, Dr. Peltz was no longer eligible to receive a 2023 bonus. Pursuant to the Consulting Agreement and in accordance with their existing terms, all of Dr. Peltz’s outstanding equity awards, including those that were vested and unexercised, were forfeited on the day of the termination of the Consulting Agreement.

For information concerning severance payments and other benefits that our named executive officers may be entitled to receive under their employment agreements see "Potential Payments Upon Termination or Change in Control (2023)" on page 60.

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Outstanding Equity Awards at December 31, 2023

The following table sets forth information regarding outstanding stock options, restricted stock awards and restricted stock units held by our named executive officers as of December 31, 2023:

	Option awards						Stock awards
											Equity incentive		Equity incentive
											plan awards:		plan awards:
	Number of	Number of					Number of		Market value		number of		market or payout
	securities	securities					shares of		of shares of		unearned shares,		value of unearned
	underlying	underlying		Option			stock that		stock that		units or other		shares, units or
	unexercised	unexercised		exercise		Option	have not		have not		rights that have		other rights that
	options	options		price		expiration	vested		vested		not vested		have not vested
Name	exercisable(#)	unexercisable(#)		($/share)		date	(#)		($)		(#)		($)
Matthew Klein	86,314	—		$	38.98	10/24/2029
	43,750	6,250	(1)		47.49	4/15/2030
	36,093	16,407	(2)		66.49	1/5/2031
	22,968	29,532	(3)		38.10	1/6/2032
	25,000	25,000	(4)		38.10	1/6/2032
	—	65,000	(5)		39.42	1/4/2033
	—	65,000	(6)		52.96	4/17/2033
							2,500	(7)	$	68,900
							4,500	(8)	$	124,020
							15,750	(9)	$	434,070
							10,000	(10)	$	275,600
							26,000	(11)	$	716,560
							26,000	(12)	$	716,560
							56,250	(13)	$	1,550,250
											150,000	(14)	$	4,134,000
Pierre Gravier	—	65,000	(15)	$	39.82	2/14/2034
							26,000	(16)	$	716,560
Eric Pauwels	70,000	—		$	66.15	4/7/2025
	20,411	—			30.86	1/3/2026
	2,488	—			11.32	2/24/2026
	8,423	—			11.23	1/2/2027
	30,594	—			18.01	1/2/2028
	26,950	—			33.02	1/21/2029
	26,446	1,764	(17)		51.16	1/28/2030
	43,750	6,250	(1)		47.49	4/15/2030
	40,906	18,594	(2)		66.49	1/5/2031
	27,562	35,438	(3)		38.10	1/6/2032
	—	45,000	(5)		39.42	1/4/2033
							1,198	(18)	$	33,017
							2,500	(7)	$	68,900
							5,100	(8)	$	140,556
							12,600	(9)	$	347,256
							18,000	(11)	$	496,080
Lee Golden	35,437	5,063	(19)	$	47.06	5/10/2030
	15,881	7,219	(2)		66.49	1/5/2031
	4,375	5,625	(3)		38.10	1/6/2032
	5,945	7,645	(3)		38.10	1/6/2032
	—	11,400	(5)		39.42	1/4/2033
	—	21,000	(20)		52.85	4/23/2033
							713	(21)	$	19,650
							1,980	(8)	$	54,569
							4,500	(9)	$	124,020
							6,117	(9)	$	168,585
							10,640	(11)	$	293,238
							8,400	(22)	$	231,504
Mark Boulding	85,600	—		$	50.00	1/2/2025
	72,500	—			33.02	1/21/2029
	17,500	—			33.02	1/21/2029
	55,781	3,719	(17)		51.16	1/28/2030
	40,906	18,594	(2)		66.49	1/5/2031
	23,625	30,375	(3)		38.10	1/6/2032
	—	36,250	(5)		39.42	1/4/2033
							2,550	(18)	$	70,278
							5,100	(8)	$	140,556
							10,800	(9)	$	297,648
							17,000	(11)	$	468,520
Stuart Peltz	—	—	(23)				—	(23)
Emily Hill	—	—	(24)				—	(24)

(1) This option vests over four years, with 25% of the shares underlying the option vesting on April 16, 2021 and 6.25% of the shares underlying the option vesting quarterly thereafter beginning on July 16, 2021.

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(2) This option vests over four years, with 25% of the shares underlying the option vesting on January 6, 2022 and 6.25% of the shares underlying the option vesting quarterly thereafter beginning on April 6, 2022.

(3) This option vests over four years, with 25% of the shares underlying the option vesting on January 7, 2023 and 6.25% of the shares underlying the option vesting quarterly thereafter beginning on April 7, 2023.

(4) This option vests over two years, with 50% of the shares underlying the option vesting on January 7, 2023 and 50% of the shares vesting on January 7, 2024.

(5) This option vests over four years, with 25% of the shares underlying the option vesting on January 5, 2024 and 6.25% of the shares underlying the option vesting quarterly thereafter beginning on April 5, 2024.

(6) This option vests over four years, with 25% of the shares underlying the option vesting on April 18, 2024 and 6.25% of the shares underlying the option vesting quarterly thereafter beginning on July 18, 2024.

(7) This restricted stock unit vests in four equal annual installments, commencing on April 16, 2021.

(8) This restricted stock unit vests in four equal annual installments, commencing on January 6, 2022.

(9) This restricted stock unit vests in four equal annual installments, commencing on January 7, 2023.

(10) This restricted stock unit vests in two equal annual installments, commencing on January 7, 2023.

(11) This restricted stock unit vests in four equal annual installments, commencing on January 5, 2024.

(12) This restricted stock unit vests in four equal annual installments, commencing on April 18, 2024.

(13) This restricted stock unit vests in four equal annual installments, commencing on December 29, 2023.

(14) The 75,000 Target PSUs vest upon satisfaction of certain performance goals relating to regulatory milestones that are achieved prior to December 31, 2025. Upon achievement of the relevant performance condition, the Target PSU remains subject to additional time-based vesting, with one-third of the shares underlying the Target PSU vesting immediately upon the achievement of the milestone and the remaining shares underlying the Target PSU vesting in two equal amounts on each successive anniversary date of the achievement of the milestone. The additional 75,000 PSUs for above market performance vest upon satisfaction of certain performance goals relating to regulatory milestones that are achieved prior to December 31, 2025. Upon achievement of the relevant performance condition, the additional PSUs remains subject to additional time-based vesting, with one-third of the shares underlying the additional PSUs vesting immediately upon the achievement of the milestone and the remaining shares underlying the additional PSUs vesting in two equal amounts on each successive anniversary date of the achievement of the milestone.

(15) This option vests over four years, with 25% of the shares underlying the option vesting on July 13, 2024 and 6.25% of the shares underlying the option vesting quarterly thereafter beginning on October 13, 2024.

(16) This restricted stock unit vests in four equal annual installments, commencing on July 13, 2024.

(17) This option vests over four years, with 25% of the shares underlying the option vesting on January 29, 2021 and 6.25% of the shares underlying the option vesting quarterly thereafter beginning on April 29, 2021.

(18) This restricted stock unit vests in four equal annual installments, commencing on January 29, 2021.

(19) This option vests over four years, with 25% of the shares underlying the option vesting on May 4, 2020 and 6.25% of the shares underlying the option vesting quarterly thereafter beginning on August 4, 2020.

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(20) This option vests over four years, with 25% of the shares underlying the option vesting on April 24, 2024 and 6.25% of the shares underlying the option vesting quarterly thereafter beginning on April 1, 2024.

(21) This restricted stock unit vests in four equal annual installments, commencing on May 4, 2021.

(22) This restricted stock unit vests in four equal annual installments, commencing on April 1, 2024.

(23) All of Dr. Peltz's unvested and vested outstanding stock option awards and unvested restricted stock unit awards were forfeited upon the termination of his Consulting Agreement with the Company.

(24) All of Ms. Hill's unvested outstanding stock option awards and restricted stock unit awards were forfeited upon her separation from the Company. All of Ms. Hill’s vested outstanding stock option awards that remained unexercised were forfeited 90 days following her separation from the Company.

Option Exercises and Stock Vested in 2023

The following table sets forth information concerning stock options that were exercised and restricted stock and restricted stock units that vested during 2023.

All stock option exercises and sales effected by our named executive officers during 2023 were pursuant to Rule 10b-5 plans adopted in accordance with our Insider Trading Policy, with the exception of the option exercise by Ms. Hill, which occurred after her termination date, prior to the expiration of her vested but unexercised options. For additional information on our Insider Trading Policy, see "Compensation Discussion and Analysis—Insider Trading, Prohibition Against Pledging and Anti-Hedging Policies" above.

	Option Awards			Stock Awards
	Number of Shares			Number of Shares
	Acquired on	Value Realized on		Acquired on Vesting	Value Realized on
Name	Exercise (#)	Exercise ($)(1)		(#)(2)	Vesting ($)(3)
Matthew Klein	—	$	—	38,750	$	1,347,528
Pierre Gravier	—	$	—	—	$	—
Eric Pauwels	—	$	—	11,602	$	499,383
Lee Golden	—	$	—	5,240	$	217,627
Mark Boulding	61,923	$	1,272,892	8,700	$	360,047
Stuart Peltz	—	$	—	26,150	$	1,086,191
Emily Hill	3,500	$	17,605	9,834	$	410,748

(1) Values realized upon stock option exercises are calculated based on the difference between the market price of PTC common stock at the time of exercise and the exercise price of the option.

(2) This column represents the vesting of restricted stock awards and restricted stock units granted in 2019, 2020, 2021, 2022 and 2023.

(3) The value realized for restricted stock was determined by multiplying the number of shares that vested by the market price of PTC common stock on the date of vesting.

Potential Payments upon Termination or Change in Control (2023)

As described below, each of our named executive officers has an employment agreement with us that entitles such executive to certain cash payments or other benefits in the event such officer’s employment is terminated or the Company undergoes a change in control.

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Pre-Conditions to Severance and Restrictive Covenants

The receipt of severance benefits by a named executive officer is conditioned upon the execution and non-revocation of a separation and release of claims agreement. These agreements include standard continued assistance and cooperation clauses and require reconfirmation of each executive’s commitment to abide by the non-competition, non-solicitation and confidentiality provisions of their employment agreements.

Pursuant to non-competition provisions in the employment agreements, each named executive officer has agreed that for, in the case of Dr. Klein, 24 months, in the case of Mr. Gravier, 15 months, and in the case of each other named executive officer, 18 months following his or her separation from the Company he or she will not engage in or assume any role involving directly or indirectly our field of interest, including, among other things, the research, development and commercialization of products relating to therapies for certain genetic disorders or diseases, including Duchenne muscular dystrophy and other therapeutic targets, mechanisms of action and/or therapies in which the Company has a research, development or commercialization program.

In addition, non-solicitation provisions in the employment agreements also prohibit each named executive officer for a period of, in the case of Dr. Klein, 24 months, in the case of Mr. Gravier, 15 months, and in the case of each other named executive officer, 18 months following separation from the Company from soliciting, directly or indirectly, any customers, partners, vendors, employees or contractors. Each agreement includes confidentiality provisions and assignment of invention provisions that do not expire following a separation of employment.

Definitions

A named executive officer’s termination by the Company would generally be considered "without cause" unless our Board determined in writing that: there was a willful and continued failure by the named executive officer to substantially perform his or her duties or responsibilities; he or she engaged in willful misconduct or gross negligence with detrimental effect to the Company; he or she was convicted of a felony; he or she materially breached a fiduciary duty to the Company; or he or she materially breached the terms of his or her employment agreement.

Unless the named executive officer has consented to any of the following, his or her decision to terminate his or her employment with the Company would generally be considered "for good reason" (following a failure of the Company to cure the condition) if: he or she was required to relocate more than 50 miles (or to New York City), or in the case of Mr. Gravier, outside of California for a period of longer than three months; there was a material adverse change in his or her responsibilities or a material reduction in his or her base compensation; the Company materially breached his or her employment agreement (and such breach was not promptly cured); or the Company failed to obtain the assumption of his or her employment agreement by any successor to the Company. In addition, the failure of the Board to appoint Dr. Klein as our Chief Executive Officer or re-nominate him as a Board member would generally be qualified as "good reason" for Dr. Klein to terminate his employment with us.

A "change in control" would generally be deemed to have occurred if: as a result of a merger or other reorganization, the Company was not the surviving entity; there was a sale of, or agreement to sell, substantially all of the Company’s assets; any person or group acquires or gains control of more than 50% of the Company’s common stock; or, as a result of or in connection with a contested election of directors, the Company’s current Board members (or their approved nominees) ceased to comprise a majority of the Board.

All stock option awards granted since our initial public offering are "double-trigger" awards that require both a change in control and a qualifying termination of employment before vesting is accelerated.

Overview of Payments—Dr. Klein

If we terminate Dr. Klein’s employment without cause or if he terminates his employment with us for good reason, we are obligated to: pay Dr. Klein 24 months of base salary continuation; a pro-rated bonus, based on his separation date, for the year in which termination occurs, based on actual corporate performance; extend the exercise period of certain of his option awards, subject to specified limitations; and, to the extent allowed by applicable law and the

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applicable plan documents, continue to provide him and certain of his dependents with group health insurance for a period of up to 18 months. Additionally, (i) the portion of any stock option held by Dr. Klein that is unvested at the time of termination shall remain outstanding and eligible to vest for a period of six months following such termination and shall vest on the date or dates that such portion of the stock option would have vested by its terms had Dr. Klein remained employed during such six-month period; provided, that in the event any such stock option was granted to Dr. Klein within the one-year period immediately prior to his termination, fifty percent of the shares of common stock subject to this stock option shall vest on the date that such portion of the stock option would have vested by its terms had Dr. Klein remained employed by the Company, (ii) fifty percent of the portion of any restricted stock units held by Dr. Klein that are subject to solely time-based vesting that would have otherwise vested on the next scheduled vesting date following the date termination occurs shall vest upon such termination, and (iii) with regards to his PSUs granted in December 2023, to the extent any of the performance milestones underlying the PSU have not yet occurred as of the termination date, then such PSUs shall remain outstanding until the earlier of (a) the date that is six months following the termination date, or (b) December 31, 2025 (such period, the “Tail Period”) and, to the extent the applicable performance milestone is achieved before the expiration of the Tail Period, then one-third of shares subject to the applicable PSU for which the performance milestone was achieved shall vest on the date the performance milestone is achieved.

If we terminate Dr. Klein’s employment without cause or if he terminate his employment with us for good reason, in each case within three months prior to or 12 months following a change in control, we were obligated to: pay Dr. Klein two times his base salary and target annual bonus for the year in which termination occurs; a pro rata target bonus for the year in which termination occurs; accelerate in full the vesting of all of his time-based outstanding equity awards with performance-based equity awards subject to the terms of the agreements evidencing such awards; and, to the extent allowed by applicable law and the applicable plan documents, continue to provide him and certain of his dependents with group health insurance for a period of up to 18 months or, at the Company’s option, a lump sum payment equal to the amount of Company contributions to Dr. Klein’s then-current group health care premiums for the same 18 month period. Additionally, pursuant to the terms of the December 2023 PSU awards, such PSU awards would vest as to the greater of (i) 75,000 shares underlying the PSU awards or (ii) the total number of shares subject to the PSU for which the performance milestone has been achieved and that remain subject to time-based vesting.

Overview of Payments—Other Named Executive Officers

For our named executive officers, other than Dr. Klein, if we terminate the named executive officer’s employment without cause or if such executive terminates his or her employment with us for good reason, we are obligated to: pay such named executive officer’s base salary for a period of 12 months, and with respect to Mr. Gravier, for a period of 15 months, and, to the extent allowed by applicable law and the applicable plan documents, continue to provide to such executive and certain of his or her dependents with group health insurance for a period of up to 12 months, and with respect to Mr. Gravier, for a period of 15 months.

Other than as described below with respect to Dr. Klein, if we terminate any named executive officer’s employment without cause or if such named executive officer terminates his or her employment with us for good reason, in each case within three months prior to or 12 months following a change in control, we are obligated to: pay the named executive officer a lump sum amount equal to his or her base salary for 12 months, and with respect to Mr. Gravier, for a period of 15 months; to the extent allowed by applicable law and the applicable plan documents, continue to provide to such named executive officer and certain of his or her dependents with group health insurance for a period of up to 12 months, and with respect to Mr. Gravier, for a period of 15 months, or, at the Company’s option, a lump sum payment equal to the amount of Company contributions to Mr. Gravier’s then-current group health care premiums for the same 15 month period; accelerate in full the vesting of all outstanding equity awards held by such named executive officer; and pay each such named executive officer his or her annual cash incentive award at target for the year in which he or she is terminated, which for Mr. Gravier was pro-rated in 2023 based on his start date.

Taxation

To the extent that any severance or other compensation payment to any of our named executive officers pursuant to an employment agreement or any other agreement constitutes an "excess parachute payment" within the meaning of

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Sections 280G and 4999 of the Internal Revenue Code of 1986, as amended, or the Code, then such named executive officer will receive the full amount of such severance and other payments, or a reduced amount intended to avoid the application of Sections 280G and 4999 of the Code, whichever provides the executive with the highest amount on an after-tax basis.

Potential Payments upon Termination or Change in Control Table (2023)

The following table summarizes the potential payments to each named executive officer under various termination events, assuming a hypothetical termination on December 31, 2023. Dr. Peltz is not included in the below table as no termination payments were made in connection with his mid-year departure in 2023.

	Termination by PTC		Termination in
	without "Cause" or		connection with a
	by Executive with		"Change in
Name	"Good Reason"		Control"
Matthew Klein
Cash Severance	$	1,576,000	$	2,758,000
Continued Health Coverage(1)	$	20,582	$	20,582
Stock Option Acceleration(2)	$	—	$	—
Restricted Stock Acceleration(3)	$	713,115	$	5,952,960
Total	$	2,309,697	$	8,731,542
Pierre Gravier
Cash Severance	$	656,250	$	774,375
Continued Health Coverage(1)	$	52,430	$	52,430
Stock Option Acceleration(2)	$	—	$	—
Restricted Stock Acceleration(3)	$	—	$	716,560
Total	$	708,680	$	1,543,365
Eric Pauwels
Cash Severance	$	551,800	$	800,110
Continued Health Coverage(1)	$	32,274	$	32,274
Stock Option Acceleration(2)	$	—	$	470,125
Restricted Stock Acceleration(3)	$	—	$	1,085,809
Total	$	584,074	$	2,388,318
Lee Golden
Cash Severance	$	525,000	$	761,250
Continued Health Coverage(1)	$	41,821	$	41,821
Stock Option Acceleration(2)	$	—	$	—
Restricted Stock Acceleration(3)	$	—	$	891,566
Total	$	566,821	$	1,694,637
Mark Boulding
Cash Severance	$	542,200	$	786,190
Continued Health Coverage(1)	$	34,010	$	34,010
Stock Option Acceleration(2)	$	—	$	—
Restricted Stock Acceleration(3)	$	—	$	977,002
Total	$	576,210	$	1,797,202
Emily Hill(4)
Cash Severance	$	533,500		N/A
Total	$	533,500		N/A

(1) Represents the COBRA premium for continued health care coverage for each named executive officer and their dependents that would be paid by the Company based on rates in effect January 1, 2024.

(2) Represents the aggregate value of the accelerated vesting of stock option awards, calculated by multiplying the difference between the closing price of PTC common stock on December 29, 2023 ($27.56) and the stock option exercise price by the number of stock options subject to accelerated vesting. All unvested stock option

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awards are "double-trigger" awards that require both a change in control and a qualifying termination of employment before vesting is accelerated.

(3) Represents the aggregate value of the accelerated vesting of restricted stock awards, calculated by multiplying the closing price of PTC common stock on December 29, 2023 ($27.56) by the number of shares subject to accelerated vesting.

(4) Represents the aggregate severance payment to be paid to Ms. Hill, in accordance with her employment agreement, following her separation from the Company in 2023. The severance payment will be paid in equal monthly payments over 12 months, commencing in September 2023. Ms. Hill did not elect to participate in continued health coverage.

Pay Ratio Disclosure

As required by the Dodd-Frank Act and SEC rules, we are providing the following information about the relationship of the annual total compensation of our employees and the annual total compensation of Dr. Klein, our Chief Executive Officer in 2023:

For our fiscal year ended December 31, 2023:

● The median of the 2023 annual total compensation of all employees (other than our Chief Executive Officer) was $215,581; and

● The 2023 annual total compensation of our Chief Executive Officer, as reported in the 2023 Summary Compensation Table included elsewhere in this proxy statement, was $8,937,025.

Based on this information the pay ratio of the annual total compensation of Dr. Klein to the median of the annual total compensation of our employees was approximately 41.5:1.

We believe the above pay ratio is appropriately viewed as a reasonable estimate calculated in a manner consistent with Item 402(u) of Regulation S-K. To identify the employee who received the median annual compensation of all of our employees, we reviewed the base salary, on an annualized basis, in U.S. dollars, for all of our employees as of December 31, 2023, for the period from January 1, 2023 through December 31, 2023. As of December 31, 2023, we had 995 employees worldwide. No cost-of-living adjustment or other adjustments were made and exclusions for non-U.S. employees were not utilized in determining our median employee with the exception of converting base salaries into U.S. dollars with respect to our international employees. Once we identified our "median employee," using the methodology described above, we determined that employee's annual total compensation in accordance with the requirements of Item 402(c)(2)(x) of Regulation S-K for purposes of calculating the required pay ratio.

Pay Versus Performance Disclosure

The following tables and related disclosures provides information required under Item 402(v) of Regulation S-K disclosing (i) a measure of total compensation and a measure reflecting “compensation actually paid,” or CAP, for our principal executive officer, or our PEO, and, as an average, for our other named executive officers, or our Non-PEO NEOs, and (ii) select financial performance measures, in each case, for our four most recently completed fiscal years and the relationship of CAP to those financial performance measures. Our Compensation Committee did not consider the pay versus performance disclosure below in making its pay decisions for any of the years shown. For a discussion of how our Compensation Committee seeks to align pay with performance when making compensation decisions, please review Compensation Discussion and Analysis beginning on page 36. The amounts shown for CAP have been calculated in accordance with Item 402(v) of Regulation S-K and do not reflect compensation actually earned, realized, or received

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by the PEO or other NEOs; these amounts reflect the Summary Compensation Table totals with certain adjustments as described in the following table and footnotes.

							Value of Initial Fixed
							$100 Investment Based On:
								NASDAQ
	Summary		Summary		Average Summary		Company	Biotechnology		Company
	Compensation	Compensation	Compensation	Compensation	Compensation	Average	Total	Index Total		Selected
	Table Total for	Actually Paid	Table Total for	Actually Paid	Table Total for	Compensation	Shareholder	Shareholder	Net Income /	Measure:
	First PEO	for First PEO	Second PEO	for Second PEO	Non-PEO NEOs	Actually Paid to	Return	Return	Loss	Revenue
Year	($)(1)	($)(2)	($)(1)	($)(2)	($)(3)	Non-PEO NEOs ($)(4)(5)	($)(6)	($)(7)	($ Millions) (8)	($ Millions)
2023	5,659,384	(3,542,201)	8,937,025	4,769,312	2,398,388	781,089	57.38	115.42	(626.6)	937.8
2022	7,163,740	5,403,785	—	—	3,371,920	2,655,391	79.47	111.27	(559.0)	698.8
2021	11,022,323	(4,946,916)	—	—	4,334,690	(1,002,836)	82.93	124.89	(523.9)	538.6
2020	10,552,792	12,568,762	—	—	3,982,716	2,566,938	127.07	125.69	(438.2)	380.8

(1) The dollar amounts reported in this column are the amounts of total compensation reported for our PEO for each corresponding year in the “Total” column of the Summary Compensation Table. For fiscal year 2023, Stuart Peltz was our First PEO and Matthew Klein was our Second PEO. Our PEO for fiscal years 2022, 2021 and 2020 was Stuart Peltz.

(2) The dollar amounts reported in this column represent the amount of “compensation actually paid,” or CAP, for our PEO for the corresponding fiscal year, as calculated in accordance with Item 402(v) of Regulation S-K and as further described below.

(3) The dollar amounts reported in this column represent the average of the amounts reported for our non-PEO NEOs as a group in the “Total” column of the Summary Compensation Table for the corresponding year. The non-PEO NEOs included for purposes of such calculations are as follows: (i) for fiscal year 2023, Pierre Gravier, Mark Boulding, Lee Golden, Eric Pauwels and Emily Hill; (ii) for fiscal year 2022, Emily Hill, Neil Almstead, Eric Pauwels and Matthew Klein; (iii) for fiscal year 2021, Emily Hill, Neil Almstead, Mark Boulding, and Eric Pauwels; and (iv) for fiscal year 2020, Emily Hill, Neil Almstead, Mark Boulding, Eric Pauwels and Marcio Souza.

(4) The dollar amounts reported in this column represent the average amount of CAP to the non-PEO NEOs specified in footnote (3) as a group, as further described below.

(5) The following tables describe the adjustments, each of which is prescribed by SEC rules, to calculate CAP from the amounts reported in the Summary Compensation Table. The amounts reported in the Summary Compensation Table and CAP do not reflect the actual amount of compensation earned by or paid to our executives during the applicable fiscal years, but rather are amounts determined in accordance with Item 402 of Regulation S-K under the Exchange Act.

PEO:

		Deductions	Additions
Year	SCT Total ($)	from SCT Total ($)	to SCT Total ($)	CAP ($)
2023 (First PEO)	5,659,384	(4,862,485)	(4,339,101)	(3,542,201)
2023 (Second PEO)	8,937,025	(7,697,685)	3,529,971	4,769,312

						Value of Dividends
					Fair Value at the	or other Earnings
		Year over Year	Fair Value as of	Year over Year	End of the Prior	Paid on Stock or
		Change in Fair	Vesting Date of	Change in Fair	Year of Equity	Option Awards
		Value of	Equity Awards	Value of Equity	Awards that	not Otherwise
	Year End Fair	Outstanding	Granted and	Awards Granted	Failed to Meet	Reflected in Fair	Total Equity
	Value of Equity	and Unvested	Vested in	in Prior Years that	Vesting Conditions	Value or Total	Award
	Awards	Equity Awards	the Year	Vested in the Year	in the Year	Compensation	Adjustments
Year	($)	($)	($)	($)	($)	($)	($)
2023 (First PEO)	—	—	—	(128,891)	(4,210,210)	—	(4,339,101)
2023 (Second PEO)	4,625,788	(1,045,392)	—	(50,424)	—	—	3,529,971

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Non-PEO NEO’s:

		Deductions	Additions	CAP
Year	SCT Total ($)	from SCT Total ($)	to SCT Total ($)	($)
2023	2,398,388	(1,762,011)	144,712	781,089

						Value of
						Dividend or
					Fair Value at	other Earnings
				Year over Year	the End of the	Paid on Stock or
		Year over Year	Fair Value as of	Change in Fair	Prior Year of	Option Awards
		Change in Fair	Vesting Date of	Value of Equity	Equity Awards	not Otherwise
	Year End	Value of	Equity Awards	Awards Granted	that Failed	Reflected	Total
	Fair Value	Outstanding	Granted and	in Prior Years	to Meet Vesting	in Fair Value	Equity
	of Equity	and Unvested	Vested in	that Vested in	Conditions in	or Total	Award
	Awards	Equity Awards	the Year	the Year	the Year	Compensation	Adjustments
Year	($)	($)	($)	($)	($)	($)	($)
2023	784,988	(354,971)	—	(9,162)	(276,143)	—	144,712

The methodology used to develop the valuation assumptions as of each applicable measurement date is consistent with and did not materially differ from those disclosed at the time of grant.

(6) Amounts represent the cumulative total stockholder return of our common stock for the period beginning on the market close on December 31, 2019, the last trading day before the earliest fiscal year in the table, through and including December 31, 2023, the end of the last fiscal year in the table for which cumulative total stockholder return is being calculated. Amount assumes that $100 was invested for the period starting December 31, 2019. The amount included in the table is the value of such fixed investment based on the cumulative total stockholder return as of the end of each year, including reinvestment of dividends (if any).

(7) The peer group used for this purpose is NASDAQ Biotechnology Index, which we also use in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report for the year ended December 31, 2023. Amount assumes $100 was invested for the period starting December 31, 2019, through the end of the listed year in the Company and in the NASDAQ Biotechnology Index, respectively.

(8) The dollar amounts in this column are the Company’s net loss as reflected in the Company’s audited consolidated financial statements for the applicable year.

Description of Relationship Between PEO and Non-PEO NEO CAP and Company Total Stockholder Return (“TSR”)

The following chart sets forth graphically the relationship between CAP to our PEO, the average of CAP to our Non-PEO NEOs, the Company’s cumulative TSR and the index TSR over the four most recently completed fiscal years.

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Description of Relationship Between PEO and Non-PEO NEO CAP and Net Income

The following chart sets forth graphically the relationship between CAP to our PEO, the average of CAP to our Non-PEO NEOs, and our net income loss during the four most recently completed fiscal years.

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Description of Relationship Between PEO and Non-PEO NEO CAP and Revenue

The following chart sets forth graphically the relationship between CAP to our PEO, the average of CAP to our Non-PEO NEOs, and our revenue during the four most recently completed fiscal years.

List of Most Important Performance Measures to Determine 2023 CAP

As described in more detail in the “Compensation Discussion and Analysis” section, our executive compensation program is intended to motivate our executive team to achieve our short-term and long-term strategy for creating stockholder value with a significant portion of NEOs’ pay being “at risk”. Our executive compensation program consists of three primary elements: base salary, annual cash incentive and annual equity award. The following table lists the four financial and non-financial performance measures, that, in our assessment, represent the most important performance measures used to link executive compensation actually paid, for the 2023 fiscal year, to our performance overall. Of these measures, we have identified revenue to be the most important financial measure used to link our performance to CAP for our PEO and Non-PEO NEOs for fiscal year 2023.

Most Important Performance Measures

Revenue

Pipeline Development (1)

Total Shareholder Return

Non-GAAP R&D expenses plus Non-GAAP SG&A expenses (2)

(1) Pipeline Development is a non-financial performance measure that encapsulates the progress of our clinical and pre-clinical pipeline programs. For more information, see "Company goals and results under the 2023 annual incentive program—Advance programs and pipelines." on page 44.

(2) Non-GAAP research and development and non-GAAP selling, general and administrative expenses each exclude non-cash, stock-based compensation expense from the corresponding GAAP measures. The metric listed refers to the sum of Non-GAAP research and development expense and non-GAAP selling, general and administrative expense. For more information, please refer to Exhibit A of this proxy statement.

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EQUITY COMPENSATION PLAN INFORMATION

In May 2013, our Board and stockholders approved the 2013 Long Term Incentive Plan, which became effective upon the closing of our initial public offering. On June 8, 2022, or the Restatement Effective Date, our stockholders approved the Amended and Restated 2013 Long Term Incentive Plan, or the Amended 2013 LTIP. The Amended 2013 LTIP provides for the grant of incentive stock options, nonstatutory stock options, restricted stock units and other stock-based awards. The number of shares of common stock reserved for issuance under the Amended 2013 LTIP is the sum of (A) the number of shares of our common stock (up to 16,724,212 shares) that is equal to the sum of (1) the number of shares issued under the 2013 Long Term Incentive Plan prior to the Restatement Effective Date, (2) the number of shares that remain available for issuance under the 2013 Long Term Incentive Plan immediately prior to the Restatement Effective Date and (3) the number of shares subject to awards granted under the 2013 Long Term Incentive Plan prior to the Restatement Effective Date that are outstanding as of the Restatement Effective Date, plus (B) from and after the Restatement Effective Date, an additional 8,475,000 shares of our common stock.

There are no additional shares of common stock available for issuance under our 1998 Employee, Director and Consultant Stock Option Plan, 2009 Equity and Long Term Incentive Plan or 2013 Stock Incentive Plan.

In addition, from time to time, the Compensation Committee grants inducement equity awards to individuals as an inducement material to the individual’s entry into employment with us within the meaning of Nasdaq Listing Rules, which, since January 2020, have been granted pursuant to our 2020 Inducement Stock Incentive Plan, as amended. The 2020 Inducement Stock Incentive Plan provides for the grant of incentive stock options, nonstatutory stock options, restricted stock awards and other stock-based awards, initially up to an aggregate of 1,000,000 shares of our common stock. In December 2020, our Board approved an additional 1,000,000 shares of common stock that may be issued under the 2020 Inducement Stock Incentive Plan. In April 2022, our Board approved a reduction in the total number of shares of common stock that may be issued under the 2020 Inducement Stock Incentive Plan to 1,300,000 shares. In December 2022, our Board approved an additional 1,700,000 shares of common stock that may be issued under the 2020 Inducement Stock Inventive Plan.

Following stockholder approval at our 2016 annual meeting, we adopted the ESPP, and following stockholder approval at our 2021 annual meeting, the ESPP was amended to increase the number of shares available for issuance thereunder to 2,000,000 shares of our common stock.

The following table sets forth information as of December 31, 2023 with respect to compensation plans under which shares of our common stock are authorized for issuance:

				Number of shares
				remaining available
				for future issuance
	Number of shares			under equity
	to be issued			compensation plans
	upon exercise	Weighted-average		(excluding shares
	of outstanding	exercise price of		reflected in the first
Plan Category	options	outstanding options (1)		column)
Equity compensation plans approved by security holders	7,121,234	$	32.87	9,469,420	(2)
Equity compensation plans not approved by security holders	2,479,165	$	10.72	n/a	(3)
Total	9,600,399	$	43.59	9,469,420

(1) Restricted stock units granted under our compensation plans do not require payment by the recipient at the time of vesting. As such, the weighted-average exercise price does not take these awards into account.

(2) Reflects, as of December 31, 2023, the total number of shares of our common stock available for issuance under the Amended 2013 LTIP (8,680,209 shares) and ESPP (789,211 shares).

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(3) Represents option awards or restricted stock units granted to individuals as an inducement material to the individual’s entry into employment with us. Each such grant was approved by our Compensation Committee and disclosed in a press release. Under applicable Nasdaq Listing Rules, inducement grants are not subject to security holder approval. Since January 2020, inducement grants have been granted pursuant to our 2020 Inducement Stock Incentive Plan, as amended.

The terms of each inducement grant option award are materially consistent with the terms of awards made under our Amended 2013 LTIP. Inducement grant stock options vest over four years, with 25% of the shares underlying the option vesting on the one-year anniversary of the new hire’s employment date and an additional 6.25% of the original number of shares underlying the option vesting at the end of each successive three-month period thereafter. Inducement option awards have an exercise price equal to the closing price of PTC’s common stock on the date of the grant. Inducement grant restricted stock units vest over four years, with 25% of the shares underlying the restricted stock unit vesting on each anniversary of the new hire’s employment date. The date of grant is the later of the date our Compensation Committee approves the awards or the applicable employee’s pre-scheduled new hire start date.

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2023 DIRECTOR COMPENSATION

The following table sets forth information regarding compensation awarded to, earned by or paid to our directors, other than Dr. Klein and Dr. Peltz, during 2023:

	Fees earned or		Option		Stock		All other
	paid in cash		awards		awards		compensation			Total
Name	($)		($)(1)		($)(1)		($)			($)
Michael Schmertzler	$	83,000	$	418,600	$	315,360	$	—		$	816,960
William F. Bell Jr.(3)		28,334		374,949		285,080		—			688,363
Allan Jacobson, Ph.D.		50,000		209,300		157,680		95,000	(2)		511,980
Stephanie S. Okey, M.S.		55,000		209,300		157,680		—			421,980
Emma Reeve		75,000		209,300		157,680		—			441,980
Mary Smith		72,000		209,300		157,680		—			438,980
David P. Southwell		72,000		209,300		157,680		—			438,980
Glenn D. Steele, Jr., M.D., Ph.D.		60,000		209,300		157,680		—			426,980
Alethia Young		62,000		209,300		157,680		—			428,980
Jerome Zeldis, M.D., Ph.D.		55,000		209,300		157,680		—			421,980

(1) These amounts do not represent the actual value realized by the directors during the respective year. The amounts reported in the "Option awards" and “Stock awards” column reflect the full grant date fair value of stock options and restricted stock units awarded during 2023 computed in accordance with the provisions of FASB ASC Topic 718.

The stock option values were calculated using the Black-Scholes option pricing model. See Notes 2 and 10 to our audited financial statements for the fiscal year ended December 31, 2023, included in our 2023 Form 10-K for the fiscal year ended December 31, 2023 for information regarding assumptions underlying the valuation of equity awards.

At December 31, 2023, the aggregate number of shares of our common stock subject to each non-employee director’s outstanding option awards were as follows: Mr. Schmertzler—232,000; Mr. Bell—15,834; Dr. Jacobson—116,000; Ms. Okey—71,167; Ms. Reeve—58,399; Ms. Smith—37,834; Mr. Southwell—80,000; Dr. Steele—114,000; Ms. Young—17,334 and Dr. Zeldis—126,000.

At December 31, 2023, the aggregate number of each non-employee director’s unvested restricted stock units were as follows: Mr. Schmertzler—4,666; Mr. Bell—6,333; Dr. Jacobson—2,333; Ms. Okey—2,333; Ms. Reeve—2,333; Ms. Smith—2,883; Mr. Southwell—2,333; Dr. Steele—2,333; Ms. Young—4,467 and Dr. Zeldis—2,333.

(2) Represents fees received by Dr. Jacobson in connection with his service as chair of our scientific advisory board during the fiscal year ended December 31, 2023.

(3) Mr. Bell was elected to our Board on June 6, 2023 at our 2023 annual meeting of stockholders.

Narrative to 2023 Director Compensation Table

During 2023, our non-employee directors were compensated for their service as directors, including as members of the various committees of our Board, as follows:

● an annual retainer for board service of $50,000;

● an annual option grant to purchase 10,000 shares of our common stock, which vests over one year in twelve equal monthly installments, commencing on February 5, 2023;

71

● a grant of 4,000 restricted stock units that vest over one year, with five-twelfths (5/12) of the shares underlying the restricted stock units vesting on June 6, 2023 and the remaining seven-twelfths (7/12) of the shares vesting on January 5, 2024;

● for our Chair of the Board, an additional annual option grant to purchase 10,000 shares of our common stock, which vests over one year in twelve equal monthly installments, commencing on February 5, 2023 and an additional grant of 4,000 restricted stock units that vest over one year, with five-twelfths (5/12) of the shares underlying the restricted stock units vesting on June 6, 2023 and the remaining seven-twelfths (7/12) of the shares vesting on January 5, 2024;

● for members of our Audit Committee, an additional annual retainer of $12,000 ($25,000 for the Chair);

● for members of our Compensation Committee, an additional annual retainer of $10,000 ($20,000 for the Chair);

● for members of our Nominating and Corporate Governance Committee, an additional annual retainer of $5,000 ($13,000 for the Chair); and

● for members of any ad hoc committee established by the Board, an additional retainer of $7,500 ($11,250 for the Chair); in 2023, the Board did not pay out any fees for any ad hoc committees.

The retainers paid to our non-employee directors described above are paid in arrears and, if applicable, are prorated for the time in which each of our non-employee directors served as a member of our Board or as a member of a committee of our Board in 2023.

In connection with his election to the Board on June 6, 2023, Mr. Bell was granted (i) an “initial director option grant” of 10,000 options to purchase shares of our common stock, which vests over three years in 36 approximately equal monthly installments, commencing on July 6, 2023, (ii) an “initial director restricted stock unit grant” of 4,000 restricted stock units that vests over three years, in three approximately equal annual installments, commencing on June 6, 2024, (iii) an "annual director option grant", pro-rated for the remainder of 2023, of 5,834 stock options to purchase shares of our common stock, which vested over seven months in seven approximately equal monthly installments, commencing on July 5, 2023 and (iv) an “annual director restricted stock unit grant”, pro-rated from the remainder of 2023, of 2,333 restricted stock units, which vested on January 5, 2024.

Our Compensation Committee periodically reviews the compensation we pay our non-employee directors, with input from our independent compensation consultant. Our Compensation Committee compares our board compensation to compensation paid to non-employee directors of our peer group companies to ensure that our board compensation is reasonable and competitive. Our Compensation Committee also considers the responsibilities we ask of our Board members and those that hold Board leadership roles, along with the amount of time required to perform those responsibilities. During 2022, our Compensation Committee, with the assistance of FW Cook, performed a review of director compensation. Following this review, in January 2023, the Compensation Committee recommended, and our Board determined, to keep director fees the same for 2023 as in 2022 and to decrease the number of stock options and increase the number of restricted stock units granted.

As set forth in the Amended 2013 LTIP, which was approved by our stockholders at our 2022 annual meeting of stockholders, the sum of all cash retainers and the reported value of equity compensation provided to the pool of all incumbent non-employee directors for their Board service in 2023 did not exceed an amount equal to one tenth of one percent of our weighted average market capitalization for the prior three years (measured on an annual basis) times the number of incumbent non-employee directors, excluding newly-appointed or elected non-employee directors. Mr. Bell, as a newly-appointed director, did not receive a combination of cash retainers and equity compensation in connection with his initial election to the Board in June 2023 of greater than two times the average incumbent director compensation.

72

The stock options granted to our non-employee directors have an exercise price equal to the closing price of PTC’s common stock on the date of grant and expire ten years after the date of grant. Vesting of the option and restricted stock unit grants are subject to the director’s continued service to us.

Each member of our Board is also entitled to reimbursement for reasonable travel and other expenses incurred in connection with attending meetings of the Board and any committee on which he or she serves.

73

PROPOSAL 3: ADVISORY VOTE TO APPROVE NAMED EXECUTIVE OFFICER COMPENSATION

Our Compensation Discussion and Analysis, which appears earlier in this proxy statement on page 36, describes our executive compensation program and the compensation decisions that our Compensation Committee made with respect to the 2023 compensation of our named executive officers (listed in the Summary Compensation Table). As required pursuant to Section 14A of the Exchange Act, our Board of Directors is asking that stockholders cast a non-binding, advisory vote FOR the following resolution:

"RESOLVED, that the compensation paid to the Company’s named executive officers, as disclosed pursuant to Item 402 of Regulation S-K, including the Compensation Discussion and Analysis, compensation tables and narrative discussion, is hereby APPROVED."

This proposal, commonly known as a "say-on-pay" proposal, gives our stockholders the opportunity to express their views on the design and effectiveness of our executive compensation program. As an advisory vote, this proposal is not binding. The outcome of this advisory vote will neither overrule any decision nor create or imply any change to the fiduciary duties of the Company or the Board (or any committee thereof). However, our Board and our Compensation Committee will review and consider the voting results when making future decisions regarding our executive compensation program.

Consistent with the preference expressed by our stockholders at our 2022 annual meeting of stockholders, our Board has adopted a policy to hold a "say-on-pay" advisory vote on an annual basis. As a result, we expect that the next "say-on-pay" advisory vote will be held at our 2025 annual meeting of stockholders.

As described in the Compensation Discussion and Analysis, our executive compensation programs are designed to reward executives based on the achievement of Company objectives and individual performance which, as a whole, are intended to drive value creation for stockholders. A significant portion of compensation paid to our named executive officers is allocated to annual cash and long-term equity incentives which are directly linked to Company and/or stock price performance. In 2023, 91.6% and 76.1%, respectively, of our Chief Executive Officer’s and other named executive officers’ primary compensation elements (base salary, annual cash incentive at target, and equity awards) were variable based on our performance and/or our stock price. For these reasons, our Board is asking that stockholders support this proposal.

Our Board Recommends that You Vote "FOR" the Advisory Vote to Approve Named Executive Officer Compensation.

74

STOCKHOLDER PROPOSALS AND NOMINATIONS FOR DIRECTOR

Director Nominations for Inclusion in Proxy Materials (Proxy Access)

Our bylaws permit a stockholder, or a group of up to 20 stockholders, owning 3% or more of the Company’s outstanding common stock continuously for at least three years to nominate and include in our proxy materials director candidates constituting up to 25% of the Board, provided that the stockholder(s) and the director nominee(s) satisfy the requirements specified in the bylaws.

Eligible stockholders who wish to have a director nominee included in our proxy statement relating to the annual meeting of stockholders to be held in 2025 must deliver a written notice, containing the information specified in our bylaws regarding the stockholder(s) and the proposed nominee(s), to us by March 20, 2025, but not before February 18, 2025, which is not less than 90 days nor more than 120 days prior to the first anniversary of the date of the 2024 Annual Meeting.

However, in the event that the date of the 2025 annual meeting is advanced by more than 20 days, or delayed by more than 60 days, from the first anniversary of the 2024 Annual Meeting, we must receive written notice of stockholder proposals no earlier than the 120th day prior to the 2025 annual meeting and not later than the close of business on the later of (A) the 90th day prior to the 2025 annual meeting and (B) the tenth day following the day on which notice of the date of such annual meeting was given or public disclosure of the date of the 2025 annual meeting was made, whichever first occurs.

The requirements for a stockholder nomination are more fully set forth in Section 1.12 of our bylaws, and the following summary is qualified by reference to the applicable sections of our bylaws.

Other Stockholder Proposals to be Included in the 2025 Proxy Statement

To be considered for inclusion in the proxy statement relating to the annual meeting of stockholders to be held in 2025, we must receive stockholder proposals no later than December 27, 2024, which is a date no less than 120 calendar days before the anniversary of the date on which our proxy statement is to be released to stockholders in connection with the 2024 Annual Meeting. If the date of the 2025 annual meeting is changed by more than 30 days from the anniversary date of the 2024 Annual Meeting on June 18, 2024, then the deadline is a reasonable time before we begin to print and distribute proxy materials. Upon receipt of any such proposal, we will determine whether or not to include such proposal in the proxy statement and proxy in accordance with the rules and regulations governing the solicitation of proxies.

Stockholder Proposals to be Brought Before the 2025 Annual Meeting (Not Included in the Proxy Statement)

Our bylaws establish an advance notice procedure for stockholder proposals to be brought before an annual meeting of stockholders, including proposed nominations of persons for election to our Board. Stockholders at an annual meeting may only consider proposals or nominations specified in the notice of meeting or brought before the meeting by or at the direction of our Board or by a stockholder of record on the record date for the meeting, who is entitled to vote at the meeting and who has delivered timely notice of the stockholder’s intention to bring such business before the meeting in proper form.

We must receive written notice of stockholder proposals (including director nominations) intended to be presented at the 2025 annual meeting of stockholders but that will not be included in the proxy statement by March 20, 2025, but not before February 18, 2025, which is not less than 90 days nor more than 120 days prior to the first anniversary of the 2024 Annual Meeting. However, in the event that the date of the 2025 annual meeting is advanced by more than 20 days, or delayed by more than 60 days, from the first anniversary of the 2024 Annual Meeting, we must receive written notice of stockholder proposals no earlier than the 120th day prior to such annual meeting and not later than the close of business on the later of (A) the 90th day prior to such annual meeting and (B) the tenth day following the day on which notice of the date of such annual meeting was mailed or public disclosure of the date of such annual meeting was made, whichever first occurs.

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Any proposals we do not receive in accordance with the above standards will not be voted on at the 2025 annual meeting. The foregoing time limits also apply to determining whether notice is timely for purposes of rules adopted by the SEC relating to the exercise of discretionary voting authority. These rules are separate from and in addition to the requirements a stockholder must meet to have a proposal included in our proxy statement. In addition, stockholders are required to comply with any applicable requirements of the Exchange Act and the rules and regulations thereunder. Stockholders are advised to review our bylaws which also specify requirements as to form and content of a stockholder’s notice, including the information required by Rule 14a-19 under the Exchange Act.

The requirements for a stockholder notice are more fully set forth in Sections 1.10 and 1.11 of our bylaws, and the following summary is qualified by reference to the applicable sections of our bylaws.

HOUSEHOLDING OF PROXIES

The SEC has adopted rules that permit companies and intermediaries such as brokers to satisfy delivery requirements for annual reports and proxy statements with respect to two or more stockholders sharing the same address by delivering a single annual report and/or proxy statement addressed to those stockholders. This process, which is commonly referred to as "householding," potentially provides extra convenience for stockholders and cost savings for companies. We and some brokers household proxy materials, delivering a single annual report and/or proxy statement to multiple stockholders sharing an address unless contrary instructions have been received from the affected stockholders. Once you have received notice from your broker or us that they or we will be householding materials to your address, householding will continue until you are notified otherwise or until you revoke your consent. If, at any time, (1) you no longer wish to participate in householding and would prefer to receive a separate set of proxy materials in the future or (2) you and another stockholder sharing the same address wish to participate in householding and prefer to receive a single copy of our proxy materials, please notify your broker if your shares are held in a brokerage account or us if you hold registered shares. You can notify us by sending a written request to Associate Director, Investor Relations, PTC Therapeutics, Inc., 500 Warren Corporate Center Drive, Warren, New Jersey 07059 or via e-mail at irpr@ptcbio.com or phone at 908-912-9769.

OTHER MATTERS

As of the date of this proxy statement, we know of no matter not specifically referred to above as to which any action is expected to be taken during the Annual Meeting. The persons named as proxies will vote the proxies, insofar as they are not otherwise instructed, regarding such other matters and the transaction of such other business as may be properly brought before the meeting, as seems to them to be in the best interest of our Company and our stockholders.

Your vote is important. Please vote your proxy promptly so your shares are represented, even if you plan to virtually attend the Annual Meeting. You may vote by Internet prior to the Annual Meeting, by telephone, by requesting, prior to June 4, 2024, a printed or emailed copy of the proxy materials and using the enclosed proxy card or by voting during the Annual Meeting via the Annual Meeting Website. Your cooperation in giving this your immediate attention will be appreciated.

You may obtain a copy of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the SEC, except exhibits, without charge upon written request to Vice President, Corporate Communications, PTC Therapeutics, Inc., 500 Warren Corporate Center Drive, Warren, New Jersey 07059.

The Board of Directors of PTC Therapeutics, Inc.

Warren, New Jersey

April 26, 2024

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EXHIBIT A

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Non-GAAP Financial Measures:

In this proxy statement, certain non-GAAP financial measures are used. In particular, non-GAAP research and development and non-GAAP selling, general and administrative expenses each exclude non-cash, stock-based compensation expense and revenues at constant exchange rate are presented excluding the impact of changes in foreign currency exchange rates. For financial measures given at constant exchange rate, the current period’s foreign currency revenue values are converted into U.S. dollars using the average exchange rates from the prior period. These non-GAAP financial measures are provided as a complement to financial measures reported in GAAP because management uses these non-GAAP financial measures when assessing and identifying operational trends. In management's opinion, these non-GAAP financial measures are useful to investors and other users of the Company’s financial statements by providing greater transparency into the historical and projected operating performance of the Company and the Company's future outlook. Non-GAAP financial measures are not an alternative for financial measures prepared in accordance with GAAP. Quantitative reconciliations of the non-GAAP financial measures to their respective closest equivalent GAAP financial measures are included in the table below.

	(In thousands)
	Twelve Months Ended December 31, 2023
Research and development reconciliation
GAAP research and development	$	666,563
Less: Share-based compensation expense		52,941
Non-GAAP research and development	$	613,622
Selling, general and administrative reconciliation
GAAP selling, general and administrative	$	332,540
Less: Share-based compensation expense		48,695
Non-GAAP selling, general and administrative	$	283,845

A-1

							VOTE BY INTERNET Before the 2024 Annual Meeting - Go to www.proxyvote.com or scan the QR Barcode above Use the Internet to transmit your voting instructions up until 11:59 P.M. ET on June 17, 2024 for shares held directly and by 11:59 P.M. ET on June 15, 2024 for shares held in a Plan. Have your proxy card in hand when you access the website and follow the instructions to obtain your proxy materials and to create an electronic voting instruction form. During the 2024 Annual Meeting - Go to www.virtualshareholdermeeting.com/PTCT2024 You may attend the meeting via the Internet and vote during the meeting. Have the vote control number printed on the Notice (or your proxy card or voting instruction card) available and follow the instructions.
	PTC THERAPEUTICS, INC. 500 WARREN CORPORATE CENTER DRIVE WARREN, NJ 07059
							VOTE BY PHONE – 1-800-690-6903 Use any touch-tone telephone to transmit your voting instructions. Vote by 11:59 P.M. ET on June 17, 2024 for shares held directly and by 11:59 P.M. ET on June 15, 2024 for shares held in a Plan. Have your proxy card in hand when you call and then follow the instructions.
							VOTE BY MAIL Mark, sign and date your proxy card and return it in the postage-paid envelope we have provided or return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717.
TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS
KEEP THIS PORTION FOR YOUR RECORDS
THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.								DETACH AND RETURN THIS PORTION ONLY
PTC THERAPEUTICS, INC.				For All	Withhold All	For All Except	To withhold authority to vote for any individual nominee(s), mark "For All Except" and write the number(s) of the nominee(s) on the line below.
	The Board of Directors recommends you vote FOR each of the following nominees			☐	☐	☐
	1.	Election of Four Class II Directors
		Nominees:
		01) Emma Reeve 02) Michael Schmertzler 03) Mary Smith 04) Glenn D. Steele, Jr., M.D., Ph.D.
	The Board of Directors recommends you vote FOR proposal 2 and 3:			For	Against	Abstain
	2.	Ratification of the appointment of Ernst & Young LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2024.		☐	☐	☐
	3.	Approval on a non-binding, advisory basis, of the Company’s named executive officer compensation as described in the proxy statement.		☐	☐	☐
	NOTE: To transact any other business that may be properly brought before the meeting or any adjournment or postponement of the meeting.
				Yes	No
	Please indicate if you plan to virtually attend this meeting			☐	☐
	Please sign exactly as name(s) appear(s) hereon. Joint owners should each sign. When signing as attorney, executor, administrator, corporate officer, trustee, guardian, or custodian, please give full title as such. Joint owners should each sign personally. All holders must sign. If a corporation or partnership, please sign in full corporate or partnership name, by authorized officer.
	Signature [PLEASE SIGN WITHIN BOX]		Date				Signature (Joint Owners)	Date

Important Notice Regarding the Availability of Proxy Materials for the 2024 Annual Meeting: The Notice and Proxy Statement and 2023 Annual Report are available at www.proxyvote.com.
PTC THERAPEUTICS, INC. 2024 Annual Meeting of Stockholders June 18, 2024 9:00 a.m., Eastern Time Proxy Solicited by the Board of Directors
	The undersigned hereby appoints Matthew B. Klein and Mark E. Boulding, and each of them, proxies for the undersigned, with full power of substitution, and hereby authorizes them to represent and vote all shares of common stock of PTC Therapeutics, Inc. (the “Company”), that the undersigned may be entitled to vote at the 2024 Annual Meeting of Stockholders of the Company to be held on June 18, 2024 at 9:00 a.m., Eastern Time via live webcast at www.virtualshareholdermeeting.com/PTCT2024 or at any adjournment or postponement thereof, upon the matters set forth on the reverse side and described in the accompanying proxy statement and any other matter that may properly come before the 2024 Annual Meeting of Stockholders of the Company. ​
	This proxy, when properly executed, will be voted as specified herein. If no specification is made, this proxy will be voted FOR the election of each of the director nominees listed under proposal 1 and FOR proposals 2 and 3.
	If any other matters are voted on at the meeting, this proxy will be voted by the proxies on such matters in their sole discretion.
		PLEASE MARK, SIGN, DATE AND RETURN THIS PROXY CARD PROMPTLY USING THE ENCLOSED REPLY ENVELOPE.
			Continued and to be signed on reverse side

XML

Document and Entity Information	12 Months Ended
	Dec. 31, 2023
Document and Entity Information [Abstract]
Document Type	DEF 14A
Entity Registrant Name	PTC Therapeutics, Inc.
Entity Central Index Key	0001070081
Amendment Flag	false

XML

Pay vs Performance Disclosure - USD ($)

3 Months Ended

9 Months Ended

12 Months Ended

Mar. 21, 2023

Dec. 31, 2023

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

							Value of Initial Fixed
							$100 Investment Based On:
								NASDAQ
	Summary		Summary		Average Summary		Company	Biotechnology		Company
	Compensation	Compensation	Compensation	Compensation	Compensation	Average	Total	Index Total		Selected
	Table Total for	Actually Paid	Table Total for	Actually Paid	Table Total for	Compensation	Shareholder	Shareholder	Net Income /	Measure:
	First PEO	for First PEO	Second PEO	for Second PEO	Non-PEO NEOs	Actually Paid to	Return	Return	Loss	Revenue
Year	($)(1)	($)(2)	($)(1)	($)(2)	($)(3)	Non-PEO NEOs ($)(4)(5)	($)(6)	($)(7)	($ Millions) (8)	($ Millions)
2023	5,659,384	(3,542,201)	8,937,025	4,769,312	2,398,388	781,089	57.38	115.42	(626.6)	937.8
2022	7,163,740	5,403,785	—	—	3,371,920	2,655,391	79.47	111.27	(559.0)	698.8
2021	11,022,323	(4,946,916)	—	—	4,334,690	(1,002,836)	82.93	124.89	(523.9)	538.6
2020	10,552,792	12,568,762	—	—	3,982,716	2,566,938	127.07	125.69	(438.2)	380.8

(1) The dollar amounts reported in this column are the amounts of total compensation reported for our PEO for each corresponding year in the “Total” column of the Summary Compensation Table. For fiscal year 2023, Stuart Peltz was our First PEO and Matthew Klein was our Second PEO. Our PEO for fiscal years 2022, 2021 and 2020 was Stuart Peltz.

(2) The dollar amounts reported in this column represent the amount of “compensation actually paid,” or CAP, for our PEO for the corresponding fiscal year, as calculated in accordance with Item 402(v) of Regulation S-K and as further described below.

(3) The dollar amounts reported in this column represent the average of the amounts reported for our non-PEO NEOs as a group in the “Total” column of the Summary Compensation Table for the corresponding year. The non-PEO NEOs included for purposes of such calculations are as follows: (i) for fiscal year 2023, Pierre Gravier, Mark Boulding, Lee Golden, Eric Pauwels and Emily Hill; (ii) for fiscal year 2022, Emily Hill, Neil Almstead, Eric Pauwels and Matthew Klein; (iii) for fiscal year 2021, Emily Hill, Neil Almstead, Mark Boulding, and Eric Pauwels; and (iv) for fiscal year 2020, Emily Hill, Neil Almstead, Mark Boulding, Eric Pauwels and Marcio Souza.

(4) The dollar amounts reported in this column represent the average amount of CAP to the non-PEO NEOs specified in footnote (3) as a group, as further described below.

(5) The following tables describe the adjustments, each of which is prescribed by SEC rules, to calculate CAP from the amounts reported in the Summary Compensation Table. The amounts reported in the Summary Compensation Table and CAP do not reflect the actual amount of compensation earned by or paid to our executives during the applicable fiscal years, but rather are amounts determined in accordance with Item 402 of Regulation S-K under the Exchange Act.

PEO:

		Deductions	Additions
Year	SCT Total ($)	from SCT Total ($)	to SCT Total ($)	CAP ($)
2023 (First PEO)	5,659,384	(4,862,485)	(4,339,101)	(3,542,201)
2023 (Second PEO)	8,937,025	(7,697,685)	3,529,971	4,769,312

						Value of Dividends
					Fair Value at the	or other Earnings
		Year over Year	Fair Value as of	Year over Year	End of the Prior	Paid on Stock or
		Change in Fair	Vesting Date of	Change in Fair	Year of Equity	Option Awards
		Value of	Equity Awards	Value of Equity	Awards that	not Otherwise
	Year End Fair	Outstanding	Granted and	Awards Granted	Failed to Meet	Reflected in Fair	Total Equity
	Value of Equity	and Unvested	Vested in	in Prior Years that	Vesting Conditions	Value or Total	Award
	Awards	Equity Awards	the Year	Vested in the Year	in the Year	Compensation	Adjustments
Year	($)	($)	($)	($)	($)	($)	($)
2023 (First PEO)	—	—	—	(128,891)	(4,210,210)	—	(4,339,101)
2023 (Second PEO)	4,625,788	(1,045,392)	—	(50,424)	—	—	3,529,971

Non-PEO NEO’s:

		Deductions	Additions	CAP
Year	SCT Total ($)	from SCT Total ($)	to SCT Total ($)	($)
2023	2,398,388	(1,762,011)	144,712	781,089

						Value of
						Dividend or
					Fair Value at	other Earnings
				Year over Year	the End of the	Paid on Stock or
		Year over Year	Fair Value as of	Change in Fair	Prior Year of	Option Awards
		Change in Fair	Vesting Date of	Value of Equity	Equity Awards	not Otherwise
	Year End	Value of	Equity Awards	Awards Granted	that Failed	Reflected	Total
	Fair Value	Outstanding	Granted and	in Prior Years	to Meet Vesting	in Fair Value	Equity
	of Equity	and Unvested	Vested in	that Vested in	Conditions in	or Total	Award
	Awards	Equity Awards	the Year	the Year	the Year	Compensation	Adjustments
Year	($)	($)	($)	($)	($)	($)	($)
2023	784,988	(354,971)	—	(9,162)	(276,143)	—	144,712

The methodology used to develop the valuation assumptions as of each applicable measurement date is consistent with and did not materially differ from those disclosed at the time of grant.

(6) Amounts represent the cumulative total stockholder return of our common stock for the period beginning on the market close on December 31, 2019, the last trading day before the earliest fiscal year in the table, through and including December 31, 2023, the end of the last fiscal year in the table for which cumulative total stockholder return is being calculated. Amount assumes that $100 was invested for the period starting December 31, 2019. The amount included in the table is the value of such fixed investment based on the cumulative total stockholder return as of the end of each year, including reinvestment of dividends (if any).

(7) The peer group used for this purpose is NASDAQ Biotechnology Index, which we also use in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report for the year ended December 31, 2023. Amount assumes $100 was invested for the period starting December 31, 2019, through the end of the listed year in the Company and in the NASDAQ Biotechnology Index, respectively.

(8) The dollar amounts in this column are the Company’s net loss as reflected in the Company’s audited consolidated financial statements for the applicable year.

Company Selected Measure Name

Revenue

Named Executive Officers, Footnote

(1) The dollar amounts reported in this column are the amounts of total compensation reported for our PEO for each corresponding year in the “Total” column of the Summary Compensation Table. For fiscal year 2023, Stuart Peltz was our First PEO and Matthew Klein was our Second PEO. Our PEO for fiscal years 2022, 2021 and 2020 was Stuart Peltz.

(3) The dollar amounts reported in this column represent the average of the amounts reported for our non-PEO NEOs as a group in the “Total” column of the Summary Compensation Table for the corresponding year. The non-PEO NEOs included for purposes of such calculations are as follows: (i) for fiscal year 2023, Pierre Gravier, Mark Boulding, Lee Golden, Eric Pauwels and Emily Hill; (ii) for fiscal year 2022, Emily Hill, Neil Almstead, Eric Pauwels and Matthew Klein; (iii) for fiscal year 2021, Emily Hill, Neil Almstead, Mark Boulding, and Eric Pauwels; and (iv) for fiscal year 2020, Emily Hill, Neil Almstead, Mark Boulding, Eric Pauwels and Marcio Souza.

Peer Group Issuers, Footnote

(7) The peer group used for this purpose is NASDAQ Biotechnology Index, which we also use in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report for the year ended December 31, 2023. Amount assumes $100 was invested for the period starting December 31, 2019, through the end of the listed year in the Company and in the NASDAQ Biotechnology Index, respectively.

Adjustment To PEO Compensation, Footnote

(5) The following tables describe the adjustments, each of which is prescribed by SEC rules, to calculate CAP from the amounts reported in the Summary Compensation Table. The amounts reported in the Summary Compensation Table and CAP do not reflect the actual amount of compensation earned by or paid to our executives during the applicable fiscal years, but rather are amounts determined in accordance with Item 402 of Regulation S-K under the Exchange Act.

PEO:

		Deductions	Additions
Year	SCT Total ($)	from SCT Total ($)	to SCT Total ($)	CAP ($)
2023 (First PEO)	5,659,384	(4,862,485)	(4,339,101)	(3,542,201)
2023 (Second PEO)	8,937,025	(7,697,685)	3,529,971	4,769,312

						Value of Dividends
					Fair Value at the	or other Earnings
		Year over Year	Fair Value as of	Year over Year	End of the Prior	Paid on Stock or
		Change in Fair	Vesting Date of	Change in Fair	Year of Equity	Option Awards
		Value of	Equity Awards	Value of Equity	Awards that	not Otherwise
	Year End Fair	Outstanding	Granted and	Awards Granted	Failed to Meet	Reflected in Fair	Total Equity
	Value of Equity	and Unvested	Vested in	in Prior Years that	Vesting Conditions	Value or Total	Award
	Awards	Equity Awards	the Year	Vested in the Year	in the Year	Compensation	Adjustments
Year	($)	($)	($)	($)	($)	($)	($)
2023 (First PEO)	—	—	—	(128,891)	(4,210,210)	—	(4,339,101)
2023 (Second PEO)	4,625,788	(1,045,392)	—	(50,424)	—	—	3,529,971

The methodology used to develop the valuation assumptions as of each applicable measurement date is consistent with and did not materially differ from those disclosed at the time of grant.

Non-PEO NEO Average Total Compensation Amount

$ 2,398,388

$ 3,371,920

$ 4,334,690

$ 3,982,716

Non-PEO NEO Average Compensation Actually Paid Amount

$ 781,089

2,655,391

(1,002,836)

2,566,938

Adjustment to Non-PEO NEO Compensation Footnote

(5) The following tables describe the adjustments, each of which is prescribed by SEC rules, to calculate CAP from the amounts reported in the Summary Compensation Table. The amounts reported in the Summary Compensation Table and CAP do not reflect the actual amount of compensation earned by or paid to our executives during the applicable fiscal years, but rather are amounts determined in accordance with Item 402 of Regulation S-K under the Exchange Act.

Non-PEO NEO’s:

		Deductions	Additions	CAP
Year	SCT Total ($)	from SCT Total ($)	to SCT Total ($)	($)
2023	2,398,388	(1,762,011)	144,712	781,089

						Value of
						Dividend or
					Fair Value at	other Earnings
				Year over Year	the End of the	Paid on Stock or
		Year over Year	Fair Value as of	Change in Fair	Prior Year of	Option Awards
		Change in Fair	Vesting Date of	Value of Equity	Equity Awards	not Otherwise
	Year End	Value of	Equity Awards	Awards Granted	that Failed	Reflected	Total
	Fair Value	Outstanding	Granted and	in Prior Years	to Meet Vesting	in Fair Value	Equity
	of Equity	and Unvested	Vested in	that Vested in	Conditions in	or Total	Award
	Awards	Equity Awards	the Year	the Year	the Year	Compensation	Adjustments
Year	($)	($)	($)	($)	($)	($)	($)
2023	784,988	(354,971)	—	(9,162)	(276,143)	—	144,712

The methodology used to develop the valuation assumptions as of each applicable measurement date is consistent with and did not materially differ from those disclosed at the time of grant.

Compensation Actually Paid vs. Total Shareholder Return

Description of Relationship Between PEO and Non-PEO NEO CAP and Company Total Stockholder Return (“TSR”)

The following chart sets forth graphically the relationship between CAP to our PEO, the average of CAP to our Non-PEO NEOs, the Company’s cumulative TSR and the index TSR over the four most recently completed fiscal years.

Compensation Actually Paid vs. Net Income

Description of Relationship Between PEO and Non-PEO NEO CAP and Net Income

The following chart sets forth graphically the relationship between CAP to our PEO, the average of CAP to our Non-PEO NEOs, and our net income loss during the four most recently completed fiscal years.

Compensation Actually Paid vs. Company Selected Measure

Description of Relationship Between PEO and Non-PEO NEO CAP and Revenue

The following chart sets forth graphically the relationship between CAP to our PEO, the average of CAP to our Non-PEO NEOs, and our revenue during the four most recently completed fiscal years.

Tabular List, Table

List of Most Important Performance Measures to Determine 2023 CAP

As described in more detail in the “Compensation Discussion and Analysis” section, our executive compensation program is intended to motivate our executive team to achieve our short-term and long-term strategy for creating stockholder value with a significant portion of NEOs’ pay being “at risk”. Our executive compensation program consists of three primary elements: base salary, annual cash incentive and annual equity award. The following table lists the four financial and non-financial performance measures, that, in our assessment, represent the most important performance measures used to link executive compensation actually paid, for the 2023 fiscal year, to our performance overall. Of these measures, we have identified revenue to be the most important financial measure used to link our performance to CAP for our PEO and Non-PEO NEOs for fiscal year 2023.

Most Important Performance Measures

Revenue

Pipeline Development (1)

Total Shareholder Return

Non-GAAP R&D expenses plus Non-GAAP SG&A expenses (2)

(1) Pipeline Development is a non-financial performance measure that encapsulates the progress of our clinical and pre-clinical pipeline programs. For more information, see "Company goals and results under the 2023 annual incentive program—Advance programs and pipelines." on page 44.

(2) Non-GAAP research and development and non-GAAP selling, general and administrative expenses each exclude non-cash, stock-based compensation expense from the corresponding GAAP measures. The metric listed refers to the sum of Non-GAAP research and development expense and non-GAAP selling, general and administrative expense. For more information, please refer to Exhibit A of this proxy statement.

Total Shareholder Return Amount

$ 57.38

79.47

82.93

127.07

Peer Group Total Shareholder Return Amount

115.42

111.27

124.89

125.69

Net Income (Loss)

$ (626,600,000)

$ (559,000,000.0)

$ (523,900,000)

$ (438,200,000)

Company Selected Measure Amount

937,800,000

698,800,000

538,600,000

380,800,000

PEO Name

Stuart Peltz

Matthew Klein

Measure:: 1

Pay vs Performance Disclosure

Name

Revenue

Measure:: 2

Pay vs Performance Disclosure

Name

Pipeline Development

Measure:: 3

Pay vs Performance Disclosure

Name

Total Shareholder Return

Measure:: 4

Pay vs Performance Disclosure

Name

Non-GAAP R&D expenses plus Non-GAAP SG&A expenses

Stuart Peltz

Pay vs Performance Disclosure

PEO Total Compensation Amount

$ 5,659,384

$ 7,163,740

$ 11,022,323

$ 10,552,792

PEO Actually Paid Compensation Amount

(3,542,201)

$ 5,403,785

$ (4,946,916)

$ 12,568,762

Matthew Klein

Pay vs Performance Disclosure

PEO Total Compensation Amount

8,937,025

PEO Actually Paid Compensation Amount

4,769,312

PEO | Stuart Peltz | Total Equity Award Adjustments

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(4,339,101)

PEO | Stuart Peltz | Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(128,891)

PEO | Stuart Peltz | Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(4,210,210)

PEO | Stuart Peltz | Deduction of Average Summary Compensation Table Equity Awards

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(4,862,485)

PEO | Matthew Klein | Total Equity Award Adjustments

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

3,529,971

PEO | Matthew Klein | Year End Fair Value of Equity Awards

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

4,625,788

PEO | Matthew Klein | Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(1,045,392)

PEO | Matthew Klein | Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(50,424)

PEO | Matthew Klein | Deduction of Average Summary Compensation Table Equity Awards

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(7,697,685)

Non-PEO NEO | Total Equity Award Adjustments

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

144,712

Non-PEO NEO | Year End Fair Value of Equity Awards

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

784,988

Non-PEO NEO | Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(354,971)

Non-PEO NEO | Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(9,162)

Non-PEO NEO | Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(276,143)

Non-PEO NEO | Deduction of Average Summary Compensation Table Equity Awards

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (1,762,011)