pbyi20260302_pre14a.htm

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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

Filed by the Registrant ☒

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))

☐	Definitive Proxy Statement

☐	Definitive Additional Materials

☐	Soliciting Material under Rule 14a-12

PUMA BIOTECHNOLOGY, INC.

(Name of the 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):

☒	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 0-11.

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April 28, 2026

Fellow Stockholder:

You are invited to attend the annual meeting of stockholders of Puma Biotechnology, Inc. (the “Company,” “we,” “us” or “our”) to be held on Thursday, June 11, 2026, at 1:00 p.m. local time, at the Company’s principal executive offices, 10880 Wilshire Blvd., Suite 1700, Los Angeles, CA 90024.

At this year’s annual meeting you will be asked to:

Elect eight directors to serve for a one-year term. The nominees are Alan H. Auerbach, Alessandra Cesano, Allison Dorval, Michael P. Miller, Jay M. Moyes, Adrian M. Senderowicz, Brian Stuglik, and Troy E. Wilson;

Ratify the selection of KPMG LLP as our independent registered public accounting firm for the year ending December 31, 2026;

Vote on an advisory basis to approve the compensation of our Named Executive Officers as described in the proxy statement (“say-on-pay vote”);

Approve an amendment (the “Auerbach Warrant Amendment”) to extend the expiration date of the warrant issued to Alan H. Auerbach, President and Chief Executive Officer of the Company, on October 4, 2011, as amended on June 15, 2021, to purchase 2,116,250 shares of the Company’s common stock at $16.00 per share (the “Auerbach Warrant”), from October 4, 2026 until October 4, 2028; and

Transact such other business as may properly come before the annual meeting.

The accompanying Notice of Annual Meeting and proxy statement describe these matters. We urge you to read this information carefully.

The Board of Directors unanimously believes that election of its nominees to serve as our directors, ratification of our independent registered public accounting firm, approval of the say-on-pay vote and approval of the Auerbach Warrant Amendment are in the best interests of the Company and its stockholders and accordingly, recommends a vote “FOR” each of the eight nominees for director named in the proxy statement, a vote “FOR” the ratification of KPMG LLP as our independent registered public accounting firm, a vote “FOR” the say-on-pay vote and a vote “FOR” the Auerbach Warrant Amendment.

It is important that your shares be represented and voted whether or not you plan to attend the annual meeting in person. You may submit your proxy over the Internet, or if you are receiving a paper copy of the proxy statement, by telephone or by completing and mailing the proxy card sent with the proxy statement. Submitting your proxy over the Internet, by telephone or by written proxy will ensure your shares are represented at the annual meeting.

The Board of Directors appreciates and encourages stockholder participation. Thank you for your continued support.

Sincerely,

Alan H. Auerbach

Chairman, President, Chief Executive Officer and Secretary

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TABLE OF CONTENTS

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS	1
INFORMATION CONCERNING VOTING AND SOLICITATION	2
General	2
Important Notice Regarding the Availability of Proxy Materials for the 2025 Annual Meeting of Stockholders to be Held on Thursday, June 11, 2026	2
Who Can Vote	2
Voting of Shares	2
Revocation of Proxy	3
Voting in Person	3
Quorum and Votes Required	3
Solicitation of Proxies	4
Assistance	4
PROPOSAL 1 – ELECTION OF DIRECTORS	4
Board Structure	4
Directors and Board Nominees	4
Director Biographical Information	5
Board Recommendation	7
CORPORATE GOVERNANCE	7
Board Independence	7
Board Role in Risk Oversight	8
Board Leadership Structure	8
Meetings and Attendance	8
Executive Sessions	8
Board Committees	8
Code of Business Conduct and Ethics	11
Corporate Governance Guidelines	11
Communication with the Board	11
Insider Trading Policy; Pledging and Hedging Prohibited	11
Compliance, Quality, Access and Safety	12
Compensation of Directors	14
SECURITY OWNERSHIP OF DIRECTORS, EXECUTIVE OFFICERS AND CERTAIN BENEFICIAL OWNERS	15
EXECUTIVE OFFICERS	17
EXECUTIVE COMPENSATION	17
Compensation Discussion and Analysis	17
Summary Compensation Table	26
Grants of Plan-Based Awards in 2025	27
Narrative Disclosure to Summary Compensation Table and Grants of Plan-Based Awards Table	27
Offer Letters and Employment Agreements with Our Named Executive Officers	27
Outstanding Equity Awards at Fiscal Year End	28
Options Exercised and Stock Vested	29
Pension Benefits and Nonqualified Deferred Compensation	29
Potential Payments Upon a Termination or Change in Control	29
Summary of Potential Payments	31
Pay Ratio Disclosure	31
Pay-Versus-Performance Disclosure	32
Equity Award Timing Policies and Practices	35
COMPENSATION RISK ASSESSMENT	35
COMPENSATION COMMITTEE REPORT	36
EQUITY COMPENSATION PLAN INFORMATION	36
2017 Employment Inducement Award Plan	36

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AUDIT MATTERS	38
Audit Committee Report	38
Audit and Non-Audit Fees	38
Audit Fees	38
Tax Fees	38
Pre-Approval Policies and Procedures	39
PROPOSAL 2 – RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	39
Background	39
Board Recommendation	39
PROPOSAL 3 – ADVISORY VOTE TO APPROVE THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS (“SAY-ON-PAY VOTE”)	39
Background	39
Board Recommendation	39
PROPOSAL 4 – APPROVAL OF EXTENDING THE TERM OF THE AUERBACH WARRANT UNTIL OCTOBER 4, 2028	40
Background	40
Board Recommendation	41
OTHER MATTERS	42
Policies and Procedures for Review, Approval or Ratification of Transactions with Related Persons	42
Stockholder Proposals and Nominations	42
Householding of Proxy Materials	42
Incorporation by Reference	43
Forward-Looking Statements	43
Other Business	43

Appendix A – Auerbach Warrant, as amended by the 2021 Auerbach Warrant Amendment	A-1

Appendix B – 2026 Auerbach Warrant Amendment	B-1

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PUMA BIOTECHNOLOGY, INC.

10880 Wilshire Boulevard, Suite 1700, Los Angeles, California 90024

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON THURSDAY, JUNE 11, 2026

To the Stockholders of Puma Biotechnology, Inc. (the “Company,” “we” and “our”):

We will hold an annual meeting of stockholders of the Company at our principal executive offices, located at 10880 Wilshire Blvd., Suite 1700, Los Angeles, CA 90024, on Thursday, June 11, 2026, at 1:00 p.m. local time. At the annual meeting we will consider and act upon the following matters:

	1.	Election of eight directors to serve for a one-year term expiring at the 2027 annual meeting of stockholders and until their successors are duly elected and qualified or until their earlier resignation or removal. The nominees are Alan H. Auerbach, Alessandra Cesano, Allison Dorval, Michael P. Miller, Jay M. Moyes, Adrian M. Senderowicz, Brian Stuglik, and Troy E. Wilson;
	2.	Ratification of the selection of KPMG LLP as our independent registered public accounting firm for the year ending December 31, 2026;
	3.	Advisory (non-binding) vote to approve the compensation of our Named Executive Officers as described in the proxy statement (“say-on-pay vote”);
	4.	Approve an amendment (the “Auerbach Warrant Amendment”) to extend the expiration date of the warrant issued to Alan H. Auerbach, President and Chief Executive Officer of the Company, on October 4, 2011, as amended on June 15, 2021, to purchase 2,116,250 shares of the Company’s common stock at $16.00 per share (the “Auerbach Warrant”), from October 4, 2026 until October 4, 2028; and
	5.	Such other business as may properly come before the annual meeting or any adjournments or postponements of the annual meeting.

The proxy statement accompanying this notice describes each of these items of business in detail. The Board of Directors recommends a vote “FOR” each of the eight nominees for director named in the proxy statement, a vote “FOR” the ratification of the selection of KPMG LLP as our independent registered public accounting firm, a vote “FOR” the say-on-pay vote and a vote “FOR” the Auerbach Warrant Amendment.

Only the Company’s stockholders of record at the close of business on [April 13, 2026], the record date for the determination of stockholders entitled to notice of and to vote at the annual meeting, or any adjournments or postponements thereof, are entitled to notice of, and to vote at, the annual meeting. On April 13, 2026, we had [50,891,675] shares of common stock outstanding. A list of stockholders eligible to vote at the annual meeting will be available for inspection at the Company’s principal executive offices at 10880 Wilshire Boulevard, Suite 1700, Los Angeles, CA 90024 during regular business hours for a period of no less than ten days prior to the annual meeting. Please contact Investor Relations at (424) 248-6500 or ir@pumabiotechnology.com if you would like to visit our offices to review the stockholder list.

Your vote is very important. It is important that your shares be represented and voted whether or not you plan to attend the annual meeting in person. If you are viewing the proxy statement on the Internet, you may grant your proxy electronically via the Internet by following the instructions on the Notice of Internet Availability of Proxy Materials previously mailed to you and the instructions listed on the Internet site. If you are receiving a paper copy of the proxy statement, you may submit your proxy by completing and mailing the proxy card enclosed with the proxy statement, or you may grant your proxy electronically via the Internet or by telephone by following the instructions on the proxy card provided to you. Submitting a proxy over the Internet, by telephone or by mailing a proxy card will ensure your shares are represented at the annual meeting.

The annual meeting is accessible to those who require special assistance or accommodation. If you require special assistance or accommodation, please contact Investor Relations at (424) 248-6500 or ir@pumabiotechnology.com or write to: Puma Biotechnology, Inc., 10880 Wilshire Boulevard, Suite 1700, Los Angeles, California 90024, Attention: Investor Relations.

By Order of the Board of Directors,

Alan H. Auerbach

Chairman, President, Chief Executive Officer and Secretary

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PROXY STATEMENT

INFORMATION CONCERNING VOTING AND SOLICITATION

General

Your proxy is being solicited on behalf of the Board of Directors (the “Board”) of Puma Biotechnology, Inc., a Delaware corporation (the “Company,” “we,” “us” or “our”), for use at our 2026 annual meeting of stockholders to be held on Thursday, June 11, 2026, at 1:00 p.m. local time, at the Company’s principal executive offices, 10880 Wilshire Blvd., Suite 1700, Los Angeles, CA 90024, or at any continuation, postponement or adjournment thereof (the “annual meeting”), for the purposes discussed in this proxy statement and in the accompanying Notice of Annual Meeting and any other business properly brought before the annual meeting. Proxies are solicited to give all stockholders who held shares on the record date an opportunity to vote on matters properly presented at the annual meeting.

In accordance with the Securities and Exchange Commission’s “notice and access” model, we have elected to provide access to our proxy materials, including our notice of annual meeting, this proxy statement and our annual report to stockholders, over the Internet. On or about April 28, 2026, we intend to make our proxy materials available on the Internet and mail a Notice of Internet Availability of Proxy Materials (the “Notice”) to all of our stockholders as of our record date on April 13, 2026. We intend to mail a paper copy of the proxy materials and proxy card to other stockholders of record who have elected to receive such materials in paper form on or about April 28, 2026. Brokers and other nominees who hold shares on behalf of beneficial stockholders will be sending their own similar Notice to such beneficial owners. All stockholders will have the ability to access the proxy materials on the website referred to in the Notice or to request to receive a printed set of the proxy materials. Instructions on how to request a printed copy by mail or electronically may be found on the Notice and on the website referred to in the Notice, including an option to request paper copies on an ongoing basis. If you properly request a printed copy of the proxy materials, we intend to mail the proxy materials, together with a proxy card, to you, within three business days of such request.

Important Notice Regarding the Availability of Proxy Materials for the 2026 Annual Meeting of Stockholders to be Held on Thursday, June 11, 2026

The Notice of Annual Meeting, this proxy statement, proxy card sample and our 2025 Annual Report, which consists of a letter to stockholders and our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, are available on our website at https://investor.pumabiotechnology.com/financial-information/annual-reports. You are encouraged to access and review all of the important information contained in the proxy materials before voting.

Who Can Vote

You are entitled to vote at the annual meeting if you were a holder of our common stock as of the close of business on April 13, 2026. You are entitled to one vote for each share of common stock held on all matters to be voted upon at the annual meeting. Your shares may be voted at the annual meeting only if you are present in person or represented by a valid proxy.

Voting of Shares

You may vote by submitting a proxy to have your shares voted at the annual meeting, or by attending the annual meeting and voting in person. The method of submitting your proxy will differ depending on whether you are viewing this proxy statement on the Internet or receiving a paper copy and whether you are a beneficial stockholder or a stockholder of record.

Beneficial Stockholders. Beneficial stockholders hold their shares through a broker, bank, trustee or other nominee (“broker”) that is in “street name” rather than directly in their own name. If you hold your shares in street name, you are a “beneficial stockholder,” and the Notice and proxy materials are made available to you by the broker holding your shares. Your broker is considered the stockholder of record for purposes of voting at the annual meeting. As a beneficial stockholder, you have the right to instruct your broker on how to vote the shares held in your account.

Stockholders of Record. If your shares are registered directly in your name with our transfer agent, EQ Shareowner Services^SM, or if you hold stock certificates in your name, you are considered the stockholder of record with respect to those shares, and the Notice and proxy materials are made available directly to you by us. If you are receiving printed copies of the proxy materials by mail, you will receive a proxy card from us.

Voting/Submitting Proxy. Whether you are a stockholder of record or a beneficial stockholder, you may direct how your shares are voted without attending the annual meeting. If you are a stockholder of record, you may submit a proxy to authorize how your shares are voted at the annual meeting. You can submit a proxy over the Internet by following the instructions on the website referred to in the Notice or, if you requested and received printed copies of the proxy materials, you can also submit a proxy by internet, mail or telephone pursuant to the instructions on the proxy card enclosed with the proxy materials.

If you are a beneficial stockholder, you may submit your voting instructions to the broker holding your shares over the Internet by following the instructions provided in the Notice, or, if you requested and received printed copies of the proxy materials, you can also submit voting instructions by internet, telephone or mail by following the instructions provided to you by your broker.

Submitting your proxy or voting instructions via the Internet, by telephone or by mail will not affect your right to vote in person should you decide to attend the annual meeting, although beneficial stockholders must obtain a “legal proxy” from your broker giving you the right to vote the shares at the annual meeting in order to vote in person at the meeting.

The Internet and telephone voting facilities will close at 11:59 p.m. Eastern Time on June 10, 2026. If you vote through the Internet, you should be aware that you may incur costs to access the Internet, such as usage charges from telephone companies or Internet service providers and that these costs must be borne by you. If you submit your proxy over the Internet or by telephone, then you do not need to return a written proxy card by mail. You will need the control number contained on the Notice, or proxy card, as applicable, to vote over the Internet or by telephone.

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YOUR VOTE IS VERY IMPORTANT. You should submit your proxy even if you plan to attend the annual meeting. If you properly give your proxy and submit it in time to vote, one of the individuals named as your proxy will vote your shares as you have directed.

All shares entitled to vote and represented by properly submitted proxies (including those submitted electronically, telephonically and in writing) that have not been properly revoked, will be voted at the annual meeting in accordance with the instructions indicated on those proxies. If no direction is indicated on a properly submitted proxy, your shares will be voted “FOR” each of the eight nominees for director named in the proxy statement, “FOR” the ratification of the selection of KPMG LLP (“KPMG”) as our independent registered public accounting firm, “FOR” the say-on-pay vote and “FOR” the Auerbach Warrant Amendment. The proxy gives each of Alan H. Auerbach and Maximo F. Nougues discretionary authority to vote your shares in accordance with his best judgment with respect to all additional matters that might properly come before the annual meeting.

Revocation of Proxy

If you are a stockholder of record, you may revoke your proxy at any time before your proxy is voted at the annual meeting by taking any of the following actions before the annual meeting:

	•	delivering to our Corporate Secretary a signed written notice of revocation, bearing a date later than the date of the proxy, stating that the proxy is revoked;
	•	signing and delivering a new paper proxy, relating to the same shares and bearing a later date than the original proxy;
	•	submitting another proxy by telephone or over the Internet (the proxy holders will vote your shares in accordance with your latest timely-submitted telephone or Internet voting instructions); or
	•	attending the annual meeting and voting in person, although attendance at the annual meeting will not, by itself, revoke a proxy.

Written notices of revocation and other communications with respect to the revocation of proxies should be addressed to:

Puma Biotechnology, Inc.

10880 Wilshire Boulevard, Suite 1700

Los Angeles, CA 90024

Attention: Corporate Secretary

If you are a beneficial stockholder, you may change your vote by submitting new voting instructions to your broker in accordance with the procedures of such broker.

Voting in Person

If you plan to attend the annual meeting and wish to vote in person, you will be given a ballot at the annual meeting. Beneficial stockholders must obtain and present at the annual meeting a “legal proxy” from the broker that holds their shares giving them the right to vote the shares at the annual meeting in order to vote in person at the meeting.

Quorum and Votes Required

At the close of business on [April 13, 2026], [50,879,20] shares of our common stock were outstanding and entitled to vote at the annual meeting. All votes will be tabulated by the inspector of election appointed for the annual meeting.

Quorum. A majority of the outstanding shares of common stock, present in person or represented by proxy, will constitute a quorum at the annual meeting. Shares of common stock held by persons attending the annual meeting but not voting, shares represented by proxies that reflect abstentions as to a particular proposal and broker “non-votes” will be counted as present for purposes of determining a quorum.

Broker Non-Votes. Brokers who hold shares of common stock in “street name” for a beneficial owner of those shares typically have the authority to vote in the broker’s discretion on “routine” proposals when they have not received instructions from beneficial owners on how to vote on such proposal. However, brokers are not allowed to exercise their voting discretion with respect to the election of directors or for the approval of certain “non-routine” proposals without specific instructions from the beneficial owner. These non-voted shares are referred to as “broker non-votes.” Only Proposal 2 (ratifying the appointment of our independent registered public accounting firm) is considered a routine matter. If you are a beneficial stockholder holding shares through a broker and you do not submit instructions on how your shares should be voted, your broker or other nominee will not be able to vote your shares on Proposal 1 (election of directors), Proposal 3 (say-on-pay vote) or Proposal 4 (the Auerbach Warrant Amendment) and broker non-votes will result on these proposals.

Votes Required

Proposal 1 – Election of Directors. Directors will be elected by a plurality of the votes of the shares present in person or represented by proxy and entitled to vote on the election of directors. Stockholders will be given the choice to vote “for” or “withhold” votes for each nominee. Thus, the eight nominees receiving the greatest number of votes “FOR” their election will be elected. Broker non-votes do not represent “for” or “withhold” votes as they are not entitled to vote and therefore broker non-votes will not affect the outcome of the vote for this proposal.

Proposal 2 – Ratification of Independent Registered Public Accounting Firm. The affirmative vote of a majority of the votes cast on this proposal is required for the ratification of the selection of KPMG as our independent registered public accounting firm for the year ending December 31, 2026. Stockholders will be given the choice to vote “for” or “against” or “abstain” on this proposal. Abstentions are not considered votes cast and therefore will not affect the outcome of the vote. Brokers have discretionary authority in the absence of timely instructions from their beneficial owners to vote on this proposal. As a result, broker non-votes are not expected on this proposal.

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Proposal 3 – Advisory Say-on-Pay Vote. The affirmative vote of a majority of the shares cast on this proposal is required for approval, on an advisory basis, of the compensation of our Named Executive Officers as disclosed in the proxy statement. Stockholders will be given the choice to vote “for” or “against” or “abstain” on this proposal. Abstentions and broker non-votes are not considered votes cast and therefore will not affect the outcome of the vote for this proposal.

Proposal 4 – Auerbach Warrant Amendment. The affirmative vote of a majority of the votes cast on this proposal is required for the approval of the Auerbach Warrant Amendment. Stockholders will be given the choice to vote “for” or “against” or “abstain” on this proposal. Abstentions and broker non-votes are not considered votes cast and therefore will not affect the outcome of the vote for this proposal.

Solicitation of Proxies

Our Board is soliciting proxies for the annual meeting from our stockholders. We will bear the entire cost of soliciting proxies from our stockholders. In addition to the solicitation of proxies by delivery of the Notice or proxy statement by mail, we will request that brokers that hold shares of our common stock, which are beneficially owned by our stockholders, send Notices, proxies and proxy materials to those beneficial owners and secure those beneficial owners’ voting instructions. We will reimburse the brokers for their reasonable expenses. We may assign one or more of our regular employees, who will not be specially compensated, to solicit proxies from our stockholders, either personally or by telephone, Internet, facsimile or special delivery letter.

Assistance

If you need assistance in submitting your proxy over the Internet or completing your proxy card or have questions regarding the annual meeting, please contact Investor Relations at (424) 248-6500 or ir@pumabiotechnology.com.

PROPOSAL 1

ELECTION OF DIRECTORS

Board Structure

Under our fifth amended and restated bylaws (“Bylaws”), the number of directors shall be fixed from time to time by resolutions of the directors. Our Board has fixed the size of the Board at eight members, and we have eight current members of the Board.

In evaluating the suitability of individual Board candidates and members, the Nominating and Corporate Governance Committee and Board consider many factors including experience, wisdom, integrity, skills (such as understanding of finance and marketing), educational and professional background, geography, culture, viewpoints, background and perspectives and willingness and ability to devote adequate time to Board duties. The Board has actively sought and appointed qualified female candidates and other diverse directors. For more information concerning the director recruitment and nominating process, please see “Nominating and Corporate Governance Committee” below.

Directors and Board Nominees

Based upon the recommendation of our Nominating and Corporate Governance Committee, our Board has nominated Alan H. Auerbach, Alessandra Cesano, Allison Dorval, Michael P. Miller, Jay M. Moyes, Adrian M. Senderowicz, Brian Stuglik, and Troy E. Wilson for re-election as directors to the Board. If elected, each director will serve a one-year term expiring at the close of our next annual meeting in 2027, and until such director’s successor is elected and qualified, or until such director’s earlier resignation or removal. Each of Messrs. Auerbach, Miller, Moyes, and Stuglik, Ms. Dorval, and Drs. Cesano, Senderowicz and Wilson currently serve on our Board, and each has agreed to serve if re-elected. If any nominee should become unavailable for election prior to the annual meeting (an event that currently is not anticipated by the Board), the proxies will be voted in favor of the election of a substitute nominee or nominees proposed by the Board or, alternatively, the authorized number of directors may be reduced accordingly by the Board.

Set forth below is certain information with respect to the nominees as of the record date. Proxies cannot be voted for a greater number of nominees than the eight nominees set forth below.

Name

Age

Director Since

Audit Committee

Compensation Committee

Nominating and Corporate Governance Committee

Research and Development Committee

Alan H. Auerbach

2010

Alessandra Cesano, M.D., Ph.D.

2022

Allison Dorval

2021

Michael P. Miller

2018

Jay M. Moyes*

2012

Adrian M. Senderowicz, M.D.

2015

Brian Stuglik, R.Ph.

2020

Troy E. Wilson, Ph.D., J.D.

2013

*	Lead Independent Director

“C”	Current Chair

“M”	Current Member

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The average tenure of our Board is 9.2 years, comprised of two directors with less than five years of experience, two directors with 5-9 years of experience, and four directors with 10+ years of experience.

Our directors possess a range of diverse skills, backgrounds, experience and viewpoints that we believe are integral to an effective board of directors. The experience matrix below identifies certain of our directors’ experiences, strengths and qualifications by person.

	Auerbach	Cesano	Dorval	Miller	Moyes	Senderowicz	Stuglik	Wilson
Senior Executive Leadership	✔	✔	✔	✔	✔	✔	✔	✔
Other Public Company Board	✔	✔	✔	✔	✔		✔	✔
Pharmaceutical/Biotechnology	✔	✔	✔	✔	✔	✔	✔	✔
Financial/Accounting or Audit	✔		✔		✔	✔	✔	✔
Commercialization/Sales/Marketing	✔			✔		✔	✔
Research and Product Development	✔	✔				✔	✔	✔
Regulatory or Risk Management	✔	✔				✔
Advanced Education in Science	✔	✔				✔		✔

Director Biographical Information

The following biographical information is furnished with respect to our current directors who are nominees for re-election at the annual meeting.

Alan H. Auerbach. Mr. Auerbach has served as Chairman of our Board and as our President, Chief Executive Officer and Secretary since the Company’s inception in September 2010. Prior to founding the Company, Mr. Auerbach founded Cougar Biotechnology, Inc. (“Cougar”), a biotechnology company, in May 2003 and served as Chief Executive Officer, President and a member of its board of directors until July 2009, when Cougar was acquired by Johnson & Johnson. From July 2009 until January 2010, Mr. Auerbach served as Co-Chairman of the Integration Steering Committee at Cougar (as part of Johnson & Johnson) that provided leadership and oversight for the development and global commercialization of Cougar’s lead drug candidate, abiraterone acetate, for the treatment of advanced prostate cancer. Prior to founding Cougar, from June 1998 to April 2003, Mr. Auerbach was Vice President, Senior Research Analyst at Wells Fargo Securities, where he was responsible for research coverage of small- and middle-capitalization biotechnology companies, with a focus on companies in the field of oncology. Mr. Auerbach served as a director of Radius Health, Inc., a public pharmaceutical company focused on acquiring and developing new therapeutics for the treatment of osteoporosis and other women’s health conditions, from May 2011 to December 2017 and its predecessor entity from October 2010 to May 2011. Mr. Auerbach received a B.S. in Biomedical Engineering from Boston University and an M.S. in Biomedical Engineering from the University of Southern California. Mr. Auerbach was nominated to serve as a director because of his position as our President and Chief Executive Officer and his significant experience as an executive and research analyst in the biotechnology industry.

Our employment agreement with Mr. Auerbach dated January 19, 2012 provides that Mr. Auerbach will be nominated for election to our Board if the term of his directorship expires during the term of the employment agreement. The original term of his employment agreement was through September 1, 2014, but is subject to successive automatic one-year renewal terms.

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Alessandra Cesano, M.D., Ph.D. has been a director since July 2022. Dr. Cesano has served as a member of the board of directors of Summit Therapeutics Inc., a public biopharmaceutical oncology company, since November 2022, and a member of the board of directors of Zymeworks, a public, clinical-stage biotechnology company, since February 2024. Dr. Cesano served as the Chief Medical Officer of ESSA Pharma Inc., a pharmaceutical company developing therapies for the treatment of prostate cancer, from July 2019, and as Executive Vice President from 2023, until May 2025. From July 2015 until June 2019, Dr. Cesano was the Chief Medical Officer of NanoString Inc., a biotechnology company that develops translational research tools, where she focused on the development of translational and diagnostic multi-plexed assays for the characterization and measurement of mechanisms of immune response/resistance. Prior to NanoString, Dr. Cesano was Chief Medical Officer at Cleave Biosciences, Inc., a biopharmaceutical company focusing on protein therapies for the treatment of cancer and neurodegenerative diseases, and before that she served as Chief Medical Officer and Chief Operations Officer at Nodality, Inc., where she built and led the Research & Development group, while providing the overall clinical vision for the organization. Between 1998 and 2008, Dr. Cesano held various management positions at Amgen Inc., Biogen Inc. (formerly Biogen Idec) and SmithKline Beecham Pharmaceuticals, where she helped to advance various oncology drugs through late stage development and FDA approvals. Early in her professional career, she spent 12 years conducting research in tumor immunology, including nine years at the Wistar Institute, an NCI Basic Cancer Center connected with the University of Pennsylvania. Dr. Cesano also holds membership in several professional and scientific societies including ASCO, ESMO, ASH, EHA, AACR and the Society of Immunotherapy of Cancer (“SITC”). In the latter, she has served as co-chair in the SITC Industry Committee and of the SITC Biomarker Working Group, and she currently serves as Associate Editor for the Biomarker section of the Journal for ImmunoTherapy of Cancer, co-chair of the Regulatory Committee, and as the elected At-Large Director of the SITC for the 2020-2023 term. Over her career, she has been an author on over 130 publications. Dr. Cesano received an M.D. summa cum laude, a Board Certification in Oncology and a Ph.D. in Tumor Immunology from the University of Turin. Dr. Cesano was selected as a director because of her extensive background in biotechnology research and development and her experience in the life sciences industry.

Allison Dorval. Ms. Dorval has been a director since July 2021. Ms. Dorval has served as the Chief Financial Officer of AIRNA Corporation, a private biotechnology company, since September 2025. Previously, Ms. Dorval was the Chief Financial Officer for Verve Therapeutics, Inc. (“Verve”), a public biotechnology company, from November 2021 to July 2025. From November 2018 to November 2021, Ms. Dorval served as the Chief Financial Officer of Voyager Therapeutics, Inc. (“Voyager”), a public clinical stage gene therapy company, and as Voyager’s principal financial officer and principal accounting officer. Ms. Dorval joined Voyager as its Vice President of Finance from June 2017 to November 2018. Prior to joining Voyager, Ms. Dorval served as Vice President and Controller of Juniper Pharmaceuticals, Inc., a biopharmaceutical company, from August 2016 to June 2017, and as a consultant at Danforth Advisors, a life sciences consultancy focusing on accounting and financial matters, from September 2015 to August 2016. In connection with her role at Danforth, Ms. Dorval served as interim Chief Financial Officer of medical device companies 480 Biomedical, Inc. and Arsenal Medical, Inc. from December 2015 to August 2016. Prior to her time at Danforth, Ms. Dorval served in several roles at Insulet Corporation, a medical device company, from August 2008 to July 2015, including as Chief Financial Officer from November 2014 to May 2015 and as Vice President and Controller from August 2008 to November 2014. Earlier in her career, Ms. Dorval served in various financial and accounting capacities at iBasis, Inc., a telecommunications company; Digitas Inc., an advertising company; and PricewaterhouseCoopers LLP. She previously served on the board of directors of Aerovate Therapeutics Inc., a public biopharmaceutical company, from July 2021 through April 2025. Ms. Dorval received a B.S. in Business Administration, with a concentration in Accounting, from the University of Vermont and has completed a graduate-level certificate program in Taxation at Bentley University’s McCallum Graduate School of Business. Ms. Dorval is a Certified Public Accountant. Ms. Dorval was nominated to serve as a director because of her strong financial background and significant experience in the biopharmaceutical industry.

Michael P. Miller. Mr. Miller has been a director since February 2018. Since January 2022, Mr. Miller has served on the board of directors for BioXcel, a public biotechnology company. Additionally, Mr. Miller has served on the board of directors of Rigel Pharmaceuticals, Inc., a public biotechnology company, since February 2026 where he previously served as a strategic advisor since 2022. Since 2022, Mr. Miller has also served as a strategic advisor to Celcuity, a public biotechnology company, Concarlo Therapeutics, a private biotechnology company, and Heathyr, a private diagnostic company. Mr. Miller served as the Executive Vice President U.S. Commercial of Jazz Pharmaceuticals plc, a public biopharmaceutical company from April 2014 until his retirement in September 2020. From April 2010 to January 2014, Mr. Miller was Senior Vice President and Chief Commercial Officer of Vivus, Inc., a public biopharmaceutical company. From 2006 to 2010, Mr. Miller served as Vice President, leading the HER Family Oncology Franchise, of Genentech, Inc., a biotechnology company and wholly owned subsidiary of Roche Holding Ltd. From 2003 to 2005, Mr. Miller served as the Senior Vice President, Chief Commercial Officer of Connetics Corporation, a specialty pharmaceutical company acquired by Stiefel Laboratories, Inc. (GSK). Previously, from 1997 to 2001, Mr. Miller served as Vice President of the Urology Business Unit of ALZA Corporation, a pharmaceutical company acquired by Johnson & Johnson. Prior to 1997, Mr. Miller served 13 years in various sales and marketing positions at Syntex Corporation, a pharmaceutical company acquired by Roche Holding Ltd. Mr. Miller received a B.S. in Business Administration and Finance from the University of San Francisco and an M.B.A. in Information and Computer Systems from San Francisco State University. Mr. Miller was nominated to serve as a director because of his significant commercialization experience and background in the life sciences industry.

Jay M. Moyes. Mr. Moyes has been a director since April 2012. Mr. Moyes has been a member of the board of directors of SINTX Technologies (formerly Amedica Corporation), a public orthopedic implant company, since April 2025, where he previously served as Chief Financial Officer from October 2013 to August 2014 and as a member of the board of directors from November 2012 to August 2014. Mr. Moyes has also been a member of the board of directors of Biocardia, Inc., a public cardiovascular regenerative medicine company, since January 2011. Mr. Moyes served as the Chief Financial Officer of Sera Prognostics, Inc., a public commercial-stage biotechnology company focused on improving maternal and neonatal health through innovative biomarker approaches, from March 2020 to June 2023. Mr. Moyes previously served as a member of the board of directors of Achieve Life Sciences, Inc., a public specialty pharmaceutical company, from August 2017 to May 2023; Predictive Technology Group, Inc., a public molecular diagnostics and regenerative medicine company, from February 2019 to December 2019; Osiris Therapeutics, Inc., a public bio-surgery company, from May 2006 until December 2017. He served as Chief Financial Officer of Amedica from October 2013 to August 2014. From May 2008 through July 2009, Mr. Moyes served as Chief Financial Officer of XDx (now CareDx), Inc., a privately held molecular diagnostics company. Prior to that, Mr. Moyes served as Chief Financial Officer of Myriad Genetics, Inc., a public healthcare diagnostics company, from June 1996 until November 2007, and as its Vice President of Finance from July 1993 until June 1996. From 1991 to 1993, Mr. Moyes served as Vice President of Finance and Chief Financial Officer of Genmark, Inc., a privately held genetics company. Mr. Moyes held various positions with the accounting firm of KPMG LLP from 1979 through 1991, most recently as a Senior Manager. He holds an M.B.A. from the University of Utah, a B.A. in economics from Weber State University, and is formerly a Certified Public Accountant. Mr. Moyes also served as a member of the Board of Trustees of the Utah Life Science Association from 1999 through 2006. Mr. Moyes was nominated to serve as a director because his extensive background in finance and accounting and his experience in the life sciences industry enable him to make significant contributions to the Board.

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Adrian M. Senderowicz. Dr. Senderowicz has been a director since August 2015. Dr. Senderowicz has been Senior Advisor of Constellation Pharmaceuticals, Inc., a public clinical-stage biopharmaceutical company focusing on the development of novel tumor-targeted and immuno-oncology therapies, since June 2020 and served as its Senior Vice President and Chief Medical Officer from July 2017 until June 2020. Dr. Senderowicz served as Senior Vice President and Chief Medical Officer of Cerulean Pharma Inc., a public clinical-stage company developing nano-particle conjugates, from September 2015 until June 2017. Dr. Senderowicz served as the Chief Medical Officer and Senior Vice President, Clinical Development and Regulatory Affairs from August 2014 to February 2015, and Clinical and Regulatory Strategy Officer from February 2015 to March 2015 of Ignyta, Inc., a public precision oncology biotechnology company. Prior to joining Ignyta, Dr. Senderowicz was Vice President, Global Regulatory Oncology at Sanofi, a global pharmaceutical company based in France, a position he held from September 2013 to August 2014. Prior to Sanofi, Dr. Senderowicz was Chief Medical Officer and Vice President, Medical Development at Tokai Pharmaceuticals, Inc. from August 2012 to March 2013. From August 2008 to March 2012, Dr. Senderowicz held positions of increasing responsibility, including Senior Medical Director, Oncology Clinical Development at AstraZeneca, a global biopharmaceutical company. Before his tenure at AstraZeneca, Dr. Senderowicz spent almost four years in a variety of leadership positions at the U.S. Food and Drug Administration(“FDA”) Division of Oncology Drug Products in the Center for Drug Evaluation and Research. Prior to his work with the FDA, Dr. Senderowicz held a variety of clinical and research positions, including Coordinator of the Prostate Cancer Drug Development Clinic and Investigator and Chief, Molecular Therapeutics Unit, with the National Cancer Institute/National Institutes of Health. Dr. Senderowicz holds both an M.D. and an Instructor of Pharmacology degree from the School of Medicine at the Universidad de Buenos Aires in Argentina. Dr. Senderowicz was nominated to serve as a director because of his extensive clinical and regulatory background and his significant experience in the life sciences industry.

Brian Stuglik. Mr. Stuglik has been a director since July 2020. Since January 2016, Mr. Stuglik has served as consultant and founder of Proventus Health Solutions, a consulting company for pharmaceutical and biotechnology companies, focusing on U.S. and international pharmaceutical development, product strategy, and commercialization. Mr. Stuglik has been a member of the board of directors of Verastem, Inc., a public biopharmaceutical company, since September 2017, where he served as Chief Executive Officer from July 2019 to July 2023. Mr. Stuglik also serves as a member of the board of directors of Oncopeptides AB, a public biotechnology company based in Sweden, since May 2018. Prior to founding Proventus Health Solutions, Mr. Stuglik served as Vice President and Chief Marketing Officer for the oncology division of Eli Lilly and Company, a global pharmaceutical company, from 2009 to December 2015. Mr. Stuglik received a B.S. in Pharmacy from Purdue University. Mr. Stuglik was nominated to serve as a director because of his significant experience and background in the life sciences industry and, in particular, product strategy and commercialization of pharmaceutical therapies.

Troy E. Wilson. Dr. Wilson has been a director since October 2013. Dr. Wilson has been President and Chief Executive Officer and Chairman of the board of directors of Kura Oncology, Inc., a public clinical-stage biopharmaceutical company that discovers and develops personalized therapeutics for the treatment of solid tumors and blood cancers, since August 2014. Dr. Wilson also serves as a member of the board of directors of Avidity Biosciences, a public biotechnology company, since November 2012. He served as President and Chief Executive Officer of Avidity Biosciences, Inc., a public biopharmaceutical company, from November 2012 to February 2019 and as President and Chief Executive Officer of Wellspring Biosciences, Inc., a private biopharmaceutical company, and its parent company Araxes Pharma LLC, a private biopharmaceutical company, from July 2012 to March 2019. Dr. Wilson served as President and Chief Executive Officer and a member of the board of directors of Intellikine, Inc., a private biopharmaceutical company, from April 2007 to January 2012 and from August 2007 to January 2012, respectively. He holds a J.D. from New York University and graduated with a Ph.D. in bioorganic chemistry and a B.A. in biophysics from the University of California, Berkeley. Dr. Wilson was nominated to serve as a director because of his executive leadership experience, his background in finance and accounting and his extensive experience in the life sciences industry.

Except as indicated herein with respect to Mr. Auerbach, no arrangements or understandings exist between any director or person nominated for election as a director and any other person pursuant to whom such person is to be selected as a director or nominee for election as a director.

Board Recommendation

OUR BOARD UNANIMOUSLY RECOMMENDS A VOTE “FOR” THE ELECTION OF EACH OF THE EIGHT DIRECTOR NOMINEES.

CORPORATE GOVERNANCE

Board Independence

Our Board has determined that seven of our eight directors are independent, and that each of the members of our Audit Committee, Compensation Committee, Nominating and Corporate Governance Committee and Research and Development Committee is independent. In making these determinations, our Board has made a subjective determination as to each independent director that no relationships exist, which, in the opinion of our Board, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director.

On an annual basis, our Board undertakes a review of its composition, the composition of its committees and the independence of each director. For the purpose of its independence determinations, the Board employs the standards for independence set forth in the listing requirements and rules of The NASDAQ Stock Market LLC (“NASDAQ”), in the rules and standards established by the U.S. Securities and Exchange Commission (the “SEC”) and in our corporate governance guidelines. Our corporate governance guidelines are available on our corporate website at https://www.pumabiotechnology.com/about/cg.html.

Based upon information requested from and provided by each of our directors concerning his or her background, employment and affiliations, including family relationships, and on such other due consideration and diligence as it deems appropriate, our Board has determined that Messrs. Miller, Moyes, and Stuglik, Ms. Dorval and Drs. Cesano, Senderowicz and Wilson, or seven of our eight current directors, are “independent” under the applicable rules and standards established by NASDAQ and the SEC, as well as under the additional standards set forth in our corporate governance guidelines. In making this determination, our Board considered the current and prior relationships that each non-employee director has with us and all other facts and circumstances our Board deemed relevant in determining their independence, including the beneficial ownership of our capital stock by each non-employee director. Our Board has determined that Mr. Auerbach is not independent due to his role as our President and Chief Executive Officer.

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Board Role in Risk Oversight

Our Board is involved in the general oversight of risks that could affect our business. Our Board satisfies this responsibility through reports by each committee chair regarding the committee’s considerations and actions, as well as through regular reports directly from officers responsible for oversight of particular risks within the Company. Further, our Board oversees risks through the establishment of policies and procedures that are designed to guide daily operations in a manner consistent with applicable laws, regulations and risks acceptable to our Company. The role of the Board’s committees in overseeing many of the risks associated with our business includes the following:

	•	The Audit Committee oversees and reviews with management our assessment and management process of material financial reporting and accounting risks, including review of internal controls over financial reporting, policies, practices and risks related to cybersecurity and disclosure controls and procedures, as well as reviews and approves any related party transactions.
	•	The Compensation Committee oversees and assesses whether any of our compensation plans, policies, and programs are reasonably likely to have a material adverse effect on us.
	•	The Nominating and Corporate Governance Committee oversees and reviews with management risks relating to governance matters, including succession planning, as well as business ethics and compliance, quality assurance, access to medicines and patient safety.
	•	The Research and Development Committee oversees and reviews with management evaluation of our product pipeline and pre-trial and clinical development risks.

The Board’s 2025 review, including the Research and Development Committee, included an assessment of the risks related to effects of the closure of clinical trials of NERLYNX with respect to our commercialization of NERLYNX. The Research and Development Committee also assessed the clinical development risks associated with our acquisition of worldwide research and development rights, and commercial, rights to alisertib.

Board Leadership Structure

Alan H. Auerbach currently serves as our Chairman and Chief Executive Officer. We have no policy requiring the combination or separation of the Chief Executive Officer and Chairman roles and our governing documents do not mandate a particular structure. At present, we have determined that this leadership structure of having a combined Chairman of the Board and Chief Executive Officer is appropriate due to the size and operations and resources of our Company. Our Board believes that having these roles combined helps promote efficient and centralized decision-making, focuses the Board’s discussions and facilitates the presentation of the Company’s strategy with a unified voice. Our Board also believes in the value and importance of a strong Lead Independent Director with clearly delineated responsibilities, including to preside over Board meetings at which the Chief Executive Officer and Chairman is not present (including any executive sessions of the independent directors), approve Board meeting schedules and agendas and act as liaison between the independent directors and the Chief Executive Officer and Chairman. Mr. Moyes serves as the Lead Independent Director.

Our Board acknowledges that no single leadership model is right for all companies at all times. As such, our Board periodically reviews its leadership structure and may, depending on the circumstances, including our size, resources and operations, choose a different leadership structure in the future.

Meetings and Attendance

During the fiscal year ended December 31, 2025, our Board held four meetings. All directors attended at least 75% or more of the aggregate number of meetings of the Board and board committees on which they served. Our Board and committees also act by unanimous written consent from time to time. As part of our director education program, each director is strongly encouraged to attend each annual meeting of stockholders in person. Each of the then-current directors attended our 2025 annual meeting of stockholders either in-person or by telephone.

Executive Sessions

During the fiscal year ended December 31, 2025, the non-employee directors met in executive session of the Board on four occasions, the members of the Audit Committee met in executive session on four occasions, the members of the Compensation Committee met in executive session on five occasions, and the members of the Nominating and Corporate Governance Committee met in executive session on one occasion. The policy of our Board is to hold executive sessions in connection with each regularly scheduled Board meeting and executive sessions of committees when needed. As our Lead Independent Director, Mr. Moyes presided over the executive sessions of the Board.

Board Committees

We have established an Audit Committee, a Compensation Committee, a Nominating and Corporate Governance Committee, an Equity Incentive Committee and a Research and Development Committee. The composition and responsibilities of each committee are determined by the Board and are described below. To view the charters of the Audit Committee, Compensation Committee, Nominating and Corporate Governance Committee and Research and Development Committee, please visit the corporate governance section of our website at https://www.pumabiotechnology.com/about/cg.html. In addition, the charters for these committees are available in print to any stockholder who requests a copy. Please direct all requests to our Corporate Secretary, Puma Biotechnology, Inc., 10880 Wilshire Boulevard, Suite 1700, Los Angeles, CA 90024.

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Audit Committee

Our Audit Committee provides oversight over each of our accounting and financial reporting processes, our internal control function, the audits of our consolidated financial statements and internal control over financial reporting. Among other matters, the Audit Committee assists our Board in oversight of the independent registered public accounting firm qualifications, independence and performance; is responsible for the engagement, retention and compensation of the independent auditors; reviews the scope of the annual audit; reviews and discusses with management and the independent registered public accounting firm the results of the annual audit and the review of our quarterly consolidated financial statements, including the disclosures in our annual and quarterly reports filed with the SEC; reviews our risk assessment and risk management processes; establishes procedures for receiving, retaining and investigating complaints received by us regarding accounting, internal accounting controls or audit matters; approves audit and permissible non-audit services provided by our independent registered public accounting firm; and reviews and approves related party transactions under Item 404 of Regulation S-K, our Related Party Transaction Policy and Procedures and NASDAQ rules.

The members of our Audit Committee are Mr. Moyes, Ms. Dorval and Dr. Wilson with Mr. Moyes serving as the chair of the committee. The Board has determined that Mr. Moyes, Ms. Dorval and Dr. Wilson are independent directors as defined under the applicable rules and regulations of the SEC and NASDAQ and the requirements in the Audit Committee’s charter and our corporate governance guidelines. The Board has determined that all members of our Audit Committee meet the requirements for service as an audit committee member under the applicable rules of NASDAQ, and that Mr. Moyes, Ms. Dorval and Dr. Wilson are audit committee financial experts as defined under the applicable rules of the SEC. The Audit Committee met six times during the fiscal year ended December 31, 2025.

Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee oversight of cybersecurity and other information technology risks. The Audit Committee oversees management’s implementation of our cybersecurity risk management program. The Audit Committee receives periodic reports from management on our cybersecurity risks. In addition, management updates the Audit Committee, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential.

The Audit Committee reports to the Board regarding its activities, including those related to cybersecurity. The Board also receives briefings from management on our cyber risk management program. Members of the Board receive presentations on cybersecurity topics from internal security staff or external experts as part of the Board’s continuing education on topics that impact public companies. Our management team, including our Chief Financial Officer, Senior Director of Information Technology and Senior Vice President, Quality Assurance, is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal technology and quality assurance compliance personnel and our retained external cybersecurity consultants. Our management team has experience in risk management as well as in the technology and finance industries, equipping them to oversee cybersecurity risks effectively.

Compensation Committee

The Compensation Committee adopts and administers the compensation policies, plans and benefit programs for our executive officers. In addition, among other things, the Compensation Committee evaluates the performance and compensation of our Chief Executive Officer. Based on such evaluation, the Compensation Committee determines and approves all of the compensation of the Chief Executive Officer. The Chief Executive Officer is not permitted to be present during any Compensation Committee final deliberations or voting concerning the compensation of the Chief Executive Officer. The Compensation Committee also reviews an evaluation of the executive officers who have been designated by the Board as Section 16 officers as provided in Rule 16b-1(f) of the Exchange Act (“Section 16 Officers”), other than the Chief Executive Officer, and such other persons deemed advisable by the Committee, and reviews, sets or recommends to the Board the compensation of such Section 16 Officers and other persons. The Compensation Committee also administers the Puma Biotechnology, Inc. 2011 Incentive Award Plan (the “2011 Plan”) and the Puma Biotechnology, Inc. 2017 Employment Inducement Incentive Award Plan (the “Inducement Plan” and, together with the 2011 Plan, the “Plans”). The Compensation Committee administers and oversees compliance with the Company’s clawback policy. Additionally, the Compensation Committee periodically reviews and makes recommendations to our Board regarding succession planning for management, designations of Section 16 Officers and the compensation of our non-employee directors.

The Compensation Committee is permitted to delegate any or all of its responsibilities to a subcommittee of the Compensation Committee, but only to the extent consistent with our Certificate of Incorporation, Bylaws, the rules and listing standards of NASDAQ, and other applicable law.

The Compensation Committee has the sole discretion to retain or obtain the advice of compensation advisors, including compensation consultants, legal counsel or other advisors in order to assist the Compensation Committee or any of its subcommittees in carrying out its responsibilities. The Compensation Committee is also responsible for the appointment, determination of the compensation and oversight of the work of so retained compensation advisors and the determination of the independence of each compensation advisor prior to selecting or receiving advice from any such compensation advisor and on at least an annual basis thereafter. The Company provides for appropriate funding for payment or reasonable compensation to any compensation advisor to the Compensation Committee.

In 2025, the Compensation Committee continued to engage Compensia, Inc. (“Compensia”), an independent compensation consultant, to advise the Compensation Committee. In December 2024, the Compensation Committee obtained a new detailed compensation analysis which served as the basis for the Compensation Committee’s compensation-related decisions for 2025. Compensia reported directly to the Compensation Committee and attended Compensation Committee meetings in 2025 following invitations. In 2025, Compensia provided the Compensation Committee with a report regarding non-employee director compensation and competitive practices. The Compensation Committee determines when to hire, terminate or replace compensation consultants, the projects to be performed by any consultant and whether the consultant is invited to attend meetings of the Compensation Committee. The Compensation Committee may engage Compensia to conduct additional comprehensive reviews of our compensation programs in the future.

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The Compensation Committee reviews the independence of its compensation consultants and other advisors. In performing its analysis, the Compensation Committee considers the factors set forth in applicable SEC rules and NASDAQ listing requirements and the requirements in the Compensation Committee’s charter and our corporate governance guidelines. After review and consultation with Compensia, the Compensation Committee has determined that Compensia is independent and there is no conflict of interest from retaining Compensia currently or during the year ended December 31, 2025. In reaching these conclusions, the Compensation Committee considered the factors set forth in the Securities Exchange Act of 1934, as amended (the “Exchange Act”) Rule 10C-1 and NASDAQ listing standards.

The members of the Compensation Committee are Messrs. Miller, Moyes and Stuglik with Mr. Stuglik serving as chair of the committee. The Board has determined that each of the members of the Compensation Committee is independent under the applicable rules and listing standards of NASDAQ and is independent under the requirements in the Compensation Committee’s charter and our corporate governance guidelines and are non-employee directors for purposes of Section 16 of the Exchange Act. The Compensation Committee met seven times during the fiscal year ended December 31, 2025. Additionally, matters delegated to the Compensation Committee were discussed during meetings of the Board, including in executive session with only independent members of the Board present.

Nominating and Corporate Governance Committee

Our Nominating and Corporate Governance Committee is responsible for, among other things, making recommendations regarding corporate governance, the composition of our Board, identification, evaluation and nomination of director candidates and the structure and composition of committees of our Board. In addition, our Nominating and Corporate Governance Committee oversees our corporate governance guidelines, makes recommendations regarding our committee charters, oversees compliance with our code of business conduct and ethics, contributes to succession planning, reviews actual and potential conflicts of interest of our directors and officers other than related party transactions reviewed by the Audit Committee and oversees the self-evaluation process of our Board. Our Nominating and Corporate Governance Committee also is responsible for making recommendations regarding non-employee director compensation to the Board and oversees and reviews with management risks relating to governance, business ethics and compliance, access to medicines and patient safety matters.

The process followed by our Nominating and Corporate Governance Committee to identify and evaluate director candidates includes meeting from time to time to evaluate biographical information and background material relating to potential candidates and, as deemed advisable, interviews of selected candidates by our Chief Executive Officer, members of the Nominating and Corporate Governance Committee or other members of the Board. It is the policy of the Nominating and Corporate Governance Committee that when it establishes an initial list of potential candidates for consideration as a new candidate to the Board, the committee shall include in such list, but shall not be limited to, one or more qualified women and minority candidates. The Nominating and Corporate Governance Committee may seek the assistance of an outside search firm in identifying and evaluating potential candidates from time to time.

In evaluating the suitability of individual candidates (both new candidates and current Board members) to recommend to the Board for nomination (and, in the case of vacancies, appointment), the Nominating and Corporate Governance Committee and the Board reviews the candidate in the context of the criteria attached to its charter. These criteria include (i) personal and professional integrity, ethics and values; (ii) experience in corporate management, such as serving as an officer or former officer of a publicly held company, and a general understanding of marketing, finance and other elements relevant to the success of a publicly held company in today’s business environment; (iii) experience in our industry and with relevant social policy concerns; (iv) experience as a board member of another publicly held company; (v) academic expertise in an area of our operations; (vi) practical and mature business judgment, including ability to make independent analytical inquiries; (vii) varied skills, backgrounds, cultures, viewpoints and perspectives; and (viii) willingness and ability to devote adequate time to Board duties. Each individual is evaluated in the context of the Board as a whole, with the objective of assembling a board of directors that can best perpetuate the success of the business and represent stockholder interests through the exercise of sound judgment using his or her diversity of experience in these various areas. The Nominating and Corporate Governance Committee is mindful of the policies regarding board service of certain investors and proxy advisory firms, which were developed due to concerns that “overboarded” directors face excessive time commitments and challenges in fulfilling their duties. Our corporate governance guidelines prohibit directors from serving on the boards of more than five public companies, including the Company, without the Board’s consent, provided, however, if a director of the Board is the chief executive officer of a public company that is not the Company, such director shall not serve on the board of directors of more than three public companies, including the Company. All of our nominees are in compliance with this requirement. The Nominating and Corporate Governance Committee reviews and considers the contributions and performance of each individual, as well as consideration of whether a director’s service on other boards will enhance, rather than interfere with, their service on our Board. In making its nominee recommendations for the Annual Meeting, our Nominating and Corporate Governance Committee noted the strong attendance, preparedness and engagement at Board and committee meetings, dedication through committee membership and compliance with our governance guidelines for each nominee. The Nominating and Corporate Governance Committee also values their input resulting from experience as a public company director and extensive expertise in the biopharmaceutical and biotechnology industries, and believes the nominees’ service on other boards enhances their contributions and the strength of our Board.

The Nominating and Corporate Governance Committee will consider director candidates recommended by any stockholder who holds 5% or more of our common stock. Such candidate will be reviewed by the committee on the same basis as it considers all other candidates. A stockholder wishing to submit a director nomination should send a letter to the Board of Directors, c/o Corporate Secretary, Puma Biotechnology, Inc., 10880 Wilshire Boulevard, Suite 1700, Los Angeles, CA 90024. The mailing envelope must contain a clear notation indicating that the enclosed letter is a “Director Nominee Recommendation.” A stockholder that wishes to recommend a director candidate should submit complete information as to the identity and qualifications of the director candidate to the Nominating and Corporate Governance Committee, including all information that would be required to be disclosed about that person in a proxy statement relating to the election of directors. In making recommendations, stockholders should be mindful of the discussion of the criteria set forth above. Satisfaction of such criteria does not imply that the Nominating and Corporate Governance Committee necessarily will nominate the person so recommended by a stockholder. With respect to deadlines and other matters relating to stockholder nominations of director candidates, see “Stockholder Proposals and Nominations.”

The members of our Nominating and Corporate Governance Committee are Mr. Miller and Drs. Senderowicz and Wilson, with Dr. Wilson serving as the chair of the committee. The Board has determined that each of the members of our Nominating and Corporate Governance Committee is independent under the applicable rules and regulations of the SEC and listing standards of NASDAQ and the requirements in the Nominating and Corporate Governance Committee’s charter and our corporate governance guidelines. The Nominating and Corporate Governance Committee met on one occasion during the fiscal year ended December 31, 2025.

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Research and Development Committee

Our Research and Development Committee oversees our product pipeline and research and development efforts, including oversight and evaluation of our clinical trials and clinical development risk, as well as reviewing and pre-approving all material public disclosures related to our product pipeline and research and development efforts. As part of its oversight responsibilities, the committee also meets at least quarterly with the Chief Scientific Officer or designee to review the progress of the product pipeline and the progress and results of pre-clinical studies and clinical trials. The Research and Development Committee is comprised of Drs. Senderowicz, Wilson and Cesano and Mr. Stuglik, with Dr. Senderowicz serving as the chair of the committee. The Board has determined that each of the members of our Research and Development Committee is independent under the requirements in the Research and Development Committee’s charter and our corporate governance guidelines. The Board has determined that Drs. Senderowicz, Wilson and Cesano and Mr. Stuglik meet the requirements for scientific and/or medical expertise under the Research and Development Committee’s charter. The Research and Development Committee’s discussions included an assessment of the risks related to effects of the closure of clinical trials of NERLYNX with respect to our commercialization of NERLYNX, as well as the assessment of the clinical development risks associated with the acquisition of worldwide research and development rights, and commercial rights to alisertib.

Equity Incentive Committee

Our Equity Incentive Committee consists of Mr. Auerbach, a director and our President and Chief Executive Officer, serving as its sole member. The Board delegated to the Equity Incentive Committee the authority to grant stock options and restricted stock units (“RSUs”) to non-executive employees, subject to the following conditions:

	•	the maximum aggregate number of shares of common stock underlying RSUs granted pursuant to this authority is 100,000 per individual, subject to adjustment by the Board;
	•	the maximum aggregate number of shares of common stock underlying stock options granted pursuant to this authority is 100,000 per individual, subject to adjustment by the Board; and
	•	the stock options must have an exercise price equal to the closing price of our common stock on the grant date and have a term not longer than 10 years.

Pursuant to this delegation of authority, for fiscal year 2025, the Equity Incentive Committee granted an aggregate of 899,523 RSUs.

Code of Business Conduct and Ethics

We have adopted a code of business conduct and ethics that establishes the standards of ethical conduct applicable to all directors, officers and employees of our Company. Our code of business conduct and ethics addresses, among other things, conflicts of interest, compliance with disclosure controls and procedures and internal control over financial reporting, corporate opportunities and confidentiality requirements. Our code of business conduct and ethics is available on our corporate website at https://www.pumabiotechnology.com/about/cg.html. We intend to disclose any future amendments to our code of business conduct and ethics, or waivers of provisions required to be disclosed under the rules of the SEC, at the same location on our website identified in the preceding sentence.

Corporate Governance Guidelines

We have adopted corporate governance guidelines, which, among other things, highlight that the Board should consider experience, wisdom, integrity, skills (such as understanding of finance and marketing), educational and professional background, geography, culture, viewpoints, background and perspectives and their willingness and ability to devote adequate time to Board duties in evaluating the suitability of individual members of the Board. Our corporate governance guidelines are available on our corporate website at https://www.pumabiotechnology.com/about/cg.html.

Communication with the Board

Stockholders and other interested parties may send communications to the Board, including any individual director, any non-employee director or the directors as a group, by mailing such communications to Puma Biotechnology, Inc., 10880 Wilshire Boulevard, Suite 1700, Los Angeles, CA 90024, Attention: Corporate Secretary. Such correspondence shall be addressed to the Board, any individual director or any non-employee director by either name or title.

All communications received as set forth in the preceding paragraph will be opened by the Company’s Corporate Secretary for the sole purpose of determining whether the contents represent a message to the Company’s directors. Any contents that are not in the nature of advertising, promotions of a product or service or patently offensive material will be forwarded promptly to the addressee. In the case of communications to the Board, any individual director or any non-employee director, the Company’s Corporate Secretary will make sufficient copies of the contents to send to each director to which the envelope is addressed.

Insider Trading Compliance Policy; Pledging and Hedging Prohibited

Our Board maintains an Insider Trading Compliance Policy that governs the purchase, sale and/or other disposition of the Company’s securities by directors, officers and employees of the Company. We believe our Insider Trading Compliance Policy is reasonably designed to promote compliance with insider trading laws, rules and regulations, as well as listing standards applicable to the Company. It is also our policy to comply with applicable insider trading laws and regulations with respect to transactions in our own securities. A copy of our Insider Trading Compliance Policy is attached as Exhibit 19.1 to our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 26, 2026.

The Insider Trading Compliance Policy prohibits our officers, directors and employees from pledging Company stock as collateral to secure loans and from engaging in hedging transactions, including zero-cost collars and forward sale contracts. It further prohibits margin purchases of the Company’s stock, short sales of the Company’s stock, and any transactions in puts, calls or other derivative securities involving the Company’s stock.

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Compliance, Quality, Access and Safety

Governance

Our Nominating and Corporate Governance Committee provides oversight and guidance, and engages in discussions with executive leadership, regarding business ethics and compliance, quality assurance, access to medicines and patient safety throughout the Company’s operations, programs, clinical trials and products.

Business Ethics and Compliance

Our Board provides oversight of our compliance program and adherence to high standards of business ethics. The chair of the Audit Committee serves as the primary liaison between the Board and executive leadership on matters of ethics and compliance. Operational guidance and direction for compliance and business ethics are provided by the Compliance Committee, which is chaired by the Ethics and Compliance Officer. Members of the Compliance Committee include the senior leaders of the following functions:

	•	Quality Assurance
	•	Pharmacovigilance
	•	Human Resources
	•	Legal
	•	Commercial
	•	Regulatory Affairs
	•	Finance
	•	Clinical Research and Development

The Compliance Committee meets on at least a quarterly basis. Amongst other duties, the Compliance Committee ensures that we have devoted sufficient resources to maintain compliance with all applicable regulations and high ethical standards. In particular, the Compliance Committee is charged with ensuring that our compliance program is in alignment with the Office of the Inspector General (OIG) Compliance Program Guidance for Pharmaceutical Manufacturers. In addition, members of the Compliance Committee serve as Compliance Ambassadors within their respective departments to ensure collaboration, awareness and training are maintained.

As part of our overall commitment to operating ethically, we have committed to a “speak-up culture,” which is codified through our Compliance Reporting and Investigations Policy. This policy includes the commitment to maintaining a 24/7 reporting hotline that allows for anonymous reporting of concerns. In addition, the policy describes our commitment to no retaliation associated with reporting of concerns, and the specific follow-on actions to be taken, depending on the nature of any concerns reported through the hotline.

Our marketing efforts are carefully managed, and subject to our Medical, Legal, and Regulatory (MLR) Review process, to ensure that they are in compliance with applicable regulations and the highest ethical standards.

Access to Medicine

Core to our mission and culture is the belief that patients should have access to our medicines and that our staff should be dedicated to serving a patient in need. As a result, we have established and maintain a range of programs designed to maximize access to our medicines. Governance over these programs is led by the Chief Commercial Officer, and program design decisions are reviewed and approved by the Chief Financial Officer and the Chief Executive Officer.

Key programs designed to improve access to our medicines include:

	•	Co-pay discount cards that limit monthly co-pays to $10 for most patients in the United States with commercial insurance. Approximately $5.4 million of co-pay assistance was provided to patients in the United States in 2025.
	•	A large-scale Patient Assistance Program in the United States, which provides medication at no cost to uninsured or under-insured patients who cannot afford our medication. Approximately 10 percent of patients starting NERLYNX in 2025 received their medication at no cost.
	•	Participation in the 340B program, which provides medications to Medicaid patients at significant discounts.
	•	A pilot program to provide new patients with an initial month of medication at no cost to see if they tolerate the medicine before committing to longer-term use.
	•	Supportive care medications provided at no cost to patients using our medications. Approximately $30,000 worth of vouchers for supportive care medications were provided to patients in 2025.
	•	Compassionate use to provide access to medicine for individual patients on humanitarian grounds outside of a specific Company-sponsored clinical study. Compassionate use decisions are managed by our Medical Affairs organization.

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Product Quality

Our commitment to quality is demonstrated through our oversight structure, as well as our extensive set of policies, procedures and systems dedicated to quality and quality assurance. Our Quality Assurance organization is independent of our clinical, manufacturing and business operations to ensure that quality personnel act independently and have autonomy from business-driven influences. The head of our Quality Assurance organization meets directly with our Chief Executive Officer with any concerns and findings. Our executive team is held responsible for ensuring that an effective quality management system is in place to ensure the quality of drug products and clinical development programs.

We maintain a Quality System that encompasses an organizational structure, resources, policies, standard operating procedures and work instructions designed to ensure that safe and effective products are manufactured; that clinical trials are conducted in a manner that protects the rights, safety and well-being of trial subjects; and that our company-wide commitment to quality and the performance of the Quality System is supported by our executives and senior management. The main attributes of the Quality System are documented in our Quality Manual, which is a controlled document that cross-references the key policies and standard operating procedures that govern various aspects of the Quality System.

Some of the key aspects of our Quality System include:

	•	A designated person responsible for the quality of drug product released for commercial and clinical use. This person is independent of manufacturing operations and has the authority to approve or reject starting materials, drug substance, bulk product, intermediate product and finished product.
	•	A designated person responsible for the quality, ethics and compliance of the research, development and clinical programs. This person is independent of research and clinical operations and provides quality and compliance oversight over the clinical studies and other research and development activities.
	•	An electronic document management system (EDMS) for maintaining regulated documents throughout their lifecycle.
	•	A validated electronic Learning Management System (LMS) that records evidence of successful completion of training files for all employees and contractors involved in all regulated activities.
	•	Engagement with our vendor organizations contracted to: manufacture, package, label or test drug products; manage clinical trials; perform clinical site monitoring activities; or perform any other activity that could impact the quality of our products or clinical trials; to address a wide range of issues, including conformance to recognized standards of current Good Manufacturing Practice (cGMP), Good Laboratory Practice (GLP), Good Clinical Practice (GCP) and Good Pharmacovigilance Practice (GVP). Responsibilities for activities related to drug product quality and any critical clinical research services are specified in a separate, written Quality Agreement between us and the vendor.
	•	External and internal activities that impact the quality of our product or clinical trials are subject to regular audits to ensure compliance with regulatory requirements and our policies, standard operating procedures and work instructions, as applicable. The audits are conducted according to a pre-defined schedule, depending on the nature of the activity.

Patient and Clinical Trial Safety

We maintain a Safety Review Committee supported by our Pharmacovigilance organization. We have policies and standard operating procedures in place to ensure timely and comprehensive collection, review and reporting of adverse events and serious adverse events in compliance with regulatory requirements in the regions where our products are being studied or marketed. Our Pharmacovigilance organization maintains current information on the drug safety profile of our products as well as all applicable safety-related regulations. Our Pharmacovigilance organization also prepares updates on safety data from clinical trials and post-marketing, scientific literature and safety signals for presentation to the Safety Review Committee. The Safety Review Committee has responsibility for:

	•	Ensuring the execution of strategies aimed at evaluation, validation, and providing recommendations for action of safety risks for our products throughout the development life cycle and following authorization for commercial use.
	•	Reviewing new safety information as it becomes available.
	•	Evaluating all available information to validate or refute potential safety signals. Provide recommendations for action, and communication to internal and external stakeholders.

In addition, standard operating procedures govern the processes that facilitate intake of safety-related inquiries, questions, and reports at any time. Medical review of each individual case safety report is performed by an internal team of medical professionals. Safety information is collected, processed, reported, and maintained in a centralized safety database.

Pharmaceuticals in the Environment

Two of the key pathways by which pharmaceuticals may end up in the environment are through effluent from manufacturing and improper disposal of medications. We contractually require contractors performing manufacturing on our behalf to comply with all federal, state and local laws and regulations regarding effluent to minimize any potential impact through this pathway. With regard to disposal of medications, we participate in MED-Project, a nationwide initiative to promote the proper storage and disposal of medications. MED-Project is run by the Pharmaceutical Product Stewardship Working Group and is designed to facilitate use of local medication disposal and takeback programs. MED-Project operates in all 50 states and maintains a database of over 22,000 locations for disposal and takeback. Through participation in this program, we are promoting proper disposal of unused medication and reducing potential impacts from improper disposal.

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Compensation of Directors

Our Board has approved a compensation program for our non-employee directors (the “Director Compensation Program”), which governed their compensation for 2025. The Director Compensation Program is intended to fairly compensate our directors for the time and effort necessary to serve on the Board.

Periodically, the Compensation Committee engages Compensia to perform an assessment of the Director Compensation Program relative to its then peer group of companies. In early 2025, Compensia provided their assessment to Company management and the Board and no changes to our Director Compensation Program were made during 2025 following this review. In February 2026, following an assessment completed by Compensia, and a review by our Compensation Committee, the Director Compensation Program was amended to increase the annual cash retainer for the chair of the Nominating and Corporate Governance Committee to $12,500 and for the committee members of the Nominating and Corporate Governance Committee to $6,250, in each case, effective April 1, 2026.

Director Compensation Program

Under the Director Compensation Program, each non-employee director receives an annual cash retainer for service on the Board, and for service on each committee of which the non-employee director is a member, paid in four equal installments at the beginning of each calendar quarter. All cash fees are payable on a pro-rated basis for non-employee directors who are initially elected or appointed in the middle of a calendar quarter.

The fees paid to non-employee directors for service on the Board under the Director Compensation Program as in effect during 2025 are as follows:

Cash Compensation
Board Annual Retainer	$	50,000
Committee Chair Annual Retainer
Audit	$	20,000
Compensation	$	15,000
Nominating and Corporate Governance	$	10,000
Research and Development	$	15,000
Committee Member (Non-Chair) Annual Retainer
Audit	$	10,000
Compensation	$	7,500
Nominating and Corporate Governance	$	5,000
Research and Development	$	7,500

In addition, under the Director Compensation Program, each of our non-employee directors receives an annual RSU award with a value of up to $300,000 (determined using the trailing 30-calendar day average stock price through and including the grant date) (the “Annual RSU Award”), up to a maximum of 27,000 shares. The 27,000 share limit has resulted in less than $300,000 of equity award value being granted for the past four years. The Annual RSU Award is granted automatically on the date of the annual stockholders’ meeting and vests in full on the earlier of the one-year anniversary of the grant date and the date of the annual meeting following the date of grant, subject to the non-employee director’s continued service through the applicable vesting date.

Upon initial appointment or election to the Board, under the Director Compensation Program, each new non-employee director receives a stock option to purchase a number of shares of common stock under the 2011 Plan with a value of up to $700,000 (determined using a Black-Scholes option value based on a trailing 30-calendar day average stock price), up to a maximum of 100,000 shares. The stock options which vest and become exercisable with respect to one-third of the shares on the first anniversary of the grant date, and with respect to an additional 1/36th of the shares on each monthly anniversary thereafter, subject to the non-employee director’s continued service through the applicable vesting date (the “Initial Option Award”). Each Initial Option Award has an exercise price per share of common stock equal to the fair market value on the date of grant.

Pursuant to the terms of our 2011 Plan, any compensation payable to our non-employee directors is limited such that the maximum aggregate value of cash compensation and equity-based awards granted to any non-employee director during any calendar year is $1,000,000.

The following table sets forth information regarding the compensation earned by our non-employee directors for the year ended December 31, 2025. Mr. Auerbach, who served as our President and Chief Executive Officer during the year ended December 31, 2025, and continues to serve in that capacity, does not receive additional compensation for his service as a director, and therefore is not included in the Director Compensation table below. All compensation paid to Mr. Auerbach is reported in the Summary Compensation Table included under “Executive Compensation.”

Director Compensation Table

Name	Fees Earned or Paid in Cash ($)		Stock Awards⁽¹⁾ ($)		Total ($)
Alessandra Cesano M.D., Ph.D.		57,500		95,580		153,080
Allison Dorval		60,000		95,580		155,580
Michael P. Miller		62,500		95,580		158,080
Jay M. Moyes		77,500		95,580		173,080
Adrian M. Senderowicz, M.D.		70,000		95,580		165,580
Brian Stuglik, R.Ph.		72,500		95,580		168,080
Troy E. Wilson, Ph.D., J.D.		77,500		95,580		173,080

(1)

Represents the grant date fair value of 27,000 RSUs granted on June 11, 2025 determined in accordance with Accounting Standards Codification 718, Compensation-Stock Compensation (“ASC 718”). For a discussion of valuation assumptions for RSU awards, see Note 10 to our 2025 Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2025 and filed on February 26, 2026. The closing stock price on the June 11, 2025 date of grant was $3.54. The RSUs granted in 2025 had a value that was less than the annual $300,000 grant value as a result of the 27,000 shares cap on the number of shares that could be subject to the award. As of December 31, 2025, each of our non-employee directors held 27,000 unvested RSUs. As of December 31, 2025, our non-employee directors held the following outstanding vested and unvested stock options: Dr. Cesano – 100,000; Ms. Dorval – 108,721; Mr. Miller – 17,626; Mr. Moyes – 17,604; Dr. Senderowicz – 27,604; Dr. Stuglik – 93,953; Dr. Wilson – 17,604.

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Director Stock Ownership Guidelines

Our corporate governance guidelines contain certain stock ownership guidelines for our non-employee directors. Pursuant to the guidelines in effect for 2025, each non-employee director was expected to attain beneficial ownership of 10,000 shares of our common stock within three years after joining the Board, and to maintain or exceed such ownership throughout service as our director. In February 2025, the Board approved revised stock ownership guidelines for our non-employee directors. Our non-employee directors have no later than December 31, 2029 or, if later, December 31 of the year in which the fifth anniversary of a non-employee director’s appointment or election to serve on the Board occurs, to acquire and retain shares of our common stock that equal or exceed three times their annual cash retainer pursuant to the terms of such guidelines; provided, that, each non-employee director serving on the Board as of February 11, 2025 is required to retain a minimum level of beneficial ownership of at least 10,000 shares of common stock until December 31, 2029, consistent with the guidelines in place prior to the 2025 amendment. Shares beneficially owned by our non-employee directors, directly or indirectly, such as shares held by an immediate family member living in the same household or shares in a trust, and shares represented by unvested RSUs, count toward meeting the stock ownership guidelines. Unexercised stock options and any performance-based incentive awards that have not been earned do not count toward meeting the stock ownership guidelines. Unless otherwise approved by the Board, each such director must refrain from selling any shares of our common stock (other than for purposes of paying taxes associated with the acquisition of such shares) until the minimum ownership requirement is met. As of December 31, 2025, each non-employee director had met the then currently existing ownership requirements.

SECURITY OWNERSHIP OF DIRECTORS, EXECUTIVE OFFICERS AND
CERTAIN BENEFICIAL OWNERS

The following table sets forth the number of shares of our common stock beneficially owned as of April 13, 2026, by (i) each person known by us to be the beneficial owner of more than 5% of the outstanding shares of our common stock, (ii) each of our directors and director nominees, (iii) each of our “Named Executive Officers” identified under the “Executive Compensation” section of this proxy statement, and (iv) all current executive officers and directors as a group. Unless otherwise noted below, the address of each stockholder below is c/o Puma Biotechnology, Inc., 10880 Wilshire Boulevard, Suite 1700, Los Angeles, CA 90024.

		SHARES BENEFICIALLY OWNED ⁽¹⁾
NAME	TITLE	NUMBER (#)	PERCENTAGE
Directors and Named Executive Officers
Alan H. Auerbach ⁽²⁾	President, Chief Executive Officer and Chairman of the Board	10,660,866	19.6%
Maximo F. Nougues ⁽³⁾	Chief Financial Officer	619,034	1.2%
Douglas Hunt, B.Sc. (Hons). (4)	Chief Regulatory Affairs, Medical Affairs, and Pharmacovigilance Officer	504,854	1.0%
Jeff J. Ludwig (5)	Chief Commercial Officer	95,417	*
Alessandra Cesano, M.D., Ph.D. (6)	Director	141,850	*
Allison Dorval (7)	Director	184,111	*
Michael P. Miller (8)	Director	71,626	*
Jay M. Moyes (9)	Director	70,926	*
Adrian M. Senderowicz, M.D. (10)	Director	54,604	*
Brian Stuglik, R.Ph. (11)	Director	188,911	*
Troy E. Wilson, Ph.D., J.D. (12)	Director	61,704	*
All current executive officers and directors as a group (10 individuals)(13)		12,558,486	22.2%
Stockholders Holding 5% or More
Acorn Capital Advisors (14)		3,940,052	7.7%
BlackRock Fund Advisors (15)		2,779,452	5.5%

*	Denotes less than 1.0% of beneficial ownership.

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(1)	Applicable percentages are based on 50,891,675 shares of our common stock outstanding as of April 13, 2026. This table is based upon information supplied by our officers, directors, principal stockholders and transfer agent, and information contained in Schedules 13G filed with the SEC. Unless otherwise noted in the footnotes to this table, we believe each of the stockholders named in this table has sole voting and investment power with respect to the shares indicated as beneficially owned, subject to community property laws, where applicable. Beneficial ownership is determined in accordance with SEC rules, and includes any shares as to which the stockholder has sole or shared voting power or investment power, and also any shares which the stockholder has the right to acquire within 60 days of April 13, 2026, whether through the exercise or conversion of any stock option, convertible security, warrant or other right, which rights are considered outstanding only for such person. The indication herein that shares are beneficially owned is not an admission on the part of the stockholder that such stockholder has a direct or indirect pecuniary interest in those shares.
(2)	Consists of (i) 7,046,751 shares held by Mr. Auerbach, (ii) 2,116,250 shares exercisable pursuant to the Auerbach Warrant (as defined on page 32), and (iii) options to purchase 1,497,865 shares of our common stock exercisable within 60 days of April 13, 2026.
(3)	Consists of (i) 162,556 shares held by Mr. Nougues, and (ii) options to purchase 456,478 shares of our common stock exercisable within 60 days of April 13, 2026.
(4)	Consists of (i) 131,848 shares held by Mr. Hunt, and (ii) options to purchase 373,006 shares of our common stock exercisable within 60 days of April 13, 2026.
(5)	Consists of (i) 95,417 shares held by Mr. Ludwig at the time of his separation on May 8, 2025
(6)	Consists of (i) 14,850 shares held by Dr. Cesano, and (ii) stock awards of 27,000 shares vesting within 60 days of April 13, 2026, and (iii) options to purchase 100,000 shares of our common stock exercisable within 60 days of April 13, 2026.
(7)	Consists of (i) 48,390 shares held by Ms. Dorval, (ii) stock awards of 27,000 shares vesting within 60 days of April 13, 2026, and (iii) options to purchase 108,721 shares of our common stock exercisable within 60 days of April 13, 2026.
(8)	Consists of (i) 27,000 shares held by Mr. Miller, (ii) stock awards of 27,000 shares vesting within 60 days of April 13, 2026, and (iii) options to purchase 17,626 shares of our common stock exercisable within 60 days of April 13, 2026.
(9)	Consists of (i) 26,322 shares held by Mr. Moyes, (ii) stock awards of 27,000 shares vesting within 60 days of April 13, 2026, and (iii) options to purchase 17,604 shares of our common stock exercisable within 60 days of April 13, 2026.
(10)	Consists of (i) stock awards of 27,000 shares vesting within 60 days of April 13, 2026 by Dr. Senderowicz, and (ii) options to purchase 27,604 shares of our common stock exercisable within 60 days of April 13, 2026.
(11)	Consists of (i) 67,958 shares held by Mr. Stuglik, (ii) stock awards of 27,000 shares vesting within 60 days of April 13, 2026, and (iii) options to purchase 93,953 shares of our common stock exercisable within 60 days of April 13, 2026.
(12)	Consists of (i) 16,200 shares held by Dr. Wilson, (ii) stock awards of 27,000 shares vesting within 60 days of April 13, 2026, (ii) 350 shares held in an IRA by Dr. Wilson, (iii) a total of 550 shares held in minor accounts for Dr. Wilson’s children, and (iv) options to purchase 17,604 shares of our common stock exercisable within 60 days of April 13, 2026.
(13)	With respect to the executive officers and directors as a group, consists of an aggregate of (i) 7,542,775 shares held, (ii) options to purchase 2,710,461 shares of our common stock exercisable within 60 days of April 13, 2026, (iii) stock awards of 189,000 vesting within 60 days of April 13, 2026, and (iv) 2,116,250 shares exercisable pursuant to the Auerbach Warrant.
(14)	The information reported is based on a Schedule 13G/A filed on February 14, 2025 reporting ownership as of December 31, 2024. Anders Hove, manager of Acorn Capital Advisors GP, LLC, the sole general partner of Acorn Bioventures, L.P., and Acorn Capital Advisors GP 2, LLC, the sole general partner of Acorn Bioventures 2, L.P., reports shared voting and dispositive power with respect to 3,940,052 shares of our common stock, which consists of (i) 1,654,823 shares of our common stock for which Acorn Bioventures, L.P. and Acorn Capital Advisors GP, LLC each report shared voting and dispositive power and (ii) 2,285,229 shares of our common stock for which Acorn Bioventures 2 L.P. and Acorn Capital Advisors GP 2, LLC each report shared voting and dispositive power. The address for these entities and this person is 420 Lexington Avenue, Suite 2626, New York, New York 10170.
(15)	The information reported is based on a Schedule 13G filed on April 17, 2025, reporting ownership as of March 31, 2025, BlackRock, Inc. (“BlackRock”) reports sole dispositive power with respect to 2,779,452 shares of our common stock and sole voting power as to 2,744,079 shares of our common stock. The address for BlackRock is 50 Hudson Yards, New York, NY 10001.

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EXECUTIVE OFFICERS

Set forth below is information regarding each of our executive officers as of April 13, 2026, the record date.

Name	Age	Position
Alan H. Auerbach	56	President, Chief Executive Officer and Chairman of the Board
Maximo F. Nougues	57	Chief Financial Officer
Douglas Hunt, B.Sc. (Hons)	61	Chief Regulatory Affairs, Medical Affairs and Pharmacovigilance Officer

Alan H. Auerbach. See “Director Biographical Information” above. Jeff Ludwig served as our Chief Commercial Officer until May 8, 2025.

Maximo F. Nougues. Mr. Nougues joined the Company as Chief Financial Officer in November 2018. Prior to joining the Company, Mr. Nougues served in various positions at Getinge AB, a global medical device company based in Sweden, from January 2008 until October 2018. At Getinge, he held several leadership positions with oversight for the business that generated regional revenues of approximately $1 billion annually. During his tenure at Getinge, he served as Regional Chief Financial Officer for North America, Regional Chief Financial Officer for the Americas and Regional Vice President of Finance. Mr. Nougues also served as Chief Financial Officer for MAQUET North America, which was acquired by Getinge in 2000. Prior to joining Getinge, Mr. Nougues worked in finance roles in Boston Scientific’s cardiac surgery division, which was acquired by Getinge in 2008, and at The Clorox Company from 1998 until 2007. Mr. Nougues holds an M.S. in business administration from the Universidad del Norte Santo Tomas de Aquino, Tucuman, Argentina and an M.B.A. from the University of San Francisco McLaren School of Business.

Douglas Hunt B.Sc. (Hons) Mr. Hunt has served as our Chief Regulatory Affairs, Medical Affairs, and Pharmacovigilance Officer since April 2024. Mr. Hunt commenced employment in January 2018 as Senior Vice President, Regulatory Affairs and has been responsible for various operations of the Company during his tenure, including Pharmacovigilance since 2023, Medical Affairs since 2022, and Law from 2020 to 2025. Previously, Mr. Hunt also oversaw the Company’s Medical Writing and Project Management. Mr. Hunt has over 25 years of regulatory affairs experience and was a regulatory affairs consultant to the Company from February 2017 to January 2018. Mr. Hunt previously served as Vice President Regulatory Affairs and Quality Assurance at ArmaGen, Inc., a private biotechnology company, from March 2015 until December 2017 and Vice President, Global Regulatory Affairs (Bioscience) at Baxter International Inc., a public healthcare company, from March 2008 March 2015 where he was responsible for global regulatory affairs for several franchises including oncology. Prior to his role at Baxter Bioscience, Mr. Hunt worked for Amgen, a multinational biopharmaceutical company, from June 2000 to March 2008 in various positions, including as Executive Director, Therapeutic Area Head (Oncology) and Executive Director, Therapeutic Area Head (Bone/Oncology), Global Regulatory Affairs and Safety. Mr. Hunt received a B.Sc. (Hons) from Portsmouth University.

EXECUTIVE COMPENSATION

Compensation Discussion and Analysis

Executive Summary

This Compensation Discussion and Analysis describes our executive compensation programs for our “Named Executive Officers” who served during the 2025 fiscal year, who were:

	•	Alan H. Auerbach, our President and Chief Executive Officer;
	•	Maximo F. Nougues, our Chief Financial Officer;
	•	Jeff J. Ludwig, our former Chief Commercial Officer; and
	•	Douglas Hunt, B.Sc. (Hons), our Chief Regulatory Affairs, Medical Affairs, and Pharmacovigilance Officer

On May 8, 2025, Mr. Ludwig was terminated from the Company without cause.

Financial Highlights

•

2025 Financial Performance. Product revenue for the year ended December 31, 2025 increased to approximately $204.1 million, compared to approximately $195.2 million for the year ended December 31, 2024, due primarily to a 5.5% increase in bottles of NERLYNX sold, partially offset with a higher gross to net reserve related primarily to government chargebacks and payor mix. Royalty revenue for the year-ended December 31, 2025, decreased to approximately $24.3 million, compared to approximately $35.3 million for the year-ended December 31, 2024, primarily related to an anticipated decrease in sales by our sub-licensees into China, resulting in a decline in total revenue of $2.1 year over year to $228.4 million for 2025. Our net income improved slightly in 2025, with net income for the year ended December 31, 2025 increasing to approximately $31.1 million, or basic net income per share of $0.62 and diluted net income per share of $0.61, compared to net income of $30.3 million, or basic and diluted net income per share of $0.62, for the year ended December 31, 2024. At December 31, 2025, the closing market price of our common stock was $5.95 per share, compared to $3.05 per share at December 31, 2024.

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The following table summarizes our financial results over the years ended December 31, 2025, 2024 and 2023 (in thousands except share and per share data):

	For the Year Ended December 31,
	*2025*		*2024*		*2023*
Product revenue, net	$	204,074	$	195,186	$	203,107
Royalty revenue	$	24,297	$	35,282	$	32,530
Total revenue	$	228,371	$	230,468	$	235,637
Income from operations	$	37,299	$	30,966	$	32,640
Net income	$	31,111	$	30,278	$	21,591

Net income applicable to common stockholders	$	31,111	$	30,278	$	21,591
Net income per share of common stock—basic	$	0.62	$	0.62	$	0.46
Net income per share of common stock—diluted	$	0.61	$	0.62	$	0.45

2025 Executive Compensation Highlights

•

Our compensation philosophy is designed to align the interests of our executive officers with those of our stockholders by providing pay that is directly linked to the achievement of performance goals established to foster the creation of sustainable long-term stockholder value and year-over-year improvement.

•

Achievement of 2025 Corporate Performance Goals – Above Target Payout for Annual Short-Term Incentive Compensation Program . The portion of our 2025 annual short-term incentive compensation program for our Named Executive Officers, which was based on pre-established corporate performance goals approved by our Compensation Committee related to total bottles of NERLYNX sold, royalty revenue, cash management, alisertib 4201 enrollment and alisertib 1201 enrollment, which resulted in an overall 169.7% weighted attainment of the corporate performance portion of each Named Executive Officer’s target annual short-term incentive compensation award opportunity (the “target bonus opportunity”). The financial goals were based on the Board-approved budget for 2025, which reflected amongst many factors, US demand expectations at the beginning of the year and was inclusive of the required quarterly principal payments on our debt that commenced in 2024. In 2025, we grew U.S. demand for the first time in over six years, increased investments in our clinical programs while growing our net income from operations compared to 2024. Also, our debt balance was reduced by $44.5 million. On the clinical side, our trials enrolled patients faster than forecasted as a result of optimized clinical execution.

Mr. Auerbach’s bonus opportunity was based 100% on our corporate performance and, therefore his 2025 annual short-term incentive compensation award was equal to 169.7% of his target bonus opportunity. For our other Named Executive Officers, after taking into account the Compensation Committee’s assessment of each executive’s individual performance and the performance of the operations for which the executive was responsible, which represent 50% of target bonus opportunity, the 2025 annual short-term incentive compensation awards for Messrs. Nougues and Hunt were 142.85% and 147.35%, respectively, of each executive’s target bonus opportunity, based on individual performance assessed at 116% and 125%, respectively. Target bonus opportunities as a percentage of base salary are 65% for our Chief Executive Officer and 40% for our other Named Executive Officers, reflecting approximate market median percentages among our peer group.

•

Reduced 2025 Equity Award Values Based on 2024 Company Performance and Competitive Market Analysis. The equity awards granted to our Named Executive Officers, other than Mr. Ludwig, for 2025 were significantly lower than the 2024 award grant values. Mr. Ludwig’s 2025 equity award value was higher than in 2024 due to his performance in 2025. The Compensation Committee’s general approach in determining annual equity grant value is based on the market median equity award value granted by our peer group for the similar position modified by our actual performance measured against the corporate performance goals for our prior year's annual short-term incentive compensation program. In addition, the impact on value vested per year as a result of our shorter six-month vesting periods over two years, which results in greater than median equity award value granted, is taken into consideration. Thus, in 2025 the primary factors that impacted the value of long-term equity-based incentive awards granted was our 159.7% performance against corporate goals for 2024 under our annual short-term incentive compensation program and the 50^th percentile of the long-term equity values of our 2025 peer group, which decreased from the long-term equity values of our 2024 peer group, and the number of shares subject to awards granted in 2024 as well as the available shares under our 2011 Plan.

Name	2024 Aggregate Values Approved ($)		2025 Aggregate Values Approved ($)
Alan H. Auerbach		1,700,300		1,238,000
Maximo F. Nougues		440,000		383,500
Jeff J. Ludwig		275,000		298,500
Douglas Hunt, B.Sc. (Hons)		385,000		300,300

For 2025, the Compensation Committee continued its historical practice of employing a 30-calendar day average stock price of $3.12 used in calculating the number of equity awards granted based on the value approved, which for 2025 resulted in a lower reported grant date fair value of the awards in the Summary Compensation Table based on the closing stock price on the date of grant of $2.78.

Advisory Vote on Named Executive Officer Compensation and Shareholder Engagement

At our 2025 annual meeting of stockholders, approximately 95% of the votes cast by our stockholders approved, on an advisory (non-binding) basis, the compensation of our Named Executive Officers, which we believe affirms our stockholders' support for our executive compensation program. Accordingly, our Compensation Committee did not make any changes to our executive compensation program as a result of the say-on-pay vote. We currently expect our next say-on-pay vote (following the vote on Proposal 3 at this annual meeting) will be held at our 2027 annual meeting.

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We value the opinions of our stockholders on our executive compensation programs. In evaluating the design of our executive compensation, the Compensation Committee considers stockholder input, which we solicit annually through direct outreach with our large investors and through our annual advisory say-on-pay vote. In 2025, we gathered feedback from our stockholders on topics including our compensation program, board composition, board expertise and over-boarding.

Chief Executive Officer Realized Compensation

The following graph compares (i) the total direct compensation values reported in the 2025 Summary Compensation Table for Mr. Auerbach for 2024 and 2025 and (ii) his total direct compensation realized for each year. This graph demonstrates that Mr. Auerbach’s total direct compensation realized is less than the Summary Compensation Table-reported values for both 2024 and 2025, and that the compensation reported in the Summary Compensation Table overstates Mr. Auerbach’s compensation.

(1)	For purposes of this graph, total direct compensation realized includes Mr. Auerbach’s base salary and benefits and other perquisites, short-term incentive compensation for the applicable year, the value of any RSUs that vested, and any stock options exercised in the applicable year.

At December 31, 2024 and 2025, the closing market price of our common stock was $3.05 and $5.95 per share, respectively (the last trading day of each fiscal year). Outstanding stock options held by our Named Executive Officers that had exercise prices above the applicable year-end closing market price and were therefore out-of-the-money as of December 31, 2024 and 2025 were 2,403,084 shares and 1,335,616, respectively.

Compensation Principles and Objectives

Our executive compensation program is structured to attract, motivate and retain highly qualified executives by paying them competitively, consistent with our success and their contribution to that success. Our ability to excel depends on the skill, creativity, integrity and teamwork of our employees. Given the long product development cycles in our business, we believe compensation should be structured to ensure that a portion of each executive officer’s target total direct compensation opportunity will be related to factors that directly and indirectly influence long-term stockholder value creation. Our compensation philosophy has been driven by a number of factors that are closely linked with our broader strategic objectives.

The Compensation Committee believes that the compensation offered to our Named Executive Officers should be aligned with our performance on both a short-term and long-term basis, linked to results intended to create value for stockholders, and that such compensation should assist us in attracting and retaining key executives critical to our long-term success.

In establishing compensation for executive officers, the Compensation Committee’s objectives are as follows:

	•	Align executive officer and stockholder interests by providing a portion of the target total direct compensation opportunities for senior management, including the Named Executive Officers, in the form of equity awards and short-term incentive compensation awarded based on the Compensation Committee’s review of Company and individual performance;
	•	Ensure executive officer compensation is competitive within the marketplace in which we compete for executive talent by relying on the Compensation Committee’s judgment, expertise and personal experience with other similar companies, recognizing that because of the Company’s business model and relatively early stage of development, there may be few directly comparable companies; and
	•	Recognize that the best compensation practices for a growing company may be substantially different than for a larger, more mature company and that we should make full use of our greater latitude and breadth of compensation opportunities.

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Sound Governance and Compensation Practices

We endeavor to maintain sound governance standards consistent with our executive compensation policies and practices. The Compensation Committee evaluates our executive compensation program on a regular basis to ensure that it is consistent with our short-term and long-term goals given the dynamic nature of our business and the market in which we compete for executive talent. Our compensation philosophy and related corporate governance policies and practices are complemented by the following specific compensation practices that are designed to align our executive compensation program with long-term stockholder interests:

	What We Do		What We Do Not Do


✓	Multi-Year Vesting. The equity awards granted to our executive officers generally vest over multi-year periods, which we believe is consistent with current market practice, our retention objectives and our pay for performance philosophy.	✕	No “Single-Trigger” Arrangements. We offer no “single-trigger” cash severance, equity acceleration or other arrangements in connection with a change in control; instead, payments and benefits require a qualifying termination of employment in connection with the change in control.

✓	Stock Ownership Guidelines. We maintain stock ownership guidelines for our executive officers.	✕	No Repricing without Stockholder Approval. Our equity plan prohibits repricing of out-of-the-money stock options to a lower exercise price without approval of our stockholders.

✓	Clawback Policy. We maintain a clawback policy to recoup erroneously paid cash and equity compensation from our executive officers in the event of a financial restatement.	✕	Hedging and Pledging Prohibited. We prohibit our executive officers and the non-employee members of our Board from hedging or pledging our securities.

✓	Long-Term Incentive Awards. The majority of our executive officers' compensation is granted in the form of long-term equity awards, which we believe aligns their interests with those of our stockholders.

✓	Limited Perquisites. We provide only limited perquisites or other personal benefits to our executive officers, such as Company-paid long-term disability insurance and annual physicals.

✓	Independent Compensation Committee. The Compensation Committee is comprised solely of independent directors.

✓	Independent Compensation Advisor. The Compensation Committee engages an independent compensation consultant to provide independent analysis, advice and guidance on executive compensation.

Compensation-Setting Process

As provided under its charter, the Compensation Committee is charged with the primary responsibility to determine the compensation of our Named Executive Officers. Based on its members’ collective understanding of the competitive market practices of similar companies in the biotechnology and pharmaceutical industry, and with reference to a competitive market analysis of relevant compensation data prepared by Compensia as well as the recommendations of the Chief Executive Officer, the Compensation Committee determines the target total direct compensation opportunity for each of the Named Executive Officers, including each of the following primary compensation elements:

	•	Base salary: fixed compensation for ongoing services throughout the year.
	•	Annual short-term incentive compensation awards: variable to recognize and reward achievement of short-term corporate and individual performance goals.
	•	Long-term equity incentive awards: variable compensation to provide an incentive to our Named Executive Officers to successfully drive our long-term performance and to manage us from the perspective of an owner with an equity stake in the business.
	•	The market data used for Compensia’s competitive market analysis is drawn from publicly available sources for the companies in our compensation peer group (updated as described below) and also from the Radford Global Life Science Survey.

To aid the Compensation Committee in making its determination, our Chief Executive Officer provides recommendations annually to the Compensation Committee regarding the target total direct compensation opportunity and each individual compensation element for our executive officers (other than himself) based on his assessment of the overall corporate achievements during the prior year and his knowledge of the individual contributions to our success by each of the Named Executive Officers. The overall performance of our Named Executive Officers as a team is reviewed annually by the Compensation Committee.

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The Compensation Committee sets the annual base salary and annual short-term incentive compensation opportunities structures and any grants of stock options or RSUs based on its members’ collective understanding of compensation practices in the biotechnology and pharmaceutical industry and such members’ experiences as seasoned executives, consultants, board and compensation committee members, or investors in similar biotechnology and specialty pharmaceutical industry companies.

The Compensation Committee reviewed and updated our compensation peer group, following an analysis of our peer group prepared by Compensia, for use as a reference when setting our 2025 executive compensation levels.

The market data used for Compensia’s comparative analysis was drawn from publicly available sources and also from the Radford Global Life Science Survey. The 2025 peer group was developed with primary consideration given to companies with similar market capitalization to the 2024 peer group, and companies more similar to ours with respect to development phase, revenue, market capitalization and employee headcount. Based on the peer analysis performed by Compensia in November 2024 for the purpose of selecting our 2025 peer group, 6 companies were added to the 2025 peer group (as noted below) and the following 7 companies were removed: Alimera Sciences, Inc.; BioXcel Therapeutics, Inc.; Eagle Pharmaceuticals; Y-mAbs Therapeutics; Eiger BioPharmaceuticals, Inc.; G1 Therapeutics, Inc.; and Intercept Pharmaceuticals. In general, the removed peer companies no longer fit the selection criteria.

In developing a proposed compensation peer group, Compensia considered the following criteria:

	•	biotechnology companies with a therapeutic focus and that are in a pipeline stage;
	•	companies with revenues ranging from $0 million to $297 million (with Puma revenues at $244 million or the 85^th percentile), market capitalization ranging from $27 million to $399 million (with Puma market capitalization at $146 million or the 28^th percentile); and
	•	companies headquartered in the United States with other similar characteristics such as comparable one-year and three-year total shareholder return and employee headcount.

We believe these characteristics are relevant because their similarity captures the similarity in the labor market for executives.

In November 2024, the Compensation Committee reviewed and revised the composition of our peer group, employing an assessment of our peer group prepared by, and after consideration of the advice of, Compensia, for use as a reference when setting our 2025 executive compensation levels, resulting in the following 18 peer group companies (the “2025 peer group”):

Aclaris Therapeutics ⁽¹⁾	Heron Therapeutics	Rigel Pharmaceuticals
Agenus Inc.	Journey Medical ⁽¹⁾	scPharmaceuticals Inc.
Akebia Therapeutics	Karyopharm Therapeutics	Theravance Biopharma
Assertio Holdings, Inc.	MacroGenics, Inc.	Xeris Biopharma Holdings ⁽¹⁾
Coherus BioSciences ⁽¹⁾	Nektar Therapeutics
Esperion Therapeutics	OptiNose, Inc.
Eton BioPharmaceuticals ⁽¹⁾	Organogenesis Holdings ⁽¹⁾

(1)	Peer company was added in 2025.

In November 2025, the Compensation Committee reviewed and revised the composition of our peer group, employing an assessment of our peer group prepared by, and after consideration of the advice of, Compensia, for use as a reference when setting our 2026 executive compensation levels, resulting in the following 16 peer group companies (the “2026 peer group”):

Aclaris Therapeutics	Heron Therapeutics	scPharmaceuticals Inc.
Agenus Inc.	Journey Medical	Theravance Biopharma
Akebia Therapeutics	Karyopharm Therapeutics
Assertio Holdings, Inc.	MacroGenics, Inc.
Coherus BioSciences	Nektar Therapeutics
Esperion Therapeutics	Organogenesis Holdings
Eton BioPharmaceuticals	Rigel Pharmaceuticals

The market data used for Compensia’s comparative analysis was drawn from publicly available sources and also from the Radford Global Life Science Survey. The 2026 peer group was developed with primary consideration given to companies with similar market capitalization to the 2025 peer group, and companies more similar to ours with respect to development phase, revenue, market capitalization and employee headcount. Based on the peer analysis performed by Compensia in November 2025 for the purpose of selecting our 2026 peer group, no company was added to the 2026 peer group and the following 2 companies were removed: OptiNose, Inc. and Xeris Biopharma Holdings. In general, the removed peer companies no longer fit the selection criteria, while the additions reflect companies with financial and industry characteristics more similar to our company.

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In assessing our peer group, Compensia prepared for the Compensation Committee a peer group using the following criteria:

	•	Biotechnology companies with a therapeutic focus and that are in a pipeline stage;
	•	Peer companies with revenues ranging from $17 to $430 million (with Puma revenues at $238 million or the 77^th percentile), market capitalization ranging from $57 million to $822 million (with Puma market capitalization at $244 million or the 47th percentile); and
	•	Peer companies headquartered in the United States and other similar characteristics such as revenue, market cap, one-year and three-year total shareholder return and employee headcount.

We believe these characteristics are relevant because their similarity captures the similarity in the labor market for executives.

Elements of Executive Compensation

Base Salaries

Our Chief Executive Officer periodically reviews and recommends the base salaries in effect for each of our Named Executive Officers (other than for himself), and the Compensation Committee approves the base salary for each Named Executive Officer. Adjustments to base salaries are based on the scope of an executive’s responsibilities, individual contribution, experience, and sustained performance. Decisions regarding base salary increases may take into account the Named Executive Officer’s current salary, equity ownership and the amounts paid to individuals in comparable positions as reflected in the competitive market analysis prepared by Compensia. No formulaic base salary increases are provided to our Named Executive Officers. This strategy is consistent with our intent of offering compensation that is cost-effective, competitive and takes into account the executive’s performance.

Effective January 1, 2025, the Compensation Committee approved base salary increases of approximately 3% for Mr. Auerbach, approximately 4% for Mr. Nougues, approximately 2% for Mr. Ludwig, and approximately 9% for Mr. Hunt due to his increase in management responsibilities in the clinical organization during 2024.

Effective January 1, 2026, the Compensation Committee approved base salary increases of approximately 3% for Mr. Auerbach, approximately 4% for Mr. Nougues and approximately 8% for Mr. Hunt.

The following table shows the Named Executive Officers’ base salaries for 2023, 2024 and 2025.

Name	2024 Annual Base Salary ($)		2025 Annual Base Salary ($)		2026 Annual Base Salary ($)
Alan H. Auerbach		904,207		931,333		959,273
Maximo F. Nougues		538,719		562,961		586,887
Jeff J. Ludwig		608,499		620,669		—
Douglas Hunt, B.Sc. (Hons)		447,287		489,060		530,000

The actual base salaries paid to our Named Executive Officers during 2025 are set forth in the “Summary Compensation Table” below.

Short-term Incentive Compensation

Our annual short-term incentive compensation program is intended to provide cash incentives to drive company-wide performance. Each of our Named Executive Officers receives a target bonus opportunity (expressed as a percentage of annual base salary). For 2025, as in prior years, Messrs. Auerbach, Nougues, Ludwig and Hunt were eligible to earn an annual short-term incentive compensation award targeted at 65%, 40%, 40%, and 40%, respectively, of their annual base salary in effect at the end of 2025. Mr. Ludwig's employment was terminated in May 2025 and he did not earn his annual short-term incentive compensation in 2025.

The Company’s 2025 annual short-term incentive compensation program was based in part on the achievement of pre-established corporate financial and clinical performance goals, which represented 100% of the target bonus opportunity for Mr. Auerbach, while such pre-established corporate financial and clinical performance goals represented 50% of the target bonus opportunity and individual performance represented the remaining 50% of the target bonus opportunity for the other Named Executive Officers. For 2025, the financial goal of revenues (40% weighting) under the 2024 incentive plan was replaced by bottles of NERLYNX sold (35% weighting) and royalty revenues (5% weighting) to put focus on two separate metrics that drive the company's financial performance, and this includes product revenues, net, primarily driven by domestic NERLYNX bottle sales and our international product sales which drive our royalty revenues. Our performance resulted in an overall 169.7% weighted attainment of the corporate performance portion of each Named Executive Officer’s target annual short-term incentive compensation award opportunity (the “Corporate Performance Portion”). The relative weightings with respect to each goal, actual achievement as a percentage of target performance and the weighted performance against the goals under the Corporate Performance Portion are set forth in the table below.

Straight-line interpolation was used to calculate payouts associated with actual results falling between threshold and target goals (0-100%), and target and maximum goals (100-200%).

FINANCIAL PERFORMANCE METRIC	TARGET 100% PAYOUT	WEIGHTING	ATTAINMENT FACTOR	WEIGHTED PERFORMANCE EARNED
Bottles of NERLYNX Sold (180 unit equiv)	10,290	35%	187.8%	65.7%
Royalty Revenue	$23.8 million	5%	119.8%	6%
Cash Management.	$(17.9) million	30%	146.8%	44%

CLINICAL PERFORMANCE METRIC
Alisertib study 4201 enrollment during 2025.	60 enrollments	15%	160%	24%
Alisertib study 1201 enrollment during 2025.	65 enrollments	15%	200%	30%

APPROVED 2025 PERFORMANCE LEVEL		100%		169.70%

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The Company set threshold, target, and maximum corporate performance bonus goals for 2025 for our executive officers based on forecasted operational results and established budgets for the 2025 calendar year. The financial goals were based on the Board-approved budget for 2025, which reflected among many factors, US demand expectations at the beginning of the year and were inclusive of the required quarterly principal payments on our debt that commenced in 2025. Our clinical trials enrollment goals were set using the industry standard expectations.

The cash management performance metric was measured as the improvement (or decline) from December 31st of the prior fiscal year to December 31st of the then current fiscal year in total cash and cash equivalents, plus marketable securities, less adjustments for (i) significant one-time cash outflows related to lawsuit settlements or asset acquisitions and (ii) capital raises. The Compensation Committee approved an adjustment of $6.8 million to reduce the cash performance attained in 2025 to account for a delayed invoice from a vendor as to not benefit from an administrative delay. There were no other adjustments to the cash management performance metric.

For our Named Executive Officers, other than Mr. Auerbach, target bonus opportunities also contained a discretionary element based on the Compensation Committee’s assessment of the executive’s individual performance (the “Individual Performance Portion”), weighted 50% and the Corporate Performance Portion weighted 50%. In assessing these Named Executive Officers’ individual performance for 2025, the Compensation Committee considered their efforts with respect to the commercial performance of NERLYNX both within and outside of the United States, as well as clinical, financial, and working capital achievements. Among those achievements were:

	•	continued development of alisertib;
	•	year-over-year growth in commercial U.S. bottle sales for the first time in six years (from 10,612 bottles in 2024 to 11,193 bottles in 2025);
	•	effective management of operating expenses;
	•	an improvement in our net income in 2025 compared to 2024; and
	•	reduction in debt balance from $67 million to $22.5 million.

Also considered was the decline in net revenue. Based on our Compensation Committee’s consideration of each Named Executive Officer’s individual performance for 2025, supplemented by input from our Chief Executive Officer, Messrs. Nougues and Hunt received 116 % and 125%, respectively, of the discretionary portion of their 2025 target bonus opportunity, given the contributions each person made in the achievement of the Company’s overall results described above. Each Named Executive Officer’s blended performance for 2025 was as follows: Messrs. Nougues and Hunt received 142.85% and 147.35%, respectively, of their applicable target bonus opportunity.

The following table sets forth the annual short-term incentive compensation awards received by each Named Executive Officer for 2025.

Name	2025 Award ($)		Actual Award Paid (% of Target Bonus Opportunity) ($)
Alan H. Auerbach		1,027,307		169.70	%
Maximo F. Nougues		321,676		142.85	%
Douglas Hunt, B.Sc. (Hons)		288,252		147.35	%

Long-Term Equity Awards

The goal of our long-term incentive compensation program is to align the interests of our Named Executive Officers with the interests of our stockholders. Because the equity awards are granted subject to vesting based on continued service, our equity awards also encourage the retention of our Named Executive Officers during the award vesting period. In determining the size of the equity awards to be granted to our Named Executive Officers, the Compensation Committee considers several factors, including our corporate performance, compensation peer group practices, a competitive market analysis prepared by Compensia, relative job scope, the value of their existing stockholdings in the Company and their outstanding equity awards and their retentive hold, the recommendations of the Chief Executive Officer (except with respect to his own equity award) and individual performance history.

To reward and retain our Named Executive Officers in a manner that aligns their interests with stockholders’ interests, we have used stock options as one of the primary incentive vehicles for our long-term incentive compensation opportunities. Because an optionee realizes value from stock options only if our stock price increases relative to the stock option’s exercise price, we believe stock options provide meaningful incentives to achieve increases in the value of our common stock over time. Additionally, we also grant our Named Executive Officers RSUs, as they serve as an important retention tool.

The Compensation Committee, when determining the 2025 aggregate dollar-denominated values of equity awards for our Named Executive Officers, aligned the target aggregate dollar-denominated values of the awards with the 50^th percentile of the long-term incentive compensation values reported by the companies in our 2025 compensation peer group, adjusted to reflect our achievement of the following 2024 corporate performance goals under our 2024 annual short-term incentive compensation program, which the Compensation Committee determined had been attained at 159.7%. In addition, the impact on equity award valuation as a result of our shorter six-month vesting periods over two years is taken into consideration, which results in greater than median equity award value granted. In approving the 2025 equity award values, the Compensation Committee reviewed and considered the competitive market analysis of the equity award values reported by the companies in our 2025 compensation peer group that reflected a decrease in equity award values at the 50^th percentile, as well as the recommendations of our Chief Executive Officer for an adjustment in grant value for the other Named Executive Officers, individual performance by each of the Named Executive Officers, and the number of shares granted in the prior year and the number of shares available for grant under our 2011 Plan.

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A decrease in stock price at the time of the 2025 grants and limited shares in our stock pool contributed to a significantly lesser award grant value of Mr. Auerbach’s 2025 equity award than his 2024 equity award grant value. Additionally, consistent with prior years, due to stock price volatility, the Compensation Committee determined the number of stock options and RSUs to be granted to our Named Executive Officers in February 2025 based on our 30-calendar day average closing stock price prior to the date of grant of $3.12. The grant date closing price on February 7, 2025 was $2.78, which was lower than our 30-calendar day average closing stock price, resulting in a lower reported grant date fair value of the awards in the Summary Compensation Table than the dollar-denominated values determined by the Compensation Committee.

The 2025 equity awards were granted in the form of stock options and RSUs, with each representing approximately 50% of the aggregate value of the award. The following table sets forth the 2025 equity award values as approved by our Compensation Committee.

Name	2024 Aggregate Values Approved(1) ($)		2025 Aggregate Values Approved(2) ($)
Alan H. Auerbach		1,700,300		1,238,000
Maximo F. Nougues		440,000		383,500
Jeff J. Ludwig		275,000		298,500
Douglas Hunt, B.Sc. (Hons)		385,000		300,300

	(1)	Amounts reflect the aggregate dollar-denominated values of the approved 2024 annual equity awards as approved by the Compensation Committee based on our 30-calendar day average closing stock price prior to the date of grant of $5.08. The aggregate grant date fair values, computed in accordance with ASC 718, are $2,110,902, $550,825, $344,265 and $481,971 for Messrs. Auerbach, Nougues and Ludwig and Hunt, respectively, which are higher than the aggregate dollar-denominated values due to the increase in our stock price on the day of grant (February 12, 2024) of $6.36 per share.

	(2)	Amounts reflect the aggregate dollar-denominated values of the approved 2025 annual equity awards as approved by the Compensation Committee based on our 30-calendar day average closing stock price prior to the date of grant of $3.12. The aggregate grant date fair values, computed in accordance with ASC 718, are $1,087,062, $336,729, $262,129 and $263,643 for Messrs. Auerbach, Nougues, Ludwig and Hunt, which are higher than the aggregate dollar-denominated values due to the decrease in our stock price on the day of grant (February 7, 2025) of $2.78 per share.

The equity awards granted in February 2025 vest over a two-year period, in six month increments, as follows (subject to continued service, or for Mr. Auerbach, continued employment, through the applicable vesting date): one-fourth (1/4th) of the RSUs on each of July 1, 2025, January 1, 2026, July 1, 2026 and January 1, 2027. The Compensation Committee believes that the shorter vesting period in six-month increments over two years, instead of annual increments over three years that were in place prior to February 2024, continues to appropriately encourage continued service or employment, as applicable, with the Company while allowing our Named Executive Officers to realize compensation consistent with the value they have created for our stockholders.

During 2025, the Compensation Committee granted the following annual stock options to our Named Executive Officers, representing approximately 50% of the aggregate equity award value:

Name		2025 Stock Options (# of Shares)
Alan H. Auerbach		274,622
Maximo F. Nougues		85,067
Jeff J. Ludwig		66,221
Douglas Hunt, B.Sc. (Hons)		66,604

During 2025, the Compensation Committee granted the following annual time-based RSU grants to our Named Executive Officers, representing approximately 50% of the aggregate award value:

Name		2025 RSUs (# of Units)
Alan H. Auerbach		198,399
Maximo F. Nougues		61,456
Jeff J. Ludwig		47,841
Douglas Hunt, B.Sc. (Hons)		48,117

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Severance and Change in Control Arrangements

Mr. Auerbach’s employment agreement and Messrs. Nougues’ and Ludwig’s employment letters provide that they are eligible to receive severance payments and benefits upon a qualifying involuntary termination of employment, including in connection with a change in control of our Company (as opposed to solely upon a “single-trigger” change in control). On May 8, 2025, Mr. Ludwig was terminated from the Company without cause and received the severance payments and benefits pursuant to his employment letter.

We believe that these protections serve to encourage continued attention and dedication to duties without distraction arising from the possibility of a change in control and provide the business with a smooth transition in the event of such a termination of employment in connection with a transaction. These post-employment compensation arrangements are designed to retain certain of our Named Executive Officers in these key positions as we compete for talented executives in the marketplace where such protections are commonly offered. For a detailed description of the post-employment compensation arrangements contained in Mr. Auerbach’s employment agreement and Mr. Nougues’ employment letter, as well as the severance benefits and payments paid to Mr. Ludwig in connection with his termination of employment without cause, see “Potential Payments Upon Termination or Change in Control” below.

Health and Welfare Benefits and Perquisites

We provide our executive officers, including our Named Executive Officers, with long-term disability and long-term care insurance, and we reimburse them for physical examinations. All of our full-time employees in the United States, including our Named Executive Officers, are eligible to participate in our 401(k) plan. Pursuant to our 401(k) plan, employees may elect to reduce their current compensation by up to the statutorily prescribed annual limit, which was $23,500 in 2025, or $31,000 for employees age 50 and older, and to have the amount of this reduction contributed to our 401(k) plan. In addition, all of our full-time employees, including our Named Executive Officers, are eligible to participate in our health and welfare plans.

Prohibition on Hedging and Pledging

We maintain an Insider Trading Compliance Policy that prohibits hedging by our officers, directors and employees, pledging of Company stock as collateral to secure loans, margin purchases of the Company’s stock, short sales of the Company’s stock, and any transactions in puts, calls or other derivative securities involving the Company’s stock.

Clawback Policy

We maintain a compensation recovery policy that requires the recovery of certain erroneously paid incentive compensation received by our Section 16 officers on or after October 2, 2023 in the event the Company is required to prepare a financial restatement, as defined, as required by the SEC rules and NASDAQ listing standards implemented pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), and which can be recovered from time-vesting or performance-vesting equity compensation (in addition to other forms of incentive compensation).

Executive Stock Ownership Guidelines

We maintain stock ownership guidelines covering our executive officers, including our Named Executive Officers. We believe that linking a significant portion of an executive officer’s current and potential future net worth to our success, as reflected in our share price, helps to ensure that they have a stake similar to that of our stockholders. Stock ownership guidelines also encourage long-term management of the Company for the benefit of its stockholders.

These guidelines require the covered individual to own an amount of our common stock with an aggregate market value equal to a specified multiple of their base salary. Each covered individual is expected to satisfy the applicable ownership requirement generally within five years after first becoming subject to the guidelines. The table below reflects the current ownership guidelines for executives:

Position	Multiple of Base Salary
Chief Executive Officer	3 x
Executive Officers (other than the Chief Executive Officer)	1 x

The types of ownership arrangements counted towards the guidelines are: shares of our common stock, whether held individually, jointly, or in trust with or for the benefit of an immediate family member, shares held by a corporate entity in which the individual holds voting or disposal power over such shares, unvested restricted stock unit awards that vest solely based on the passage of time. As of December 31, 2025, each Named Executive Officer had met these ownership requirements.

Tax and Accounting Considerations

Section 280G of the Code

Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”) disallows a tax deduction with respect to excess parachute payments to certain executives of companies that undergo a change in control. In addition, Section 4999 of the Code imposes a 20% excise tax on the individual with respect to the excess parachute payment. Parachute payments are compensation linked to or triggered by a change in control and may include, but are not limited to, bonus payments, severance payments, certain fringe benefits, and payments and acceleration of vesting from long-term incentive plans including stock options and other equity-based compensation. Excess parachute payments are parachute payments that exceed a threshold determined under Section 280G of the Code based on the executive’s prior compensation.

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Under his employment agreement, Mr. Auerbach may be entitled to a gross-up payment that will make him whole in the event that any parachute payment excise taxes are imposed. We provide this protection to Mr. Auerbach to help ensure that he will be properly incentivized in the event of a potential change in control of the Company to maximize stockholder value in a transaction without concern for potential consequences of the transaction to him.

In approving the compensation arrangements for our Named Executive Officers in the future, the Compensation Committee will consider all elements of the cost to the Company of providing such compensation, including the potential impact of Section 280G of the Code. However, the Compensation Committee may, in its judgment, authorize compensation arrangements that could give rise to loss of deductibility under Section 280G of the Code and the imposition of excise taxes under Section 4999 of the Code when it believes that such arrangements are appropriate to attract and retain executive talent.

Accounting Standards

ASC Topic 718, Compensation – Stock Compensation (“ASC 718”) requires us to recognize an expense for the fair value of equity-based compensation awards. Grants of stock options, restricted stock, performance shares and RSUs under our equity incentive award plans are accounted for under ASC 718.

The Compensation Committee regularly considers the accounting implications of significant compensation decisions, especially in connection with decisions that relate to our equity incentive award plans and programs. As accounting standards change, we may revise certain programs to appropriately align accounting expenses of our equity awards with our overall executive compensation philosophy and objectives.

Summary Compensation Table

The following table sets forth information regarding the compensation earned by our Named Executive Officers for the years ended December 31, 2025, 2024 and 2023.

SEC Form PRE 14A filed by Puma Biotechnology Inc