By Order of the Board of Directors, C. Evan Ballantyne Chief Financial Officer and Secretary Bethesda, Maryland April 28, 2023 | |||||
| | You are cordially invited to attend the Annual Meeting in person. Whether or not you expect to attend the Annual Meeting, | ||
Even if you have voted by proxy, you may still vote in person if you attend the Annual Meeting. Please note, however, that if your shares are held of record by a broker, bank or other nominee and you wish to vote at the Annual Meeting, you must obtain a proxy issued in your name from that record holder. | | |
| | Internet proxy voting will be provided to allow you to vote your shares online, with procedures designed to ensure the authenticity and correctness of your proxy vote instructions. However, please be aware that you must bear any costs associated with your internet access, such as usage charges from internet access providers and telephone companies. | | |
Proposal Number | | | Proposal Description | | | Vote Required for Approval | | | Effect of Abstentions | | | Effect of Broker Non- Votes | | |
1 | | | Election of Directors | | | Directors will be elected by a plurality of the votes cast at the Annual Meeting by the holders of shares present by remote communication or represented by proxy and entitled to |
vote on the election of directors. The | | | | | | |||||||||
2 | | | Ratification of the selection of Ernst & Young AG as our independent registered public accounting firm for the fiscal year ending December 31, | | | “FOR” votes from the holders of a majority of shares present in person or represented by proxy and entitled to vote on the | | | Against | | | Not applicable(1) | ||
|
Name | | | Age | | | Principal Occupation/ Position Held With the Company | |
| | | | President, Chief Executive Officer and Director | | ||
Khalid Islam, Ph.D. | | | | | Founder and Chairman of the Board of Directors | | |
Dov Goldstein, M.D. | | | | | Director | | |
Hans Peter Hasler | | | | | Director | | |
Gwen Melincoff | | | | | Director | | |
Claude Nicaise, M.D. | | | | | Director | | |
Eric I. Richman | | | 62 | | | Director, former Chief Executive Officer | |
Jeffrey Riley | | | | | Director | |
Board Diversity Matrix (As of April 28, 2023) | | |||||||||||||||||||||
Total Number of Directors: | | | 8 | | ||||||||||||||||||
| | | Female | | | Male | | | Non- Binary | | | Did Not Disclose Gender | | |||||||||
Part I: Gender Identity | | | | | | | | | | | | | | | | | | | | | | |
Directors | | | | | 1 | | | | | | 5 | | | | | | | | | 2 | | |
Part II: Demographic Background | | | | | | | | | | | | | | | | | | | | | | |
African American or Black | | | | | | | | | | | | | | | | | | | | | | |
Alaskan Native or Native American | | | | | | | | | | | 1 | | | | | | | | | | | |
Asian | | | | | | | | | | | | | | | | | | | | | | |
Hispanic or Latinx | | | | | | | | | | | 1 | | | | | | | | | | | |
Native Hawaiian or Pacific Islander | | | | | | | | | | | | | | | | | | | | | | |
White | | | | | | | | | | | 4 | | | | | | | | | | | |
Two or More Races or Ethnicities | | | | | | | | | | | 1 | | | | | | | | | | | |
LGBTQ+ | | | | | | | | | | | | | | | | | | | | | | |
Did Not Disclose Demographic Background | | | | | 3 | | | | | | | | | | | | | | | | | |
Board Diversity Matrix (As of April 29, 2022) | | ||||||||||||||||||
Total Number of Directors | | | 7 | | |||||||||||||||
| | | Female | | | Male | | | Non- Binary | | | Did Not Disclose Gender | | ||||||
Part I: Gender Identity | | | | | | | | | | | | | | | | | | | |
Directors | | | | | 1 | | | | | | 6 | | | | | | | | |
Part II: Demographic Background | | | | | | | | | | | | | | | | | | | |
African American or Black | | | | | | | | | | | | | | | | | | | |
Alaskan Native or Native American | | | | | | | | | | | | | | | | | | | |
Asian | | | | | | | | | | | 1 | | | | | | | | |
Hispanic or Latinx | | | | | | | | | | | | | | | | | | | |
Native Hawaiian or Pacific Islander | | | | | | | | | | | | | | | | | | | |
White | | | | | 1 | | | | | | 4 | | | | | | | | |
Two or More Races or Ethnicities | | | | | | | | | | | 1 | | | | | | | | |
LGBTQ+ | | | | | | | | | | | | | | | | | | | |
Did Not Disclose Demographic Background | | | | |
Name | | Audit | | Compensation | | Nominating and Corporate Governance | | | Audit | | Compensation | | Nominating and Corporate Governance | | ||||||||||||||||||||||||
Matthias Alder | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Khalid Islam, Ph.D. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Dov Goldstein, M.D. | | | | X* | | | | | | | | | | X | | | ||||||||||||||||||||||
Hans Peter Hasler | | | | X | | | | | | | | | | X* | | | ||||||||||||||||||||||
Gwen Melincoff | | | | | | | | | X | | | | | | | | ||||||||||||||||||||||
Claude Nicaise, M.D. | | | | | | | | | X | | | | | X | | | ||||||||||||||||||||||
Eric I. Richman | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Jeffrey Riley | | | | X | | | | | X | | | | | | | | | | | X | | | | | X* | | | | | | | | ||||||
Dov Goldstein, M.D. | | | | X* | | | | | | | | | | X | | | ||||||||||||||||||||||
Gwen Melincoff | | | | | | | | | X* | | | | | | | | ||||||||||||||||||||||
Claude Nicaise, M.D. | | | | | | | | | X | | | | | X | | | ||||||||||||||||||||||
Hans Peter Hasler | | | | X | | | | | | | | | | X* | | | ||||||||||||||||||||||
Total meetings in fiscal 2021 | | | | 3 | | | | | 3 | | | | | 0 | | | ||||||||||||||||||||||
Total meetings in fiscal 2022 | | | | 4 | | | | | 4 | | | | | 1 | | |
| | Fiscal Year Ended | | | Fiscal Year Ended | | ||||||||||||||||||||
| | 2021 | | 2020 | | | 2022 | | 2021 | | ||||||||||||||||
Audit Fees(1) | | | $ | 380,000 | | | | $ | 550,000 | | | | | $ | 547,848 | | | | $ | 380,000 | | | ||||
All Other Fees(2) | | | | 22,000 | | | | | — | | | |||||||||||||||
Tax Fees(2) | | | | 32,189 | | | | | 22,000 | | | |||||||||||||||
Total Fees | | | $ | 402,000 | | | | $ | 550,000 | | | | | $ | 580,037 | | | | $ | 402,000 | | |
Plan Category | | | Number of securities to be issued upon exercise of outstanding options, warrants and rights (a) | | | Weighted-average exercise price of outstanding options, warrants and rights (b) | | | Number of securities remaining available for issuance under equity compensation plans (excluding securities reflected in column (a))(c) | | |||||||||
Equity compensation plans approved by security holders | | | | | | | | | | | | | | | | | | | |
2020 Omnibus Incentive Plan(1) | | | | | 760,216 | | | | | | 3.25 | | | | | | 547,920 | | |
Equity compensation plans not approved by security holders | | | | | | | | | | | | | | | | | | | |
2021 Inducement Plan(2) | | | | | 400,000 | | | | | | 4.24 | | | | | | 600,000 | | |
Name | | | Age | | | Principal Position | |
| | | | President, Chief Executive Officer and Director | | ||
| | ||||||
| | Chief Financial Officer | |
Name and Principal Position | | | Year | | | Salary ($)(1) | | | Bonus ($) | | | Stock Awards | | | Option Awards ($)(2) | | | Non-Equity Incentive Plan Compensation ($)(3) | | | All Other Compensation ($) | | | Total ($) | | ||||||||||||||||||||||||
Eric I. Richman(4) Chief Executive Officer | | | | | 2021 | | | | | | 373,458 | | | | | | 80,000(5) | | | | | | — | | | | | | — | | | | | | 120,000 | | | | | | 26,707(6) | | | | | | 600,165 | | |
| | | 2020 | | | | | | 131,250 | | | | | | 30,000(7) | | | | | | — | | | | | | 63,843 | | | | | | 37,500(8) | | | | | | 14,540 | | | | | | 277,133 | | | ||
Matthias Alder(9) Chief Operating Officer | | | | | | | | | | | | | | | | | | | | | | | 0(10) | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2021 | | | | | | 83,333 | | | | | | — | | | | | | — | | | | | | 848,826 | | | | | | 21,875(11) | | | | | | — | | | | | | 954,034 | | | ||
Salvatore Calabrese Chief Financial Officer | | | | | 2021 | | | | | | 268,000(12) | | | | | | 40,000(13) | | | | | | — | | | | | | — | | | | | | 37,389 | | | | | | — | | | | | | 345,389 | | |
| | | 2020 | | | | | | 41,810 | | | | | | 21,095(14) | | | | | | — | | | | | | 202,253 | | | | | | 25,086(15) | | | | | | 29,116(16) | | | | | | 319,360 | | |
Name and Principal Position | | | Year | | | Salary ($)(1) | | | Bonus ($) | | | Stock Awards ($)(2) | | | Option Awards ($)(3) | | | Non-Equity Incentive Plan Compensation ($)(4) | | | All Other Compensation ($) | | | Total ($) | | ||||||||||||||||||||||||
Matthias Alder(5) | | | | | 2022 | | | | | | 444,693(6) | | | | | | — | | | | | | 88,632 | | | | | | 394,173 | | | | | | 125,000 | | | | | | 23,309(7) | | | | | | 1,075,990 | | |
Chief Executive Officer and former Chief Operating Officer | | | | | 2021 | | | | | | 83,333 | | | | | | — | | | | | | — | | | | | | 848,826 | | | | | | 21,875 | | | | | | — | | | | | | 954,034 | | |
Eric I. Richman(8) | | | | | 2022 | | | | | | 343,192(9) | | | | | | — | | | | | | 192,150 | | | | | | 622,566 | | | | | | — | | | | | | 115,924 (10) | | | | | | 1,271,732 | | |
Former Chief Executive Officer | | | | | 2021 | | | | | | 373,458 | | | | | | 80,000 | | | | | | — | | | | | | — | | | | | | 120,000 | | | | | | 26,707 | | | | | | 600,165 | | |
Salvatore Calabrese(11) | | | | | 2022 | | | | | | 225,926(12) | | | | | | | | | | | | 39,699 | | | | | | 176,418 | | | | | | 43,845(13) | | | | | | — | | | | | | 485,888 | | |
Former Chief Financial Officer | | | | | 2021 | | | | | | 268,000(14) | | | | | | 40,000 | | | | | | — | | | | | | — | | | | | | 37,389 | | | | | | — | | | | | | 345,389 | | |
Name | | | 2021 Base Salary ($) | | | 2022 Base Salary ($) | | ||||||
Eric I. Richman | | | | | 400,000(1) | | | | | | 420,000(2) | | |
Matthias Alder | | | | | 400,000 | | | | | | 420,000 | | |
Salvatore Calabrese | | | | | 268,000(3) | | | | | | 281,400(4) | | |
Name | | | 2022 Base Salary ($) | | | 2023 Base Salary ($) | | ||||||
Matthias Alder | | | | | 500,000(1) | | | | | | 500,000 | | |
Eric I. Richman | | | | | 420,000(2) | | | | | | N/A | | |
Salvatore Calabrese(3) | | | | | 225,926(4) | | | | | | 263,068(5) | | |
C. Evan Ballantyne(6) | | | | | N/A | | | | | | 350,000 | | |
Name | | | 2021 Bonus Target (%) | | | 2022 Bonus Target (%) | | ||||||
Eric I. Richman | | | | | 40 | | | | | | 50 | | |
Matthias Alder | | | | | 35 | | | | | | 40 | | |
Salvatore Calabrese | | | | | 30 | | | | | | 35 | | |
Name | | | 2022 Bonus Target (%) | | | 2023 Bonus Target (%) | | ||||||
Matthias Alder | | | | | 50 | | | | | | 50 | | |
Eric I. Richman | | | | | 50 | | | | | | — | | |
Salvatore Calabrese(1) | | | | | 35 | | | | | | 35 | | |
C. Evan Ballantyne(2) | | | | | N/A | | | | | | 40 | | |
| | | Option Awards | | | Stock Awards | | ||||||||||||||||||||||||||||||||||||||||||
Name | | | Grant Date | | | Number of Securities Underlying Unexercised Options (#) Exercisable | | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) | | | Option Exercise Price ($) | | | Option Expiration Date | | | Equity Incentive Plan Awards; Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | | | Equity Incentive Plan Awards; Market or Payout Value of Unearned Shares, Units or Other Rights that Have Not Vested ($) | | ||||||||||||||||||||||||
Eric I. Richman Chief Executive Officer | | | | | 12/15/20 | | | | | | 10,007 | | | | | | 16,417(3) | | | | | | — | | | | | | 3.38 | | | | | | 12/15/2030 | | | | | | — | | | | | | — | | |
Matthias Alder Chief Operating Officer | | | | | 12/23/21 | | | | | | 0 | | | | | | 200,000(4) | | | | | | — | | | | | | 5.86 | | | | | | 12/23/2031 | | | | | | — | | | | | | — | | |
| | | 12/23/21 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 200,000(5) | | | | | | 1,086,000 | | | ||
Salvatore Calabrese Chief Financial Officer | | | | | 9/25/20 | | | | | | 34,870 | | | | | | 48,804(6) | | | | | | — | | | | | | 3.38 | | | | | | 9/25/2030 | | | | | | — | | | | | | — | | |
| | | | | | | | | Option Awards | | | Stock Awards | | ||||||||||||||||||||||||||||||||||||||||||||||||
Name | | | Grant Date | | | Number of Securities Underlying Unexercised Options (#) Exercisable | | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) | | | Option Exercise Price ($) | | | Option Expiration Date | | | Number of Shares or Units That Have Not Vested (#) | | | Market Value of Shares or Units of Stock That Have Not Vested ($) | | | Equity Incentive Plan Awards; Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | | | Equity Incentive Plan Awards; Market or Payout Value of Unearned Shares, Units or Other Rights that Have Not Vested ($) | | ||||||||||||||||||||||||||||||
Matthias Alder | | | | | 09/20/22 | | | | | | — | | | | | | 60,900(1) | | | | | | | | | | | | 3.50 | | | | | | 09/20/32 | | | | | | 10,200(1) | | | | | | 35,700 | | | | | | — | | | | | | — | | |
Chief Executive Officer and Former Chief Operating Officer | | | | | 07/15/22 | | | | | | — | | | | | | 79,200(2) | | | | | | | | | | | | 4.01 | | | | | | 07/15/32 | | | | | | 13,200(2) | | | | | | 52,932 | | | | | | — | | | | | | — | | |
| | | 12/23/21 | | | | | | 50,000 | | | | | | 150,000(3) | | | | | | — | | | | | | 5.86 | | | | | | 12/23/31 | | | | | | — | | | | | | — | | | | | | 200,000(4) | | | | | | 1,086,000 | | | ||
Eric I. Richman | | | | | 09/20/22 | | | | | | — | | | | | | 329,400(5) | | | | | | | | | | | | 3.50 | | | | | | 09/20/32 | | | | | | 54,900(5) | | | | | | 192,150 | | | | | | — | | | | | | — | | |
Former Chief Executive Officer | | | | | 12/15/20 | | | | | | 18,215 | | | | | | 8,208(6) | | | | | | — | | | | | | 3.38 | | | | | | 12/15/30 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Salvatore Calabrese | | | | | 07/15/22 | | | | | | — | | | | | | 59,400(2) | | | | | | | | | | | | 4.01 | | | | | | 07/15/32 | | | | | | 9,900(2) | | | | | | 39,699 | | | | | | — | | | | | | — | | |
Former Chief Financial Officer | | | | | 09/25/20 | | | | | | 62,758 | | | | | | 20,916(7) | | | | | | — | | | | | | 3.38 | | | | | | 09/25/30 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Name | | Fees Earned or Paid in Cash ($) | | Option Awards ($)(1) | | Total ($) | | | Fees Earned or Paid in Cash ($) | | Option Awards ($)(1) | | Total ($) | | ||||||||||||||||||||||||
Khalid Islam, Ph.D. | | | | 60,000 | | | | | 93,500 | | | | | 153,500 | | | | | | 75,000 | | | | | 19,845 | | | | | 94,845 | | | ||||||
Dov Goldstein, M.D. | | | | 47,000 | | | | | 70,647 | | | | | 117,647 | | | | | | 62,000 | | | | | 19,845 | | | | | 81,845 | | | ||||||
Hans Peter Hasler | | | | 41,000 | | | | | 70,647 | | | | | 111,647 | | | | | | 58,500 | | | | | 19,845 | | | | | 78,345 | | | ||||||
Gwen Melincoff | | | | 35,000 | | | | | 70,647 | | | | | 105,647 | | | | | | 45,000 | | | | | 19,845 | | | | | 64,845 | | | ||||||
Claude Nicaise, M.D. | | | | 40,000 | | | | | 70,647 | | | | | 110,647 | | | | | | 50,000 | | | | | 19,845 | | | | | 69,845 | | | ||||||
Jeffrey Riley | | | | 43,000 | | | | | 70,647 | | | | | 113,647 | | | | | | 60,500 | | | | | 19,845 | | | | | 80,345 | | |
Name | | | Option Awards Outstanding at Year-End (#) | | |||
Khalid Islam, Ph.D. | | | | | | | |
Dov Goldstein, M.D. | | | | | | | |
Hans Peter Hasler | | | | | | | |
Gwen Melincoff | | | | | | | |
Claude Nicaise, M.D. | | | | | | | |
Jeffrey Riley | | | | | | |
| | | Annual Cash Retainer ($) | | |||
Annual retainer | | | | | 40,000 | | |
Additional retainer for non-executive chairperson | | | | | 35,000 | | |
Additional retainer for audit committee chair | | | | | 17,500 | | |
Additional retainer for audit committee member | | | | | 7,500 | | |
Additional retainer for compensation committee chair | | | | | 13,000 | | |
Additional retainer for compensation committee member | | | | | 5,000 | | |
Additional retainer for nominating and governance committee chair | | | | | 11,000 | | |
Additional retainer for nominating and governance committee member | | | | | 5,000 | | |
Plan Category | | | (a) Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights(1) | | | (b) Weighted Average Exercise Price of Outstanding Options, Warrants and Rights(1) | | | (c) Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a))(2) | | |||||||||
Equity plans approved by stockholders(3) | | | | | 1,682,712 | | | | | | 6.11 | | | | | | 113,363(4) | | |
Equity plans not approved by stockholders(5) | | | | | 500,000 | | | | | | 5.47 | | | | | | 500,000 | | |
Total | | | | | 2,182,712 | | | | | | 5.96 | | | | | | 613,363 | | |
| | | Beneficial Ownership(1) | | |||||||||
Name of Beneficial Owner | | | Number of Shares | | | Percent of Total | | ||||||
5% of Greater Stockholders: | | | | | | | | | | | | | |
Shawn Milmore Titcomb(2) | | | | | 729,737 | | | | | | 6.1% | | |
TiVenture S.A.(3) | | | | | 854,572 | | | | | | 7.2 | | |
1MM & 1PP AG(4) | | | | | 880,784 | | | | | | 7.4 | | |
Named Executive Officers: | | | | | | | | | | | | | |
Eric I. Richman(5) | | | | | 230,247 | | | | | | 1.9 | | |
Matthias Alder | | | | | — | | | | | | * | | |
Sal Calabrese | | | | | 46,490 | | | | | | * | | |
Directors: | | | | | | | | | | | | | |
Khalid Islam(6) | | | | | 913,554 | | | | | | 7.7 | | |
Dov Goldstein | | | | | 19,558 | | | | | | * | | |
Hans Peter Hasler | | | | | 19,558 | | | | | | * | | |
Gwen Melincoff | | | | | 19,558 | | | | | | * | | |
Claude Nicaise | | | | | 19,558 | | | | | | * | | |
Jeffrey Riley | | | | | 34,238 | | | | | | * | | |
All executive officers and directors as a group (9 persons)(7) | | | | | 1,302,761 | | | | | | 11% | | |
| | | Beneficial Ownership(1) | | |||||||||
Name of Beneficial Owner | | | Number of Shares | | | Percent of Total | | ||||||
5% or Greater Stockholders: | | | | | | | | | | | | | |
Shawn Milmore Titcomb(2) | | | | | 729,737 | | | | | | 6.0% | | |
TiVenture S.A.(3) | | | | | 685,072 | | | | | | 5.7 | | |
1MM & 1PP AG(4) | | | | | 880,784 | | | | | | 7.3 | | |
Named Executive Officers and Directors: | | | | | | | | | | | | | |
Matthias Alder(5) | | | | | 70,830 | | | | | | * | | |
Salvatore Calabrese(6) | | | | | 77,378 | | | | | | * | | |
Eric I. Richman(7) | | | | | 254,193 | | | | | | 2.1 | | |
Khalid Islam(8) | | | | | 913,554 | | | | | | 7.5 | | |
Dov Goldstein(5) | | | | | 19,558 | | | | | | * | | |
Hans Peter Hasler(5) | | | | | 19,558 | | | | | | * | | |
Gwen Melincoff(5) | | | | | 19,558 | | | | | | * | | |
Claude Nicaise(5) | | | | | 19,558 | | | | | | * | | |
Jeffrey Riley(5) | | | | | 43,046 | | | | | | * | | |
All current executive officers and directors as a group (9 persons)(9) | | | | | 1,359,855 | | | | | | 11.00% | | |
Name | | | Series B Convertible Preferred Stock (#) | | | Aggregate Purchase Price ($) | | | Placement Agent Warrants (#) | | | Strike Price ($) | | ||||||||||||
Eric I Richman Living Trust(1) | | | | | 16,836 | | | | | | 50,002.92 | | | | | | — | | | | | | — | | |
Shawn Milemore Titcomb(2) | | | | | 16,836 | | | | | | 50,002.92 | | | | | | 101,599 | | | | | | 4.46 | | |
Name | | | Series A Convertible Preferred Stock (#) | | | Aggregate Purchase Price (CHF) | | | Aggregate Purchase Price ($) | | |||||||||
3B Future Health Fund S.A.(1) | | | | | 18,748 | | | | | | 575,000 | | | | | | 585,304 | | |
VitaTech SA(2) | | | | | 9,374 | | | | | | 287,500 | | | | | | 292,652 | | |
TiVenture SA(3) | | | | | 7,173 | | | | | | 220,000 | | | | | | 223,942 | | |