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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 §240.14a-12 | ||||||||||||||||
ESPERION THERAPEUTICS, INC. | ||||||||||||||
(Name of Registrant as Specified In Its Charter) | ||||||||||||||
(Name of Person(s) Filing Proxy Statement, if other than the Registrant) | ||||||||||||||
Payment of Filing Fee (Check all boxes that apply): | ||||||||||||||
☒ | 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 |
Sincerely, | ||||||||
Sheldon L. Koenig President and Chief Executive Officer |
TIME: | 8:00 a.m., Eastern Time, on Thursday, May 25, 2023 | |||||||
PLACE: | Virtually at www.virtualshareholdermeeting.com/ESPR2023, where you can attend the meeting and submit your questions during the meeting. | |||||||
PURPOSES: | ||||||||
•To elect four Class I directors, J. Martin Carroll, Sheldon L. Koenig, Stephen Rocamboli and Tracy M. Woody to hold office until the 2026 Annual Meeting of Stockholders and until their successors are duly elected and qualified, subject to their earlier resignation or removal; •To approve, on a non-binding advisory basis, the compensation of our named executive officers; •To ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2023; •To approve an amendment to the Esperion Therapeutics, Inc. 2022 Stock Option and Incentive Plan (the “2022 Plan”) to increase the aggregate number of shares of common stock authorized for issuance under the 2022 Plan by 6,250,000 shares; •To amend our Charter to increase the authorized shares of common stock from 240,000,000 to 480,000,000; and •To transact any other business that properly comes before the Annual Meeting (including adjournments and postponements thereof). | ||||||||
RECORD DATE: | Stockholders of record at the close of business on March 28, 2023 are entitled to vote at the Annual Meeting of Stockholders. | |||||||
VOTING BY PROXY: | If you cannot attend the Annual Meeting of Stockholders, you may vote your shares via the Internet or by telephone by following the instructions on your proxy card and on www.proxyvote.com, or by signing, voting and returning the proxy card to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717. For specific instructions on how to vote your shares, please review the instructions for each of these voting options as detailed in your Notice and in this Proxy Statement. If you attend the Annual Meeting, you may vote directly even if you have previously voted via the Internet, by telephone or by returning your proxy card. | |||||||
By Order of the Board of Directors, | ||||||||
Benjamin O. Looker Corporate Secretary Ann Arbor, Michigan April 13, 2023 |
For questions regarding | Contact |
• Annual Meeting | Esperion Investor Relations: | ||||||||||
• stock ownership | 734-887-3903 | ||||||||||
• voting |
Record Date | March 28, 2023. | |||||||||||||
Quorum | A majority of the shares of all issued and outstanding stock entitled to vote on the record date must be present in person or represented by proxy to constitute a quorum. | |||||||||||||
Shares Outstanding | 89,071,361 shares of common stock outstanding as of March 28, 2023. | |||||||||||||
Voting | There are four ways a stockholder of record can vote: | |||||||||||||
(1) | By Internet: You may vote over the Internet by following the instructions provided in the Notice or, if you receive your proxy materials by U.S. mail, by following the instructions on the proxy card. | |||||||||||||
(2) | By Telephone: If you receive your proxy materials by U.S. mail, you may vote by telephone by following the instructions on the proxy card. | |||||||||||||
(3) | By Mail: If you receive your proxy materials by U.S. mail, you may complete, sign and return the accompanying proxy card in the postage-paid envelope provided. | |||||||||||||
(4) | Directly at the Annual Meeting: If you are a stockholder as of the record date, you may vote directly at the meeting by going to www.virtualshareholdermeeting.com/ESPR2023 and using your unique control number that was included in the Notice of Availability of Proxy Materials you received in the mail. Submitting a proxy will not prevent a stockholder from attending the Annual Meeting, revoking their earlier-submitted proxy, and voting directly at the meeting. Voting directly at the Annual Meeting will revoke and replace any previous proxies or voting instructions submitted. |
In order to be counted, proxies submitted by telephone or Internet must be received by 11:59 p.m. Eastern Time on May 24, 2023. Proxies submitted by U.S. mail must be received before the start of the Annual Meeting. | ||||||||||||||
If you hold your shares through a bank or broker, please follow their instructions. | ||||||||||||||
Revoking Your Proxy | Stockholders of record may revoke their proxies by attending the Annual Meeting and voting directly at the meeting, by filing an instrument in writing revoking the proxy or by filing another duly executed proxy bearing a later date with our Secretary before the vote is counted or by voting again using the telephone or Internet before the cutoff time (your latest telephone or Internet proxy is the one that will be counted). If you hold shares through a bank or broker, you may revoke any prior voting instructions by contacting that firm. | |||||||||||||
Votes Required to Adopt Proposals | Each share of our common stock outstanding on the record date is entitled to one vote on any proposal presented at the Annual Meeting: | |||||||||||||
For Proposal One, the election of directors, the four nominees receiving a plurality of votes properly cast will be elected as directors. You may vote for all the director nominees, withhold authority to vote your shares for all the director nominees or withhold authority to vote your shares with respect to any one or more of the director nominees.Withholding authority to vote your shares with respect to one or more director nominees will have no effect on the election of those nominees. | ||||||||||||||
For Proposal Two, the affirmative vote of a majority of votes properly cast is required for the approval of the non-binding advisory resolution to approve the compensation of our named executive officers. | ||||||||||||||
For Proposal Three, the affirmative vote of a majority of the votes properly cast is required to ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2023. | ||||||||||||||
For Proposal Four, the affirmative vote of a majority of the votes properly cast is required for approval of an amendment to the Esperion Therapeutics, Inc. 2022 Stock Option and Incentive Plan (the “2022 Plan”) to increase the aggregate number of shares of common stock authorized for issuance under the 2022 Plan by 6,250,000 shares (the “Amendment”). | ||||||||||||||
For Proposal Five, the affirmative vote of a majority of the shares outstanding and entitled to vote on the proposal is required to approve the amendment to our Charter. | ||||||||||||||
Effect of Votes Withheld, Abstentions and Broker Non-Votes | Votes withheld from any nominee, abstentions, and "broker non-votes" (i.e. where a broker has not received voting instructions from the beneficial owner and for which the broker does not have discretionary power to vote on a particular matter) are counted as present for purposes of determining the presence of a quorum. With respect to the election of directors, you may vote "for" or "withhold" authority to vote for one or more of the nominees. Shares voting "withheld" have no effect on the election of directors. With respect to the proposals to approve the advisory vote on the compensation of our named executive officers, the ratification of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2023, and to approve the Amendment, you may vote "for", "against" or "abstain" from such proposal. Abstentions and "broker non-votes" will have no effect on such proposals. With respect to the proposal to amend our Charter, you may vote “for”, “against” or “abstain” from such proposal. Abstentions and "broker non-votes" will have the effect of a vote against the amendment to the Charter. |
Under the rules that govern brokers holding shares for their customers, brokers who do not receive voting instructions from their customers have the discretion to vote uninstructed shares on routine matters, but do not have discretion to vote such uninstructed shares on non-routine matters. Only Proposal Three, the ratification of the appointment of Ernst & Young LLP, and Proposal Five, the proposal to amend our Charter, are considered routine matters where brokers are permitted to vote shares held by them without instruction. If your shares are held through a broker, those shares will not be voted in the election of directors, the proposal to approve the advisory vote on the compensation of our named executive officers, or the proposal to approve the Amendment, unless you affirmatively provide the broker instructions on how to vote. “Broker non-votes” will have the same effect as a vote "against" the proposal to amend our Charter but will have no effect on the outcome of other non-routine proposals. |
Voting Instructions | If you complete and submit your proxy voting instructions, the persons named as proxies will follow your instructions. If you submit proxy voting instructions but do not direct how your shares should be voted on each item, the persons named as proxies will vote FOR the election of the nominees for director, FOR the approval of the advisory resolution on the compensation of our named executive officers, FOR the ratification of the appointment of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2023, FOR the approval of the Amendment, and FOR the amendment to our Charter. The persons named as proxies will vote on any other matters properly presented at the Annual Meeting in accordance with their best judgment, although we have not received timely notice of any other matters that may be properly presented for voting at the Annual Meeting. | |||||||||||||
Voting Results | We will announce preliminary results at the Annual Meeting. We will report final results by filing a Form 8-K within four business days after the Annual Meeting. If final results are not available at that time, we will provide preliminary voting results in the Form 8-K and will provide the final results in an amendment to the Form 8-K as soon as they become available. | |||||||||||||
Additional Solicitation/Costs | We are paying for the distribution of the proxy materials and solicitation of the proxies. As part of this process, we reimburse brokerage houses and other custodians, nominees and fiduciaries for their reasonable out- of-pocket expenses for forwarding proxy and solicitation materials to our stockholders. Proxy solicitation expenses that we will pay include those for preparation, mailing, returning and tabulating the proxies. Our directors, officers, and employees may also solicit proxies on our behalf in person, by telephone, email or facsimile, but they do not receive additional compensation for providing those services. |
Board Diversity Matrix (As of April 3, 2023) | ||||||||||||||
Total Number of Directors | 10 | |||||||||||||
Female | Male | Non-Binary | Did Not Disclose Gender | |||||||||||
Part I: Gender Identity | ||||||||||||||
Directors | 2 | 8 | — | — | ||||||||||
Part II: Demographic Background | ||||||||||||||
African American or Black | — | — | — | — | ||||||||||
Alaskan Native or Native American | — | — | — | — | ||||||||||
Asian | — | — | — | — | ||||||||||
Hispanic or Latinx | — | — | — | — | ||||||||||
Native Hawaiian or Pacific Islander | — | — | — | — | ||||||||||
White | 2 | 7 | — | — | ||||||||||
Two or More Races or Ethnicities | — | — | — | — | ||||||||||
LGBTQ+ | — | |||||||||||||
Did Not Disclose Demographic Background | 1 | |||||||||||||
Directors who are Military Veterans: 2 |
Name | Age | Position | |||||||||||||||
Sheldon L. Koenig | 57 | President and Chief Executive Officer | |||||||||||||||
JoAnne Foody | 58 | Chief Medical Officer | |||||||||||||||
Benjamin Halladay | 37 | Chief Financial Officer | |||||||||||||||
Benjamin Looker | 41 | General Counsel | |||||||||||||||
Eric Warren | 50 | Chief Commercial Officer |
Fee Category | 2022 | 2021 | ||||||||||||||||||
Audit Fees | $ | 727,600 | $ | 732,600 | ||||||||||||||||
Audit-Related Fees | 40,000 | 36,000 | ||||||||||||||||||
Tax Fees | — | — | ||||||||||||||||||
All Other Fees | — | — | ||||||||||||||||||
Total | $ | 767,600 | $ | 768,600 |
Name and Position | Stock Options | Restricted Stock Units | |||||||||||||||
Number of Shares (#) | Average Exercise Price ($) | Number of Units (#) | Dollar Value ($)(1) | ||||||||||||||
Sheldon L. Koenig President and Chief Executive Officer | 91,000 | 6.2 | — | — | |||||||||||||
JoAnne Foody Chief Medical Officer | 52,000 | 6.2 | — | — | |||||||||||||
Benjamin Looker General Counsel | 52,000 | 6.2 | — | — | |||||||||||||
Named Executive Officer Group (3 persons) | 195,000 | 6.2 (2) | — | — | |||||||||||||
Non-Executive Director Group (9 persons other than Mr. Koenig) | 213,150 | 5.49(2) | — | — | |||||||||||||
Employee Group (other than named executive officers) (approximately 205 persons) | 274,000 | 5.93(2) | 384,900 | 2,435,093 | (3) | ||||||||||||
(1) The valuation of stock awards is based on the grant date fair value computed in accordance with FASB ASC Topic 718. For a discussion of the assumptions used in calculating these values, see Note 13 of the notes to our financial statements in our Annual Report on Form 10-K filed with the SEC on February 21, 2023, for the fiscal year ended December 31, 2022. | |||||||||||||||||
(2) Represents the weighted average exercise price for the group. | |||||||||||||||||
(3) Represents the aggregate grant date fair value for the group. |
Plan Category | Number of securities to be issued upon exercise of outstanding options and vesting of restricted stock units (#) | Weighted-average exercise price of outstanding options ($) | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in first column) | |||||||||||
Equity compensation plans approved by security holders (1) | 5,656,379 (2) | 19.30 | 3,818,528 | (3) | ||||||||||
Equity compensation plans not approved by security holders (4) | 914,993 | 22.71 | 14,426 | |||||||||||
Total | 6,571,372 | 3,832,954 |
| | | Shares beneficially owned | | ||||||
Name and address of beneficial owner(1) | | | Number | | | Percent | | |||
5% Stockholders | | | | | | | | | | |
Deep Track Capital, L.P. / Deep Track Biotechnology Master Fund, Ltd. / David Kroin(2) | | | | | 10,500,000 | | | | 14.8% | |
Wasatch Advisors, Inc.(3) | | | | | 9,339,046 | | | | 13.4% | |
Armistice Capital Master Fund Ltd(4) | | | | | 6,071,429 | | | | 8.4% | |
Sabby Volatility Warrant Master Fund, Ltd. / Sabby Management, LLC / Hal Mintz(5) | | | | | 5,714,286 | | | | 7.9% | |
CVI Investments, Inc.(6) | | | | | 5,500,000 | | | | 7.6% | |
Altium Capital Management, L.P.(7) | | | | | 5,210,809 | | | | 7.5% | |
Deerfield Mgmt, L.P. / Deerfield Management Company, L.P. / Deerfield Partners, L.P. / James E. Flynn(8) | | | | | 5,000,000 | | | | 7.0% | |
BB Biotech AG / Biotech Target N.V.(9) | | | | | 4,477,964 | | | | 6.7% | |
Meditor Group Ltd / Meditor European Master Fund Ltd(10) | | | | | 4,468,835 | | | | 6.7% | |
Vanguard Group, Inc.(11) | | | | | 3,761,439 | | | | 5.7% | |
Named Executive Officers | | | | | | | | | | |
Sheldon Koenig(12) | | | | | 195,965 | | | | *% | |
JoAnne Foody(13) | | | | | 33,904 | | | | *% | |
Tim M. Mayleben(14) | | | | | 1,327,550 | | | | 2.0% | |
Ashley Hall(15) | | | | | 351,708 | | | | *% | |
Richard B. Bartram(16) | | | | | 20,004 | | | | *% | |
Other Directors | | | | | | | | | | |
Antonio M. Gotto, Jr. M.D., D.Phil.(17) | | | | | 88,549 | | | | *% | |
Nicole Vitullo(18) | | | | | 76,868 | | | | *% | |
Jeffrey Berkowitz(19) | | | | | 52,876 | | | | *% | |
Jay P. Shepard(20) | | | | | 42,149 | | | | *% | |
Tracy M. Woody(21) | | | | | 28,416 | | | | *% | |
Alan Fuhrman(22) | | | | | 22,791 | | | | *% | |
Shares beneficially owned | ||||||||||||||||||||
Name and address of beneficial owner (1) | Number | Percent | ||||||||||||||||||
5% Stockholders | ||||||||||||||||||||
Armistice Capital Master Fund Ltd (2) | 65,772,923 | 45.1 | % | |||||||||||||||||
Wasatch Advisors, Inc. (3) | 16,441,161 | 17.2 | % | |||||||||||||||||
Deep Track Capital, L.P. / Deep Track Biotechnology Master Fund, Ltd. / David Kroin (4) | 8,500,000 | 9.1 | % | |||||||||||||||||
Sabby Volatility Warrant Master Fund, Ltd. / Sabby Management, LLC / Hal Mintz (5) | 5,714,286 | 6.0 | % | |||||||||||||||||
BlackRock, Inc. (6) | 5,509,187 | 6.2 | % | |||||||||||||||||
Heights Capital Management, Inc. / CVI Investments, Inc.(7) | 5,500,000 | 5.8 | % | |||||||||||||||||
Deerfield Mgmt, L.P. / Deerfield Management Company, L.P. / Deerfield Partners, L.P. / James E. Flynn(8) | 5,000,000 | 5.3 | % | |||||||||||||||||
Meditor Group Ltd / Meditor European Master Fund Ltd (9) | 4,468,835 | 5.0 | % | |||||||||||||||||
Named Executive Officers | ||||||||||||||||||||
Sheldon Koenig (10) | 341,891 | * | % | |||||||||||||||||
JoAnne Foody (11) | 116,332 | * | % | |||||||||||||||||
Benjamin Looker (12) | 47,168 | * | % | |||||||||||||||||
Other Directors | ||||||||||||||||||||
Antonio M. Gotto, Jr. M.D., D.Phil. (13) | 108,549 | * | % | |||||||||||||||||
Nicole Vitullo (14) | 96,868 | * | % | |||||||||||||||||
Jeffrey Berkowitz (15) | 72,876 | * | % | |||||||||||||||||
Jay P. Shepard (16) | 62,149 | * | % | |||||||||||||||||
Tracy M. Woody (17) | 48,416 | * | % | |||||||||||||||||
Alan Fuhrman (18) | 45,254 | * | % | |||||||||||||||||
Seth H.Z. Fischer (19) | 24,894 | * | % | |||||||||||||||||
Stephen Rocamboli (20) | 14,922 | * | % | |||||||||||||||||
J. Martin Carroll (21) | 5,000 | * | % | |||||||||||||||||
All directors and executive officers as a group (14 persons) (22) | 1,035,087 | 0.6 | % |
| | | Shares beneficially owned | | ||||||
Name and address of beneficial owner(1) | | | Number | | | Percent | | |||
Seth H.Z. Fischer | | | | | — | | | | —% | |
Stephen Rocamboli | | | | | — | | | | —% | |
J. Martin Carroll | | | | | — | | | | —% | |
All directors and executive officers as a group (16 persons)(23) | | | | | 2,254,320 | | | | 3.3% | |
Name and Principal Position | Year | Salary ($) | Bonus ($) | Stock awards ($) (1) | Option awards ($) (2) | Non-equity incentive plan compensation ($) (3) | All other compensation ($) | Total ($) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sheldon L. Koenig | 2022 | 683,333 | — | 549,840 | 2,052,139 | 500,500 | 13,600 | (4) | 3,799,412 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
President and Chief Executive Officer | 2021 | 565,909 | — | 1,619,698 | 5,427,619 | 150,000 | 13,000 | 7,776,226 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JoAnne Foody | 2022 | 505,000 | — | 132,720 | 627,248 | 249,975 | 16,216 | (5) | 1,531,159 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chief Medical Officer | 2021 | 258,239 | 100,000 | 1,608,834 | 1,603,426 | 113,625 | — | 3,684,124 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benjamin Looker | 2022 | 375,000 | — | 258,420 | 485,002 | 165,000 | 10,350 | (4) | 1,293,772 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Counsel |
Name | 2021 Base Salary ($) | 2022 Base Salary ($) (1) | Increase (%) | |||||||||||||||||||||||||||||
Sheldon L. Koenig (2) | 600,000 | 700,000 | 17% | (3) | ||||||||||||||||||||||||||||
JoAnne Foody (4) | 505,000 | 505,000 | —% | |||||||||||||||||||||||||||||
Benjamin Looker (5) | — | 375,000 | —% |
2022 Corporate Base Goals | Relative Weighting (%) | Actual Achievement for 2022 (as a % of target) | Weighted Performance (%) | |||||||||||||||||||||||||||||||||||
Achieve U.S. net sales target | 50 | 50 | 25 | |||||||||||||||||||||||||||||||||||
Flawlessly execute the cardiovascular outcomes trial (CVOT) and prepare for data release, including 100% accumulation of events from our CVOT by December 31, 2022 and a definitive launch plan for the data release by the second half of 2022 | 30 | 183 | 55 | |||||||||||||||||||||||||||||||||||
Develop long term corporate strategic growth plan for CVOT and beyond by Q3 2022, including post CVOT market access strategy | 10 | 100 | 10 | |||||||||||||||||||||||||||||||||||
Manage cash used in operations within the budgeted base operating plan | 5 | 100 | 5 | |||||||||||||||||||||||||||||||||||
Advance pipeline by identifying funding for existing and potential pipeline assets | 5 | 100 | 5 | |||||||||||||||||||||||||||||||||||
Approved 2022 Corporate Base Performance Level | 100 | 100 |
Name | 2022 Target Award (% of Base Salary) | 2022 Target Award Opportunity ($) | 2022 Actual Bonus Payment ($) | 2022 Actual Bonus Payment (% of Target Award Opportunity) | |||||||||||||||||||||||||||||||||||||
Sheldon L. Koenig | 65 | 455,000 | 500,500 | 110 | |||||||||||||||||||||||||||||||||||||
JoAnne Foody | 45 | 227,250 | 249,975 | 110 | |||||||||||||||||||||||||||||||||||||
Benjamin Looker | 40 | 150,000 | 165,000 | 110 |
Option awards | Stock awards | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Grant date | Number of securities underlying unexercised options (#) exercisable | Number of securities underlying unexercised options (#) unexercisable | Option exercise price ($) | Option expiration date | Number of shares or units of stock that have not vested (#) | Market value of shares or units of stock that have not vested ($) (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sheldon L. Koenig | 1/28/2021 (2) | 75,000 | 75,000 | 32.12 | 1/28/2031 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
5/17/2021 (3) | 45,000 | 75,000 | 20.87 | 5/17/2031 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10/29/2021 (4) | — | 37,850 | 8.94 | 10/29/2031 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/14/2022 (5) | 92,250 | 399,750 | 4.74 | 3/14/2032 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/7/2022 (6) | — | 91,000 | 6.20 | 6/7/2032 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1/28/2021 (2) | — | — | — | — | 15,000 | 93,450 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5/17/2021 (3) | — | — | — | — | 12,500 | 77,875 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10/29/2021 (4) | — | — | — | — | 26,700 | 166,341 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/14/2022 (5) | — | — | — | — | 94,250 | 587,178 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JoAnne Foody | 6/28/2021 (7) | 27,716 | 60,976 | 22.52 | 6/28/2031 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
10/29/2021 (4) | — | 31,850 | 8.94 | 10/29/2031 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/14/2022 (8) | — | 119,000 | 4.74 | 3/14/2032 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/7/2022 (6) | — | 52,000 | 6.20 | 6/7/2032 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/28/2021 (7) | — | — | — | — | 42,988 | 267,815 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10/29/2021 (4) | — | — | — | — | 22,450 | 139,864 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/14/2022 (8) | — | — | — | — | 28,000 | 174,440 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benjamin Looker | 1/27/2022 (9) | — | 100,450 | 3.65 | 1/27/2032 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/7/2022 (6) | — | 52,000 | 6.20 | 6/7/2032 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1/27/2022 (9) | — | — | — | — | 70,800 | 441,084 |
Year | Summary Compensation Table Total for First PEO | Summary Compensation Table Total for Second PEO | Compensation Actually Paid to First PEO | Compensation Actually Paid to Second PEO | Average Summary Compensation Table Total for Other NEOs | Average Compensation Actually Paid to Other NEOs | Value of Initial Fixed $100 Investment Based On Total Stockholder Return | Net Loss (in thousands) | ||||||||||||||||||
(a) | (b) | (b) | (c) | (c) | (d) | (e) | (f) | (g) | ||||||||||||||||||
2022 | $ | 3,799,412 | $ | — | $ | 4,773,987 | $ | — | $ | 1,412,466 | $ | 1,797,309 | $ | 23.96 | $ | (233,659) | ||||||||||
2021 | $ | 7,776,226 | $ | 8,227,286 | $ | 2,053,198 | $ | 1,599,226 | $ | 3,294,885 | $ | 856,321 | $ | 19.23 | $ | (269,108) |
Year | Summary Compensation Table Total for PEO 1 | Equity Award Adjustments for PEO 1 (1) | Compensation Actually Paid to PEO 1 | Summary Compensation Table Total for PEO 2 | Equity Award Adjustments for PEO 2 (1) | Incremental Cost Adjustment for PEO 2 (2) | Compensation Actually Paid to PEO 2 | ||||||||||||||||
2022 | $ | 3,799,412 | $ | 974,575 | $ | 4,773,987 | $ | — | $ | — | $ | — | $ | — | |||||||||
2021 | $ | 7,776,226 | $ | (5,723,028) | $ | 2,053,198 | $ | 8,227,286 | $ | (2,908,444) | $ | (3,719,616) | $ | 1,599,226 |
Year | Change from Year End Fair Value of Outstanding and Unvested Equity Awards Granted in the Year | Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years | Change in Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year | Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year | Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year | Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation | Total Equity Award Adjustments | ||||||||||||||||
PEO 1 | |||||||||||||||||||||||
2022 | $ | 524,050 | $ | 243,602 | $ | 141,519 | $ | 65,404 | $ | — | $ | — | $ | 974,575 | |||||||||
2021 | $ | (4,782,040) | $ | — | $ | (940,988) | $ | — | $ | — | $ | — | $ | (5,723,028) | |||||||||
PEO 2 | |||||||||||||||||||||||
2022 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
2021 | $ | (3,707,482) | $ | — | $ | 28,166 | $ | 3,379,913 | $ | (2,609,041) | $ | — | $ | (2,908,444) |
Year | Average Summary Compensation Table Total for Other NEOs | Equity Award Adjustments for Other NEOs (1) | Incremental Cost Adjustment for Other NEOs(2) | Average Compensation Actually Paid to Other NEOs | ||||||||||
2022 | $ | 1,412,466 | $ | 384,843 | $ | — | $ | 1,797,309 | ||||||
2021 | $ | 3,294,885 | $ | (2,291,784) | $ | (146,780) | $ | 856,321 |
Year | Change from Year End Fair Value of Outstanding and Unvested Equity Awards Granted in the Year | Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years | Change in Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year | Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year | Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year | Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation | Total Equity Award Adjustments | ||||||||||||||||
2022 | $ | 262,253 | $ | 83,446 | $ | — | $ | 39,144 | $ | — | $ | — | $ | 384,843 | |||||||||
2021 | $ | (2,033,212) | $ | (139,926) | $ | (59,912) | $ | 117,787 | $ | (176,521) | $ | — | $ | (2,291,784) |
Director Name | Fees Earned or Paid in Cash ($) | Stock Option Awards ($) (1) (2) | Total ($) | |||||||||||||||||||||||||||||||||||
Jeffrey Berkowitz, J.D. | 65,000 | 73,950 | 138,950 | |||||||||||||||||||||||||||||||||||
J. Martin Carroll (3) | 29,153 | 152,496 | 181,649 | |||||||||||||||||||||||||||||||||||
Seth H.Z. Fischer (4) | 63,421 | 42,747 | 106,168 | |||||||||||||||||||||||||||||||||||
Alan Fuhrman | 77,500 | 73,950 | 151,450 | |||||||||||||||||||||||||||||||||||
Antonio M. Gotto, Jr., M.D., D.Phil. | 55,363 | 73,950 | 129,313 | |||||||||||||||||||||||||||||||||||
Mark E. McGovern, M.D. (5) | 31,778 | — | 31,778 | |||||||||||||||||||||||||||||||||||
Stephen Rocamboli (6) | 26,730 | 160,419 | 187,149 | |||||||||||||||||||||||||||||||||||
Jay P. Shepard | 74,180 | 73,950 | 148,130 | |||||||||||||||||||||||||||||||||||
Nicole Vitullo | 83,503 | 73,950 | 157,453 | |||||||||||||||||||||||||||||||||||
Tracy M. Woody | 58,683 | 73,950 | 132,633 |
Name | Number of Securities Underlying Unexercised Options | Number of Securities Underlying Unvested Restricted Stock Units | ||||||||||||
Jeffrey Berkowitz, J.D. | 49,427 | — | ||||||||||||
J. Martin Carroll | 40,000 | — | ||||||||||||
Seth H.Z. Fischer | 51,561 | — | ||||||||||||
Alan Fuhrman | 20,000 | 1,548 | ||||||||||||
Antonio M. Gotto, Jr., M.D., D.Phil. | 85,100 | — | ||||||||||||
Mark E. McGovern, M.D. | 65,100 | — | ||||||||||||
Stephen Rocamboli | 41,589 | — | ||||||||||||
Jay P. Shepard | 38,700 | — | ||||||||||||
Nicole Vitullo | 65,100 | — | ||||||||||||
Tracy M. Woody | 20,000 | — |