Eric Siemers
About Eric Siemers
Eric Siemers, M.D., is Chief Medical Officer at Acumen Pharmaceuticals (NASDAQ: ABOS), serving in this role since June 2018 after beginning as a consultant in April 2018. He is 69 years old, holds an M.D. with Highest Distinction from Indiana University School of Medicine, and previously led multiple Alzheimer’s compound clinical trials at Eli Lilly, including five Phase 3 studies, with significant contributions to biomarker-driven AD research nomenclature (updated in 2024). He is a founding member of the Alzheimer’s Association Research Roundtable and serves on the steering committee for the Alzheimer’s Disease Neuroimaging Initiative; performance metrics like executive-specific TSR or revenue/EBITDA growth are not disclosed in Acumen’s proxy materials.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Eli Lilly and Company | Various roles including Distinguished Medical Fellow | 1998–2017 | Led several Alzheimer’s clinical trials including five Phase 3 studies; extensive Phase 1/2 experience in neurodegeneration. |
| Indiana University Movement Disorder Clinic | Founder | Prior to 1998 | Established clinic; research across Parkinson’s and Huntington’s disease. |
External Roles
| Organization/Body | Role | Years | Notes |
|---|---|---|---|
| Alzheimer’s Association Research Roundtable | Founding member | N/A | Industry collaboration forum for AD research. |
| Alzheimer’s Disease Neuroimaging Initiative | Steering committee | N/A | Governance role in pivotal AD imaging consortium. |
| NIA/Alzheimer’s Association Working Group | Member | 2018; updated 2024 | Proposed AD research nomenclature using biomarkers and clinical symptoms. |
| Bright Focus Foundation | Board member | N/A | Nonprofit research organization governance. |
| Huntington Study Group | Board member | N/A | Nonprofit neurology research governance. |
Fixed Compensation
| Metric | 2021 | 2022 |
|---|---|---|
| Base Salary ($) | $336,159 | $353,970 (approved by Compensation Committee for 2022) |
| Target Bonus (%) | 40% of base salary | 40% of base salary (A&R structure unchanged) |
| Actual Bonus Paid ($) | $124,283 (non‑equity incentive plan payout) | Not disclosed for Siemers (not a 2022 Named Executive Officer) |
Notes:
- In 2021, Siemers was a Named Executive Officer; 2022–2025 NEO disclosures do not include him, so detailed annual compensation for those years is not provided.
Performance Compensation
| Metric | Weighting | Target | Actual | Payout Form | Vesting |
|---|---|---|---|---|---|
| Annual bonus (corporate and individual objectives) | Not disclosed | 40% of base salary | $124,283 (2021) | Cash/equity per plan (cash paid in 2021) | N/A (cash payout) |
Program design: Annual bonuses are based on corporate and individual performance objectives; specific metric definitions or weightings for Siemers are not disclosed beyond plan structure.
Equity Ownership & Alignment
| Metric | 2022 (as of March 31, 2022) |
|---|---|
| Total Beneficial Ownership (shares) | 290,463 (less than 1% of outstanding shares) |
| Shares Outstanding (reference) | 40,473,270 |
| Compliance with Stock Ownership Guidelines | Not disclosed |
| Shares Pledged as Collateral | Not disclosed; company policy prohibits margin accounts and hedging transactions |
| Hedging/Pledging Policy | Insider trading policy prohibits short sales, options/hedging, margin accounts; timing of equity grants is not used to impact award value. |
Outstanding equity awards (as of December 31, 2021):
| Grant Date | Exercisable Options (#) | Unexercisable Options (#) | Exercise Price ($) | Expiration |
|---|---|---|---|---|
| 03/01/2019 | 186,800 | — | 0.72 | 03/01/2029 |
| 01/04/2021 | — | 310,989 | 1.19 | 01/03/2031 |
Employment Terms
| Term | Detail |
|---|---|
| Role and Start | Consultant from April 2018; Chief Medical Officer since June 2018. |
| Employment Agreement | Amended and Restated Employment Agreement (“A&R”), substantially similar to CFO A&R. |
| Non‑Compete / Non‑Solicit | A&R terms substantially similar to CFO: CFO non‑compete during employment and 9 months post‑termination; non‑solicit 1 year. (Siemers’ agreement described as “substantially similar” to CFO’s.) |
| Severance (Non‑CIC) | Per CFO A&R (Siemers substantially similar): 9 months base salary continuation and up to 12 months COBRA reimbursement, subject to eligibility and release of claims. |
| Severance (CIC, double‑trigger) | Per CFO A&R (Siemers substantially similar): termination without cause/for good reason within 3 months prior to or 12 months after a change‑in‑control → 12 months base salary, 1.0x target annual bonus in cash, COBRA up to 12 months, and accelerated vesting of all outstanding time‑based equity awards. |
| Section 280G | “Better‑of” provision to reduce CIC payments to avoid excise tax if it results in a greater after‑tax amount. (Applied company‑wide in later agreements; A&R framework consistent.) |
Benefits and perquisites:
- 401(k): Company non‑elective contributions up to 4% of eligible gross salary; available to executives on the same basis as employees.
- 2021 All Other Compensation: $200 (cell phone and HSA contributions described in policy footnotes).
Investment Implications
- Alignment: Significant option exposure (legacy 2019/2021 grants) aligns Siemers with long‑term equity value creation; the company prohibits hedging and margin accounts, limiting risk‑reducing strategies that could weaken alignment.
- Retention Risk: Double‑trigger CIC severance with salary continuation and time‑based equity acceleration mirrors typical biotech C‑suite protections; non‑compete/non‑solicit provisions (substantially similar to CFO) provide institutional retention constraints but are moderate in duration.
- Trading Signals: With options historically granted at low exercise prices ($0.72 and $1.19), any vesting/exercising cadence could create episodic selling pressure; however, specific 2022–2025 individual Form 4 activity is not disclosed in the proxy, and pledging is prohibited by policy.
- Pay‑for‑Performance: 2021 structure tied to corporate/individual objectives with a 40% target bonus and realized non‑equity incentive payout indicates linkage to operational milestones; the company does not disclose executive‑level TSR or program metric calibrations for Siemers.
Overall, Siemers’ equity‑heavy historical awards and policy constraints support long‑term alignment, while standard biotech CIC protections moderate retention risk. The lack of disclosed executive‑specific performance metrics beyond bonus structure limits granular pay‑for‑performance analysis but is typical for smaller clinical‑stage companies.