Anand Mehra
Aclaris TherapeuticsAbout Anand Mehra, M.D.
Independent director of Aclaris Therapeutics since 2014; age 49. Founding partner at Forge Life Science Partners (since May 2023) after serving as Managing General Partner at Sofinnova Investments (2007–Jan 2020), with prior roles at J.P. Morgan’s private equity/VC group and McKinsey’s pharmaceutical practice. Currently chairs the board of Merus N.V.; holds a B.A. in political philosophy from the University of Virginia and an M.D. from Columbia University College of Physicians & Surgeons . The Board has affirmatively determined Dr. Mehra is independent under Nasdaq standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Sofinnova Investments, Inc. | Managing General Partner | 2007–Jan 2020 | Led biotech investments; multi-board experience |
| J.P. Morgan (PE/VC group) | Investment professional | Not disclosed | Private equity and venture capital experience |
| McKinsey & Company | Consultant, pharma practice | Not disclosed | Strategy experience in pharmaceutical sector |
External Roles
| Organization | Role | Public/Private | Tenure |
|---|---|---|---|
| Forge Life Science Partners | Founding Partner | Private | Since May 2023 |
| Merus N.V. | Chair of Board | Public | Current |
Board Governance
| Attribute | Detail |
|---|---|
| Committee memberships | Compensation Committee (Chair) |
| Compensation Committee composition | Mehra (Chair), Humphries; all members independent per Nasdaq Rule 5605(d)(2) |
| Committee meetings (2024) | Compensation Committee: 4; Audit Committee: 6; Nominating & Corporate Governance: 4 |
| Board meeting attendance | Board met 8 times in 2024; each current Board member attended ≥75% of Board and committee meetings |
| Independence | Mehra is one of six independent directors (of eight total) |
| Lead Independent Director | Christopher Molineaux (Lead Independent Director since Jan 2023) |
| Risk oversight | Risk oversight allocated across Board and committees; Compensation Committee monitors compensation-related risk |
Fixed Compensation (Non‑Employee Director, 2024)
| Component | Amount ($) | Notes |
|---|---|---|
| Fees Earned or Paid in Cash | 70,875 | Reflects base Board retainer and committee roles per policy |
| Policy rates (reference) | — | Board annual cash retainer $40,000; Chair of Board +$30,000; Lead Independent Director +$25,000; Committee retainers: Audit member $7,500/chair $12,500; Compensation member $7,500/chair $12,500; Nominating member $4,500/chair $4,500; R&D member $6,000/chair $8,000 (R&D Committee dissolved Dec 31, 2024) |
Performance Compensation (Non‑Employee Director, 2024)
| Grant Type | Grant Date | Shares/Units | Grant Date Fair Value ($) | Exercise Price | Vesting | Term |
|---|---|---|---|---|---|---|
| RSUs | Jun 6, 2024 | 4,793 | 4,937 | N/A | Vest on Jun 6, 2025 (single tranche) | N/A |
| Stock Options | Jun 6, 2024 | 15,750 | 11,505 | $1.03/sh | 12 equal monthly installments through Jun 6, 2025 | 10 years from grant |
- Annual equity grant policy for continuing directors: aggregate fair value equal to lesser of $320,000 or fair value of 60,500 options; granted 70% options / 30% RSUs; options vest monthly over 12 months; RSUs vest at first anniversary; exercise price = closing price on grant date .
- New director initial award policy: aggregate fair value equal to lesser of $640,000 or fair value of 121,000 options; 70% options / 30% RSUs; options vest monthly over 36 months; RSUs vest 1/3 on each of first, second, and third anniversaries .
- Non‑employee director annual cap: combined cash + equity ≤ $750,000 in total value .
Other Directorships & Interlocks
| Company | Role | Interlock/Notes |
|---|---|---|
| Merus N.V. | Chair of Board | Interlock: ACRS director Maxine Gowen also serves on Merus N.V. board |
Expertise & Qualifications
- Life sciences investment leadership (Sofinnova; Forge Life Science Partners), board chair at Merus N.V., and prior strategy/finance roles (McKinsey; J.P. Morgan) .
- Education: B.A., University of Virginia; M.D., Columbia University College of Physicians & Surgeons .
Equity Ownership
| Owner | Shares Beneficially Owned | % of Shares Outstanding | As‑of Date |
|---|---|---|---|
| Anand Mehra, M.D. | 791,405 | <1% | Feb 10, 2025 |
| Equity Detail | Amount |
|---|---|
| Options held (as of Dec 31, 2024) | 76,125 |
| RSUs held (as of Dec 31, 2024) | 4,793 |
Insider Transactions (Related Person)
| Date | Security | Quantity | Price | Consideration | Notes |
|---|---|---|---|---|---|
| Nov 2024 | Common Stock | 666,666 | $2.25/sh | $1,500,000 | Director participation in private placement; subject to related person transaction oversight policy |
Governance Assessment
- Independence and engagement: Mehra is Nasdaq‑independent; Compensation Committee chair; Board/committee meeting cadence suggests active oversight with each director attending ≥75% of meetings in 2024—supportive of board effectiveness .
- Compensation governance: As chair of Compensation, Mehra oversees CEO/NEO pay, clawback policy, director compensation, and equity plan administration; ACRS prohibits option repricing, uses fixed‑share pools (no evergreen), imposes non‑employee director grant limits, and subjects awards to clawback—positive governance signals .
- Ownership alignment: Personal participation in Nov 2024 private placement ($1.5M at $2.25/share) and beneficial ownership (791,405 shares) indicate direct financial alignment; no pledging disclosed in the proxy excerpts reviewed .
- Interlocks and potential conflicts: Shared Merus N.V. board service with fellow ACRS director Maxine Gowen creates an interlock—monitor for information flow and conflicts, though no related‑party dealings with Merus disclosed; related person transactions are reviewed under a formal policy by the Audit Committee .
- Director pay mix: 2024 compensation weighted to cash ($70,875) with smaller equity components (RSU $4,937; options $11,505) reflecting low grant‑date valuations; policy design targets balanced option/RSU mix and annual vesting to encourage continuity and alignment .
RED FLAGS to monitor
- Related person transaction: Significant director purchase in company private placement—oversight in place via Audit Committee, but continue to monitor for preferential terms (none indicated) and future participation .
- Board interlock: Dual service with Gowen at Merus N.V. could introduce perceived conflicts if ACRS/Merus engage in transactions; no such transactions disclosed .
Positive signals
- Strong compensation governance architecture (clawback, no repricing, grant caps, independence) .
- Active committee leadership and meeting cadence; documented attendance compliance .
- Material personal share purchase in 2024 indicating confidence/alignment .