Eric Devroe
About Eric Devroe
Eric Devroe, Ph.D., is Chief Operating Officer of Acrivon Therapeutics (ACRV), serving as COO since August 2022 after leading Business Operations from October 2020 to August 2022; he is 47 years old and holds a B.S. in Microbiology (UT Austin) and a Ph.D. in Biological Chemistry and Molecular Pharmacology (Harvard) . Acrivon remains a clinical‑stage, pre‑revenue company, with management disclosing no revenue to date and continuing operating losses as the pipeline advances (ACR‑368 and ACR‑2316) . EBITDA has trended more negative as R&D scales: FY 2022: -$32.3M*, FY 2023: -$66.6M*, FY 2024: -$88.2M*.
Company performance context (for pay‑for‑performance):
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| EBITDA ($USD) | -$32,293,000* | -$66,567,000* | -$88,193,000* |
*Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Acrivon Therapeutics | SVP, Business Operations; Corporate Secretary | Oct 2020–Aug 2022; Secretary Jan 2021–Dec 2022 | Built operating infrastructure pre‑ and post‑IPO . |
| Xione Therapeutics | Founder & Chief Executive Officer | Aug 2019–Sep 2021 | Oncology start‑up leadership . |
| MD Anderson Cancer Center | Strategic Advisor, Therapeutics Discovery | May 2018–Oct 2019 | BD/strategy supporting discovery initiatives . |
| Opsonix, Inc. | Founder & Chief Executive Officer | 2015–May 2018 | Infectious diseases start‑up leadership . |
Fixed Compensation
| Year | Base Salary (Paid) | Target Bonus % | Actual Bonus (Paid) | Notes |
|---|---|---|---|---|
| 2024 | $510,467 | 45% of base salary | $263,559 (paid early 2025) | Base salary rate increased to $513,760 effective Mar 2024 . |
Performance Compensation
Annual incentive (cash) – structure and payout:
| Metric | Weighting | Target | Actual Payout | Vesting/Timing |
|---|---|---|---|---|
| Corporate and individual performance objectives (2024) | Not disclosed | 45% of base salary | $263,559 | Cash; bonuses determined by Board; paid early 2025 . |
Equity awards (grants relevant to 2024 cycle):
| Grant Type | Grant Date | Shares/Units | Exercise Price | Grant Date FV | Vesting Terms |
|---|---|---|---|---|---|
| Stock option | Mar 1, 2024 | 90,090 | $5.70 | $372,702 | 25% vests Mar 3, 2025; remainder in 36 equal monthly installments; CoC acceleration on qualifying termination . |
Equity Ownership & Alignment
Beneficial ownership (as of April 21, 2025):
| Holder | Beneficial Ownership (Shares) | % of Outstanding |
|---|---|---|
| Eric Devroe, Ph.D. | 310,926 | <1% |
Outstanding equity (as of Dec 31, 2024):
| Instrument | Exercisable | Unexercisable | Exercise Price | Expiration | Notes |
|---|---|---|---|---|---|
| Stock options (grant 1/14/2021; VCD 10/5/2020) | 86,615 | — | $1.04 | 1/13/2031 | Time‑based . |
| Stock options (grant 3/22/2022; VCD 1/1/2022) | 70,938 | 23,648 | $3.88 | 3/22/2032 | 16 equal quarterly installments . |
| Stock options (grant 11/14/2022; VCD 11/14/2022) | 52,161 | 47,989 | $12.50 | 11/14/2032 | 25% at 1‑yr, then 36 monthly . |
| Stock options (grant 3/1/2024; VCD 3/1/2024) | — | 90,090 | $5.70 | 3/1/2034 | 25% at 1‑yr (3/3/2025), then 36 monthly . |
| RSUs (grant 11/14/2022) | — | 16,692 | — | — | 25% at 1‑yr, then 12 quarterly; MV unvested RSUs $100,486 at $6.02 on 12/31/2024 . |
- Anti‑pledging/hedging: Company policy prohibits hedging, pledging, and holding shares in margin accounts for directors and employees .
- 10b5‑1: Permitted with approval under the Insider Trading Policy .
Employment Terms
| Term | Details |
|---|---|
| Role and start date | Chief Operating Officer since August 2022 . |
| Compensation baseline | Offer letter provides base salary and target bonus; in Feb 2024, base raised to $513,760 and target bonus to 45% of base . |
| Severance (non‑CoC) | If terminated without cause or resigns for good reason outside CoC period: 6 months of base salary continuation (subject to release) . |
| Severance (within CoC period) | If terminated without cause or resigns for good reason within 12 months post‑CoC: lump sum equal to 6 months base salary plus full acceleration of all unvested shares and unexercised options (subject to release) . |
| Benefits/Perqs | Standard employee benefits; NEOs participate in 401(k); limited perquisites . |
| Clawback | Dodd‑Frank compliant recoupment policy for erroneously awarded incentive‑based compensation upon a financial restatement; no‑fault recovery; no indemnification . |
| Trading policy | Prohibits short sales, derivatives, hedging, margin accounts, and pledging; trading windows and blackouts apply . |
Investment Implications
- Pay mix skews toward at‑risk equity (notably options), aligning upside to long‑term value creation; 2024 bonus paid ($263.6K) against disclosed corporate goals indicates performance sensitivity in cash incentives .
- Retention/CoC economics are modest in cash (6 months base salary) but feature full equity acceleration on qualifying CoC termination, which can create event‑driven monetization incentives while limiting cash windfalls .
- Skin‑in‑the‑game is meaningful in absolute shares (310,926) but <1% ownership; insider selling pressure could emerge as large 2022–2024 grants continue vesting through 2025–2028, especially the 3/1/2024 option tranche (25% cliff then monthly) .
- Governance mitigants: strict anti‑hedging/pledging policy and a Dodd‑Frank‑compliant clawback reduce misalignment risk from leveraged or hedged positions and enable recovery on restatement .
- Company remains pre‑revenue with expanding EBITDA losses as programs advance; sustained negative EBITDA underscores reliance on equity‑based incentives for retention and alignment during capital‑intensive clinical execution .