Nicholas P. Grund
Akebia TherapeuticsAbout Nicholas P. Grund
Nicholas P. Grund is Senior Vice President and Chief Commercial Officer at Akebia Therapeutics, appointed in January 2024; he is 55, holds an MBA from Northeastern University and a B.S. in Business Administration from the University of Massachusetts . During 2024, Akebia achieved 100% of its corporate performance goals tied to executive bonuses (including Auryxia revenue targets, Vafseo FDA approval for dialysis patients, TDAPA designation, and contracting milestones), resulting in a 100% payout of the corporate scorecard for the year . Company pay-versus-performance disclosures show Total Shareholder Return (TSR) index improved from 19.62 (2023) to 30.06 (2024), net product revenue was $152.2m in 2024 (vs. $170.3m in 2023), and net loss was $69.4m in 2024 (vs. $50.4m in 2023) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Eurofins Transplant Genomics | President | Jan 2021–Nov 2022 | Led business in transplant genomics (biotechnology company) |
| NG Strategy Consulting | Owner/Consultant | May 2019–Dec 2020 | Independent consulting practice |
| AMAG Pharmaceuticals | Chief Commercial Officer | Jan 2016–Mar 2019 | Executive commercial leadership |
| Genzyme (Sanofi) | Various roles; Head of Specialty Care | 2002–2015 | Senior commercial leadership |
| Bayer Diagnostics (Critical Care BU) | Senior finance roles | 1995–2002 | Finance leadership roles |
Fixed Compensation
| Metric | 2024 |
|---|---|
| Annualized Base Salary ($) | 465,000 |
| Salary Paid ($) | 459,393 (pro‑rated from January 2024 start) |
| Target Bonus (% of base) | 45% |
| Target Bonus ($) | 209,250 |
| Actual 2024 Bonus ($) | 206,384 (100% corporate achievement; pro‑rated) |
Performance Compensation
Annual/Inducement Equity Awards (granted 2024)
| Award type | Grant date | Shares/Units | Exercise price | Vesting | Expiration | Grant-date fair value ($) | Plan/Notes |
|---|---|---|---|---|---|---|---|
| Stock Options | 1/31/2024 | 454,950 | $1.68 | 25% at 1‑yr; remainder quarterly over 3 yrs (time‑based) | 1/31/2034 | 660,863 | New hire inducement under Nasdaq 5635(c)(4) |
| RSUs | 1/31/2024 | 303,300 | — | 1/3 each on 1st, 2nd, 3rd anniversaries (time‑based) | — | 509,544 | New hire inducement under Nasdaq 5635(c)(4) |
2024 Annual Cash Bonus Scorecard (company-level; applies to NEOs including CCO)
| Metric category | Target | Actual | Weighting | Payout impact |
|---|---|---|---|---|
| Auryxia revenue and contracting | Internal plan | Achieved; ~100% dialysis org contracts | Not disclosed | Contributed to 100% corporate achievement |
| Vafseo (vadadustat) regulatory/launch | FDA approval (dialysis), launch readiness, TDAPA | Achieved FDA approval; TDAPA designated 1/1/2025 | Not disclosed | Contributed to 100% corporate achievement |
| Lifecycle mgmt and pipeline | LCM and NDD‑CKD protocol | Submitted protocol; global plan presented to Board | Not disclosed | Contributed to 100% corporate achievement |
| Financial/People goals | Financing runway and org goals | Financed ≥24 months operating plan | Not disclosed | Contributed to 100% corporate achievement |
Notes: For 2024, executive bonuses were 100% tied to corporate goals (no individual weighting disclosed) . Akebia’s long‑term incentive mix generally targets a balance of options and RSUs to align with peers and retention objectives .
Equity Ownership & Alignment
- Beneficial ownership: 187,650 shares (<1% of outstanding) as of March 31, 2025 .
- Outstanding awards (12/31/2024): 454,950 unexercisable stock options @ $1.68 expiring 1/31/2034; 303,300 unvested RSUs (market value $576,270 using $1.90/share reference) .
- Hedging/pledging: Company prohibits hedging and pledging; no margin accounts or collateral pledges allowed under Insider Trading Policy (filed with 10‑K) .
| Ownership detail | Amount |
|---|---|
| Beneficially owned shares | 187,650 |
| Options outstanding (unexercisable) | 454,950 @ $1.68; expire 1/31/2034 |
| RSUs outstanding (unvested) | 303,300 (market value ref. $576,270 at $1.90/share) |
| Shares pledged | None permitted under policy |
Employment Terms
- Start date/role: Joined January 2024 as SVP, Chief Commercial Officer .
- Executive Severance Agreement (ESA):
- Termination without cause / for good reason (no change in control): 12 months base salary continuation; up to 12 months COBRA reimbursement; unvested time‑based equity continues vesting during the severance period as if employed .
- Termination without cause / for good reason within 12 months after a change in control: 12 months base salary; up to 12 months COBRA reimbursement; plus 50% of target annual bonus pro‑rated to termination year .
- Single‑trigger equity acceleration: 100% of outstanding unvested equity vests upon a change in control, regardless of termination .
- Conditions: Release of claims; 1‑year post‑termination restrictive covenants (non‑compete/non‑disparagement); severance can cease if later determined termination was for cause .
- Estimated benefits if terminated on 12/31/2024:
- No CIC: $465,000 cash severance; $85 COBRA reimbursement; target bonus payout not applicable; equity continues vesting (no acceleration value) .
- With CIC: $465,000 cash severance; $104,625 bonus; $85 COBRA reimbursement; accelerated equity value — options $100,089; RSUs $576,270; total ~$1,246,069 .
- Clawback: Executive compensation subject to Compensation Recovery Policy adopted November 2023 .
| Severance scenario (as of 12/31/2024) | Cash salary | Bonus | COBRA | Option accel value | RSU accel value | Total |
|---|---|---|---|---|---|---|
| No change-in-control | $465,000 | — | $85 | — | — | $465,085 |
| With change-in-control (and qualifying termination) | $465,000 | $104,625 | $85 | $100,089 | $576,270 | $1,246,069 |
Investment Implications
- Pay-for-performance alignment: 2024 corporate goals were achieved at 100%, driving full bonus funding; goals included regulatory (Vafseo FDA approval), reimbursement (TDAPA), commercial contracting, and financing—clear line‑of‑sight metrics for a CCO role .
- Vesting/supply dynamics: RSUs vest in three equal annual tranches starting 1/31/2025; options vest over four years with quarterly installments after the first anniversary, creating a multi‑year cadence of potential stock supply; however, hedging and pledging are prohibited, lowering forced‑sale risk .
- Retention and deal incentives: ESA provides 12 months’ salary continuity and continued vesting on non‑CIC terminations, enhancing retention; single‑trigger equity acceleration at change‑in‑control can reduce post‑deal retention but provides clear alignment in sale scenarios .
- Ownership “skin in the game”: Beneficial ownership is <1%, but substantial unvested RSUs and options tie value to share price performance and milestone execution .
- Context on outcomes: In 2024, TSR index improved and strategic milestones were met, while net product revenue declined and net loss widened; this underscores that 2024 bonus determinations were tied to milestone execution and strategic readiness, not revenue growth per se .
Additional governance context: Compensation Committee is independent and uses an external consultant (Pearl Meyer) for benchmarking; standard director/committee independence and governance practices are in place .