Dennis Mulroy
ANAPTYSBIOAbout Dennis Mulroy
Dennis Mulroy is Chief Financial Officer at AnaptysBio (ANAB), serving since July 2020. He is 70 years old, holds a B.B.A. in accounting from the University of San Diego, and is a Certified Public Accountant (inactive) in California . During 2024, ANAB’s corporate bonus plan funded at 75% based on mixed R&D outcomes (notably ANB032 AD missed significance), progression of pipeline milestones, and operating execution; the pay-versus-performance table reflects challenging shareholder returns (cumulative $100-to-$38 TSR from 2021–2024) and ongoing net losses common to pre-commercial biotech . Mulroy’s 2024 total compensation was $3,238,907, with base salary of $495,213, $148,564 cash bonus, $1,196,600 stock awards (RSUs/PSUs), and $1,368,672 option award grant-date fair value .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| AnaptysBio | Chief Financial Officer | 2020–present | Leads finance, accounting, reporting, and IR; executive officer |
| La Jolla Pharmaceutical Company | Chief Financial Officer | 2015–2020 | Public company CFO; financial leadership |
| Taxus Cardium Pharmaceuticals Group, Inc. | Chief Financial Officer | 2005–2015 | Public biotech CFO; capital markets/operations |
| Molecular Imaging, Inc. | Chief Financial Officer | 2004–2005 | Finance leadership at imaging company |
| Ernst & Young LLP | Early career | Not disclosed | Public accounting foundation |
| SeraCare Life Sciences, Inc. | Chief Financial Officer | Not disclosed | CFO experience in life sciences tools |
External Roles
No current external directorships or committee roles disclosed for Mulroy. (No disclosure)
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % of Salary | Actual Bonus Paid ($) |
|---|---|---|---|
| 2024 | 495,213 | 40% | 148,564 |
Notes:
- 2024 corporate bonus plan funded at 75% of target for NEOs .
Performance Compensation
2024 Annual Incentive – Corporate Performance Framework
| Metric category | Examples of targets | Weighting | Outcome vs target | Payout treatment |
|---|---|---|---|---|
| Rosnilimab (RA, UC) | RA Phase 2b on track for topline by Q2’25; UC Phase 2 readout timing | Not disclosed | Progressed; RA initial data reported Feb’25; UC on track H2’25 | Overall plan funded 75% |
| ANB032 (AD) | Phase 2 readout in 2024 | Not disclosed | Missed statistical significance | Overall plan funded 75% |
| Early portfolio (ANB033, ANB101) | ANB033 Ph1 start; ANB101 IND/Ph1 | Not disclosed | Initiated ANB033 Ph1; ANB101 Ph1 initiated Q1’25 | Overall plan funded 75% |
| Finance/BD | Manage opex, extend runway, BD | Not disclosed | Executed $100m equity raise at $36.50 in 2024 | Overall plan funded 75% |
| Talent/Culture | Retain/develop leadership | Not disclosed | Ongoing | Overall plan funded 75% |
- Company set NEO bonuses 100% on corporate goals; final funding 75% of target .
2024 Equity Awards – Structure and Vesting
| Grant date | Instrument | Shares | Key vesting terms | Performance condition |
|---|---|---|---|---|
| Jan 3, 2024 | Stock Options | 90,780 | 4-year vest: 25% at 1-year, then monthly over 36 months | Time-based |
| Jan 3, 2024 | RSUs | 33,170 | 4 annual equal installments | Time-based |
| Jul 22, 2024 | PSUs | 20,000 | If a price hurdle achieved, 50% vests 1 year after “Service Vesting Commencement Date” (later of committee determination or Jul 1, 2025) and 50% 2 years after; 4-year performance period | 60-trading-day average stock price at $50 / $75 / $100; none achieved as of Apr 1, 2025 |
Grant-date fair values (accounting, ASC 718):
- Stock awards (RSUs+PSUs): $1,196,600, including $493,728 for PSUs .
- Option awards: $1,368,672 .
PSU design context:
- Hurdles set roughly at ~100%, ~200%, ~300% above 30-day avg $26.29 at grant; designed for sustained outperformance; no tranche eligible as of Apr 1, 2025 .
Equity Ownership & Alignment
| As of Apr 1, 2025 | Beneficially owned shares | % of outstanding | Composition detail |
|---|---|---|---|
| Dennis Mulroy | 284,939 | <1% | 13,802 shares held + 271,137 options exercisable within 60 days |
Additional alignment/risk considerations:
- Insider policy prohibits hedging and pledging; employees and officers cannot hedge or pledge ANAB securities, mitigating misalignment and forced-selling risk .
- Option strike prices vs market: Many options have strikes above the April 1, 2025 close ($18.40), including $21.19, $23.23, $28.64, $29.70, $30.44; near-term exercise-related selling pressure is likely limited while OTM .
- Unvested equity at 12/31/2024 included 33,170 RSUs (fair value $439,171 at $13.24) and 20,000 PSUs (accounting value shown separately); vesting begins in 2025 and beyond, creating scheduled supply but not necessarily sales .
Stock ownership guidelines:
- No specific executive ownership-multiple-of-salary guideline disclosed; company emphasizes equity as core and bans hedging/pledging .
Employment Terms
| Term | Detail |
|---|---|
| Employment start | Appointed CFO effective July 15, 2020; initial base salary $400,000; target bonus 40% . |
| Agreement | Amended & Restated Employment Agreement dated effective July 15, 2020 (filed Apr 29, 2022) . |
| At-will | Employment at-will; standard PIIA . |
| Non-compete / non-solicit | Loyalty and noncompetition covenants apply during employment; no post-termination non-compete disclosed . |
| Severance (no CIC) | If terminated without cause or resigns for good reason: 9 months base salary continuation; 9 months COBRA premiums (or equivalent taxable payments) with executed release . |
| Change in control (double-trigger) | If terminated without cause or resigns for good reason within 13 months of CIC: 12 months salary + 12 months COBRA; full acceleration of unvested equity (performance awards at target); lump-sum target bonus plus prorated actual bonus for year of termination (per 2022 amendments and summarized in 2025 proxy) . |
| 280G | “Better-after-tax” cutback vs full pay to maximize after-tax outcome . |
| Clawback | Dodd-Frank 10D-1-compliant clawback adopted Sept 2023; applies to CFO . |
| Arbitration | JAMS arbitration provision; California law . |
Compensation Committee & Governance (context)
- Compensation Committee: Dr. Dennis Fenton (Chair), Dr. Rita Jain, John P. Schmid; independent; changed consultants from Compensia to Alpine Rewards on Sept 12, 2024 .
- Peer group used for 2024 decisions included 17 biotech peers (e.g., Celldex, Crinetics, Gossamer, Kura, Syndax, Xencor) .
- Say-on-Pay: 87% approval at 2024 Annual Meeting; company continued stockholder engagement in 2025 .
- Related-party transactions: none reportable since Jan 1, 2023 .
Investment Implications
- Pay-for-performance and retention: Mulroy’s cash comp is modest relative to equity; 2024 bonus funded at 75% tied to pipeline execution, aligning with operational milestones but reflecting mixed data risk typical of development-stage biotech .
- Selling pressure risk: A significant portion of Mulroy’s equity is unvested and/or options with strikes above $18.40; near-term Form 4 selling pressure appears limited by OTM options and prohibitions on hedging/pledging, though time-vested RSUs will settle annually from 2025–2028 and could create periodic liquidity events .
- Change-in-control economics: Double-trigger CIC terms (12 months cash/benefits, full equity acceleration, bonus payouts) are standard but could increase executive retention through potential strategic events; PSUs in CIC vest at board-determined “Eligible PSUs,” otherwise performance awards at target per 2022 A&R agreement .
- Ownership alignment: Beneficial ownership <1% limits absolute exposure, but equity mix (options/RSUs/PSUs) and anti-pledging/hedging policy support alignment with shareholders over multi-year horizons .
- Governance quality: Independent comp committee, refreshed consultant, clawback adoption, robust insider trading policy, and solid Say-on-Pay outcome (87%) indicate balanced oversight of executive pay .
If you want, I can add Form 4 insider transaction analysis and recent price/TSR context to quantify any selling trends and option moneyness dynamics around upcoming vest dates.