Carl Kraus
About Carl Kraus
Carl N. Kraus, M.D., served as Chief Medical Officer (CMO) of Aquestive Therapeutics from June 2023 until November 2025. He previously served as CMO of Aceragen (Oct 2021–Apr 2023), founded and was CEO of Arrevus (sold to Aceragen in Oct 2021), was CMO at Ology Bioservices, and earlier was a Medical Officer at FDA/CDER; he earned his M.D. at Washington University and trained in Internal Medicine (University of Chicago) and Infectious Diseases (NIH) . Aquestive announced leadership changes on Nov 4, 2025, thanking Dr. Kraus for his contributions, indicating his departure around that date . During his tenure, company performance indicators included revenue growth and negative-but-variable EBITDA, and a rising value of an initial $100 TSR measure through 2024 (see tables below) .
Company performance during/around his tenure
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($USD) | $47,680,000 * | $50,583,000 * | $57,561,000 * |
| EBITDA ($USD) | $(39,512,000)* | $(13,730,000)* | $(30,030,000)* |
Values retrieved from S&P Global.
* No document citation available.
| TSR measure (value of initial $100) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Company TSR proxy metric ($) | $23.19 | $51.93 | $91.52 |
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Aceragen | Chief Medical Officer | 2021–2023 | Led rare disease clinical strategy as CMO |
| Arrevus | Founder & CEO | 2017–2021 | Built and exited the company via sale to Aceragen (Oct 2021) |
| Ology Bioservices (formerly Nanotherapeutics) | Chief Medical Officer | n/d | Advanced development ops; company acquired by National Resilience (context from biography) |
| FDA/CDER | Medical Officer | n/d | Regulatory/clinical review experience |
| Clinical practice | Inpatient and outpatient appointments | n/d | Direct patient-care background |
External Roles
No public company directorships or external board roles were disclosed in the executive biography section reviewed .
Fixed Compensation
| Item | Carl Kraus (CMO) | Notes |
|---|---|---|
| Base salary | Not disclosed | CMO compensation details were not included among NEOs in the 2025 proxy; company describes NEO salaries and philosophy generally . |
| Target bonus % | Not disclosed | NEO targets disclosed (CEO 60%, CLO 50%, CIO 75%) as examples; CMO-specific target not disclosed . |
| Actual annual bonus paid | Not disclosed | NEO bonus outcomes are shown, but not for CMO . |
| Benefits/perqs | Not disclosed (execs generally eligible for standard benefits) | Execs eligible for medical/dental/vision and 401(k) match per standard programs . |
Performance Compensation
| Element | Metric/Structure | Weighting/Target | Payout/Cap | Vesting/Other |
|---|---|---|---|---|
| Annual cash incentive (company framework) | Financial, strategic and/or operational objectives set by Compensation Committee | Targets set annually; NEO targets disclosed for CEO/CLO/CIO; not for CMO | Capped at 200% of target | Determined by committee assessment vs objectives . |
| 2024 LTI design (company framework) | Mix of RSUs and stock options (higher RSU mix for retention; options for pay-for-performance) | Mix varies by role (e.g., CEO 40% RSU/60% options; other NEOs 2/3 RSU, 1/3 options) | Grant date fair value per FASB ASC 718 | Standard vest: 25%/25%/50% on anniversaries over 3 years (2023/2024 grants); market-condition RSUs based on 30-day average price at end of 3-year performance window (May 5, 2026) . |
Note: The table reflects company program as disclosed; CMO-specific grants, quantities, and outcomes were not provided in the proxy .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (shares) | Not disclosed for Dr. Kraus; the beneficial ownership table lists directors and NEOs; CMO Kraus is not listed . |
| Hedging/pledging | Company policy prohibits hedging/shorts and prohibits pledging or holding shares in margin accounts for directors, officers, and employees . |
| Stock ownership guidelines | Not disclosed in the proxy reviewed. |
Employment Terms
| Topic | Detail |
|---|---|
| Appointment date | Joined Aquestive as Chief Medical Officer in June 2023 . |
| Transition | Company announced leadership changes on Nov 4, 2025, thanking Dr. Kraus for his contributions, indicating his departure around that date . |
| Contract term/renewal | Not disclosed for CMO. |
| Severance/Change-of-control | Not disclosed for CMO. For context only: NEO agreements provide severance if terminated without cause or for good reason (monthly payments over 12 months equal to 1/12 of salary+target bonus; health coverage; equity vesting) and 1.0x salary+target bonus lump sum plus health coverage and full equity acceleration if terminated in a change-in-control period; performance awards at target . |
| Restrictive covenants | Not disclosed for CMO. For context only: NEO agreements include non-compete and non-solicit for the severance period . |
Performance & Track Record
- Program execution: On the Q2’25 call, the CMO discussed the pediatric PK characterization for Anaphylm, noting comparable concentration–time profiles to adult dosing and no difference in safety character, frequency, or severity in pediatric data, supporting NDA elements; management also emphasized completeness of the package (e.g., repeat-dose arm) in line with FDA feedback .
- Pipeline milestone context: Company materials repeatedly cite a PDUFA action date for Anaphylm scheduled for January 31, 2026, framing the period around his tenure as critical for filing/acceptance and pre-launch readiness .
- Leadership transition: On Nov 4, 2025, Aquestive announced leadership additions and thanked Dr. Kraus for his contributions as CMO, signaling a handoff ahead of the PDUFA date .
Compensation Structure Analysis (context)
- Cash vs equity mix: Company shifted to a blend of RSUs (retention) and options (performance leverage) in 2024, with 3-year 25%/25%/50% vesting—supporting retention through critical milestones .
- Performance equity: Market-condition RSUs granted in 2023 vest based on a 30-day average stock price at the end of a three-year performance period (May 5, 2026), aligning outcomes with shareholder returns across the period .
- Governance: Independent Compensation Committee with Aon as consultant; straightforward program focused on base, annual bonus, and annual equity awards .
Investment Implications
- Retention/transition risk: The Nov 2025 leadership change removes continuity in the CMO role just ahead of a scheduled PDUFA date, elevating near-term execution risk for labeling, launch readiness, and medical affairs continuity .
- Alignment signals: Hedging and pledging prohibitions for officers reduce misalignment risk; use of options and market-conditioned RSUs ties a material portion of executive compensation to share price performance and multi-year milestones .
- Pay-for-performance limitations: CMO-specific base salary, targets, and grant details were not disclosed in the proxy, limiting precision on pay-for-performance alignment for Dr. Kraus specifically; investors should monitor subsequent filings (e.g., 8-Ks or future proxies) for any separation terms or post-termination equity treatment .
- Operating context: Company TSR metric improved through 2024 and revenues increased 2022–2024 while EBITDA remained negative and volatile, underscoring reliance on successful regulatory/launch outcomes for value creation ; see performance table above (S&P Global values).
