Mittie Doyle
About Mittie Doyle
Mittie Doyle, M.D., FACR, age 60, has served as Chief Medical Officer of Avalo Therapeutics (AVTX) since July 15, 2024. She holds a B.A. magna cum laude from Princeton and an M.D. cum laude from Yale; she completed residency in Internal Medicine at Massachusetts General Hospital and a rheumatology/immunology fellowship at Brigham and Women’s Hospital/Harvard Medical School . During her 20+ year industry career, she led programs from first-in-human through Phase 3 with several global approvals across immune-mediated and orphan diseases . Company performance context: revenues declined from $18.1M in FY 2022 to $0.44M in FY 2024, while net loss improved from $41.7M to $35.1M over the same period; AVTX’s pay-versus-performance disclosure shows cumulative TSR declining to $0 for 2023–2024 measurement periods, highlighting challenging shareholder returns .
AVTX financial context
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($USD) | $18,051,000 | $1,924,000 | $441,000 |
| Net Income - (IS) ($USD) | $(41,658,000) | $(31,544,000) | $(35,129,000) |
| EBITDA ($USD) | $(29,774,000)* | $(23,286,000)* | $(40,702,000)* |
*Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Aro Biotherapeutics | Chief Medical Officer | Sep 2021–Jul 2024 | Led clinical development; advanced immunology programs |
| CSL Behring | VP, Global Therapeutic Area Head, Immunology | Oct 2017–Oct 2021 | Led global immunology portfolio and teams |
| Shire Pharmaceuticals | VP, Global Development Lead | Aug 2016–Oct 2017 | Senior leadership in clinical development |
| Flexion Therapeutics | VP, Clinical Research | Apr 2015–Aug 2016 | Advanced clinical programs |
| Alexion Pharmaceuticals | Senior Medical Director | Jun 2012–Apr 2015 | Contributed to orphan/immune programs |
| Multiple programs (aggregate) | Clinical leader | — | Led Phase 1–3 trials resulting in several global regulatory approvals |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Santa Ana Bio | Director | Current | Active board service |
| DICE Therapeutics | Director | Mar 2022–Aug 2023 | Board tenure ended upon acquisition by Eli Lilly |
Fixed Compensation
| Component | 2024 | 2025 plan/terms | Notes |
|---|---|---|---|
| Base salary | $500,000 (annual rate; partial-year paid $231,061) | Subject to annual review (no decrease unless broad reductions) | Employment effective Jul 15, 2024 |
| Target bonus % | Up to 40% of base salary | Up to 40% of base salary | Bonus may be paid in cash or, if mutually agreed, immediately-vested equity |
| Actual bonus paid | $216,000 (FY 2024) | Not disclosed | First-year bonus explicitly NOT prorated; paid at full 40% target per agreement |
| Perquisites | Generally none; no pension/Deferred comp in 2024/2023 | — | Company generally does not provide personal perquisites |
Performance Compensation
Stock Options (primary equity)
| Grant date | Type | Shares | Fair value (grant-date) | Strike | Expiration | Vesting |
|---|---|---|---|---|---|---|
| Jul 15, 2024 | Non-qualified option (inducement under Nasdaq 5635(c)(4)) | 234,000 | $2,586,696 (reported in 2024 comp) | $12.65 | Jul 15, 2034 | 25% on first anniversary (12-month cliff), remaining 75% monthly over next 36 months, subject to continued employment |
Notes:
- Annual discretionary equity eligibility (RSUs/options) per Board/Comp Committee; inducement grant not under the 2016 Plan; future awards may be under the 2016 Fourth Amended Plan .
Equity Ownership & Alignment
| Item | Status | Detail |
|---|---|---|
| Beneficial ownership (Apr 22, 2025) | None reported | “Mittie Doyle, M.D., FACR” shows “—” and less than 1% in the beneficial ownership table |
| Options exercisable vs unexercisable (FY-end 2024) | 0 vs 234,000 | Unexercisable 234,000 at $12.65; first 25% cliff vests Jul 15, 2025 |
| Ownership guidelines | Not disclosed | Company discloses insider trading policy; no explicit ownership guideline table for executives in proxy |
| Hedging/pledging | Strongly discouraged | Insider Trading Policy strongly discourages short sales, options, hedging, margin accounts and other speculative transactions |
| Planned selling pressure | Moderate from cliff | First vest tranche on Jul 15, 2025; thereafter monthly vesting may create regular liquidity windows; sales subject to policy windows/10b5-1 as applicable |
Employment Terms
| Term | Baseline | Change-in-control (CIC) scenario | Notes |
|---|---|---|---|
| Severance (termination w/o cause or for good reason) | 9 months base salary | 12 months base salary if termination occurs at or within 6 months following a CIC | Requires release of claims and covenant compliance |
| Bonus upon termination | Prior-year earned unpaid bonus; pro-rated current year bonus based on Company goals | 100% of annual bonus in year of termination (explicitly not prorated for 2024 per agreement) | Payout timing aligned to Company bonus cycle |
| Equity acceleration | Full vesting of outstanding options; 6-month post-termination exercise window | Full vesting; 6-month post-termination exercise window | Applies to Company-granted options |
| COBRA | Up to 12 months of premiums paid, subject to conditions/alternatives | Same up to 12 months | Company may lump-sum COBRA premium alternative if needed |
| Restrictive covenants | Confidentiality (perpetual), non-disparagement; invention assignment | Same | Survival post-termination; equitable relief available |
| Non-compete | 12 months post-employment; U.S. restricted territory; passive ≤5% stakes allowed | Same | Tailored to Company’s business |
| Non-solicit | 12 months post-employment (customers and employees/vendors) | Same | Detailed scope/timeframes |
| Good Reason definition | Material diminution of duties; pay cut beyond allowed; relocation >25 miles without consent; cure periods apply | Good Reason also includes relocation in CIC window | Notice/cure timing tightly specified |
| Clawback/tax gross-ups | Not disclosed | — | No tax gross-up disclosure located in proxy/8-K; clawback policy not referenced for executives [—] |
Performance & Track Record
- Clinical leadership: Led teams from first-in-human through Phase 2/3, culminating in several global approvals across immune-mediated/orphan diseases .
- Company TSR context: Pay-versus-performance shows cumulative TSR of $0 for 2023 and 2024 measurement periods (beginning Dec 31, 2021), underscoring equity value pressure; net losses were $(35.1)M in 2024, $(31.5)M in 2023, $(41.7)M in 2022 .
Investment Implications
- Alignment: Equity-heavy inducement grant with a 12-month cliff and monthly vesting thereafter ties personal upside to program execution; lack of reported direct share ownership as of Apr 22, 2025 means alignment primarily via options rather than owned stock .
- Retention vs liquidity: The July 15, 2025 cliff is a key retention milestone; expect potential selling windows to open post-cliff with monthly vesting cadence, likely via 10b5-1 plans given insider trading constraints .
- CIC economics: Double-trigger enhancement to 12 months base and 100% bonus plus full option vesting creates meaningful protection but not outsized multiples relative to biotech peers; equity acceleration can be material depending on stock price at vest dates .
- Pay-for-performance lens: 2024 actual bonus paid at full 40% target despite partial-year start (explicitly allowed in agreement); proxy notes compensation design emphasizes goals beyond pure TSR/financial metrics, suggesting operational/milestone orientation—investors should track LOTUS trial execution and AVTX-009 milestones for payout sensitivity .
Key watch items: LOTUS trial progress and readouts, any additional equity awards under the 2016 Fourth Amended Plan, 10b5-1 plan filings, and option vesting-driven liquidity beginning July 2025 .
Citations: Appointment, background, education, inducement grant, terms, and restrictive covenants ; Executive officers table and biography ; Compensation tables and base salary/bonus details ; Outstanding equity awards, strike/expiration ; Insider Trading Policy ; Pay-versus-performance and TSR/net loss .