Ari Maizel
Axsome TherapeuticsAbout Ari Maizel
Ari Maizel, MBA, is Axsome’s Chief Commercial Officer, appointed in October 2024 after joining as EVP, Head of Commercial in October 2023; he is 46 years old and holds a BA in Finance from George Washington University and an MBA from Duke University . He previously led AbbVie’s U.S. Psychiatry franchise and held increasing sales/marketing roles at Allergan, Dendreon, and Johnson & Johnson; earlier roles include ArrowPath Venture Partners (early-stage tech VC) and strategy consulting at Sg2 . Company incentive payouts for 2024 were 175% of target on goals spanning pipeline, commercial execution, expansion, and awareness, while 2024 pay-versus-performance data show a TSR value of $81.86 (indexed to a $100 investment on 12/31/2019), indicating a strong link between realized pay and strategic outcomes; in 2025, PSUs tied 50% to 3-year revenue and 50% to clinical/regulatory milestones were added .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Axsome Therapeutics | EVP, Head of Commercial | Oct 2023–Oct 2024 | Built/commercial leadership foundation ahead of promotion to CCO . |
| AbbVie (formerly Allergan) | Vice President, U.S. Psychiatry | Not disclosed | Oversaw sales and marketing for a multibillion-dollar franchise . |
| Allergan; Dendreon; Johnson & Johnson | Sales and Marketing roles | Not disclosed | Increasing responsibility across CNS, immunology, oncology, gastroenterology, and women’s health . |
| Sg2 | Strategy Consultant | Not disclosed | Supported hospitals and health systems globally . |
| ArrowPath Venture Partners | Early-career role | Not disclosed | Early-stage technology investment fund experience . |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $445,000 | $510,000; raised to $463,000 in Feb 2024; promoted to CCO in Oct 2024 |
| Target Bonus (%) | — | 45% of base salary |
| Target Bonus ($) | — | $229,500 |
| Actual Bonus Paid ($) | $250,000 | $372,000 (175% of target) |
Summary Compensation (select items)
| Metric | 2023 | 2024 |
|---|---|---|
| Salary ($) | $445,000 | $510,000 |
| Stock Awards ($) | $1,075,817 (new-hire equity) | $766,536 |
| Option Awards ($) | $2,149,953 (new-hire equity) | $1,533,309 |
| Non-Equity Incentive Plan Comp ($) | $250,000 | $372,000 |
| All Other Comp ($) | — | $16,662 |
| Total ($) | $3,920,771 | $3,198,507 |
Performance Compensation
Annual incentive plan (2024)
| Metric | Weight | Target | Actual/Payout |
|---|---|---|---|
| Advance Our Pipeline | 35% | Not disclosed | 175% of target payout; overachievement cited (AXS-05 ADA and AXS-12 research, solriamfetol trials, Symbravo NDA) |
| Drive Business Performance | 35% | Not disclosed | 175% of target payout; product sales growth for Auvelity & Sunosi, payor coverage expansion |
| Drive Business Expansion | 15% | Not disclosed | 175% of target payout; commercial/medical infrastructure expansion |
| Increase Awareness of Science/Business/Products | 15% | Not disclosed | 175% of target payout; presence at conferences and analyst coverage growth |
| Maximum payout | — | 200% | 200% maximum in place (2024 and 2025) |
Equity awards and vesting
| Grant Date | Instrument | Granted | Exercise Price | Vesting | Term | Grant-Date Fair Value |
|---|---|---|---|---|---|---|
| 2/27/2024 | Stock Options | 23,593 | $84.00 | 16 equal quarterly installments over 4 years | 10 years | $1,533,309 |
| 2/27/2024 | RSUs | 12,956 | — | 4 equal annual installments; shares delivered 7 years after grant or earlier upon separation/CIC | — | $766,536 |
| 9/25/2023 | Stock Options | 38,710 total (12,097 exercisable; 26,613 unexercisable at 12/31/2024) | $70.73 | Footnote (2) vest schedule applies to these options (25% at 1 year, remainder quarterly) | 9/25/2033 | $2,149,953 (aggregate option fair value in 2023 SCT) |
| 9/25/2023 | RSUs | 16,302 (unvested at 12/31/2024) | — | RSUs vest annually over 4 years; 7-year delivery deferral | — | $1,075,817 (aggregate stock award fair value in 2023 SCT) |
PSUs introduced in 2025: one-third of equity; 50% subject to a 3-year revenue performance goal and 50% to 3-year clinical/regulatory milestones; target counts not disclosed here (beneficial ownership footnote indicates 7,740 PSUs for Mr. Maizel unvested within 60 days of record date) .
2024 realizations
| Item | 2024 |
|---|---|
| RSUs vested (shares) | 5,435 |
| Value realized on vesting ($) | $488,715 (subject to post-vesting holding; realized value may differ) |
| Options exercised | None |
Equity Ownership & Alignment
| Item | Amount | Notes |
|---|---|---|
| Beneficial ownership (shares) | 31,154 | Less than 1% of outstanding shares (49,219,312 at record date) . |
| Right to acquire within 60 days | 31,154 | Included in beneficial ownership even if delivery deferred . |
| Unvested options (excluded from beneficial ownership) | 49,703 | Remain unvested within 60 days of record date . |
| Unvested RSUs (excluded) | 33,658 | Remain unvested within 60 days . |
| Unvested PSUs (excluded) | 7,740 | Remain unvested within 60 days . |
| Outstanding options snapshot (12/31/2024) | 12,097 exercisable; 26,613 unexercisable at $70.73 (9/25/2023 grant); 4,424 exercisable; 19,169 unexercisable at $84.00 (2/27/2024 grant) | Tenors through 2033–2034; options vest quarterly over 4 years . |
| Outstanding RSUs snapshot (12/31/2024) | 16,302 (2023 grant); 12,956 (2024 grant) | Vest annually over 4 years; 7-year delivery deferral . |
| Hedging/Pledging | Prohibited for executives | Insider Trading Policy bans hedging/derivatives, margin, and pledging . |
| Ownership guidelines | Not disclosed | — |
Employment Terms
| Scenario (trigger date 12/31/2024; stock $84.61) | Cash Severance (Salary+Bonus) | Equity Acceleration | Notes |
|---|---|---|---|
| Termination without cause in connection with Change in Control (double trigger) | $— | $2,856,601 | Equity acceleration per 2015 Plan double-trigger; no separate cash severance for Mr. Maizel . |
| Termination without cause (no Change in Control) | $— | $— | No equity acceleration absent CIC termination . |
- Only the CFO has an employment agreement with severance; Mr. Maizel is not party to an employment agreement .
- Clawback/forfeiture provisions apply to incentive awards; equity awards also subject to clawback and insider trading policies .
Investment Implications
- Pay-for-performance alignment: 2024 bonuses paid at 175% on operational/commercial/pipeline objectives; 2025 adds PSUs tied to 3-year revenue and clinical/regulatory milestones, increasing explicit performance linkage .
- Retention vs selling pressure: Significant unvested equity (options/RSUs/PSUs) and a 7-year post-vest RSU delivery deferral reduce near-term selling supply and incentivize tenure; 2024 options strike at $84 vs $84.61 year-end price leaves grants near at-the-money, limiting immediate exercise incentives .
- Alignment and risk controls: Beneficial ownership is modest (<1%), but hedging/pledging is prohibited, and the equity mix (options, RSUs, PSUs) plus clawback policies support alignment; no tax gross-ups and no option repricing without shareholder approval indicate shareholder-friendly governance .
- Change-in-control economics: No cash severance for Mr. Maizel; value is concentrated in double-trigger equity acceleration ($2.86M at 12/31/24), which tempers windfalls while preserving protection in a sale scenario .
- Governance backdrop: Strong say-on-pay support (97% in 2024) and the committee’s move to incorporate PSUs in 2025 suggest responsiveness to shareholder preferences and a tightening performance orientation .