Markus Puhlmann, M.D.
About Markus Puhlmann, M.D.
Chief Medical Officer (CMO) at Perspective Therapeutics (CATX) since February 5, 2023; age 54; M.D. from Ludwig Maximilians University–Munich and Executive MBA from Georgetown McDonough; 30+ years in oncology clinical development across Seagen, Merck, Schering-Plough, Bayer, Amgen, and NIH Surgery Branch roles . Company-level performance context during his tenure: the company’s TSR “$100 investment” metric moved from $50.00 in 2023 to $39.88 in 2024, with GAAP net losses of $46.5m (2023) and $79.3m (2024) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Perspective Therapeutics (CATX) | Chief Medical Officer | Feb 5, 2023–present | Executive officer overseeing clinical strategy post-Viewpoint merger . |
| Viewpoint Molecular Targeting | Chief Medical Officer | Oct 2022–Feb 2023 | Pre-merger CMO for alpha radioligand pipeline . |
| Seagen (NASDAQ: SGEN) | CD30 Franchise Head, Global Clinical Development | 2019–2022 | Built programs to explore immune-modulating properties of ADCs across oncology and non-oncology indications . |
| Merck & Co. | Clinical development lead (pembrolizumab) | 2015–2019 | Led and contributed to multiple successful regulatory filings across urothelial, renal cell, cervical cancer; expanded GU indications; co-led Merck–Eisai collaboration programs . |
| Schering-Plough; Bayer; Amgen | Clinical development/medical affairs roles | Not disclosed | Increasing responsibilities in clinical development and medical affairs . |
| NIH, NCI Surgery Branch | Researcher | Six years (dates not disclosed) | Gene therapy research; cytokine effects on tumor neovasculature . |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 420,846 | 489,723 |
| Target Bonus % of Base | Not disclosed | 40% (NEO target) |
| Sign-on/Retention Bonus ($) | 3,333 (sign-on) | — |
| All Other Compensation ($) | 24,961 (PTO $17,692; 401(k) match $7,269) | 13,800 (401(k) match) |
| Notable salary action | — | Annual base increased to $496,800 effective Feb 26, 2024 |
Performance Compensation
- Annual cash incentive plan design: company uses annual corporate objectives; paid in Q1 following year; 2024 achievement was 100% of target for Dr. Puhlmann (NEO) .
Cash Incentive Outcomes
| Year | Metric | Weighting | Target | Actual | Payout ($) | Vesting/Payment Timing |
|---|---|---|---|---|---|---|
| 2024 | Annual corporate objectives | Not disclosed | 40% of base salary | 100% of target | 198,720 | Cash, paid in Q1 2025 |
| 2023 | Annual corporate objectives | Not disclosed | Not disclosed | Not disclosed | 184,000 | Cash, paid in Q1 2024 |
Equity Awards (Options)
| Grant date | Type | Shares | Strike ($) | Vesting | Expiration |
|---|---|---|---|---|---|
| Jun 20, 2024 | Stock option | 150,000 | 10.65 | 48 equal monthly installments starting Jul 20, 2024 | Jun 20, 2034 |
| Dec 12, 2023 | Stock option | 147,761 total (73,881 ex./73,880 unex.) | 2.40 | 25% at grant; 25% each on Dec 12 of 2024, 2025, 2026 | Dec 12, 2033 |
| Sep 18, 2032 (assumed in merger) | Stock option | 140,806 (fully exercisable) | 1.30 | Fully vested (assumed from Viewpoint merger) | Sep 18, 2032 |
- 2024 equity vesting policy change: for existing executives, grants vest in 48 equal monthly installments (monthly drip), replacing prior annual-tranche vesting; new-hire grants vest 25% at 1 year then monthly thereafter .
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Direct/common shares owned | 137,542 |
| Options owned (within 60 days exercisable window) | 255,936 |
| Ownership as % of outstanding shares | <1% (of 74,050,841 shares) |
| Hedging/pledging | Prohibited for all covered persons; no margin/pledge, no derivatives, no short sales |
| Insider trading policy | Applies to officers and households; prohibits trading on MNPI |
Vesting/supply overhang: 150,000 options from Jun 20, 2024 vest monthly through Jun 20, 2028; 2023 grant vests 25% each Dec 12 through 2026 (potential periodic unlocks) .
Employment Terms
- Status/term: At-will; employment agreements effective June 16, 2023 .
- Incentives eligibility: Quarterly and annual discretionary bonuses set by the Compensation Committee; eligible for equity awards under the 2020 Plan .
- Severance (no cause termination): Accrued pay/expenses plus 12 months’ base salary, pro‑rated quarterly and annual bonuses, and up to 12 months COBRA premiums .
- Change-of-control (CoC):
- Cash: Regardless of retention by acquirer, pays 12 months’ salary based on then-current base salary (single-trigger cash) .
- If not retained: also receives the standard severance package outlined above .
- Equity: All unvested equity vests immediately at executive’s option upon CoC (single-trigger equity acceleration) .
- Restrictive covenants: 12‑month non‑compete and non‑solicit; confidentiality .
- Clawback: Recoupment of performance-based comp (including options) upon an accounting restatement per SEC/NYSE rules .
Compensation Committee Analysis and Peer Group
- Advisors: Anderson Pay Advisors (2023), Aon (2024) engaged for executive pay program review and benchmarking .
- 2024 peer group (selected oncology/biotech peers; 21 companies) used for equity sizing: e.g., Fusion Pharma, CG Oncology, Kymera, Relay, ORIC, Kura, etc. (full list in filing) .
Performance & Track Record Highlights
- Seagen: Built programs exploring immune‑modulating properties of ADCs across multiple indications (CD30 franchise) .
- Merck (Keytruda): Initiated gynecologic program; expanded genitourinary indications; led/contributed to multiple successful regulatory filings (urothelial, RCC, cervical) and to Merck–Eisai collaboration programs .
- Company context: TSR “$100” metric at $50.00 (2023) and $39.88 (2024); GAAP net losses of $46.5m (2023) and $79.3m (2024) .
Investment Implications
- Pay-for-performance alignment: 2024 cash bonus paid at 100% of target (40% of base) based on corporate objectives, while the program defers payment to Q1, supporting retention and alignment; however, specific KPI targets are not disclosed, limiting external assessment of rigor .
- Equity overhang and potential selling pressure: Large 2024 option grant with monthly vesting through 2028 and additional annual vesting dates in December 2025–2026 from the 2023 grant create steady unlocks; options are deeply aligned but increase potential supply as tranches vest .
- Change-of-control economics skew to single-trigger: Cash (12 months’ salary) is payable upon CoC regardless of retention, and all unvested equity can fully accelerate at the executive’s option—terms that can be shareholder‑unfriendly in takeouts and may dilute deal discipline .
- Governance mitigants: Strict prohibitions on hedging/pledging and a Dodd‑Frank‑compliant clawback policy reduce misalignment and misconduct risk around incentive payouts .
- Ownership alignment: Direct ownership under 1% with 255,936 options currently (or within 60 days) exercisable; economic exposure is primarily option-based, which ties value to long‑term stock performance but increases sensitivity to volatility .