Fred Grossman
About Fred Grossman
Fred Grossman, D.O., FAPA serves as President and Chief Medical Officer at Coya Therapeutics since July 2023. He is Board-Certified in Psychiatry, a Fellow of the American Psychiatric Association, and was a Fellow at the National Institutes of Health, with 20+ years of drug development leadership at Eli Lilly, Johnson & Johnson, Bristol Myers Squibb, Sunovion, Glenmark, and Mesoblast, including overseeing multiple FDA approvals across CNS disorders . Company operating performance during his tenure includes Q3 2025 collaboration revenue of $3.6M, net loss of $2.1M (improved vs. $4.0M prior year), and cash of $28.1M, with financing extending runway into 2H 2027; Grossman emphasized ALSTARS Phase 2 ALS trial initiation and plans for FTD IND submission .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Empyrean Neuroscience | Chief Medical Officer and Head of Translational Medicine | 2022–2023 | Led translational medicine; advanced CNS programs |
| Mesoblast (NASDAQ: MESO) | Chief Medical Officer | 2019–2022 | Developed allogeneic cellular therapies for inflammatory diseases |
| Glenmark Pharmaceuticals | President and Chief Medical Officer | 2018–2019 | Oversaw full pipeline, generics and next-gen biologics (incl. bispecifics) |
| Eli Lilly; Johnson & Johnson; Bristol Myers Squibb; Sunovion | Senior executive roles | Not disclosed | Led development/approvals of multi-billion-dollar drugs in CNS disorders |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| National Institutes of Health | Fellow | Not disclosed | NIH fellowship |
| American Psychiatric Association | Fellow (FAPA) | Not disclosed | Professional credential |
| Academic Institutions | Various appointments | Not disclosed | Authored numerous scientific publications |
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary ($) | $227,000 | $479,000 |
| Target Bonus (% of Base) | 40% | 40% |
| Actual Bonus Paid ($) | $113,500 | $191,600 |
| Total Compensation ($) | $592,482 | $1,892,438 |
Performance Compensation
Annual Cash Bonus Structure
| Component | FY 2023 | FY 2024 |
|---|---|---|
| Performance Metric | Company performance vs predetermined plan and individual performance | Company performance vs predetermined plan and individual performance |
| Weighting | Not disclosed | Not disclosed |
| Target | 40% of base salary | 40% of base salary |
| Actual Payout ($) | $113,500 | $191,600 |
| Vesting/Eligibility | Must remain employed through year-end to be eligible; if terminated without Cause or resigns for Good Reason on/before bonus payment date, full annual bonus still paid | Must remain employed through year-end to be eligible; if terminated without Cause or resigns for Good Reason on/before bonus payment date, full annual bonus still paid |
Equity Awards (Stock Options)
| Grant Date | Exercisable (#) | Unexercisable (#) | Exercise Price ($) | Expiration | Vesting Details |
|---|---|---|---|---|---|
| 7/17/2023 | 34,977 | 39,092 | 4.25 | 7/17/2033 | 24,689 vested on 7/17/2024; remainder in equal monthly installments over 24 months beginning 8/17/2024 |
| 1/31/2024 | 34,986 | 39,083 | 5.90 | 1/31/2034 | 24,689 vested on 7/11/2024; remainder in 24 equal monthly installments thereafter |
| 1/31/2024 | 25,000 | 56,819 | 5.90 | 1/31/2034 | 36 equal monthly installments commencing 2/29/2024 |
| 6/3/2024 | 13,727 | 56,869 | 8.15 | 6/3/2034 | 36 equal monthly installments commencing 7/3/2024 |
Equity grant timing policy: options generally granted at fiscal year start or tied to events; grants occur independent of MNPI release; includes disclosure of 6/3/2024 grant near an SEC filing window .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 181,010 shares of common stock beneficially owned as of May 6, 2025 |
| Ownership % of Class | 1.1% of outstanding shares as of May 6, 2025 |
| Shares Outstanding Base | 16,724,998 shares outstanding (basis for calculation) |
| Anti-Hedging Policy | Hedging and monetization (e.g., collars, forwards) prohibited for officers/directors/employees and controlled entities |
| Pledging Policy | Not disclosed in proxy; no explicit anti-pledging statement found |
| Stock Ownership Guidelines | Not disclosed in proxy materials |
| Equity Plan Capacity | 2,228,391 outstanding rights; weighted avg exercise $5.08; 254,885 shares remaining at 12/31/2024; plus 668,297 “evergreen” addition on 1/1/2025 |
Employment Terms
| Term | Detail |
|---|---|
| Position & Start | President and Chief Medical Officer; appointed July 3, 2023; start date July 17, 2023 |
| Base Salary | $479,000 per year |
| Annual Bonus | Target 40% of base; based on company plan and individual performance |
| Equity Eligibility | Eligible for additional equity grants at company discretion under 2021 Amended and Restated Equity Incentive Plan |
| Contract Term | Initial 2-year term; auto-renews for 1-year terms unless party gives 30 days’ notice prior to term end |
| Bonus Protection | If terminated without Cause or resigns for Good Reason on/before bonus payment date, full annual bonus still paid |
| Non-Disclosure/Invention Assignment | Executed upon entry into agreement |
| Severance Multiple | Not disclosed; only bonus protection clause described |
| Change-in-Control Economics | Company states no arrangements providing payment to NEOs in connection with change in control |
Governance Context (Compensation Committee)
- Compensation Committee members: Dov Goldstein, Ph.D.; Anabella Villalobos, Ph.D. (Chair); Ann Lee, Ph.D. .
- Responsibilities include executive pay policies, goal-setting, CEO pay decisions, NEO compensation approvals, and equity plan oversight .
Performance & Execution Highlights
- Clinical leadership: Launched ALSTARS Phase 2 ALS trial (120 patients, ~25 centers); emphasizes Treg-enhancing mechanism of COYA 302; Grossman highlighted trial initiation and FTD IND plans .
- Financial operating update during tenure: Q3 2025 collaboration revenue $3.6M; net loss $2.1M; cash $28.1M; financing extends runway into 2H 2027 .
Investment Implications
- Pay-for-performance alignment: Mix skews toward equity (2024 option grant fair value $1.22M vs. salary $479k), with bonus tied to company/individual performance; alignment is reinforced by ongoing monthly vesting schedules across multiple grants .
- Vesting cadence and potential selling pressure: Four option grants with staggered monthly vesting through 2026/2027 could create a steady stream of newly vesting options; monitor Form 4s for exercises/sales around key trial milestones to gauge insider confidence and supply overhang .
- Retention and exit economics: Auto-renewing employment term and bonus protection on certain terminations provide stability, but absence of change-in-control payouts suggests limited golden parachute incentives; retention is principally via ongoing vesting and role-critical program leadership .
- Ownership and alignment: 1.1% beneficial ownership is meaningful for a small-cap biotech executive; anti-hedging policy reduces misalignment risk; lack of disclosed pledging policy is a monitoring point for potential collateral arrangements .
- Execution risk: Grossman’s track record across major pharma/biotech and CNS approvals is a positive indicator; near-term value creation hinges on ALSTARS and FTD program execution where he has direct responsibility, making governance and compensation alignment relevant catalysts for traders around data events .