Ian Hodgson
Corbus Pharmaceuticals HoldingsAbout Ian Hodgson
Ian Hodgson, Ph.D., is Chief Operating Officer of Corbus Pharmaceuticals (CRBP) effective March 15, 2025; he is 52 and brings 25+ years in clinical operations and drug development across biotech, large pharma, and CROs, with a PhD in Medical Microbiology (Queen Margaret University in collaboration with University of Edinburgh) and a BSc (Hons) in Food Technology (Reading University) . Company performance context: Corbus reported cumulative TSR values (per $100 initial investment) of $31.47 (2024), $16.11 (2023), and $8.88 (2022), and net losses of $40.2M (2024), $44.6M (2023), and $42.3M (2022) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Corbus International Ltd. | Head of Clinical & European Operations | Oct 2022–Mar 2024 | Built/led EU clinical ops capability to support pipeline execution . |
| Corbus Pharmaceuticals | Head of Operations | Mar 2024–Mar 2025 | Oversaw global operations prior to promotion to COO . |
| Mereo Biopharma | Head of Clinical Operations | 2015–2020 | Led clinical ops for rare disease portfolio . |
| Syneos Health | VP, Clinical Development – Rare Diseases | Nov 2020–Sep 2021 | Directed rare disease clinical development programs . |
| TMC Pharma Services | VP, Head of Clinical Services | Sep 2021–Sep 2022 | Led rare disease consultancy clinical services . |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| MD Group Ltd. (private) | Non-executive director and board advisor | Since May 2021 | Patient services and trial support expertise . |
| Skyelarke (health-tech) | Board advisor | Since May 2021 | Patient payments technology in clinical trials . |
Fixed Compensation
| Component | Detail | Value/Terms | Effective date |
|---|---|---|---|
| Base Salary | Annual base salary (GBP) | £327,869 | Mar 15, 2025 |
| Target Annual Bonus | % of base | Up to 40%; Board discretion based on individual and company performance | Ongoing |
Performance Compensation
| Incentive type | Metric(s) | Weighting | Target/Opportunity | Actual payout | Vesting/Timing |
|---|---|---|---|---|---|
| Annual cash bonus | Company and individual performance (qualitative/quantitative as set by Board) | Not disclosed | Target up to 40% of base salary | Not disclosed | Typically annual cash; terms per Board discretion |
| Long-term equity (options/RSUs) | Eligibility for additional awards at Board/Comp Committee discretion | Not disclosed | Not specified | Not disclosed | Grant/vesting terms to be determined upon award |
Note: The March 2025 appointment 8-K did not disclose a specific initial equity grant for Dr. Hodgson (only eligibility for future awards) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (3/21/2025) | 6,064 shares; “*” less than 1% of 12,232,228 shares outstanding . |
| Vested vs. unvested; options exercisable | Not disclosed for Hodgson in 2024 proxy tables (he was not an NEO in 2024) . |
| Hedging / pledging | Anti-hedging: officers, directors, employees (and related parties) are prohibited from hedging/monetization transactions (e.g., collars, forwards) under insider trading policy . Pledging: proxy does not specifically state an anti-pledging policy; no pledges disclosed . |
| Ownership guidelines | Not disclosed for executives in the proxy . |
Employment Terms
| Term | Detail |
|---|---|
| Role & appointment | COO effective March 15, 2025; appointed by Board March 13, 2025 . |
| Agreement | UK Service Agreement with Corbus International Ltd., effective March 15, 2025 . |
| Base salary | £327,869 per annum (GBP) . |
| Target bonus | Up to 40% of base salary; Board discretion based on individual and company performance . |
| Term / termination | Indefinite until terminated; either party can terminate with 3 months’ prior written notice . |
| Payment in lieu of notice | Company may terminate with immediate effect and pay salary in lieu of the 3-month notice (PILON) . |
| Garden leave | Company may place executive on garden leave during notice; salary/benefits continue; restrictions on duties, access, and contacts apply . |
| Non-compete | 3 months post-termination (subject to conditions in agreement) . |
| Non-solicit | 6 months post-termination . |
| Change in control (CoC) | If terminated (other than for Cause) within 6 months before or 12 months after a CoC: cash severance equal to 2x target bonus (paid by March 15 of the following year) and full acceleration of outstanding stock options, RSUs, and other equity awards upon the later of CoC or termination . |
| Other | Customary confidentiality and IP assignment provisions; UK pension compliance; holiday entitlement (20 days + UK public holidays) . |
| Related persons | No family relationships with directors/officers . |
Performance & Track Record
| Measure | 2022 | 2023 | 2024 |
|---|---|---|---|
| Cumulative TSR ($100 initial investment) | $8.88 | $16.11 | $31.47 |
| Net loss (USD, thousands) | $(42,347) | $(44,604) | $(40,209) |
Context: Hodgson served in operations roles at Corbus from Oct 2022 before becoming COO in March 2025, so prior-year TSR/loss reflect company performance context rather than his COO tenure .
Compensation Structure Analysis
- Mix and leverage: Cash base in GBP with at-risk annual bonus up to 40% of salary; eligibility for equity awards but no fixed annual grant disclosed—suggesting the Compensation Committee retains flexibility to size and mix LTI based on needs and performance .
- CoC economics: Cash CoC benefit is 2x target bonus (not salary) plus full equity acceleration, a smaller cash multiple than many US peers but full acceleration could create sellable supply upon a transaction, increasing event-driven selling pressure risk .
- Metrics transparency: Annual bonus tied to individual and company performance but no disclosed weightings/quantitative thresholds; no PSU metric framework disclosed for Hodgson at appointment—limits external evaluation of pay-for-performance linkage .
- Restrictive covenants: Short non-compete (3 months) and non-solicit (6 months) reduce post-departure constraints, modestly elevating retention risk compared to longer restrictions common in US biotech .
Risk Indicators & Red Flags
- Hedging: Prohibited for officers/directors under the insider trading policy (mitigates misalignment) .
- Pledging: No explicit anti-pledging disclosure; no pledges reported (neutral, but visibility limited) .
- Equity acceleration: Full acceleration on CoC may contribute to sell pressure in a deal scenario .
- Actual grant data: No disclosed initial equity grant for Hodgson at appointment; absence of detailed vesting schedules and performance-based equity could imply less direct long-term alignment until awards are made .
Equity Ownership & Beneficial Ownership Detail
| Holder | Shares beneficially owned | % of outstanding | As of |
|---|---|---|---|
| Ian Hodgson | 6,064 | * (<1%) | March 21, 2025 |
| Shares outstanding reference | 12,232,228 shares used for % calc | — | March 21, 2025 |
Investment Implications
- Alignment and incentives: Current disclosed personal stake is modest (<1%), and no specific equity grant was disclosed at appointment; upcoming LTI grants and their design (RSUs vs options vs PSUs; performance metrics) will be important for aligning incentives and gauging future selling pressure .
- Retention risk: Short non-compete/non-solicit and limited cash CoC protection (2x target bonus) suggest moderate retention constraints; however, equity acceleration on CoC could be attractive in strategic scenarios .
- Execution lens: Hodgson’s deep rare-disease clinical operations background (Mereo, Syneos, TMC) fits Corbus’s clinical-stage needs; successful delivery against clinical and operational milestones will be the primary driver of bonus outcomes under the current framework .
- Event-driven dynamics: In an M&A or CoC context, full equity acceleration plus any subsequent grants could create incremental sellable float, a consideration for traders around deal catalysts .