Elizabeth Hurlburt
CorMedixAbout Elizabeth Hurlburt
Elizabeth (Liz) Hurlburt, 46, is Executive Vice President and Chief Operating Officer of CorMedix (promoted from EVP, Chief Clinical Strategy & Operations in Feb 2024; COO effective Aug 29, 2025). She joined CRMD in March 2018 after consulting for the company since November 2017, and previously led clinical operations at Gemphire Therapeutics. She holds a B.A. (Bay Path College) and an M.S. in Management & Leadership (Western Governors University) . Under her operational tenure, CRMD’s FY 2024 revenue reached $43.47M* with net loss of $17.93M*, while TSR (value of $100 investment) stood at $178.02 at YE 2024 vs $92.75 in 2022 . Values marked with * retrieved from S&P Global.
Company performance (context):
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | 65,408* | — | 43,472,170* |
| EBITDA ($) | -30,539,350* | -48,887,033* | -22,046,608* |
| Net Income ($) | -29,701,705* | -46,339,227* | -17,930,020* |
| TSR (Value of $100) | 92.75 | 82.64 | 178.02 |
| Notes | TSR from Pay vs Performance |
Values marked with * retrieved from S&P Global. TSR citations: .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| CorMedix | EVP & COO | Aug 29, 2025 – present | Expanded remit across operations following Melinta transaction; 3-year executive agreement . |
| CorMedix | EVP, Chief Clinical Strategy & Operations | Feb 2024 – Aug 28, 2025 | Led clinical strategy/ops through commercial scale-up . |
| CorMedix | EVP & Head of Clinical Operations | Mar 2018 – Feb 2024 | Built clinical ops; transitioned DefenCath program . |
| CorMedix | Consultant | Nov 2017 – Mar 2018 | Interim clinical ops expertise . |
| Gemphire Therapeutics | Senior Director → VP, Clinical Operations | 2015 – 2018 | Scaled clinical operations at a development-stage biotech . |
External Roles
None disclosed .
Fixed Compensation
2024 actuals (as reported in the Summary Compensation Table):
| Component | 2024 Amount ($) |
|---|---|
| Base Salary | 405,873 |
| All Other Compensation (benefits, 401k match) | 52,978 |
2025+ contractual cash compensation (effective Aug 29, 2025):
| Term | Detail |
|---|---|
| Base Salary | $500,000 |
| Target Annual Bonus | 45% of base salary (corporate objectives) |
| Term | 3-year initial term with automatic 1-year renewals unless non-renewed (90-day notice) |
Performance Compensation
Annual cash incentive and equity awards:
| Metric | Weighting/Target | 2024 Target Basis | 2024 Actual Payout | Vesting |
|---|---|---|---|---|
| Annual Bonus (Cash) | Target 40% of salary (company objectives) | 162,500 (implied) | 223,344 | N/A |
| RSU Grant (2024) | — | 50,000 units | Grant-date FV $173,500 | 25% on grant (Jan 12, 2024), then 25% annually on each of the next 3 anniversaries, subject to service |
| Stock Options (2024) | — | 100,000 options | Grant-date FV $279,670 | 25% on grant (Jan 12, 2024), then equal annual installments over 3 years, subject to service |
Notes:
- 2024 bonus targets were based on company objectives; specific KPIs not disclosed .
- Additional RSU award agreement form (attached to Sept 2, 2025 8‑K) demonstrates standard RSU vesting over four years with immediate partial vest at grant; also provides 12-month vesting continuation upon qualifying termination with release .
Upcoming vest events (from 2024 grants):
- RSUs: 12,500 units vest on Jan 12, 2025; Jan 12, 2026; Jan 12, 2027 (25% tranches), subject to continued service .
- Options: 25,000 options vest on Jan 12, 2025; Jan 12, 2026; Jan 12, 2027 (ratable), subject to continued service .
Equity Ownership & Alignment
Beneficial ownership snapshots (includes shares plus rights exercisable/vestable within 60 days):
| As of | Common Shares | Options/RSUs Exercisable/Vestable ≤60 days | Total Beneficial Ownership |
|---|---|---|---|
| Apr 25, 2025 | 25,103 | 348,367 options | 373,470 |
| Sep 30, 2025 | 34,100 | 294,370 options | 328,470 |
- Ownership guidelines: policy disclosed for non-employee directors; no executive ownership guideline disclosed .
- Hedging/pledging: company policy prohibits hedging and short sales; strongly discourages pledging/margin accounts .
- Clawback: Nasdaq-compliant clawback adopted Dec 2023; applies to executive incentive comp tied to financial metrics on/after Oct 2, 2023 .
Outstanding awards detail (selected tranches at 12/31/2024):
- RSUs: 37,500 unvested (two schedules; includes 2024 and prior) with fair value reference $8.10 per share at 12/31/24 .
- Options: multiple tranches across 2028–2034 with mix of exercisable and unexercisable; e.g., 75,000 unexercisable @ $3.47 exp. 1/12/2034; 62,500 unexercisable @ $4.43 exp. 1/14/2033; and various older fully vested lots .
Insider selling pressure (from scheduled vesting):
- RSU/option tranches vest annually each January through 2027 from the 2024 grants, which can incrementally increase saleable supply if shares are not retained; acceleration/continued vesting possible under severance or CIC .
Employment Terms
| Term | Key Provision |
|---|---|
| Role/Reporting | EVP & COO reporting to CEO; may be employed via a wholly owned subsidiary with CRMD guaranteeing obligations . |
| Term | Initial 3 years from Aug 29, 2025; automatic 1-year renewals unless notice of non-renewal . |
| Severance (Non‑CIC) | If terminated without cause or resigns for good reason: 9 months base salary; prorated bonus for year of termination; up to 9 months subsidized COBRA; 1 year of additional service vesting on equity; requires release . |
| Severance (within 24 months after Corporate Transaction) | Full vesting of all then-outstanding equity awards (double-trigger) . |
| Non-Compete/Non-Solicit | 12 months post-termination (for executives); confidentiality and non-disparagement covenants . |
| 2024 Legacy Terms | Prior agreement contained similar severance: 9 months salary (CEO had 12–18 months), prorated bonus, 9 months COBRA, 1-year additional vesting; 12-month non-compete . |
| Equity Plan Protections | No option/SAR repricing without shareholder approval . |
Potential payouts snapshot if triggered at 12/31/2024 (company example methodology):
- Hurlburt: $996,617 (no corporate transaction) vs $1,545,304 (within 24 months post-CIC), including cash severance, COBRA subsidy, and accelerated equity (valued at $8.10/share) .
Governance, Shareholder Signals, and Policies
- Say‑on‑pay (2024 comp) approved: For 16,086,287; Against 1,999,311; Abstain 360,596; broker non‑votes 27,599,135 .
- Compensation Committee uses Frederic W. Cook & Co. as independent consultant; independence affirmed .
- Related-party transactions: none in 2024 .
Investment Implications
- Alignment and incentives: Hurlburt’s pay mix includes meaningful multi-year equity with service-based vesting and double-trigger CIC acceleration, aligning with retention through the 2025–2027 period; hedging prohibitions and a clawback policy strengthen alignment and risk discipline .
- Retention risk: Severance terms (9 months salary, vesting continuation, and COBRA subsidy) plus scheduled vesting across 2025–2027 reduce flight risk; post-Melinta promotion to COO and a 3‑year term enhance stability .
- Selling pressure: Annual RSU/option vest tranches each January (2025–2027) could create incremental liquidity; monitor Forms 4 for actual sales around vest dates .
- Pay-for-performance: 2024 bonus paid despite net losses reflects company operational/commercial milestones rather than profitability; specific performance metrics are not disclosed, limiting transparency. However, shareholder support for say‑on‑pay was solid in 2025 .
- Change-in-control economics: Double‑trigger full acceleration presents typical biotech retention design; investors should factor potential dilution/overhang and acceleration expense in M&A scenarios .
- Plan discipline: No option repricing without shareholder approval mitigates a key red flag risk .
Source Citations
- Biography, roles, and education:
- Compensation tables and grants:
- Employment agreements and severance/CIC:
- Ownership snapshots:
- Policies (hedging/pledging; clawback):
- Say‑on‑pay vote results:
- Equity plan repricing prohibition:
- Related party transactions:
- TSR and Pay vs Performance:
Values marked with * retrieved from S&P Global.