Erin Mistry
CorMedixAbout Erin Mistry
Executive Vice President and Chief Commercial Officer at CorMedix (CRMD). Joined CorMedix in March 2020 as SVP of Payer Strategy, Government Affairs & Trade; promoted to EVP & CCO effective January 2023. Age 43 as of April 25, 2025. Education: B.S. Industrial Engineering (healthcare) and M.S. Biomechanical Engineering, North Carolina State University. External boards: Incubate Coalition, Access Forum, AntiMicrobial Working Group. Company performance context: CorMedix’s Pay vs. Performance disclosures show cumulative TSR value of $178.02 on a $100 initial investment in 2024 vs. $82.64 in 2023, with Net Income (Loss) of $(17.9) million in 2024 and $(46.3) million in 2023.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| CorMedix | SVP, Payer Strategy, Government Affairs & Trade | Mar 2020–Jan 2023 | Led pricing, access, reimbursement, trade strategy for commercialization preparation. |
| Intarcia Therapeutics | VP, Market Access | Not disclosed | Pricing and access leadership for biopharma products. |
| Syneos Health | Senior Managing Director, Global Value & Access practice | Not disclosed | Global value/access advisory to emerging and large biopharma on pricing, access, reimbursement. |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Incubate Coalition | Board member | Not disclosed | Industry policy/advocacy exposure. |
| Access Forum | Board member | Not disclosed | Market access thought leadership. |
| AntiMicrobial Working Group | Board member | Not disclosed | Anti-infectives policy/market shaping. |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus (%) | Actual Bonus Paid ($) | Source |
|---|---|---|---|---|
| 2023 | 389,577 | 40% of base | 156,800 | 2023 SCT; employment agreement terms. |
- Employment agreement (dated Jan 15, 2023): initial 3-year term; auto-renews annually; base salary $392,000; target annual bonus 40% of base, contingent on Company objectives.
Performance Compensation
Annual Cash Incentive
| Year | Metric(s) | Weighting | Target | Actual Payout | Vesting |
|---|---|---|---|---|---|
| 2023 | Company objectives (not specified) | Not disclosed | 40% of base | 156,800 | Cash (annual) |
Equity Awards (Options/RSUs)
| Grant Date | Award Type | Shares/Units | Grant-Date Fair Value ($) | Strike/Price | Vesting Schedule | Notes |
|---|---|---|---|---|---|---|
| 01/14/2023 | Stock Options | 200,000 | 694,200 | Not disclosed | 25% on grant; remaining 75% vests in equal annual installments over next 3 years, subject to continued service | Time-based; aligns with commercialization milestones timing. |
- Equity Plan design allows for performance-based awards tied to measures including TSR, revenue levels, margins, regulatory/clinical milestones, among others (plan menu), though individual executive weightings/targets not disclosed.
Equity Ownership & Alignment
| As Of Date | Total Beneficial Ownership (Shares) | % of Shares Outstanding | Direct/Common Shares | Options/RSUs Counted in Beneficial Total | Pledged Shares |
|---|---|---|---|---|---|
| 09/24/2024 | 333,761 | * (<1%) | Not broken out in table | Not broken out | Insider policy discourages pledging |
| 04/25/2025 | 430,117 | * (<1%) | 29,117 | 401,000 options (exercisable or vesting within 60 days) | Insider policy discourages pledging |
- Hedging/pledging: Hedging and short sales prohibited; holding in margin accounts or pledging is strongly discouraged (reduces misalignment risk).
- Clawback: Mandatory clawback policy adopted Dec 2023 for incentive comp tied to financial reporting measures (applies to executive officers).
- Section 16 compliance: One delinquent Form 4 in 2024 for Ms. Mistry due to administrative error, to report a purchase of common stock.
Employment Terms
| Term | Detail |
|---|---|
| Employment Agreement | Dated Jan 15, 2023; 3-year initial term; auto-renews annually unless notice 90 days prior to expiration. |
| Base/Bonus | Salary $392,000; target bonus 40% of base; actuals contingent on Company objectives. |
| Severance (no corporate transaction) | If terminated without cause or resigns for Good Reason: base salary continuation for 9 months; prorated annual bonus based on actual achievement; subsidized COBRA up to 9 months; one year additional time vesting on outstanding equity. |
| Severance (within 24 months post corporate transaction) | Same cash/COBRA framework; full vesting of outstanding equity for qualifying termination within 24 months following a corporate transaction. |
| Illustrative Severance Values (12/31/2023) | Cash severance $294,003; COBRA $0; accelerated equity vesting $475; total $294,578 (both scenarios). |
| Non-Compete | 12 months post-termination; prohibits competing in preventive anti-infectives competitive with DefenCath/Neutrolin or taurolidine products within U.S. and EU. |
| Clawback | Mandatory (financial restatement) plus discretionary (misconduct) recoupment policy adopted Dec 2023. |
| Hedging/Pledging | Hedging and short sales prohibited; pledging strongly discouraged. |
Performance & Track Record
| Year | Cumulative TSR value on $100 | Net Income (Loss) ($000) |
|---|---|---|
| 2022 | 92.75 | (29,702) |
| 2023 | 82.64 | (46,339) |
| 2024 | 178.02 | (17,930) |
- Ms. Mistry’s CCO tenure begins January 2023; Pay vs. Performance shows TSR improvement in 2024 alongside reduced net losses vs. 2023. Causality not asserted; included as context.
Compensation Structure Analysis
- Mix and leverage: 2023 pay included significant at-risk components: non-equity incentive ($156,800) and a large time-based option grant (200,000 options; FASB ASC 718 fair value $694,200), indicating emphasis on equity upside over fixed comp.
- Metric transparency: Annual bonus driven by “Company objectives” (not itemized in proxy), limiting external assessment of pay-for-performance rigor.
- Vesting cadence and supply: 2023 option grant vests 25% at grant and the balance in equal annual installments over three years, creating predictable vesting dates that may contribute to episodic insider-selling windows, subject to trading policies.
- Governance controls: Clawback policy (Dec 2023) and anti-hedging/pledging reduce misalignment risk; non-compete provisions strengthen retention economics post-termination.
Investment Implications
- Alignment: Meaningful option exposure (401,000 options included in beneficial ownership as of April 25, 2025) ties upside to shareholder returns; policy prohibitions on hedging and discouraging pledging support alignment.
- Retention and change-in-control: Standard small-cap biotech severance (9 months cash; full vest on double-trigger within 24 months post-transaction) provides retention but not excessive parachute; 2023 illustrative payout for Ms. Mistry was modest given equity in-the-money value at year-end.
- Selling pressure: Time-based vesting from the 1/14/2023 grant creates annual vest dates that could coincide with potential liquidity events, but insider policies and blackout windows mitigate timing risk.
- Execution focus: Background in market access and reimbursement is directly relevant as CorMedix advances commercialization; TSR improved in 2024 while losses narrowed, providing early positive context for commercialization execution under current leadership.
Note: Where specific performance metrics, weightings, and payout curves for Ms. Mistry were not disclosed, the proxy references “Company objectives” without further detail; related items are omitted accordingly. **[1410098_0001213900-24-086301_ea0216921-01.htm:49]**