Susan Blum
CorMedixAbout Susan Blum
Susan Blum is Executive Vice President and Chief Financial Officer (Principal Financial Officer) of CorMedix Inc., appointed effective as of the Melinta transaction Closing Date, with her employment agreement dated August 28, 2025; she certified CorMedix’s Q3 2025 10‑Q under SOX Sections 302 and 906 as CFO on November 12, 2025 . She is a CPA with a B.S. in Business Commerce from Santa Clara University, began her career at Ernst & Young, and held senior finance roles at Melinta (Controller, VP Finance & CAO, CFO), Textura (supported IPO), Orbitz, Facet Biotech and PDL BioPharma; she serves on the BioNJ Cybersecurity Committee and as a director of BiomX Inc. since April 2024 . Company performance context: Q3 2025 net revenue was $104.3 million and net income was $108.6 million, driven by DefenCath and Melinta contributions plus a one-time $59.7 million tax benefit; cash and short-term investments were $55.7 million as of September 30, 2025 . Prior company TSR improved into 2024 (value of initial $100 investment at $178.02) alongside net losses narrowing versus 2023, indicating momentum pre-dating her appointment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Melinta Therapeutics | CFO; previously VP Finance & Chief Accounting Officer; Controller | CFO since 2021; Controller since 2016 | Led finance through growth; deep experience in external reporting, technical accounting, and ICFR . |
| Textura Corporation | Corporate Controller | 2013–2016 | Supported the company’s IPO and transition to public company status . |
| Orbitz Worldwide (NYSE: OWW) | Finance leadership | 2011–2013 | Responsible for external reporting and compliance functions . |
| Facet Biotech / PDL BioPharma (Nasdaq: PDLI) | Finance leadership | 2004–2010 | Led external reporting, technical accounting, and ICFR . |
| Ernst & Young | Public accounting | ~7 years | Served diverse clients from large public to development-stage enterprises . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| BiomX Inc. | Director | Since April 2024 | Public company directorship . |
| BioNJ | Cybersecurity Committee member | Current | Industry committee service . |
Fixed Compensation
| Component | Amount/Terms | Period/Notes |
|---|---|---|
| Base Salary | $488,000 | Annual, per Executive Employment Agreement . |
| Target Annual Bonus | 45% of base salary | Corporate objectives set by Board/Comp Committee; paid by March 15 following year; must be employed through Dec 31 (except as explicitly set forth) . |
| 2025 Bonus Treatment | Two-thirds of target deemed achieved; remaining one-third based on corporate objectives | Applies to 2025; payout mechanics per agreement . |
Performance Compensation
| Incentive Type | Metric | Weighting/Target | Actual/Payout | Vesting/Timing |
|---|---|---|---|---|
| Annual Cash Bonus (2025) | Corporate objectives (Company-wide) | Target = 45% of base salary | Two-thirds of target deemed achieved for 2025; one-third subject to actual achievement of corporate objectives; paid by March 15 following year; employment through Dec 31 generally required . | |
| Initial RSU Award | Time-based vesting (retention) | Grant-date value = $1,000,000 (based on closing price prior to Closing Date) | N/A (time-based) | Vests in four equal annual installments on first four anniversaries of Effective Date; subject to continued employment; acceleration features apply per agreement/plan . |
Notes:
- Eligible for additional equity awards commencing in 2026 at CEO/Board/Comp Committee discretion; no guaranteed amounts .
Equity Ownership & Alignment
- Initial equity grant: RSUs valued at $1,000,000, vesting over four years in equal annual tranches; number of units determined by closing price prior to Closing Date .
- Hedging and pledging: Company policy prohibits hedging/short sales and strongly discourages pledging/margin accounts for directors, officers, and employees .
- Clawback: Compensation Recoupment Policy adopted in December 2023 (Nasdaq-compliant) mandates recovery for restatements; discretionary clawback available for misconduct; applies to executive officers for compensation tied to financial reporting measures on/after October 2, 2023 .
- Beneficial ownership: Not disclosed in April 28, 2025 proxy (Blum joined as CFO later in 2025); Form 4 data not in the documents retrieved .
Employment Terms
| Term | Details |
|---|---|
| Position/Start | EVP & CFO; effective as of Closing Date of August 7, 2025 Merger Agreement; employment agreement dated August 28, 2025 . |
| Contract Length | Initial 3-year term; automatic one-year renewals unless 90-day Notice of Nonrenewal . |
| Severance (no cause/Good Reason) | 9 months base salary; pro-rated annual bonus for year of termination based on actual achievement (for Blum, if terminated prior to Jan 1, 2026, full 2025 bonus in lieu of proration); subsidized COBRA up to 9 months; one year of additional time vesting of outstanding equity (or full vesting if termination occurs within 24 months of a Corporate Transaction); payment of any then-unpaid prior-year bonus; subject to release . |
| Change-in-Control Treatment | Double-trigger: if termination (other than for cause/death/disability) occurs within 24 months following a Corporate Transaction, full vesting of outstanding equity awards plus severance enhancements per agreement . |
| Restrictive Covenants | Confidentiality and non-disparagement; non-compete and non-solicit of employees/customers during employment and for 12 months post-termination . |
| Place of Performance | Primarily at executive offices; travel as required; standard executive duties . |
| Equity Plan Governance | Awards under Amended and Restated 2019 Omnibus Stock Incentive Plan; RSU award agreement details vesting/forfeiture/acceleration on termination and corporate transactions . |
Investment Implications
- Pay-for-performance alignment: Cash pay is modest relative to peers for a CFO of a growing commercial-stage biopharma; variable bonus tied to Board-set corporate objectives and 2025 two-thirds pre-set reflect a negotiated transition year while integrating Melinta; equity is time-based, encouraging medium-term retention .
- Retention and selling pressure: Four-year RSU vesting with one-year time-vesting continuation on involuntary termination lowers near-term selling pressure; double-trigger acceleration within 24 months of a corporate transaction may create event-driven liquidity but requires qualifying termination .
- Alignment and governance: Hedging prohibited and pledging strongly discouraged; clawback policy in place; change-in-control treatment is double-trigger, which is shareholder-friendly compared to single-trigger acceleration .
- Execution track record: Blum’s prior IPO execution at Textura and CFO stewardship at Melinta add credibility in integration and controls; SOX certifications as CFO in Q3 2025 reinforce accountability for financial reporting integrity during a transformative quarter with $104.3 million net revenue and $108.6 million net income driven in part by DefenCath and a one-time tax benefit .
- Risk factors: Standard 12-month non-compete/non-solicit mitigate immediate competitive risk; severance terms are typical and not excessive; no disclosures of tax gross-ups, related-party transactions, or pledging—lower governance red flags in retrieved documents .