Philip Adamson
About Philip Adamson
Dr. Philip B. Adamson, age 65, is Chief Medical Officer (CMO) of CVRx, serving since May 2024. He previously led heart failure medical strategy at Abbott and St. Jude Medical and directed the Heart Failure Treatment Program at Oklahoma Heart Hospital; he holds an M.D. and M.S. from the University of Oklahoma College of Medicine . During his tenure to date, CVRx has grown nine‑month revenue 13% year over year to $40.6 million and improved gross margin to 85% (from 84%), reflecting advancing Barostim adoption . The company remains loss‑making with nine‑month net loss of $41.4 million and cash of $85.1 million as of September 30, 2025, framing execution priorities and investment runway .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Abbott Laboratories (Heart Failure Division) | Divisional Vice President & Chief Medical Officer | Feb 2015 – May 2024 | Led clinical strategy and evidence generation in HF devices; continuity through post‑acquisition integration |
| St. Jude Medical | Vice President & Medical Director | Feb 2015 – Jan 2017 | Clinical and medical leadership in HF devices; experience carried through Abbott acquisition |
| Oklahoma Heart Hospital | Director, Heart Failure Treatment Program | Jul 2005 – Feb 2015 | Directed advanced HF care and programs; deep clinical operations exposure |
| University of Oklahoma Health Sciences Center | Associate Professor | Jul 1995 – Jun 2005 | Academic leadership; research and teaching foundation in cardiology/HF |
External Roles
No public company directorships or external board roles disclosed for Adamson .
Fixed Compensation
- Adamson was not a Named Executive Officer (NEO) in the 2024 proxy; base salary and target bonus for the CMO were not disclosed .
- CVRx’s NEO cash incentives in 2024 were tied to revenue and operational goals; illustrative payouts (CEO, CFO, CRO) are disclosed for context, but not for the CMO role .
Performance Compensation
- Long‑term incentives: CVRx uses stock options as the primary long‑term incentive. Standard vesting is 25% on the first anniversary of grant and 1/48th monthly thereafter; unvested options generally terminate upon employment end, with change‑in‑control protections for NEO grants (constructive discharge/without cause within six months post‑CIC) .
- Equity award agreements: For NEOs, stock options accelerate upon death/disability; grants on/after June 29, 2021 vest upon qualifying terminations during the change‑in‑control protection period .
- Annual cash incentive framework (company‑level): 2024 goals included U.S. BAROSTIM implants, worldwide revenue, U.S. HF revenue, European revenue, cash expenditures, and a corporate objective, with weightings varied by role; these weights are shown for CEO, CFO, CRO, not CMO .
Equity Ownership & Alignment
- Beneficial ownership: The 2025 proxy discloses directors and NEO holdings; Adamson’s individual beneficial ownership was not disclosed, as he was not a 2024 NEO nor a director .
- Anti‑hedging and anti‑pledging: Company‑wide policy prohibits hedging, short sales, options/derivatives in CVRx stock, and pledging/margin accounts; trading windows and pre‑clearance apply, and event‑specific blackouts may be imposed .
- Equity plan context: As of Dec 31, 2024, 5,550,419 options outstanding (WAEP $11.81); 1,775,725 shares available for future issuance across plans. As of Sept 30, 2025, options outstanding rose to 5,946,474 and unvested RSUs totaled 351,638, indicating ongoing equity‑based compensation and potential dilution over time .
Employment Terms
- Company policies: Insider Trading Policy with pre‑clearance and window restrictions, plus a formal prohibition on hedging and pledging for all employees, officers, and directors .
- Clawback: CVRx adopted a Mandatory Compensation Recovery Policy compliant with SEC Rule 10D‑1 and Nasdaq, requiring recovery of erroneously awarded incentive compensation following an accounting restatement; applies to Section 16 officers (company‑wide framework) .
- NEO severance framework (for context; not specific to CMO): Outside CIC, 12 months’ base salary and 12 months medical premium reimbursement upon termination without cause/constructive discharge; during CIC protection period (3 months before to 18 months after CIC), 12 months’ base salary, 100% of target annual bonus, and 12 months medical premium reimbursement for non‑CEO NEOs; equity acceleration per award terms . No specific Adamson employment agreement was disclosed.
Company Performance During Adamson’s Tenure
| Metric | 9M 2024 | 9M 2025 |
|---|---|---|
| Revenue ($USD Thousands) | $35,950 | $40,627 |
| Gross Margin (%) | 84% | 85% |
| Loss from Operations ($USD Thousands) | $(49,216) | $(40,081) |
| Geography | 9M 2024 Revenue ($USD Thousands) | 9M 2025 Revenue ($USD Thousands) |
|---|---|---|
| United States | $32,808 | $36,937 |
| Europe | $3,142 | $3,690 |
Liquidity and capital resources (context): Cash and cash equivalents were $85.1 million at Sept 30, 2025; nine‑month net cash used in operating activities was $30.4 million; $50.0 million term loans outstanding; ATM program activity and new S‑3 underway for future capital flexibility .
Compensation Structure Analysis
- Equity‑heavy LTIs: Predominant use of stock options with four‑year vesting promotes retention and long‑term alignment; RSUs introduced in 2025 add lower‑beta equity exposure for employees, potentially improving retention but modestly reducing pay‑for‑performance torque relative to options .
- Governance guardrails: Mandatory clawback policy and strict anti‑hedging/anti‑pledging rules enhance alignment and mitigate misaligned risk‑taking and selling pressure .
- Grant timing discipline: Annual equity awards moved to last business day of February post‑10‑K to avoid proximity to undisclosed information; CEO options in 2024 bookended filings but followed earnings releases, supporting process rigor .
Risk Indicators & Red Flags
- Selling pressure mitigants: Prohibitions on pledging and hedging reduce forced selling and speculative trading risk for insiders .
- Clawback coverage: Comprehensive compensation recovery policy reduces pay‑for‑performance leakage upon restatements .
- Operating losses: Continued losses and capital needs elevate execution risk; however, improving gross margin and revenue growth indicate commercial progress in HF .
Expertise & Qualifications
- Clinical and device leadership: Senior medical leadership roles at Abbott and St. Jude in heart failure devices; deep clinical operations background leading a hospital HF program; academic foundation as Associate Professor; M.D. and M.S. credentials .
Investment Implications
- Alignment: Adamson’s clinical leadership plus company‑wide anti‑hedging/anti‑pledging and clawback policies support investor alignment; option‑dominant LTIs reinforce retention and long‑term value creation incentives .
- Retention and incentive torque: Four‑year option vesting schedules promote continuity in HF clinical strategy; introduction of RSUs broadens retention but may slightly lower performance sensitivity versus pure options .
- Execution risk: CVRx’s improving revenue and margins during Adamson’s tenure are positives; persistent operating losses and ongoing capital needs keep execution and funding risks elevated, making clinical adoption and reimbursement milestones key levers to monitor for pay‑for‑performance outcomes .