Ralph Grosswald
About Ralph Grosswald
Ralph Grosswald (also referenced as “Groswald” in company materials) is Senior Vice President of Operations at Dogwood Therapeutics, Inc. (DWTX). He has served as SVP since January 1, 2022, after serving as Vice President of Operations from April 1, 2020; age 56; BA and MPH from Emory University . Operationally, he is cited for coordinating clinical execution on the Halneuron Phase 2b program (82 patients enrolled; >50 completed; two dropouts; interim analysis targeted for Q4 2025) . DWTX is pre-revenue; with pro forma operating expenses and losses reflecting an R&D-led model (see table below) .
Company performance (pro forma):
| Metric | FY 2024 | 6M 2025 |
|---|---|---|
| Revenue ($) | $0 | $0 |
| Research & Development ($) | $14,880,074 | $16,356,102 |
| General & Administrative ($) | $9,256,847 | $3,906,612 |
| Total Operating Expenses ($) | $24,136,920 | $20,262,713 |
| Net Loss ($) | $(24,259,396) | $(26,641,977) |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Dogwood Therapeutics | VP Operations | Apr 2020–Dec 2021 | Built operations capabilities; transitioned to SVP role |
| Celtaxsys, Inc. | VP Operations | 2005–Mar 2020 | Managed operations, nonclinical development, and clinical trials for acebilustat (CF) |
| GMP Companies, Inc. | Initial Employee; Program Manager | 1999–2005 | Led development of Microinvasive Glaucoma Shunt and LifeSync Wireless ECG |
| National Healthcare Network | Director of Outcomes Research | 1997–1999 | Managed cardiovascular centers of excellence outcomes; partnered with Duke Clinical Research Institute |
| Emory University School of Medicine | Clinical Trial Coordinator | 1990–1997 | Coordinated interventional cardiology and cardiothoracic surgery trials |
External Roles
No public-company directorships or external board roles disclosed in the proxy/officer biographies .
Fixed Compensation
- Individual base salary, target bonus %, and actual bonus for Ralph Grosswald are not disclosed in the 2025 proxy statements. Company-wide, the Board approved a 10% salary reduction for all executive officers on February 26, 2024; equity option grants were used to offset reductions, with specific grant details disclosed for named executive officers (CEO, CMO, CFO) .
Performance Compensation
Company option program mechanics (framework from plan and examples):
| Element | Details |
|---|---|
| Award types | Stock options, restricted stock (RSAs), RSUs, SARs under 2020 Equity Incentive Plan |
| Exercise price | Not less than FMV at grant; 110% FMV for ISO to 10% owners |
| Term | Options/SARs up to 10 years |
| Typical vesting (examples) | 2022 options: 1/3 at first anniversary, remainder monthly over 24 months; 2024 options: 100% at first anniversary (named executives) |
| Change-of-control | Options/SARs accelerate; RSAs/RSUs vest and become payable; Board may condition acceleration |
Specific to Ralph Grosswald:
- Outstanding stock options: 10,168 shares underlying options as of March 31, 2025 (aggregated past grants) .
- No disclosure of PSUs/RSUs, performance metric weightings, or award grant dates, strike prices, or vesting schedules specific to Ralph.
Equity Ownership & Alignment
| Category | Detail |
|---|---|
| Beneficial ownership (common) | Not individually disclosed for Ralph; executives/directors as a group: 3.9% of 1,911,128 shares outstanding as of April 15, 2025 |
| Options outstanding | 10,168 (Ralph) |
| Ownership guidelines | Not disclosed |
| Hedging/derivatives | Insider Trading Policy prohibits short sales, “against the box,” and puts/calls/derivatives; pre-clearance required for insiders |
| Pledging | No explicit disclosure regarding pledging in Insider Trading Policy |
Capital structure and potential dilution:
- Special meeting proposals authorize conversion of Series A/A-1/A-2 preferred into 27,434,704 common shares; company acknowledges potential adverse price impact from sale of underlying shares into the market .
- Post-conversion ownership concentration: CK Life Sciences affiliates ~73.4% (Sealbond 21,822,333; Conjoint 2,842,638), Serpin Pharma ~3.7%, Rejuvenation Labs ~3.7% of ~29,727,866 shares .
- Equity plan share reserve increases: April 2025 amendment to 191,112 shares ; October 2025 Second Amended and Restated Plan increases to 2,972,787 shares; per-company annual individual limits: 500,000 (employees), 200,000 (directors) .
Employment Terms
- Role tenure: SVP Operations since Jan 1, 2022; VP Operations from Apr 1, 2020 .
- Employment agreement terms, severance, non-compete, and change-of-control economics for Ralph are not disclosed; such terms are disclosed for CEO (12 months severance; 1.5x salary+bonus on CoC), CMO, and CFO only .
- Equity plan change-of-control terms: accelerate vesting and exercisability of outstanding awards .
Performance & Track Record
Clinical execution (Halneuron Phase 2b, chemo-induced neuropathy):
- 82 patients enrolled; >50 completed; only 2 dropouts; interim analysis targeted for Q4 2025; operational leadership cited “working with Ralph Groswald, our SVP of Operations” .
Ownership and voting changes (context for execution risk and capital access):
- Special meeting proposals to convert preferred stock; detailed tables of issuable shares and conversion mechanics (Series A: 22,691,494; A-1: 2,842,638; A-2: 1,900,572) .
- Pro forma share count implications and equity plan rationale for talent retention through transition .
Compensation Structure Analysis
- Shift toward larger equity pool: share reserve rose from 82,500 (historical) to 191,112 (Apr 2025) and further to 2,972,787 (Oct 2025), aligning with anticipated post-conversion capitalization and talent retention needs .
- Executive pay adjustments: Board-approved 10% salary reduction for all executive officers (Feb 26, 2024) with option incentives granted near disclosure of material nonpublic information (detailed for named executives), indicating higher equity-at-risk mix across leadership; individual specifics for Ralph not disclosed .
Risk Indicators & Red Flags
- Potential selling pressure from large preferred conversion; proxy explicitly notes potential adverse market price impact of underlying common sales .
- Ownership concentration post-conversion (CKLS >70%); governance influence and float constraints may affect liquidity and volatility .
- No legal proceedings disclosed for directors or executive officers .
- Related party transactions disclosed for CMO’s consulting arrangement; none disclosed involving Ralph .
Investment Implications
- Alignment: Ralph’s option exposure (10,168) ties upside to execution milestones; Insider Trading Policy’s hedging restrictions support alignment, though pledging prohibitions are not explicitly stated .
- Retention/compensation: Expanded equity plan and Board’s salary reduction offset by options suggest increased reliance on equity incentives for retention; individual severance/CoC economics for Ralph are unknown, which limits visibility into retention risk under strategic events .
- Trading signals: Significant authorized conversion (27.4M shares) and concentrated post-conversion ownership create overhang and liquidity risk; monitor Form 4 activity for Ralph to assess potential selling pressure once available (not disclosed here), and track special meeting outcomes and subsequent equity issuance timing .
Net: Ralph Grosswald’s operational role is central to clinical execution, with equity incentives aligning him to long-term value creation. Near-term share overhang, ownership concentration, and lack of disclosed severance/CoC terms for Ralph warrant attention for retention and trading risk, especially around clinical data readouts and preferred conversions .