Pete DeMuth
About Pete DeMuth
Pete (Peter) DeMuth, Ph.D., is Chief Scientific Officer (CSO) of Elicio Therapeutics (ELTX) and has served in this role since June 2023 following the Elicio–Angion merger; he previously served as Former Elicio’s CSO from January 2022 to the merger . He is 38 years old and brings 15+ years of biotechnology experience spanning oncology, immunology, and materials science, with prior affiliations at MIT’s Koch Institute/Ragon Institute, the Whitehead Institute (NIH Fellow), and Novartis Vaccines; he holds B.S. degrees in Chemical Engineering and Biochemistry (University of Maryland, 2008) and a Ph.D. in Biological Engineering (MIT, 2013) and was recognized in 2024 by PharmaVoice 100: Trailblazers and 40 Under 40 in Cancer . Compensation is structured around company and individual goals with a standard 40% target bonus; 2024 cash incentive paid at 103% of target, indicating above-target achievement versus 2024 corporate and individual goals for the CSO . Elicio’s EBITDA losses widened year over year (FY 2023: -$35.36m; FY 2024: -$44.67m), which provides context on the operating backdrop during his tenure. Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Elicio Therapeutics (post-merger) | Chief Scientific Officer | Jun 2023–present | Leads scientific strategy and pipeline post-merger integration . |
| Former Elicio | Chief Scientific Officer | Jan 2022–Jun 2023 | Drove R&D leadership pre-merger . |
| Former Elicio | Vice President of Research | Nov 2018–Jan 2022 | Scaling research programs and platform development . |
| Former Elicio | Director of Research | Aug 2017–Nov 2018 | Advanced research operations and teams . |
| Former Elicio | Scientist | Jun 2013–Aug 2017 | Early platform work; foundational research . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| MIT Koch Institute / Ragon Institute (MGH–MIT–Harvard) | Oversaw development of vaccine delivery technologies | Pre-2013 | Recognitions from NSF, ACS, Siebel; Quadrant Award (2015) . |
| Whitehead Institute | NIH Fellow | Not disclosed | Translational research experience . |
| Novartis Vaccines & Diagnostics | Research Fellow | Not disclosed | Industry translational exposure . |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus (%) | Notes |
|---|---|---|---|
| 2023 | 364,229 | 40% | 2023 bonus paid in 2024 (discretionary framework) . |
| 2024 | 460,000 | 40% | 2024 bonus paid in 2025 based on corporate + individual goals . |
| 2025 | 478,400 (effective Jan 1, 2025) | 40% | Target % unchanged . |
Performance Compensation
Annual Cash Incentive (Non-Equity Incentive Plan)
| Performance Year | Target Bonus (%) | Payout vs Target | Actual Bonus Paid ($) | Payout Basis | Paid Timing |
|---|---|---|---|---|---|
| 2023 | 40% | 90% | 138,407 | Discretionary; 2023 contributions | Mar 2024 |
| 2024 | 40% | 103% | 188,600 | 2024 corporate + individual goals | Feb 2025 |
Specific bonus metrics, weightings, and targets were not disclosed; the company references corporate and individual goals but does not itemize them for NEOs .
Equity Awards (Stock Options; time-based unless noted)
| Grant Date | Instrument | Shares | Exercise Price ($) | Vesting Schedule | Expiration |
|---|---|---|---|---|---|
| Feb 1, 2024 | Stock option | 29,800 | 4.50 | 4-year: 25% at 1st anniversary; remainder monthly over 36 months | 2/1/2034 |
| Feb 1, 2024 | Stock option | 342 | 4.50 | Fully vested at grant | 2/1/2034 |
| Sep 30, 2024 | Stock option | 29,800 | 5.03 | 2-year: 50% on 1st anniversary; 50% on 2nd anniversary | 9/30/2034 |
| Feb 2025 | Stock option | 44,400 | Not disclosed | 4-year: 25% at 1st anniversary; remainder monthly over 36 months | Not disclosed |
Outstanding awards at 12/31/2024 include legacy grants with stated strikes and expirations; key open positions (exercisable/unexercisable) for DeMuth are listed in the proxy’s Outstanding Equity Awards table (see detailed lines and footnotes) .
Equity Ownership & Alignment
| As of Mar 24, 2025 | Amount |
|---|---|
| Directly owned common shares | 381 |
| Options exercisable within 60 days | 79,530 |
| Total beneficial ownership (SEC method) | 79,911 |
| % of shares outstanding (15,936,461 o/s) | * (less than 1%) |
- Insider trading policy prohibits short sales, margin purchases, using company securities to secure loans, hedging/monetization transactions, and trading in publicly traded options; executives are subject to blackout and pre-clearance procedures .
- Clawback policy (Oct 2023) aligns incentives with restatement risk; the company will seek recovery of excess incentive compensation for covered officers in the event of a required accounting restatement, regardless of fault .
- Stock ownership guidelines for executives are not disclosed in the proxy; no pledging arrangements by DeMuth are disclosed, and the policy’s prohibition on using securities to secure loans is a backstop against pledging .
Employment Terms
| Term | Provision | DeMuth Treatment |
|---|---|---|
| Employment agreement | Former Elicio agreement entered April 2022 (effective Jan 1, 2022); provides base salary, annual performance bonus, and option grant . | Applies at hire; subsequent severance governed by 2024 Severance Plan . |
| Severance (no CIC) | Termination without Cause: cash severance equal to 9 months base salary; continuation of health benefits during the severance period . | Eligible . |
| Severance (CIC period; double-trigger) | Termination without Cause or resignation for Good Reason during CIC period: lump sum equal to 12 months base salary plus then-current target annual bonus; continuation of health benefits during CIC severance period; full vesting of all unvested equity awards at termination . | Eligible . |
| CEO special case (reference) | Outside CIC, CEO time-based equity scheduled to vest within 12 months post-termination vests in full . | Not applicable to DeMuth; included here for context . |
Performance & Track Record (Context)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| EBITDA ($USD) | -35.36m* | -44.67m* |
- 2024 EBITDA was more negative year over year, reflecting a tougher operating backdrop for R&D execution and financing conditions; this contextualizes above-target 2024 bonus outcomes (103% of target) driven by corporate and individual goals rather than profitability metrics . Values retrieved from S&P Global.*
Vesting Schedules and Potential Selling Pressure
- Upcoming cliffs: The Sep 30, 2024 grant (29,800 options) vests 50% on Sep 30, 2025 and 50% on Sep 30, 2026, creating discrete vesting events that expand sellable share capacity absent trading restrictions .
- Rolling vest: The Feb 1, 2024 grant begins vesting 25% at Feb 1, 2025 with ongoing monthly vesting thereafter; a fully vested 342-share grant (Feb 1, 2024) already contributes to exercisable supply .
- Policy mitigants: Pre-clearance, blackout windows, and prohibition of margin/hedging reduce opportunistic or leveraged selling dynamics .
Compensation Structure Analysis
- Cash vs equity mix: Base salary increased from $364,229 (2023) to $460,000 (2024) and $478,400 effective Jan 1, 2025, while equity awards (stock options) continued as the primary long-term incentive; no RSUs/PSUs were disclosed for DeMuth .
- At-risk pay: Target bonus remains at 40% of base salary; 2024 payout at 103% indicates positive assessment versus stated goals; the company did not disclose specific metric weightings .
- Equity design: Time-based stock options (mix of 4-year and 2-year schedules) emphasize retention; no evidence of option repricing or award modifications was disclosed .
- Clawback and trading policy add governance safeguards around incentive outcomes and post-vest behavior .
Data Appendix: Summary Compensation (DeMuth)
| Year | Salary ($) | Option Awards ($) | Non-Equity Incentive Comp ($) | Total ($) |
|---|---|---|---|---|
| 2024 | 460,000 | 218,071 | 188,600 | 866,671 |
| 2023 | 364,229 | — | 138,407 | 502,636 |
Investment Implications
- Alignment: Low direct ownership (381 shares) but material option exposure (79,530 options exercisable within 60 days as of Mar 24, 2025) aligns the CSO to equity value creation while limiting downside from cash outlays; prohibitions on hedging/pledging strengthen alignment quality .
- Retention: Multi-year, time-based option grants in 2024–2025 (including a two-year, 50/50 vest in 2024 and a new 4-year grant in 2025) create meaningful retention hooks through 2026–2029; 2024 grant cliffs (Sep 2025/2026) are key dates to monitor for supply unlocks .
- Pay-for-performance: Cash incentives paid at 103% of target for 2024 reflect achievement versus corporate and individual objectives despite a more negative EBITDA backdrop, signaling internal milestones are the primary drivers of variable pay (positive for R&D execution focus) . Values retrieved from S&P Global.*
- Event risk: Double-trigger CIC economics (12 months base + target bonus and full acceleration) could amplify selling pressure and dilution in a transaction context; outside CIC, severance is limited to 9 months salary for DeMuth with no equity acceleration, lowering non-transaction termination costs .
- Trading signals: Watch 10b5-1 plan adoptions, pre-clearance windows, and vesting cliffs (notably Sep 30, 2025) for potential incremental liquidity from the CSO’s equity; company policy restricts hedging and margin, reducing risk of forced selling .
References:
- 2025 DEF 14A (Apr 9, 2025): executive ages, bios, compensation, ownership, policies, severance, and outstanding awards .
- 2024 DEF 14A (Sep 27, 2024): historical ownership context and compensation framework .
EBITDA values marked with an asterisk are from S&P Global and do not include document citations. Values retrieved from S&P Global.*