Christine Zedelmayer
EquilliumAbout Christine Zedelmayer
Christine Zedelmayer, age 55, is Chief Operating Officer of Equillium (EQ) since January 2020, after serving as Vice President of Operations from February 2018 to December 2019. She holds a B.S. in Electrical Engineering from San Diego State University and an MBA (Finance) from California Lutheran University. Prior roles include senior operational and investor relations leadership at Amylin Pharmaceuticals (2003–2012) and earlier engineering/program management positions at Amgen, Ligand Pharmaceuticals, and Hybritech. She currently serves as a strategic advisor to the Office of Economic Development at the University of Nevada, Las Vegas .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Equillium | Vice President, Operations | 2018–2019 | Built operating cadence pre-IPO/post-IPO and supported clinical portfolio execution |
| Amylin Pharmaceuticals | Senior Director, Alliance Management; Executive Director, Investor Relations | 2003–2012 | Led global collaboration with Eli Lilly; investor relations leadership during commercial scale-up |
| Centerra Consulting (life sciences) | Owner/Principal Consultant | 2012–2018 | Led strategic business development projects; IR for multiple medtech companies |
| Amgen; Ligand Pharmaceuticals; Hybritech | Engineering/Program Management | Not disclosed | Technical and program leadership in biopharma diagnostics/therapeutics |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| University of Nevada, Las Vegas – Office of Economic Development | Strategic Advisor | Current | Advises on economic development initiatives; network access in innovation ecosystems |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $401,250 | $415,300 |
| Target Bonus (% of salary) | 40% | 40% |
| Actual Cash Bonus Paid ($) | $152,475 | $0 (paid none to conserve cash) |
| Option Awards (Grant-Date Fair Value, $) | $231,781 | $90,937 |
Performance Compensation
| Metric/Goal (2024) | Weighting | Target | Actual | Payout | Vesting/Notes |
|---|---|---|---|---|---|
| Deliver interim Phase 3 EQUATOR data to Ono (100 pts) | 50% | Interim analysis delivered in Aug 2024 | Achieved | $0 cash bonus despite 100% achievement | Options vest 25% at 1-year, remainder monthly; CoC double-trigger acceleration |
| Deliver final EQUALISE package to Ono | 20% | Data package delivered Mar 2024 | Achieved | $0 cash bonus | See plan terms |
| Alopecia Areata topline data | 10% | Announce topline | Achieved (Jun 2024) | $0 cash bonus | — |
| EQ302 in vitro/in vivo characterization by Q2 | 5% | Complete | Achieved | $0 cash bonus | — |
| Identify EQ302 formulations | 5% | Complete | Achieved | $0 cash bonus | — |
| Strategic transaction (in-license/acquire asset OR outbound funding transaction) | 10% | One of two alternatives | Achieved (Ariagen acquisition in Q4 2024) | $0 cash bonus | — |
| Total | 100% | — | 100% achieved | $0 cash payout (cash conservation) | Equity incentives unchanged |
Additional equity grants and terms:
- 175,000 stock options granted Jan 2, 2024 at $0.7343, standard 4-year vest; full acceleration upon termination without cause or resignation for good reason within 12 months post-change-in-control (double-trigger) .
- 175,000 stock options granted Jan 3, 2023; all pre-Aug 14, 2023 options were repriced to $0.785 (see “Option Repricings”) .
Equity Ownership & Alignment
| Ownership Item | Detail |
|---|---|
| Total Beneficial Ownership | 652,189 shares (1.8% of outstanding) |
| Direct/Common Shares Held | 135,246 |
| Options Exercisable within 60 Days | 516,943 |
| Hedging/Pledging | Prohibited by insider trading policy; no hedging or pledging allowed |
| Stock Ownership Guidelines | Not disclosed for executives |
Outstanding Options (as of Dec 31, 2024):
| Grant Date | Exercisable (#) | Unexercisable (#) | Exercise Price ($) | Expiration |
|---|---|---|---|---|
| 09/13/2018 | 35,695 | — | 0.785 | 09/12/2028 |
| 02/13/2019 | 41,666 | — | 0.785 | 02/12/2029 |
| 12/10/2019 | 75,000 | — | 0.785 | 12/09/2029 |
| 01/04/2021 | 97,916 | 2,084 | 0.785 | 01/03/2031 |
| 01/19/2022 | 91,145 | 33,855 | 0.785 | 01/18/2032 |
| 01/03/2023 | 83,854 | 91,146 | 0.785 | 01/02/2033 |
| 01/02/2024 | — | 175,000 | 0.7343 | 01/01/2034 |
Trading Arrangements (Rule 10b5-1 plans):
| Action | Date | Shares to be Sold | Expiration | Notes |
|---|---|---|---|---|
| Termination | May 9, 2025 | 596,877 | July 19, 2025 | Termination of plan adopted Dec 12, 2023 |
| Adoption | Aug 27, 2025 | 801,173 | Aug 27, 2026 | New 10b5-1 plan adopted; intended to satisfy Rule 10b5-1(c) |
Option Repricings (shareholder alignment consideration):
- January 2023 option grants (including 175,000 to Zedelmayer) initially at $1.06 were repriced in August 2023 to $0.785; exercise prior to the end of the retention period requires paying a premium equivalent to the original exercise price . 2023 compensation expense reflects repricing impact .
Employment Terms
| Scenario | Cash Severance | COBRA | Bonus | Equity Acceleration |
|---|---|---|---|---|
| Termination without cause (no change-in-control) | 6 months’ base salary | 6 months premiums (or until eligible elsewhere) | None | None (standard plan terms apply) |
| Termination without cause within 1 month before or 12 months after change-in-control | 12 months’ base salary | 12 months premiums (or until eligible elsewhere) | Target annual bonus (one year) | Full acceleration of all outstanding options (double-trigger) |
| Single-trigger benefits (CoC only) | Not provided (no single-trigger CoC benefits) | — | — | Awards may be assumed/cashed/accelerated at plan administrator discretion; no automatic acceleration absent terms |
Additional governance and policy terms:
- Clawback policy maintained; no tax gross-ups; no guaranteed bonuses; no hedging/pledging .
- Equity plan permits plan administrator to assume, cash out, or accelerate awards in transactions/change-in-control scenarios; repricing/cancellations permissible with participant consent, subject to stockholder approval for material amendments .
Investment Implications
- Selling pressure signal: Two sizable Rule 10b5-1 plans (596,877 shares terminated in May 2025; new 801,173-share plan adopted Aug 2025) suggest structured liquidity over 2025–2026; monitor Form 4s and execution pace for overhang effects .
- Alignment vs. shareholder-friendly practices: Zedelmayer’s 1.8% beneficial ownership, including 516,943 near-term exercisable options, indicates meaningful skin-in-the-game; however, the August 2023 option repricing to $0.785 is a governance red flag that dilutes performance risk, partially offset by retention-related premium if exercised early .
- Cash discipline and retention risk: Despite 100% corporate goal achievement, 2024 bonuses were not paid to conserve cash, which underscores prudent liquidity management but can elevate retention risk; equity awards remain primary incentive lever .
- Change-in-control economics: Double-trigger protection (12 months’ salary, target bonus, COBRA, full option acceleration) is standard biotech market practice; absence of single-trigger benefits and tax gross-ups is shareholder-friendly .