Pratik Multani
About Pratik S. Multani, M.D.
Independent Class III director since July 2018; age 58. Chief Medical Officer of ORIC Pharmaceuticals, Inc. (public oncology company) since September 2018; prior CMO roles at Ignyta (2015–2018) and Fate Therapeutics (2009–2015). Education: M.D. (Harvard), M.S. in epidemiology (Harvard School of Public Health), B.S. in chemistry/biology (Yale). Also serves on the board of Chimerix, Inc. (public biopharma) since February 2020 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| ORIC Pharmaceuticals, Inc. | Chief Medical Officer | Sep 2018–present | Senior executive leading oncology development |
| Ignyta, Inc. | Chief Medical Officer | 2015–Feb 2018 | Led precision oncology programs through acquisition by Roche |
| Fate Therapeutics, Inc. | Chief Medical Officer | 2009–2015 | CMO at cell therapy biopharma |
| Kalypsys, Inc. | Vice President, Clinical Development | Prior to 2009 | Clinical development leadership |
| Kanisa Pharmaceuticals, Inc. | SVP Clinical Development & CMO | Prior to 2009 | Clinical strategy leadership |
| Harvard Medical School / MGH | Academic & Clinical (BMT unit) | Prior roles | Oncology/hematology clinical practice |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Chimerix, Inc. (NASDAQ: CMRX) | Director | Feb 2020–present | Public company board experience |
| ORIC Pharmaceuticals, Inc. (NASDAQ: ORIC) | Chief Medical Officer | Sep 2018–present | Executive role; potential industry overlap |
Board Governance
- Independence: Board determined Dr. Multani is independent under Nasdaq rules; only Lim and Varney are non-independent .
- Board class/term: Class III; current term expires at the 2027 annual meeting .
- Committee assignments: Member, Nominating and Corporate Governance Committee (Chair: Valerie Harding-Start; members: James Bristol, Pratik Multani). All members independent .
- Attendance: In 2024 the Board met 6 times; each director attended at least 75% of Board and committee meetings. In 2023 the Board met 7 times; each director attended at least 75% .
- Lead Independent Director structure: Role established; responsibilities include presiding over executive sessions, agenda feedback, liaison to CEO; current LID is James Bristol (elected July 2023) .
Fixed Compensation
| Component | 2023 | 2024 |
|---|---|---|
| Annual cash retainer | $40,000 (program terms) | $40,000 (program terms) |
| Committee membership fee (Nominating & Corporate Governance) | $4,000 (program terms) | $4,000 (program terms) |
| Cash fees earned (reported) | $44,000 | $44,000 |
Notes:
- Program also pays chair retainers: Audit $15,000; Compensation $10,000 (raised to $12,000 for 2025); Nominating $8,000 (raised to $10,000 for 2025). Members: Audit $7,500; Compensation $5,000 (raised to $6,000 for 2025); Nominating $4,000 (raised to $5,000 for 2025) .
Performance Compensation
| Award | Grant Size (Program Terms) | Vesting | 2023 Option Awards ($) | 2024 Option Awards ($) |
|---|---|---|---|---|
| Initial director stock options | 120,000 shares (raised to 240,000 for 2025) | Vest over 3 years | — | — |
| Annual director stock options | 60,000 shares (raised to 120,000 for 2025) | Vest on first anniversary or next annual meeting | $112,542 | $90,700 (includes $4,834 incremental value from electing options in lieu of cash retainer) |
| Elect equity in lieu of cash retainer | Optional; options granted Jan 1; value equals cash retainer using Black-Scholes; vest monthly over 12 months | Monthly over 12 months | See above | See above |
Additional data:
- Options outstanding at 12/31/2024 (director total): 213,701 for Dr. Multani .
Other Directorships & Interlocks
| Company | Relationship to ERAS | Risk/Overlap |
|---|---|---|
| Chimerix, Inc. | External public company directorship | Same sector (biopharma); no ERAS related-party transactions disclosed |
| ORIC Pharmaceuticals, Inc. | Executive (CMO) | Oncology overlap with ERAS; independence affirmed; no ERAS related-party transactions disclosed |
Expertise & Qualifications
- Oncology/hematology clinical expertise; executive leadership across drug development (Ignyta, Fate, ORIC) .
- Board skills matrix indicates corporate governance expertise among ERAS directors, including Multani .
- Education: Harvard M.D.; Harvard School of Public Health M.S. (epidemiology); Yale B.S. (chemistry/biology) .
Equity Ownership
| Metric | 2024 (as of Apr 15, 2024) | 2025 (as of Apr 15, 2025) |
|---|---|---|
| Total beneficial ownership (shares) | 247,394 | |
| Ownership % of outstanding | <1% (*) | |
| Common shares owned | 172,866 | |
| Options exercisable within 60 days | 74,528 | |
| Total beneficial ownership (shares) | 326,567 | |
| Ownership % of outstanding | <1% (*) | |
| Common shares owned | 172,866 | |
| Options exercisable within 60 days | 153,701 |
(*) Less than 1% as disclosed .
Alignment policies:
- ERAS prohibits pledging and hedging of company stock by directors/officers; also prohibits margin purchases, short sales, and derivatives in ERAS stock .
Governance Assessment
- Board effectiveness: Independent director with deep oncology development expertise; active on Nominating & Corporate Governance Committee, supporting board composition and ESG oversight .
- Independence & attendance: Independence affirmed; attendance at least 75% in both 2023 and 2024, meeting ERAS standards .
- Compensation mix & alignment: Cash retainer modest; majority of director pay via time-based stock options (annual and initial grants), with optional election to receive retainer as options, which strengthens alignment but lacks performance-tied metrics (standard for directors) .
- Ownership: Beneficial ownership increased from ~247K to ~327K shares including exercisable options; absolute ownership remains <1% of outstanding—alignment present but not a large personal stake .
- Conflicts/related-party exposure: Current CMO role at ORIC and directorship at Chimerix create potential industry overlap; ERAS discloses no related-party transactions with Dr. Multani and maintains policies for reviewing any such transactions. Insider trading policy prohibits pledging/hedging, mitigating misalignment risks. No specific conflicts disclosed; monitor for any future transactions or competitive overlaps .
RED FLAGS: None disclosed specific to Dr. Multani. Watch items include external CMO responsibilities (time commitment) and sector overlap (ORIC/Chimerix) for potential future conflicts; independence currently affirmed and no related-party transactions reported .