Albert Agro
About Albert Agro
Albert Agro, Ph.D., is GRI Bio’s Chief Medical Officer (CMO) and co‑founder of GRI Operations, serving as CMO since April 2023; he is 61 as of June 30, 2025 and holds a Ph.D. in Immunology from McMaster University . Prior roles include CEO posts at multiple biotech firms and CMO at Cynapsus Therapeutics, highlighting deep clinical development experience across neuro and immunology . Company performance context: GRI reported negative EBITDA and net income in FY 2024 and FY 2023; see financials table below for investor context (values from S&P Global).*
Company Performance (context during tenure)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| EBITDA ($USD) | -$11.133M* | -$8.231M* |
| Net Income ($USD) | -$13.037M* | -$8.207M* |
*Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| GRI Operations | Co‑founder; CMO | 2009; CMO Aug 2017–Apr 2023 | Built immunology platform and clinical programs; led medical strategy pre‑merger |
| Sublimity Therapeutics Inc. | Chief Executive Officer | Mar 2018–Apr 2021 | Led development initiatives; CEO oversight of pipeline execution |
| Cynapsus Therapeutics, Inc. | Chief Medical Officer | Jun 2012–Sep 2016 | Directed clinical development in neurology; advanced late‑stage programs |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Jocasta Neuroscience Inc. (private) | Chief Executive Officer | Since Jun 2024 | Executive leadership in neuroscience; time allocation considerations with GRI |
| Columbia Therapeutics Inc. | President & Chief Executive Officer | Since Apr 2021 | Company leadership across therapeutic development |
| McMaster University | Assistant Professor, Pathology & Molecular Medicine | Concurrent (as of 2024) | Academic engagement; clinical/scientific credentials |
Fixed Compensation
| Year | Base Salary | Target Bonus % | Actual Bonus Paid | Notes |
|---|---|---|---|---|
| 2023 | $162,500 | 35% of base salary | $113,750 (non‑equity incentive) | Named Executive Officer (NEO) in 2023 |
| 2024 | $100,000 (reduced per Amendment No. 1 effective Jun 17, 2024) | Removed (no discretionary annual performance bonus post‑amendment) | Not disclosed for Agro | Employment agreement can be terminated by either party with 30 days’ notice |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Annual performance bonus (2023) | Not disclosed | 35% of base salary | Not disclosed (pre‑established objectives, company cites performance objectives generally) | $113,750 | Cash (non‑equity incentive) |
| Annual performance bonus (2024 onward) | N/A | N/A | N/A | None (removed by amendment) | N/A |
The plan’s defined performance objectives include net income, revenue, EBITDA, margin, cash flow, ROA/ROIC, TSR, regulatory milestones, market share, financing, etc., but specific metrics used for Agro’s 2023 payout are not disclosed .
Equity Ownership & Alignment
| Date / Measure | Shares Owned | Options Exercisable (≤60 days) | Options Unexercisable | Ownership % |
|---|---|---|---|---|
| Aug 1, 2024 (beneficial ownership table) | 1,891 shares | — | — | <1% (group table shows executives <1%) |
| Jun 30, 2025 (beneficial ownership table) | 111 shares | — | — | <1% (not individually listed; group <1%) |
Additional alignment considerations:
- No outstanding option or stock awards as of Dec 31, 2023 for Agro .
- 2025 option grants were awarded to CEO, CFO, and CSO; Agro is not listed among 2025 grant recipients .
- Plan terms restrict pledging of restricted shares during restriction periods; no executive pledging disclosures for Agro are provided .
Employment Terms
| Term | Provision | Detail |
|---|---|---|
| Employment start date | July 1, 2023 | Signed employment agreement; initial annual base salary $325,000 (superseded by later amendment) |
| Amendment No. 1 | Salary reduction & bonus removal | Annual base salary reduced to $100,000 effective Jun 17, 2024; discretionary annual bonus removed |
| Termination | Notice | Either party may terminate with 30 days’ prior written notice |
| Severance | None | If terminated for any reason, payment limited to earned base salary through termination date and unreimbursed business expenses; no severance multiplier |
| Change‑of‑control | None specified | No CoC multiple or accelerated vesting benefits disclosed for Agro; CoC provisions disclosed for other NEOs (CEO, CFO, CSO) but explicitly not for Agro |
| Restrictive covenants | Non‑compete & non‑solicit | Included for named executive officers other than CEO; applies to Agro |
| Deferred comp / pension / SERP | None | No deferred compensation or defined benefit plans maintained |
| Clawbacks / gross‑ups | Not disclosed | No clawback program or tax gross‑ups disclosed for Agro |
Compensation Committee Analysis
- Committee members: David Szekeres and Camilla V. Simpson (chair); both independent under SEC and Nasdaq rules .
- Independent consultant: Anderson Pay Advisors engaged in 2024; committee assessed independence and found no conflicts .
- Committee administers A&R 2018 Plan and oversees executive compensation structures .
Risk Indicators & Red Flags
- Compensation compression: Salary reduced to $100,000 in mid‑2024; bonus eligibility removed—reduces at‑risk pay and potential alignment via performance incentives .
- Minimal equity exposure: No options outstanding in 2023; 2025 grants did not include Agro; beneficial ownership fell from 1,891 shares (2024) to 111 shares (2025), implying very low skin‑in‑the‑game currently .
- Retention risk: No severance or change‑of‑control protections; employment terminable on 30‑day notice; presence of non‑compete/non‑solicit may limit mobility but could elevate voluntary departure risk if external opportunities are attractive .
- External time commitments: CEO roles at Jocasta Neuroscience since June 2024 and at Columbia Therapeutics since April 2021 may introduce time‑allocation conflicts versus GRI CMO responsibilities .
Investment Implications
- Alignment: Removal of bonus and limited equity holdings weaken pay‑for‑performance alignment; lack of pledging hedges is positive, but near‑zero ownership dilutes incentive symmetry .
- Retention: No severance or CoC benefits materially increase exit flexibility; 30‑day terminable contract elevates retention risk despite restrictive covenants .
- Execution risk: Multiple concurrent CEO roles could diffuse focus on GRI’s clinical milestones; investors should monitor disclosure around execution timelines and trial progress .
- Trading signals: Absence of ongoing vesting and lack of insider options reduces