Mallory Morales
About Mallory Morales
Mallory Morales is Immuneering’s Chief Accounting Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer), serving in this role since July 2023; she previously held VP Finance roles at the company starting May 2021. She is a CPA with an undergraduate degree in Accounting and Business from SUNY Albany, and has led external reporting, integration and budgeting functions across biopharma and consumer sectors . As PFO/PAO, she provides SOX 302/906 certifications on IMRX’s 10-K and 10-Q filings . Company performance remains pre-revenue and loss-making: FY 2023 net loss was $53.5M; FY 2024 net loss was $61.0M* .
Principal Financial/Accounting Officer signatory on SEC certifications (10-K and 10-Q) .
Company Performance (context)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Net Income - (IS) ($USD) | -$53,471,622 | -$61,036,608* |
*Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Immuneering Corporation | VP Finance; VP Finance & Treasurer; Chief Accounting Officer & Treasurer | May 2021–Jul 2023 (VP); Aug 2022–Jun 2023 (VP Finance & Treasurer); since Jul 2023 (CAO & Treasurer) | Built finance function; led treasury and accounting; stepped into PFO/PAO role and SEC reporting |
| Gilead Sciences | Strategic Finance Business Partner | Oct 2020–May 2021 | Oversaw integration of Immunomedics R&D org post-acquisition |
| Immunomedics | Director & Assistant Controller | Apr 2018–Oct 2020 | Directed annual operating budget, forecasting, and business planning |
| L’Oréal S.A. | Director of Finance & Global Brand Controller (Professional Products Division) | May 2014–Apr 2018 | Managed global finance/accounting across brand portfolio |
| PricewaterhouseCoopers | Auditor (early career) | Not disclosed (early career) | CPA foundation; external audit and controls experience |
External Roles
- No public company board roles or external directorships disclosed for Morales .
Fixed Compensation
| Item | Amount/Terms | Effective Date | Source |
|---|---|---|---|
| Base Salary | $280,000 initial base under IPO-triggered employment agreement | Jul 23, 2021 (effective upon IPO) | |
| Base Salary | Increased to $348,000 (promotion to CAO) | Jul 1, 2023 | |
| Target Bonus % | 30% (initial) of base salary | Jul 23, 2021 | |
| Target Bonus % | Increased to 35% (promotion) | Jul 1, 2023 (blended for 2023) |
Notes:
- Eligible for employee benefit plans and business expense reimbursement per agreement .
- Executive employment is at-will; agreement term is indefinite until terminated per the agreement .
Performance Compensation
| Incentive Type | Metric | Target/Weighting | Actual/Payout | Vesting | Source |
|---|---|---|---|---|---|
| Annual Cash Bonus | Board-determined performance goals | Target bonus: 30% (initial), 35% (post-promotion) | Not disclosed | N/A | |
| Stock Options | Equity value creation/retention | 15,000 options (inducement with promotion) | Grant-date fair value not disclosed | Standard monthly vest over 4 years |
Additional plan features (general):
- Options under 2021 Incentive Award Plan; equity award vesting/forfeiture governed by plan and award agreements .
- Company-wide share-based compensation expense recognized quarterly; Q3 2025 total was $1.456M (R&D $602k; G&A $854k) .
Equity Ownership & Alignment
| Item | Detail | Source |
|---|---|---|
| Beneficial Ownership (shares) | Not disclosed for Morales in 2025 proxy’s ownership table (NEOs listed were CEO, CSO, CLO) | |
| Outstanding Awards (FYE 2024 table) | Morales not listed among NEOs; option details for Morales come from promotion letter (15,000 options) | |
| Hedging Policy | Directors/officers/employees prohibited from hedging company stock (e.g., collars, swaps, forwards, exchange funds) | |
| Clawback Policy | Nasdaq/Exchange Act 10D-1 compliant clawback adopted in 2023; recovery of erroneously received incentive comp for 3 years preceding restatement | |
| Pledging | No pledging disclosure found; policy excerpt covers hedging, not pledging | |
| Stock Ownership Guidelines | Not disclosed in proxy excerpts reviewed |
Company-level option activity (context, not Morales-specific):
- Options outstanding Sep 30, 2025: 8,326,193 (WAEP $3.81; WARM 7.36 yrs); vested/exercisable: 4,996,711; intrinsic value $29.5M .
Employment Terms
| Provision | Key Terms | Source |
|---|---|---|
| At-Will | Employment is at-will; terminable by either party at any time per agreement | |
| Base & Bonus | Initial base $280,000 and target bonus 30%; revised to $348,000 base and 35% target bonus at promotion | |
| Severance (Non-CIC) | Upon termination without Cause or resignation with Good Reason: salary continuation for 12 months (1.0x base), prior-year earned bonus if unpaid, and COBRA premium support (net of active-employee share) during severance period, subject to release and covenants | |
| Severance (Change in Control) | If terminated without Cause or resign for Good Reason within 12 months post-CIC: 0.75x base paid over 9 months, 0.75x target bonus lump sum, COBRA support during CIC severance period, and immediate 100% vesting of time-based equity; subject to release and covenants | |
| Good Reason definition | Reduction in base or target bonus; relocation >25 miles; material company breach; notice/cure requirements apply | |
| Restrictive Covenants | Separate Proprietary Information & Inventions Assignment Agreement incorporated; survival post-termination; specific non-compete duration not disclosed in cited excerpts |
Investment Implications
- Alignment and retention: Morales’ compensation mix is cash plus time-based options; promotion-linked 15,000 option grant with monthly vesting suggests steady vesting rather than lumpy cliffs, moderating near-term sell pressure . Anti-hedging and clawback policies strengthen alignment and governance .
- Severance/CIC economics: Non-CIC severance of 1.0x base plus COBRA, and CIC package of 0.75x base and 0.75x target bonus with time-based equity acceleration indicate moderate protection; double-trigger structure (termination + CIC window) reduces retention risk in strategic transactions .
- Execution risk: As PFO/PAO signatory, Morales is central to disclosure controls and financial reporting integrity (SOX 302/906). Continued losses and pre-revenue status increase financing and dilution risk; strong controls are critical for capital markets credibility .