Hella Kohlhof
About Hella Kohlhof
Dr. Hella Kohlhof, age 52, is Chief Scientific Officer at Immunic, Inc. and joined the company in 2017; she holds a Doctorate in Biology from Ludwig Maximilians University of Munich and previously led translational pharmacology and development portfolios at 4SC AG . As CSO, she currently also serves as managing director of Immunic Research GmbH and Constanze Investment GmbH . Company performance context during her tenure: Immunic’s cumulative TSR (value of $100 investment) declined from $9.16 in 2022 to $6.54 in 2024, and net income remained negative over 2022–2024; the company’s lead program (vidofludimus calcium) is in phase 3 for relapsing multiple sclerosis with top-line data expected by end of 2026 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| 4SC AG | Research scientist and group leader; established translational pharmacology lab | 2008 | Built translational pharmacology capability; contributed to preclinical/clinical projects including IMU-838 and IMU-366 |
| 4SC AG | Management and development lead for epigenetic clinical-stage inhibitor 4SC-202 | 2011 onward | Led clinical-stage program management (epigenetics) |
| 4SC AG | Director of Development Projects | Early 2015 | Took responsibility for the complete development portfolio |
| Immunic, Inc. | Chief Scientific Officer | Since 2017 | Drug development, translational pharmacology, clinical trial design, biomarker development |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Immunic Research GmbH | Managing Director | Current | Leadership of German subsidiary operations |
| Constanze Investment GmbH | Managing Director | Current | Oversight of a German limited liability company |
Fixed Compensation
| Component | Value | Notes |
|---|---|---|
| Base Salary (EUR) | EUR 403,375 | Paid in 12 equal monthly installments; no overtime/holiday pay |
| Target Bonus % | 40% of base | Annual variable remuneration tied to defined targets |
| Target Bonus (EUR) | EUR 161,350 at 100% target achievement | Targets set annually in a framework agreement (“Rahmenvertrag zur Zielvereinbarung”) |
| Health/Care Insurance Contributions | 50% of contributions up to statutory employer maximum | Paid monthly; income tax on these payments borne by the Board Member |
| Place of Work | Gräfelfing | Flexible work location subject to business needs |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Annual variable remuneration | Defined annually per framework agreement | Up to EUR 161,350 at 100% target (40% of base) | Not disclosed | Not disclosed | Cash; equity awards not specified under this clause |
Note: Compensation metrics (revenue/EBITDA/TSR/ESG) are not enumerated in the disclosed agreement; targets and weighting are set each year via a framework agreement .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Equity awards outstanding | Not disclosed in proxy/agreements for Dr. Kohlhof; NEO equity tables exclude her |
| Accelerated vesting terms | Accelerated vesting of stock options upon termination under specified circumstances and one-year post-termination exercise period (per Fifth Addendum) |
| Hedging policy | Company prohibits directors, officers, and employees from engaging in hedging/derivative transactions on company securities |
| Pledging | No pledging disclosure identified for Dr. Kohlhof |
| Stock ownership guidelines | Not disclosed for Dr. Kohlhof |
Employment Terms
| Term | Detail |
|---|---|
| Appointment/role | Reappointed to Immunic AG Management Board (scientific management/CSO) for 1/1/2024–12/31/2026; prior service agreements replaced by new service contract for this term |
| Employment start at Immunic | Joined Immunic in 2017 as CSO |
| Non-compete | Subject to Section 88 AktG; no participation in competitors or companies with business ties to Immunic without Supervisory Board consent (portfolio investments exempt) |
| Side activities | Paid secondary roles (e.g., board/advisory) require prior consent; existing mandates listed in annex permitted to continue |
| Change-of-control economics | If >50% share acquisition or economically comparable transaction occurs and company terminates without “serious cause,” severance equals base remuneration for remaining term (minimum 18 months assumed) plus 100% of variable bonus for year of departure; payable in full with month-end salary; includes special termination rights for the executive |
| Severance/accelerated equity | Accelerated vesting of stock options upon termination under specified circumstances; one-year exercise period post-termination (subject to conditions) |
| Clawback | Company clawback policy (effective Oct 2, 2023) recovers incentive-based compensation of current/former executive officers upon accounting restatement; supersedes prior policy |
Performance & Track Record
| Measure | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Company TSR ($ value of $100 investment) | $9.16 | $9.81 | $6.54 |
| Net Income (USD millions) | $(120.4) | $(93.6) | $(100.5) |
Pipeline context: vidofludimus calcium (IMU-838) is in phase 3 for relapsing multiple sclerosis; top-line data expected by end of 2026 .
Investment Implications
- Pay-for-performance alignment: Fixed cash compensation is moderate with a significant at-risk cash bonus (40% of base) determined annually via targets; the presence of a Nasdaq-compliant clawback policy strengthens incentives tied to accurate financial reporting .
- Retention vs. change-of-control risk: The German-service agreement’s severance mechanics (remaining-term base salary, minimum 18 months, plus 100% of variable bonus) and accelerated option vesting create strong retention under normal operations but could represent meaningful golden-parachute costs and potential post-termination selling pressure in a transaction scenario .
- Alignment and trading signals: Hedging is prohibited, improving alignment; however, lack of disclosed beneficial ownership or option holdings for Dr. Kohlhof limits visibility into skin-in-the-game and potential selling pressure windows, placing more weight on monitoring future Form 4 filings and equity grant disclosures .
- Execution risk context: Company-level TSR deterioration and persistent losses underscore reliance on successful late-stage execution for IMU-838; CSO continuity and experience in clinical-stage development help mitigate scientific risk but do not eliminate financing and regulatory milestones’ impact on equity compensation value and insider liquidity dynamics .