Inderpal Singh
About Inderpal Singh
Inderpal Singh is General Counsel of Immunic, Inc., serving since June 2021; he is 59 years old and brings 20+ years of global biopharma legal leadership across Pfizer, Biogen, Merck KGaA, and Sandoz . He holds a law specialization from Johannes-Gutenberg University (Mainz) and executive MBAs from the University of Mannheim and INSEAD; he was named as a designated company proxy alongside the CFO, reflecting governance trust and responsibility . Company performance over his tenure shows depressed TSR and losses typical of clinical-stage biotech: value of a $100 investment in Immunic fell to $6.54 in 2024 (from $9.81 in 2023 and $9.16 in 2022), while net income remained negative (−$100.5m in 2024, −$93.6m in 2023, −$120.4m in 2022) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Sandoz International GmbH | Global Legal Head of Biopharma | 2018–2021 | Led legal for biopharma across development, regulatory, medical, commercial, BD, alliances, and market access |
| Merck KGaA | Global Legal Head, Global Manufacturing and Supply; Regional Counsel MEA, CIS & Turkey | 2015–2017 | Oversight of manufacturing/supply legal and regional commercial legal strategies |
| Biogen Idec International GmbH | Legal Director (Europe) | 2013–2015 | Supported European operations and compliance for innovator biotech |
| Pfizer Deutschland GmbH / Pfizer Inc. | Senior legal positions | ~15 years (dates not disclosed) | Progressive corporate/commercial legal leadership in large-cap pharma |
External Roles
No public company or nonprofit board roles disclosed for Mr. Singh in company filings .
Fixed Compensation
- Not disclosed: Mr. Singh is not a named executive officer (NEO), and the proxy’s Summary Compensation Table covers CEO, Executive Chairman, CMO, CFO, and COO only .
Performance Compensation
- Equity option repricing program (approved at the March 4, 2024 special meeting): Mr. Singh held 180,000 “Eligible Options” with a weighted average exercise price of $12.2228 and a weighted average remaining term of 7.63 years; repriced options were set to a new exercise price equal to the greater of $1.72 or 110% of closing price on the Repricing Date (other terms unchanged) to address retention and competitiveness .
- Standard vesting mechanics at Immunic (illustrative from NEO disclosures): options typically vest 25% at first anniversary and then in monthly installments over the following 36 months, supporting retention and long-term alignment (company-wide pattern) .
| Equity Incentive Detail | 2022 | 2023 | 2024 |
|---|---|---|---|
| Company TSR – $100 Investment (Value at Year End) | $9.16 | $9.81 | $6.54 |
| Company Net Income ($USD Millions) | −$120.4 | −$93.6 | −$100.5 |
| Singh Eligible Options (Count) | — | — | 180,000 |
| Singh Eligible Options – Wtd Avg Exercise Price ($) | — | — | $12.2228 |
| Singh Eligible Options – Wtd Avg Remaining Term (Years) | — | — | 7.63 |
| Repricing Design – New Exercise Price ($) | — | — | ≥$1.72 or 110% of closing price |
Equity Ownership & Alignment
- Options: 180,000 options subject to the 2024 repricing (see above), enhancing potential alignment if the stock recovers .
- Hedging/derivatives: Company insider trading policy prohibits officers from engaging in publicly-traded options and other derivative transactions, including hedging designed to reduce risk of holding company securities, improving alignment with shareholders .
- Pledging: No specific pledging disclosures for Mr. Singh; policy language focuses on prohibiting derivatives/hedging rather than pledging collateral .
- Clawback: Immunic adopted an exchange-listing-compliant compensation recovery policy effective October 2, 2023, covering incentive-based compensation for current/former executive officers upon a restatement, regardless of fault .
Employment Terms
- Role and tenure: General Counsel; joined June 2021 (4+ years as of the April 22, 2025 proxy) .
- Governance standing: Designated proxy holder for shareholder meetings (with CFO), indicating seniority and trust in corporate governance processes .
- Non-compete/non-solicit: Not separately disclosed for Mr. Singh; Immunic references general confidentiality/ethics governance frameworks and policies in filings .
Compensation Structure Analysis
- Equity-heavy retention strategy: 2024 special meeting repricing targeted underwater options for employees, directors, and executive officers, including Mr. Singh (180k options), signaling reliance on options rather than cash to retain talent in a volatile biotech market .
- Share pool increases: Omnibus equity plan expanded twice (to 19,448,871 shares in March 2024 and to 26,448,871 in June 2025), supporting broad-based equity incentives but contributing to potential dilution .
Compensation Peer Group and Process
- The Compensation Committee engages Aon as independent consultant for executive and director pay benchmarking and practices; committee independently sets goals, evaluates performance, and oversees compensation risk .
Say‑on‑Pay & Shareholder Feedback
| Meeting | Proposal | For | Against | Abstain |
|---|---|---|---|---|
| June 11, 2024 Annual Meeting | Advisory approval of NEO compensation | 47,604,179 | 2,218,350 | 59,604 |
Strong support suggests investor acceptance of Immunic’s pay practices amid equity plan expansions and option repricing .
Risk Indicators & Red Flags
- Option repricing of underwater awards (2024): A retention tool but often viewed as a governance red flag without performance reconditioning; Immunic justified it on competitiveness grounds and used a premium exercise price (≥$1.72) to balance incentives .
- Ongoing dilution authorization: Increases to equity plan share reserves in 2024 and 2025 expand potential dilution; watch grant intensity and burn rates .
- Negative net income trend: Persistent losses inherent to clinical-stage biotech elevate capital needs and dilution risk, impacting realized value of equity awards .
Investment Implications
- Alignment: Singh’s equity exposure (180k options) and prohibition on hedging support alignment; the 2024 repricing enhances potential motivational value if the stock rebounds .
- Retention: Company-wide repricing and expanded share pools point to equity-centric retention; this reduces near-term cash burn but raises dilution sensitivity—monitor grant pacing and future share increases .
- Governance quality: Strong say‑on‑pay support and formal clawback policy are positives; however, repricing is a governance tradeoff that should be weighed against execution progress in Phase 3 programs and capital strategy .