Patrick Walsh
About Patrick Walsh
Patrick Walsh is Chief Business Officer at Immunic, Inc., having joined in October 2021 following a VP Business Development role at Akebia Therapeutics (2015–2021) where he completed partnerships, in-licenses, non‑dilutive financings, and a merger. He holds an M.S. in molecular, cellular and developmental biology and an MBA from the University of Michigan, and a B.A. in biology and economics from Colby College; he was 42 as of April 22, 2025 and is listed among executive officers in the company’s proxy. During his tenure, Walsh’s remit centers on BD execution to support the pipeline, alongside corporate collaboration on launch preparation for vidofludimus calcium; quantitative pay-for-performance metrics (TSR/revenue/EBITDA) tied to his compensation were not disclosed.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Akebia Therapeutics | Vice President, Business Development | 2015–2021 | Completed partnerships, in‑licenses, non‑dilutive financings, and a merger |
| AVEO Oncology | Corporate Development | Not disclosed | Worked across all aspects of BD |
| Capgemini | Consultant to life science companies | Not disclosed | Strategy/operations advisory experience |
| Leerink Partners | Healthcare investment banking team | Not disclosed | Transactional finance experience |
External Roles
No public company directorships or external board/committee roles for Walsh are disclosed in the 2024–2025 DEF 14A executive officer biographies.
Fixed Compensation
- Walsh is not a named executive officer (NEO) in IMUX’s 2024–2025 proxies; base salary, target bonus %, and actual bonus paid are not disclosed.
Performance Compensation
- Annual bonus framework: Compensation Committee considers corporate and individual goals for executive officers; specific metrics, targets, weightings, and payout formulas for Walsh were not detailed.
- Equity award types available under IMUX’s plan include options, RSUs, performance shares/units, deferred stock, bonus shares, and dividend equivalents; Walsh’s specific 2024–2025 grants were not itemized in the proxy tables.
Equity Ownership & Alignment
| Metric | Date | Value | Notes |
|---|---|---|---|
| Eligible stock options (shares) | Jan 18, 2024 | 150,000 | Included in “Eligible Option Holders” for option repricing proposal |
| Weighted avg. exercise price ($/sh) | Jan 18, 2024 | $8.3693 | As of eligibility snapshot |
| Weighted avg. remaining term (years) | Jan 18, 2024 | 7.85 | As of eligibility snapshot |
- Standard option vesting schedule disclosed for NEOs: 25% at first anniversary, then monthly over the following 36 months (indicative of company practice).
- Hedging prohibited: Insider trading policy bars hedging/derivative transactions in company securities for all directors, officers, and employees.
- Pledging restrictions: Awards under the 2019 Omnibus Equity Incentive Plan may not be assigned or pledged prior to settlement; limited family transfers may be permitted.
- Beneficial ownership: Walsh not separately enumerated; as of March 31, 2025, all directors and executive officers as a group held 4,189,628 shares (4.6%).
Employment Terms
- Specific employment agreement/offer letter terms for Walsh (base pay, severance, change‑of‑control) are not disclosed in 2024–2025 proxies or Item 5.02 8‑K filings reviewed.
- Plan-level mechanics: In a Corporate Transaction, unvested awards may be cancelled unless assumed/replaced; vested awards may be exercisable within a window or cashed out; certain optionees (including NEOs) are eligible for full vesting acceleration upon termination other than for “cause” per stock option agreements under the plan.
- Clawback: Nasdaq‑aligned compensation recovery policy (effective Oct 2, 2023) applies to executive officers, enabling recovery of incentive-based compensation upon accounting restatements, irrespective of fault.
Investment Implications
- Alignment levers: Walsh’s incentives appear equity-heavy given lack of disclosed cash metrics; his 150k eligible options and company’s standard vesting promote medium-term retention, while plan‑level clawbacks and hedging prohibitions reinforce alignment. Repricing of underwater options in 2024 suggests the board sought to restore incentive value—a retention positive but a governance sensitivity.
- Transparency gap: Absence of Walsh‑specific salary/bonus targets, performance KPIs, and severance/CoC terms limits pay‑for‑performance evaluation; monitoring future proxies for NEO designation or granular grant disclosure is advised.
- Selling pressure: No Form 4 activity analyzed here; vesting cadence (25% cliff then monthly) typically smooths potential supply over 3 years; hedging ban reduces misalignment risk.
- Risk checks: Related‑party transaction review shows no >$120k transactions with executives; plan forbids award pledging; compensation decisions utilize independent consultant Aon, mitigating consultant conflicts.