Eric Hsu
InMed PharmaceuticalsAbout Eric Hsu
Eric Hsu (age 55) serves as Senior Vice President, Preclinical Research & Development at InMed, having joined in March 2018. He holds a Doctorate in Medical Biophysics from the University of Toronto and a Bachelor’s degree from McGill University; prior roles include VP of Research and VP of Scientific Affairs & Operations at EnGene Inc. His remit spans preclinical scientific leadership, formulation and manufacturing process development, patent prosecution, vendor negotiations, pipeline expansion, and R&D budget/timeline management. InMed’s incentive framework emphasizes task achievement (75%) and personal effectiveness (25%) with executive target bonuses typically 30–40% of base salary (CEO at 50%), aiming to align pay with strategic milestones while conserving cash via below-25th percentile cash compensation and ~50th percentile equity awards .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| EnGene Inc. | VP of Research; VP of Scientific Affairs & Operations | — | Led preclinical research; operations and vendor contracts; supported pipeline expansion |
External Roles
No external public-company board roles are mentioned for Hsu in the executive officers section .
Fixed Compensation
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Base Salary (USD) | $217,000 | $261,000 | $267,942 |
| Target Bonus % (guideline for executives) | 30–40% of base salary | 30–40% of base salary | 30–40% of base salary |
| Actual Bonus Paid (USD) | $38,000 | $45,700 | $46,949 |
Notes:
- Employment agreement effective March 8, 2018; base salary increased to C$355,000 effective July 1, 2023 and to C$366,000 effective July 1, 2024; eligible for annual discretionary bonus; 30 days’ vacation .
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Task Achievement | 75% | Corporate objectives aligned to R&D and strategy | Not disclosed | Determines % of target bonus paid | N/A |
| Personal Effectiveness | 25% | Initiative, problem solving, teamwork, integrity, leadership | Not disclosed | Determines % of target bonus paid | N/A |
- Equity awards are stock options (no RSUs/PSUs disclosed) with Black-Scholes grant-date fair values recorded; Hsu’s option-based award accounting costs: $5,500 (FY23), $15,800 (FY24), $8,732 (FY25) .
- Anti-hedging: Executives/directors prohibited from hedging, short-selling, or using puts/calls in company securities .
Equity Ownership & Alignment
| Ownership Item | Detail |
|---|---|
| Total Beneficial Ownership | 2,650 common shares (2 owned directly; 2,648 issuable via presently exercisable options) |
| % of Shares Outstanding | 0.09% (basis: 2,804,186 shares outstanding; partially diluted basis for NEOs 2,828,251) |
| Stock Ownership Guidelines | Not disclosed |
| Pledging | No pledging policy disclosed; anti-hedging/derivatives prohibition in place |
Outstanding options at FY-end (June 30, 2025):
| Grant Type | Exercisable (#) | Unexercisable (#) | Exercise Price (USD) | Expiration |
|---|---|---|---|---|
| Legacy grant (2) | 70 | — | $1,411.03 | 12/15/2025 |
| Legacy grant (2) | 70 | — | $700.00 | 10/17/2026 |
| Legacy grant (2) | 210 | — | $35.60 | 12/15/2027 |
| FY 2028 grant (3) | 1,134 | 1,116 | $7.40 | 12/22/2028 |
| FY 2029 grant (3) | 462 | 2,288 | $4.14 | 12/19/2029 |
Notes:
- (2) Vest 25% every 6 months over 24 months from grant .
- (3) Vest in equal monthly installments over 36 months, in arrears .
- As of June 30, 2025, Nasdaq closing price was $3.25; options with exercise prices $35.60, $7.40, and $4.14 were out-of-the-money at that date .
Employment Terms
| Term | Hsu Agreement Detail |
|---|---|
| Effective Date | March 8, 2018 |
| Base Salary (CAD) | Initial C$240,000; C$355,000 effective 7/1/2023; C$366,000 effective 7/1/2024 |
| Bonus Eligibility | Annual discretionary bonus, Board/Comp Committee approval |
| Vacation | 30 days per year |
| Benefits | Eligible for company insurance benefits |
| Pension/Deferred Comp | No defined benefit, deferred contribution, deferred compensation or pension plans |
| Hedging/Speculation | Hedging, short-selling, and buying puts/selling calls prohibited under Insider Trading Policy |
Severance and change-of-control economics (estimated if terminated on June 30, 2025; converted at C$0.7330 per $1.00):
| Scenario | Description | Estimated Value (USD) |
|---|---|---|
| Termination without cause | 12 months’ base salary plus 1 month per year of employment beyond, up to 18 months total; plus Average Bonus Payment (avg of prior 3-year actuals, pro-rated) | $333,500 |
| Change in Control | 12 months’ base salary plus Average Bonus Payment | $311,200 |
Change in Control and Good Reason definitions summarized:
- CIC includes sale of substantially all assets, certain mergers/reorganizations, majority voting stock acquisitions, or other acquisition as determined by the Board (excludes public offerings/domicile changes) .
- Good Reason includes material reduction in responsibilities, reduction in base salary/target bonus (except broad senior-exec cuts), or relocation >30 km without consent .
Investment Implications
- Pay mix and philosophy: Hsu’s cash comp is modest and bonuses discretionary, with equity-heavy incentives via stock options—consistent with InMed’s approach to target ~25th percentile cash and ~50th percentile equity to conserve cash and align with shareholders .
- Selling pressure: Near-term legacy options have very high exercise prices ($700–$1,411) relative to the $3.25 closing price at FY-end and are effectively non-economic; 2028/2029 grants ($7.40, $4.14) were out-of-the-money at FY-end, suggesting limited near-term exercise/selling pressure unless share price appreciates materially .
- Alignment and ownership: Beneficial ownership is small (0.09%), but monthly vesting options provide ongoing exposure; anti-hedging rules strengthen alignment by preventing downside-protection strategies .
- Retention risk: Severance of 12–18 months base plus average bonus (12 months upon CIC) provides moderate protection; coupled with below-market cash targets, retention hinges on equity value creation in the pipeline Hsu oversees .