Nicole Lemerond
InMed PharmaceuticalsAbout Nicole Lemerond
Nicole Lemerond (age 50) has served as an independent director of InMed Pharmaceuticals since August 8, 2022. She is a finance executive with 25+ years of experience across investment management, private equity, investment banking, and leveraged finance, with deep expertise in complex transactions, diligence, capital raising, and balance sheet structuring; she holds a BS from Cornell University and is a CFA charterholder .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| NV Capital | Managing Partner | Feb 2010 – Aug 2022 | Established and led healthcare investing; transaction execution and capital formation . |
| Lehman Brothers | Investment banking/finance roles (not individually specified) | Not disclosed | Large financial institution experience in finance/transactions . |
| The Carlyle Group | Private equity/finance roles (not individually specified) | Not disclosed | Large financial institution experience in finance/transactions . |
External Roles
| Company | Role | Tenure | Notes |
|---|---|---|---|
| GeoVax Labs (Nasdaq: GOVX) | Director | Aug 2022 – present | Public company directorship . |
| MediciNova (Nasdaq: MNOV) | Director | Aug 2023 – present | Public company directorship . |
Board Governance
- Independence and tenure: Independent director; director since Aug 8, 2022 .
- Committee assignments and chair roles:
- Compensation Committee: Chair (independent) .
- Audit Committee: Member (independent) .
- Governance & Nomination Committee: Member (independent) .
- Attendance FY2025 (year ended Jun 30, 2025): Board 9/9; Audit 4/4; Compensation 5/5; Governance & Nomination 4/4 .
- Committee activity FY2025: Compensation Committee met 5 times; Audit Committee met 4 times; Board held 9 meetings .
- Board Chair and leadership: Andrew Hull serves as Chair of the Board; Lemerond is not Chair or CEO, supporting independence on key committees .
- Audit Committee financial expert: Board designates Bryan Baldasare (not Lemerond) as the audit committee financial expert .
Fixed Compensation
Policy (effective Oct 1, 2024): Non‑employee director annual retainer set at $50,000 (inclusive of committee participation); Chair of Board receives an additional $10,000; Committee chair fees up to $10,000 (Audit) and $5,000 (Compensation); no meeting fees; reimbursable travel expenses .
| Item | Amount (USD) | Source |
|---|---|---|
| Annual director retainer (from Oct 1, 2024) | $50,000 | |
| Compensation Committee Chair fee (max) | $5,000 | |
| FY2025 fees earned – Nicole Lemerond | $53,750 | |
| Total annual fees detail for FY2025 (company table presentation) | $53,750 |
Notes:
- Company “total annual fees” presentation for FY2025 shows $53,750 for Lemerond (inclusive of her committee chair role) .
Performance Compensation
Directors receive annual stock option grants after the AGM; grants vest 100% on the one‑year anniversary or immediately prior to the next AGM (whichever comes first) and expire five years from grant; new directors may also receive options upon joining .
| Metric (FY2025 Director Compensation) | Lemerond | Source |
|---|---|---|
| Option-based awards (grant-date fair value) | $1,746 |
Outstanding option awards (as of June 30, 2025):
| Number of Options | Exercise Price (USD) | Expiration Date | Source |
|---|---|---|---|
| 28 | $195.00 | 08/09/2029 | |
| 42 | $35.60 | 12/15/2027 | |
| 355 | $7.40 | 12/22/2028 | |
| 550 | $4.14 | 12/19/2029 |
Additional disclosure in the 10‑K/A lists the first line as 28 options at $195.00 expiring 08/09/2027 (vs. 2029 above), indicating a potential discrepancy; the other lines match .
Other Directorships & Interlocks
| Company | Role | Committees/Interlocks |
|---|---|---|
| GeoVax Labs (GOVX) | Director | No interlocks with INM disclosed in filings reviewed . |
| MediciNova (MNOV) | Director | No interlocks with INM disclosed in filings reviewed . |
Expertise & Qualifications
- Finance and transaction expertise: Extensive background in investment management, PE, IB, leveraged finance; adept in complex deals, diligence, capital raising, and balance sheet structuring—skills valuable for Audit and Compensation oversight .
- Education and credentials: BS (Cornell); CFA charterholder .
- Value-add described by the company: Experience working with management teams and boards to increase stakeholder value .
Equity Ownership
| Category | Amount | Notes |
|---|---|---|
| Common shares beneficially owned | Nil | As disclosed in director nominee table . |
| Presently exercisable stock options | 975 | Beneficial ownership disclosure specifies 975 currently exercisable options . |
No disclosure of pledged or hedged shares, unexercisable options, or director ownership guidelines specific to Lemerond was found in the reviewed filings.
Governance Assessment
- Strengths
- Fully independent director serving on all three key governance committees; chairs the Compensation Committee—strong indicator of board trust and governance influence .
- Perfect FY2025 attendance (Board 9/9; Audit 4/4; Compensation 5/5; Governance 4/4), signaling high engagement .
- Deep finance and transaction background aligns with Audit and Compensation oversight needs; complements biotech operator experience on the board .
- Watch items / potential risks
- Low direct share ownership (Nil common shares) with alignment primarily via options; some investors may prefer meaningful direct share ownership for stronger “skin‑in‑the‑game” optics .
- Multiple public boards (GOVX, MNOV) could elevate time‑commitment scrutiny in event of elevated INM workload; no attendance issues to date .
- Option award line for 28 options at $195 shows conflicting expiration year (2027 vs 2029) across filings; clarity from the company would help avoid administrative risk .
- No red flags identified in reviewed filings regarding related‑party transactions or audit independence issues involving Lemerond; Audit Committee independence requirements affirmed by the board .