Cory Ellspermann
About Cory Ellspermann
Interim Chief Financial Officer of INmune Bio since August 4, 2025; previously Controller and VP of Finance (June 2019–Aug 2025). 53 years old, CPA (Texas), BS in Accounting from Purdue University; prior roles include Senior Accounting Manager at Artivest and Senior Audit Manager at Ernst & Young . Company TSR was 178.45 in 2023 and 73.66 in 2024; Revenues were $0.155M in FY 2023 and $0.014M in FY 2024* . Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| INmune Bio | Controller & VP Finance | Jun 2019–Aug 2025 | Led finance operations ahead of CFO appointment . |
| Artivest | Senior Accounting Manager | Prior to 2019 | Managed accounting for alternative investments platform . |
| Ernst & Young | Senior Audit Manager | Earlier career | Audited public/private companies, built technical accounting depth . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not disclosed | — | — | No public director/committee roles disclosed . |
Fixed Compensation
| Component | Amount/Terms | Source |
|---|---|---|
| Base Salary | $181,125 per year | |
| Target Bonus % | Eligible for performance-based bonus (criteria set by Compensation Committee) | |
| Actual Bonus Paid | Not disclosed |
Performance Compensation
| Metric/Instrument | Weighting | Target | Actual/Payout | Vesting Terms | Source |
|---|---|---|---|---|---|
| Stock options (Eligible Options) | N/A | Reprice exercise price to closing price at Special Meeting | Approved and effective; exercise price set at $1.50 per share on Nov 18, 2025 | All other vesting/terms unchanged | |
| Cory’s Eligible Options | N/A | — | 245,000 options eligible; weighted average exercise price $8.26 pre-repricing | Unchanged vesting; post-repricing exercise price $1.50 | |
| Form 3 option holdings detail | N/A | — | 245,000 options across five grants; exercise prices $3.91–$21.06; expirations between 11/24/2029 and 12/04/2034 | One option fully vested; others with schedules |
Equity Ownership & Alignment
| Item | Amount/Detail | Source |
|---|---|---|
| Beneficial ownership (within 60 days as of 9/30/2025) | 156,250 shares underlying options; <1% of shares outstanding | |
| Total Eligible Options subject to repricing | 245,000 | |
| Post-repricing exercise price | $1.50 per share (Nov 18, 2025) | |
| Hedging/pledging policy | Hedging prohibited; pledging prohibited unless pre-cleared | |
| Clawback policy | Recovery of erroneously awarded incentive compensation over prior 3 fiscal years upon restatement |
Employment Terms
| Term | Detail | Source |
|---|---|---|
| Appointment date | Interim CFO effective August 4, 2025 | |
| Agreement basis | At-will employment under Dec 16, 2021 agreement (continues as Interim CFO) | |
| Severance (no cause) | Nine months of base salary, subject to release | |
| Change-in-control (CIC) | If terminated without cause in connection with CIC, all time-based equity vests in full; options fully exercisable (double trigger) | |
| Equity plan CIC acceleration | Plan-level automatic acceleration upon Change of Control for outstanding grants (single trigger, unless award agreement provides otherwise) | |
| Restrictive covenants | Confidentiality, IP assignment; non-compete/non-solicit for one year post-employment | |
| Proxy authority | Appointed as a proxy for Nov 18, 2025 Special Meeting |
Performance & Context
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenues ($USD) | $155,000* | $14,000* |
*Values retrieved from S&P Global.
| Company Pay vs Performance (Proxy) | 2023 | 2024 |
|---|---|---|
| TSR (Value of $100 investment) | 178.45 | 73.66 |
Sources: Revenues from S&P Global GetFinancials; TSR from DEF 14A (Apr 21, 2025) .
Additional Disclosures and Recent Filings
- Management change press release and Q2 2025 update confirm Cory’s appointment as Interim CFO and $19M financing .
- Special Meeting approved company-wide option repricing; INmune filed an 8-K with vote tallies .
- Cory’s Form 4 filed to reflect repricing of his options; vesting unchanged; new strike $1.50 .
Investment Implications
- Alignment: Cory’s equity is primarily options (156,250 exercisable; 245,000 eligible), now repriced to $1.50, increasing incentive value and potentially reducing near-term selling pressure; vesting schedules remain unchanged, maintaining long-term retention alignment .
- Retention/CIC: Employment agreement provides nine months’ severance and double-trigger CIC vesting for his awards, while the 2025 plan enables single-trigger acceleration for outstanding grants unless the award agreement overrides—net effect is moderate retention protection with potential accelerated equity in a transaction .
- Governance: Anti-hedging/pledging and clawback policies strengthen shareholder alignment and mitigate misconduct risk for incentive pay .
- Execution context: As Interim CFO, Cory supported capital markets activity (e.g., $19M offering) during a period of clinical updates and leadership changes; compensation structure emphasizes options rather than RSUs/PSUs, indicating higher performance and market sensitivity for pay outcomes .