William Savage
About William Savage
William Savage, M.D., Ph.D., is Chief Medical Officer of Disc Medicine (IRON), serving as CMO since August 2021 after joining as Vice President, Head of Clinical Development in August 2020; prior roles include senior clinical leadership at Magenta Therapeutics, Shire/Takeda, and academic appointments at Harvard Medical School/Brigham & Women’s and Johns Hopkins . Education: B.A. Columbia; M.D. with honors in research from Weill Cornell; Ph.D. Johns Hopkins Bloomberg School of Public Health . IRON’s cumulative TSR from 12/31/2021 to 12/31/2024 was 205.84 vs. Nasdaq Biotech Index peer group 90.52; the company remains a clinical-stage biotech with no product revenue and reported net losses of $109.4M (2024), $76.4M (2023), and $46.8M (2022) . In 2024 IRON achieved corporate goals at 135% (driven by multiple positive clinical milestones and strengthened balance sheet), and Savage received an additional $50,000 discretionary bonus recognizing exceptional individual performance .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Disc Medicine | Chief Medical Officer | Aug 2021–present | Leads clinical strategy across hematology programs; long-term incentive alignment introduced in 2024 . |
| Disc Medicine | VP, Head of Clinical Development | Aug 2020–Aug 2021 | Built clinical development function ahead of CMO appointment . |
| Magenta Therapeutics | Senior Medical Director | Jul 2019–Jul 2020 | Advanced clinical programs in hematology/transplant domains . |
| Shire plc/Takeda | Global Clinical Development Lead, Hematology | Jan 2017–Jul 2019 | Led global development following Takeda’s acquisition of Shire . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Harvard Medical School/Brigham & Women’s Hospital | Assistant Professor of Pathology | Jul 2012–Jan 2017 | Academic leadership in pathology; translational insight for clinical programs . |
| Johns Hopkins University School of Medicine | Associate Medical Director, Transfusion Medicine; Assistant Professor of Pediatric Hematology | (start of career) | Early leadership in transfusion medicine and pediatric hematology . |
Fixed Compensation
| Item | 2023 | 2024 | Notes |
|---|---|---|---|
| Base Salary ($) | $458,000 | $505,000 (10.3% increase) | Increase aligned to ~50th percentile peer positioning . |
| Target Bonus (% of Base) | 40% | 40% | Targets reviewed by comp committee and CEO input . |
Performance Compensation
Annual Cash Incentives (2024)
| Name | Target Bonus (% of Base Salary) | Percent of Target Awarded | Bonus Awarded ($) | Notes |
|---|---|---|---|---|
| William Savage, M.D., Ph.D. | 40% | 135% | $322,700 | $272,700 under cash incentive plus $50,000 discretionary bonus . |
Multi-Year Summary Compensation (Savage)
| Year | Salary ($) | Bonus ($) | Stock Awards ($) | Option Awards ($) | Non-Equity Incentive ($) | All Other ($) | Total ($) |
|---|---|---|---|---|---|---|---|
| 2024 | 505,000 | 50,000 | 1,184,387 | 1,030,719 | 272,700 | 10,350 | 3,053,156 |
| 2023 | 458,000 | — | — | — | 219,840 | 9,900 | 687,740 |
| 2022 | 378,234 | 20,000 | — | 318,803 | 173,719 | — | 890,756 |
Long-Term Incentive Design and 2024 Grants
- Program mix: 50% stock options, 50% RSUs (introduced in 2024 to complement options, enhance retention, and reduce dilution) .
- Corporate performance constructs for annual incentives emphasize clinical/regulatory progress, financing, and BD aligned with strategic goals; overall achievement 135% in 2024 .
| Instrument | Grant Date | Size/Units | Grant-Date FV ($) | Vesting | Notes |
|---|---|---|---|---|---|
| RSUs | Jan 10, 2024 | 18,535 unvested at 12/31/2024 | 1,184,387 | 25% annually over 4 years; VCD 2/15/2024 | Market value at 12/31/2024 price $63.40 = $1,175,119 . |
| Stock Options | Jan 10, 2024 | 6,370 ex./21,430 unex. | 1,030,719 | 48 equal monthly installments | Exercise price $63.90; expiration 1/10/2034 . |
Equity Ownership & Alignment
- Beneficial ownership: 96,286 shares; less than 1% of 34,632,936 shares outstanding as of April 15, 2025 .
- Prohibitions: Company prohibits hedging and pledging by employees/directors; clawback policy in place .
- Option exercises: Savage exercised 45,211 options in 2024; value realized on exercise $1,843,254 (difference between exercise price and market price at each exercise) .
Outstanding Equity Awards at 2024 Year-End (Savage)
| Grant Date | Vest Commencement | Exercisable Options (#) | Unexercisable Options (#) | Exercise Price ($) | Expiration | RSUs Unvested (#) | RSUs MV at $63.40 ($) |
|---|---|---|---|---|---|---|---|
| 1/10/2024 | 1/10/2024 | 6,370 | 21,430 | 63.90 | 1/10/2034 | — | — |
| 12/29/2022 | 12/29/2022 | 10,542 | 19,462 | 13.50 | 12/29/2032 | — | — |
| 9/14/2021 | 9/1/2021 | 27,561 | 8,473 | 9.86 | 9/13/2031 | — | — |
| 9/14/2021 | 7/1/2021 | 3,725 | 1,533 | 9.86 | 9/13/2031 | — | — |
| 10/23/2020 | 10/7/2020 | 1,498 | — | 2.65 | 10/22/2030 | — | — |
| 8/11/2020 | 8/3/2020 | 4,233 | — | 2.65 | 8/10/2030 | — | — |
| RSUs (Annual) | 2/15/2024 | — | — | — | — | 18,535 | 1,175,119 |
Notes:
- RSUs vest in equal 25% installments over four years; options vest monthly; annual awards generally 50/50 options/RSUs .
- Year-end stock price used for RSU market value: $63.40 (12/31/2024) .
Employment Terms
| Term | Key Provision |
|---|---|
| Employment Agreement | Effective Dec 29, 2022; at-will; annual salary $458,000 (subject to review and potential increases); target bonus 40% of base; eligibility for benefit plans . |
| Severance (Outside CIC) | If terminated without cause or resigns for good reason outside CIC window: 9 months base salary, earned but unpaid prior-year bonus, and COBRA premiums up to 9 months (subject to employee copay); release required . |
| Severance (During CIC Window) | If terminated without cause or resigns for good reason within 3 months prior to or 12 months after a CIC: lump sum 12 months base salary + 100% of target bonus for year of termination + earned but unpaid prior-year bonus; full acceleration of time-based equity; COBRA premiums up to 12 months; modified 4999 excise tax cutback applies; release required . |
| Restrictive Covenants | Confidentiality, assignment, non-solicitation, and noncompetition policies apply . |
| Pay Practices | Double-trigger CIC benefits (no single-trigger); no gross-ups; clawback policy; hedging/pledging prohibited . |
Potential Payments Upon Termination or Change in Control (as of 12/31/2024)
| Benefit | Resignation/Termination Without Cause During CIC Window ($) | Resignation/Termination Without Cause Outside CIC Window ($) |
|---|---|---|
| Cash Severance | 505,000 (12 months base) | 378,750 (9 months base) |
| Bonus Payment | 202,000 (target bonus) | — |
| Option Acceleration | 1,496,160 | — |
| RSU Acceleration | 1,175,119 | — |
| Health Benefits | — | — |
| Total | 3,378,279 | 378,750 |
Investment Implications
- Alignment and retention: Pay mix emphasizes at-risk compensation (options/RSUs); 2024 RSUs introduced to enhance retention and reduce dilution; double-trigger CIC mitigates windfall risk .
- Execution signals: 2024 corporate achievement at 135% reflects strong clinical/regulatory progress; Savage’s discretionary $50k bonus indicates differentiated individual contribution in 2024, supportive of continued execution through pivotal development stages .
- Ownership and selling pressure: Beneficial ownership <1% suggests limited permanent equity exposure; however, substantial unvested RSUs and unexercisable options create ongoing alignment. 2024 option exercises (45,211 shares; $1.84M value realized) indicate monetization capacity, though “value realized” is not evidence of share sales; hedging/pledging are prohibited, reducing alignment leakage .
- Risk considerations: Clinical-stage losses persist (no product revenue); pay-versus-performance disclosure shows TSR outperformance vs peer group, but compensation decisions are not tied to GAAP profitability—investors should focus on clinical milestones, regulatory interactions, and capital planning as drivers of variable pay outcomes and potential vesting-related trading windows .
- Governance/compliance: Clawback policy and no single-trigger CIC are positives; minor Section 16 timing exceptions noted in 2024 Form 4 filings (administrative), not indicative of structural governance risk .