Eric Daniels
KIORA PHARMACEUTICALSAbout Eric Daniels
Eric J. Daniels, MD, MBA is Chief Development Officer at Kiora Pharmaceuticals (KPRX) and age 52, serving in this role since October 21, 2021 following a relocation to the U.S. with a new agreement effective January 1, 2025; he holds a BS in molecular and cell biology (UC Berkeley), an MD (UCLA School of Medicine), and an MBA (UCLA Anderson) . Company performance context during his tenure: net income (loss) moved from $(13.6) million in 2022 to $(12.5) million in 2023 and +$3.6 million in 2024, while cumulative TSR values of an initial $100 investment were approximately $6 (2022), $15 (2023), and $30 (2024) . Daniels’ beneficial ownership is 38,435 shares (<1%) as of April 16, 2025, indicating limited direct equity stake alignment relative to shares outstanding .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Cytori Therapeutics | Roles of increasing responsibility | 2001–2012 | Commercial and operational experience in regenerative/medtech platform |
| Tensys Medical, Inc. | Vice President — Marketing & Sales | 2012–2016 | Commercial leadership in medtech, go-to-market execution |
| Bimini, LLC | Consulting Chief Medical Officer; Chair, Medical Advisory Board | 2014–Oct 2021 | Portfolio oversight and clinical strategy across medtech assets |
| Okogen, Inc. | Co-founder; Chief Operating Officer | 2015–Oct 2021 | Built development-stage ophthalmic company; remains on Board |
| OccuRx | Chief Executive Officer | 2020–Oct 2021 | Led clinical-stage biotech in ocular microvascular disease |
| Kiora Pharmaceuticals | Chief Development Officer | Oct 2021–present | Leads development portfolio (e.g., KIO-301, KIO-104) |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Okogen, Inc. | Board of Directors (current) | Post-Oct 2021–present | Ongoing governance and oversight in ophthalmic therapy development |
| Bayon | Co-founder | N/A (not disclosed) | Founding experience in medtech/biotech venture creation |
| Bimini, LLC | Chair, Medical Advisory Board | 2014–Oct 2021 | Guide clinical and medical strategy across portfolio companies |
Fixed Compensation
| Year/Effective Date | Base Salary (Currency) | Target Bonus % | Notes |
|---|---|---|---|
| Oct 21, 2021 (Australia) | AUD$492,000 | 40% | Initial CDO employment agreement in Australia; option grant at appointment |
| Jan 1, 2023 (Australia) | AUD$511,680 | 40% | Annual increase |
| Jul 1, 2024 (Australia) | AUD$671,212 | 40% | Annual increase |
| Jan 1, 2025 (U.S.) | $443,000 (USD) | 40% | New U.S. employment agreement; relocation |
| Mar 4, 2025 (effective Jan 1, 2025) | $456,290 (USD) | 40% | Cost-of-living increase across company |
| Compensation Component | 2023 | 2024 |
|---|---|---|
| Salary ($) | $338,577 | $388,212 |
| Bonus ($) | $117,586 | $175,800 |
| Stock Awards ($) | $95,229 | $31,994 |
| Option Awards ($) | $101,073 | $59,133 |
| All Other Compensation ($) | $17,488 | $18,914 |
| Total ($) | $669,953 | $674,053 |
Performance Compensation
- Bonuses are discretionary and determined by the board; no specific quantitative performance metrics or weightings are disclosed for NEOs .
| Incentive Type | Metric | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Annual cash bonus | Discretionary (no formal metrics disclosed) | N/A | 40% of base salary as target eligibility | 2023: $117,586; 2024: $175,800 | Cash, paid annually |
| RSUs (service-vesting) | Service-based | N/A | N/A | Outstanding unvested units per table below | One-third on each of 1-, 2-, 3-year anniversaries (except 9/29/2023 grants: 1/4 at grant, 1/4 at one-year, remainder monthly) |
| Stock options (service-vesting) | Service-based | N/A | N/A | Grants per table below | One-third at 1-year; remainder monthly over two years; 9/29/2023 grants: 1/4 at grant, 1/4 at one-year, remainder monthly |
RSUs Outstanding (Daniels)
| Grant Date | Unvested Units (#) | Market Value of Unvested ($) |
|---|---|---|
| Oct 21, 2022 | 370 | $1,221 (based on $3.30 close 12/29/2024) |
| Mar 3, 2023 | 1,156 | $3,815 |
| Sep 29, 2023 | 3,473 | $11,461 |
| Jul 1, 2024 | 7,355 | $24,272 |
- Valuation note: Proxy values based on closing price $3.30 as of December 29, 2024 .
Option Awards Outstanding (Daniels)
| Grant Date | Vested Options (#) | Unvested Options (#) | Exercise Price ($) | Expiration |
|---|---|---|---|---|
| Oct 21, 2021 | 139 | — | 716.40 | Oct 21, 2031 |
| Feb 1, 2022 | 66 | 4 | 275.58 | Feb 1, 2032 |
| Oct 21, 2022 | 1,202 | 465 | 61.02 | Oct 21, 2032 |
| Mar 3, 2023 | 672 | 484 | 34.47 | Mar 3, 2033 |
| Sep 29, 2023 | 7,814 | 6,076 | 5.12 | Sep 29, 2033 |
| Jul 1, 2024 | — | 14,710 | 4.35 | Jul 1, 2024 (as disclosed) |
- Standard vesting: one-third at 1-year; remainder monthly over two years; special 9/29/2023 grants with 1/4 at grant, 1/4 at one-year, and 24 monthly installments thereafter .
Equity Ownership & Alignment
| Holder | Shares Beneficially Owned | % of Outstanding |
|---|---|---|
| Eric Daniels, MD, MBA | 38,435 | <1% |
- Anti-hedging and pledging policy: Covered persons may not buy/sell options or derivatives, hold securities in margin accounts, pledge securities as collateral, enter hedging/monetization transactions, or short company stock without advance approval; all trading by directors/officers requires pre-clearance by the Compliance Officer (CFO or designee), including approval of any Rule 10b5-1 plans .
Employment Terms
| Provision | Detail |
|---|---|
| Employment start date | Appointed Chief Development Officer October 21, 2021 |
| Current agreement | U.S. Employment Agreement dated January 10, 2025, effective January 1, 2025; base salary $443,000, target bonus up to 40% of base; cost-of-living increase to $456,290 effective January 1, 2025 |
| Severance (termination without Cause or resignation for Good Reason) | Continued base salary for six months |
| Severance bonus component | Lump-sum equal to 0.5 × maximum annual performance bonus eligibility for year of termination (i.e., 0.5 × 40% of base salary) |
| Health benefits | Continued coverage under private health and dental plan up to six months |
| Equity vesting on termination | Unvested options/RSAs that would vest over six months post-termination accelerate and become fully vested/exercisable at termination |
| Change of Control equity treatment | All unvested options and restricted stock awards become fully vested and immediately exercisable upon a Change of Control (single-trigger for equity) |
| CIC plan gross-ups | Company CIC plan excludes executive officers; plan for other employees has no excise tax gross-ups (information relevant to broader governance posture) |
Performance & Pay Context (Company-level)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Net Income (Loss) ($ thousands) | $(13,584) | $(12,514) | $3,595 |
| Value of $100 Investment (Cumulative TSR) ($) | $6 | $15 | $30 |
Compensation Structure Analysis
- Cash vs equity mix shifted toward cash in 2024: salary and bonus increased year-over-year (salary $388,212 vs $338,577; bonus $175,800 vs $117,586), while stock and option grant-date fair values decreased (stock $31,994 vs $95,229; options $59,133 vs $101,073) .
- Incentives are primarily service-vesting RSUs/options; no PSUs or disclosed quantitative performance metrics, as annual bonuses are discretionary per board determination .
- Equity accelerates fully on a Change of Control (single-trigger), which can dilute pay-for-performance alignment but may support retention through certainty of vesting in strategic transactions .
Related Party Transactions and Governance
- No related party transactions over disclosure thresholds since January 1, 2024, other than compensation/termination/CIC arrangements described in the Executive Compensation section .
- Insider trading controls and compliance: Pre-approval for trades, restrictions on hedging, margin accounts, pledging, and short sales; Compliance Officer pre-clears trades and approves 10b5-1 plans .
Investment Implications
- Alignment: Daniels’ beneficial ownership is <1% (38,435 shares), indicating limited “skin-in-the-game” relative to float; however, ongoing service-vesting equity awards provide exposure to share price appreciation and retention incentives .
- Selling pressure: Monthly vesting schedules for options/RSUs can create a steady cadence of potential liquidity events; pre-clearance requirements and anti-hedging/pledging policies mitigate risk of opportunistic trading or leverage against company stock .
- Change-of-control economics: Single-trigger full acceleration of unvested equity upon a Change of Control enhances transaction certainty for executives but may weaken performance contingency; severance of six months base plus 0.5× max bonus is modest versus typical biotech norms, suggesting manageable payout risk .
- Pay-for-performance: Bonuses are discretionary without disclosed quantitative targets; equity is service-vesting. The company’s net income improved in 2024 with cumulative TSR rising to $30 (from $6 in 2022), but compensation design does not explicitly tie payouts to financial or TSR metrics, reducing direct pay-performance linkage .
- Retention risk: Recent U.S. relocation agreement (2025) with a COLA adjustment and active equity grants suggests reinforced retention; severance and limited healthcare continuation (six months) provide moderate protection without excessive entrenchment .