Daniel Schneiderman
About Daniel Schneiderman
Daniel Schneiderman is Chief Financial Officer of Pasithea Therapeutics (KTTA) and has served since October 11, 2022, following a consulting period from July 1–October 10, 2022. He has over 24 years of experience in capital markets and finance operations and holds a bachelor’s degree in economics from Tulane University . The company’s proxies do not disclose TSR, revenue growth, or EBITDA growth targets tied to his compensation; annual bonuses are determined at the Compensation Committee’s discretion based on company and individual performance .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| First Wave BioPharma, Inc. (Nasdaq: FWBI) | Chief Financial Officer | Jan 2020–Feb 2022 | Clinical-stage biopharma finance leadership; capital markets and finance operations |
| Biophytis SA (ENXTPA: ALBPS; Nasdaq: BPTS) & Biophytis, Inc. | Chief Financial Officer | Nov 2018–Dec 2019 | European clinical-stage biotech CFO; age-related/neuromuscular focus |
| MetaStat, Inc. (OTCQB: MTST) | VP Finance, Controller & Secretary | Feb 2012–Aug 2018 | Public biotech finance and governance responsibilities |
| Burnham Hill Partners LLC | VP Investment Banking | 2008–Feb 2012 | Boutique healthcare/biotech investment banking; capital raising/advisory |
| Burnham Hill Partners (division of Pali Capital, Inc.) | Various roles incl. VP Investment Banking | 2004–2008 | Investment banking roles with increasing responsibility |
| H.C. Wainwright & Co., Inc. | Investment Banking Analyst | 2004 | Analyst experience in investment banking |
Fixed Compensation
| Metric | 2022 | 2023 | 2025 | Notes |
|---|---|---|---|---|
| Base salary ($) | $135,205 | $330,000 | $339,900 (effective Apr 1, 2025) | 2022 includes $66,667 consulting compensation (Jul 1–Oct 10, 2022) |
| Target annual bonus (% of base) | 35% | 35% | 35% | Discretionary; based on company and individual performance |
| Actual cash bonus ($) | $57,500 | $15,939 | — | — |
Performance Compensation
| Incentive Type | Year | Metric | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual cash bonus | 2022 | Company and individual performance (discretionary) | Not disclosed | 35% of base | $57,500 | Cash (no vesting) |
| Annual cash bonus | 2023 | Company and individual performance (discretionary) | Not disclosed | 35% of base | $15,939 | Cash (no vesting) |
| Annual cash bonus | 2025 | Company and individual performance (discretionary) | Not disclosed | 35% of base | Not disclosed | Cash (no vesting) |
Equity Ownership & Alignment
| Beneficial Ownership (as of) | Shares | % of Outstanding | Notes |
|---|---|---|---|
| Oct 12, 2023 | — | <1% | Named as NEO; no pledge arrangements noted by the company |
| Apr 29, 2024 | 10,927 | 1.0% | Percent based on 1,043,248 shares outstanding; excludes unvested derivatives |
| Jul 22, 2025 | 20,927 | <1% | Includes 20,927 shares issuable upon exercise of vested options; excludes 10,000 unvested options |
| Outstanding Equity Awards (Daniel Schneiderman) | Grant Date | Exercisable | Unexercisable | Strike | Expiration | Vesting Details |
|---|---|---|---|---|---|---|
| Stock options | Oct 11, 2021 | 5,000 | 10,000 | $25.20 | Oct 11, 2031 | 1/3 on 1-year, 1/3 on 2-year, 1/3 on 3-year anniversaries |
| Stock options | Oct 11, 2021 | 10,000 | 5,000 | $25.20 | Oct 11, 2031 | 3-year schedule as above; status at Dec 31, 2024 |
| Stock options | Mar 1, 2024 | 5,927 | 10,000 | $8.13 | Mar 1, 2034 | 5,927 vested immediately; 3,334 vested on Feb 28, 2025; 6,666 vest in equal quarterly tranches over two years thereafter |
- The company states “to our knowledge, there is no arrangement, including any pledge by any person of securities of the Company, the operation of which may at a subsequent date result in a change in control of the Company” .
- No RSU or PSU awards are disclosed for Mr. Schneiderman; equity is time-based stock options under the 2021 and 2023 Incentive Plans .
Employment Terms
| Term | Detail | Citation |
|---|---|---|
| Position | Chief Financial Officer | |
| Employment start | Oct 11, 2022 (consultant Jul 1–Oct 10, 2022) | |
| Base salary | $330,000 annually (agreement); updated to $339,900 effective Apr 1, 2025 | |
| Target bonus | 35% of base salary; discretionary based on company and individual performance | |
| Sign-on bonus | $30,000 | |
| Initial option grant | Options to purchase 15,000 shares; vest 1/3 per year over three years | |
| Additional option grant | 15,927 options on Mar 1, 2024 under 2023 Plan; vesting detailed above | |
| Termination notice | Executive may resign with 60 days’ written notice; company may terminate with/without cause at any time | |
| Severance (without cause) | Six months of base salary (current rate) upon signing release | |
| Equity acceleration | Stock options accelerate and fully vest upon termination without cause | |
| Change-of-control terms | Not specifically disclosed for CFO; proxies discuss incentive plans generally | |
| Equity grant timing policy | No formal timing policy; grants occur independent of MNPI release; no options issued to executives during restricted windows in FY2024 |
Compensation Structure Analysis
| Year | Cash (Salary + Bonus) | Equity (Grant-Date Fair Value) | Mix Insight |
|---|---|---|---|
| 2022 | $192,705 ($135,205 salary + $57,500 bonus) | $174,498 options | New-hire year included meaningful equity; cash plus sign-on bonus |
| 2023 | $345,939 ($330,000 salary + $15,939 bonus) | — | Compensation shifted to cash-heavy; no new equity recognized in SCT for 2023 |
- Incentives are predominantly time-based stock options; no disclosed performance share units or metric-weighted PSUs for the CFO .
- Bonus is discretionary and unstructured by disclosed quantitative targets; target remains 35% of base .
Risk Indicators & Red Flags
- Pledging/hedging: Company states no known pledge arrangements that could result in change of control; no explicit hedging/pledging policy disclosure found in proxies reviewed .
- Option acceleration on termination without cause: All stock options accelerate and fully vest upon termination without cause—can misalign pay-for-performance if triggered during underperformance .
- Grant timing: Company asserts grants are independent of MNPI and documents no executive option grants during restricted windows in FY2024 .
- Related-party transactions: Proxies disclose certain transactions (e.g., services with PsychoGenics) but none involving Mr. Schneiderman directly .
Investment Implications
- Alignment: Reported beneficial ownership remains small (<1% by 2025), with holdings primarily via vested options; equity is largely time-based and not tied to explicit performance metrics, limiting direct pay-for-performance alignment .
- Retention and selling pressure: Ongoing quarterly vesting of 6,666 options from the Mar 1, 2024 grant through the subsequent two years suggests periodic potential supply; combined with discretionary bonuses, monitoring Form 4 filings for sales around vest dates is prudent .
- Downside protection and termination: Six months of base salary severance and full option acceleration on termination without cause introduce cost and dilution risks if leadership changes under stress .
- Cash vs equity mix: Shift from equity-heavy new-hire year (2022) to cash-dominant 2023 may reduce dilution but also lowers at-risk incentive components; the 2025 salary increase to $339,900 keeps fixed pay elevated relative to variable outcomes .
Note on inconsistencies across proxies: The 2023 proxy references a 300,000-option grant, while subsequent tables reflect a 15,000-option grant and later a 15,927-option grant under the 2023 Plan; we rely on the most recent outstanding award tables and footnotes for current status and vesting .
Citations
- Executive biography and tenure:
- Employment agreement and compensation terms (base, bonus target, sign-on, severance, acceleration, notice):
- Summary Compensation Tables (2022, 2023):
- Outstanding equity awards and vesting (2023, 2024):
- Beneficial ownership (2023, 2024, 2025) and footnotes:
- Incentive plans and grant timing policy: