Scott Moomaw
LiquidiaAbout Scott Moomaw
Scott Moomaw is Chief Commercial Officer (CCO) of Liquidia, serving in the role since January 2023 after joining as Senior Vice President, Commercial upon the RareGen merger in November 2020; he is age 55, with a B.S. from Miami University and an MBA from the University of Michigan . His background spans Eli Lilly (2000–2010), United Therapeutics (2011–2016), OPKO Health (2016–2018), and RareGen (COO, 2018–2020), with a track record in product launches and pulmonary hypertension commercialization . During his CCO tenure, company pay-versus-performance disclosures show LQDA total shareholder return (TSR) of $247.02 per $100 (2023) and $241.48 per $100 (2024), contextualizing shareholder value creation alongside ongoing net losses as Liquidia invested for launch .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Liquidia | Chief Commercial Officer | Jan 2023–present | Leads commercial strategy and launch execution for YUTREPIA; recognized on earnings call for market access services enabling launch progress . |
| Liquidia | SVP, Commercial | Nov 2020–Dec 2022 | Built commercial organization post-RareGen merger, preparing for launch . |
| RareGen | Chief Operating Officer | Aug 2018–Nov 2020 | Operated RareGen prior to merger with Liquidia . |
| OPKO Health | Vice President of Marketing | Oct 2016–Aug 2018 | Launched a specialty product for chronic kidney disease . |
| United Therapeutics | Associate VP of Marketing | Jan 2011–May 2016 | Led a portfolio of brands to treat pulmonary hypertension . |
| Eli Lilly | Sales & Marketing roles | 2000–2010 | Progressive commercial leadership roles . |
External Roles
- No public company directorships or external board roles disclosed in the proxy biographies .
Fixed Compensation
- Individual compensation for Mr. Moomaw (base salary, target bonus) is not disclosed; he is not listed among the named executive officers in the 2024 or 2025 Summary Compensation Tables (NEOs are the CEO, CFO/COO, and General Counsel) .
- Company-wide framework: executive officer base salaries are reviewed periodically by the Board/Compensation Committee and adjusted considering role, experience, market competitiveness, and company conditions .
Performance Compensation
- Annual cash bonus plan: executive bonuses are tied to corporate goals determined by the Compensation Committee and paid under the Liquidia Annual Cash Bonus Plan . Corporate goal achievement outcomes:
| Year | Corporate goal achievement | Notes |
|---|---|---|
| 2023 | 150% | Used to determine NEO bonuses; contextualizes exec incentive payouts for the year . |
| 2024 | 72% | Reflects tougher hurdle/shortfall vs. plan; informs bonus outcomes . |
- Equity incentive design (recent practice observed in NEO grants):
- RSUs granted Jan 11, 2024, vest 25% after one year, then ratably quarterly over three years (e.g., CEO, CFO, GC awards) .
- PSUs granted Jan 11, 2024, time-vest similarly but require the first commercial sale of YUTREPIA for vesting; vest on the later of time-based vesting and that commercial milestone .
Equity Ownership & Alignment
- Beneficial ownership: Mr. Moomaw is not listed in the beneficial ownership table (which covers >5% holders, directors, and NEOs); his individual share ownership is not disclosed in the proxy .
- Anti-hedging/pledging: The Insider Trading Policy prohibits hedging (short sales, collars, options) and pledging/margin use without prior CFO approval; applies to officers and directors and their immediate family members .
- Clawback: A Nasdaq-compliant policy (effective Nov 2, 2023) requires recovery of erroneously awarded incentive compensation from current/former executive officers for the three completed fiscal years preceding a required accounting restatement .
Employment Terms
- Executive Severance and Change in Control Plan (Amended & Restated May 2024) establishes tiered benefits for eligible participants designated by the Compensation Committee . Change in Control Period is defined as three months before through twelve months after a change in control .
| Scenario | Tier 1 | Tier 2 | Tier 3 | Tier 4 | Equity treatment |
|---|---|---|---|---|---|
| Involuntary Termination (outside CIC period) | 18 months base salary; target annual incentive; 18 months employer-portion COBRA; accrued obligations | 12 months base; 12 months COBRA; accrued obligations | 9 months base; 9 months COBRA; accrued obligations | 6 months base; 6 months COBRA; accrued obligations | No automatic vesting acceleration specified outside CIC . |
| Involuntary Termination within CIC period | 24 months base salary and target annual incentive; lump-sum COBRA for 24 months; accrued obligations | 12 months base and target annual incentive; lump-sum COBRA 12 months; accrued obligations | 9 months base and target annual incentive; lump-sum COBRA 9 months; accrued obligations | 6 months base and target annual incentive; lump-sum COBRA 6 months; accrued obligations | 100% of unvested outstanding equity vests (double-trigger) . |
Note: The plan is tiered; the proxy does not disclose Mr. Moomaw’s specific tier designation .
Performance & Track Record
- Commercial execution: CFO/COO highlighted “market access services that Scott and his team have provided” as very helpful to launch; Moomaw emphasized focus on new-to-prostacyclin patients and noted stronger-than-expected switches from competing inhaled/oral prostacyclins early in launch dynamics .
- Stockholder outcomes (context during his CCO tenure):
| Year | LQDA TSR – value of $100 investment (Pay vs Performance) |
|---|---|
| 2022 | $130.80 |
| 2023 | $247.02 |
| 2024 | $241.48 |
Compensation Committee Analysis
- The Compensation Committee (Horobin – Chair; Bloch; Rielly-Gauvin; Kirsch) is independent, administers equity plans, sets executive compensation, and engaged FW Cook as compensation consultant; it met five times in 2024 .
Investment Implications
- Alignment and risk controls: Anti-hedging/pledging limits levered or hedged positions; a robust clawback exists for restatements—both supportive of shareholder alignment and downside governance protections .
- Retention and M&A dynamics: The Severance Plan’s double-trigger equity acceleration and cash multiples within the CIC window could reduce retention risk through a transaction but may also create timing incentives around change-in-control events; Mr. Moomaw’s specific tier is not disclosed, limiting precision .
- Pay-for-performance visibility: Company-wide bonus outcomes (150% in 2023; 72% in 2024) show variable compensation sensitivity to corporate goal attainment; lack of Moomaw-specific targets/weightings constrains a granular pay-for-performance assessment .
- Insider selling pressure: Because Mr. Moomaw’s beneficial ownership is not disclosed in the proxy, visibility into vested/unvested holdings and potential selling pressure is limited; the anti-pledging policy mitigates collateral-driven sales risk .
- Execution centrality: Moomaw’s leadership appears integral to commercialization (market access, patient mix and switching), making his retention and incentive structure important to near-term revenue ramp for YUTREPIA .