Eric Adler
About Eric Adler
Eric Adler, M.D. is Lexeo Therapeutics’ Chief Medical Officer and Head of Research (since February 2024), previously Chief Scientific Officer (August 2022–February 2024). He is 51, holds a B.A. in English from Northwestern University and an M.D. from Boston University School of Medicine, and is Professor and Section Head of Heart Failure at UC San Diego, Director of the Strauss Center for Cardiomyopathy, and current associate editor of Circulation Heart Failure; he has published 100+ peer‑reviewed papers and served on AHA, HFSA, ISHLT and NIH committees . Company‑level TSR or revenue/EBITDA performance metrics tied to his pay are not disclosed in the proxy .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| UC San Diego (UCSD) | Professor & Section Head of Heart Failure; Director, Strauss Center; Endowed Chair in Cardiology | 2011–present | Led cardiomyopathy research; developed investigational gene therapy for Danon disease; extensive clinical trial leadership . |
| Lexeo Therapeutics | Chief Scientific Officer | Aug 2022–Feb 2024 | Built and advanced cardiovascular gene therapy pipeline; transitioned into executive medical leadership . |
| Lexeo Therapeutics | Chief Medical Officer & Head of Research | Feb 2024–present | Executive oversight of clinical development; research strategy . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Circulation Heart Failure | Associate Editor | Current | Scientific leadership in heart failure scholarship . |
| AHA, HFSA, ISHLT, NIH | Committees (leadership, grant review, guideline) | Various | National influence on cardiovascular research and policy . |
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary ($) | $296,500 | $468,939 |
| Target Bonus (%) | 40% (set Feb 15, 2024) | 40% |
| Actual Annual Bonus Paid (Non‑Equity Incentive) ($) | $80,750 | $171,000 |
| Other Bonuses ($) | $234,750 (2023 sign‑on and annual bonus; annual bonus paid in 2024) | — |
Performance Compensation
- The proxy discloses annual non‑equity incentive payouts for Dr. Adler but does not detail specific performance metric weightings, targets, or payout curves (e.g., revenue, EBITDA, TSR/percentile) used to determine awards .
- Equity compensation comprises stock options and RSUs with time‑based vesting (details below); no PSU disclosures for Dr. Adler .
Equity Ownership & Alignment
| Item | Apr 17, 2024 | Apr 15, 2025 |
|---|---|---|
| Total Beneficial Ownership (shares) | 256,679 (options exercisable within 60 days) | 316,472 (4,360 common + 310,432 options exercisable within 60 days + 1,680 RSUs vesting within 60 days) |
| Ownership % of Shares Outstanding | <1% (asterisk in proxy) | <1% (asterisk in proxy; outstanding shares 33,196,997 on Apr 25, 2025) |
| Common Shares Owned | — (not listed separately) | 4,360 |
| Options Exercisable within 60 days | 256,679 (incl. unvested eligible for early exercise) | 310,432 (incl. 58,993 unvested eligible for early exercise) |
| RSUs Vesting within 60 days | — | 1,680 (quarterly tranche) |
| Hedging/Pledging | Company policy prohibits hedging/pledging by employees/directors . |
Outstanding Equity Awards (FY 2024 Year‑End)
| Grant Date | Options Exercisable (#) | Options Unexercisable (#) | Exercise Price ($) | Expiration | RSUs Unvested (#) | Market Value ($) |
|---|---|---|---|---|---|---|
| 11/4/2021 (consultant award fully vested) | 26,707 | — | 4.87 | 11/3/2031 | — | — |
| 11/4/2021 | 39,284 | — | 4.87 | 11/3/2031 | — | — |
| 3/14/2023 | 181,250 | — | 17.59 | 3/13/2033 | — | — |
| 8/22/2023 | 9,438 | — | 11.02 | 8/21/2033 | — | — |
| 2/2/2024 | — | 161,250 | 17.00 | 2/1/2034 | — | — |
| 2/2/2024 (RSUs) | — | — | — | — | 26,875 | $176,838 |
Vesting Schedules (select awards)
- 2/2/2024 options: 25% on 2/2/2025, then 1/48 monthly thereafter, subject to continuous service .
- 2/15/2024 RSUs (part of 2/2/2024 grant): 25% vested on 2/15/2025; remaining 75% vests in equal quarterly installments each May 15, Aug 15, Nov 15, Feb 15; ≈1,680 shares per quarter for 26,875 total RSUs .
- Earlier options (e.g., 7/16/2021; 8/22/2023) follow 25% cliff then 1/48 monthly vesting schedules as noted in footnotes .
Employment Terms
| Term | Detail |
|---|---|
| Employment | At‑will under agreement dated Feb 3, 2024 . |
| Base Salary | $495,000 effective Jan 1, 2025 . |
| Target Bonus | 40% of base salary . |
| Severance (no Change‑in‑Control) | If terminated without cause or resigns for good reason: 12 months base salary (lump sum 60 days post‑separation) + up to 12 months COBRA reimbursement . |
| Severance (Change‑in‑Control “double trigger”) | If terminated without cause or resigns for good reason within 3 months prior to or 12 months post CoC: 12 months base salary + 100% of target bonus (lump sum) + up to 12 months COBRA; 100% acceleration of unvested options . |
| Hedging/Pledging | Prohibited under Insider Trading and Window Period Policy . |
Performance & Track Record
- LX2006 (FA cardiomyopathy): Interim biomarker improvements (LVMI, wall thickness, hs‑troponin I) in mid‑2024; cardiac biopsy data showed increased frataxin expression; FDA alignment on accelerated approval with LVMI and frataxin co‑primary endpoints, refined in Feb 2025 to “any increase from baseline” frataxin positive area; further data expected mid‑2025 .
- LX2020 (PKP2‑ACM): Post‑treatment biopsies showed 71% and 115% PKP2 protein increases; first 6‑month patient had 67% PVC reduction and normalized QRS; well‑tolerated to date; interim efficacy biomarker readout expected 2H 2025 .
- Broader pipeline and manufacturing: AAVrh10 platform focus and scalable Sf9/baculovirus process to support larger‑rare/prevalent indications .
Related Party Transactions (context)
- Stelios Therapeutics acquisition: In Q3 2024, Lexeo achieved a development milestone triggering $6.0M to selling shareholders; Dr. Adler (co‑founder/selling shareholder) received ≈$1.3M; prior consideration included ≈$1.2M initial payment (2021) and ≈$0.4M milestone (2022) to Dr. Adler .
Compensation Structure Analysis
- Mix and trend: 2024 included meaningful option awards ($2,044,217) and RSUs ($456,875) alongside cash incentive ($171,000), indicating equity‑heavy compensation with the introduction of RSUs versus 2023 (no RSUs disclosed; options $2,419,424) .
- Pay‑for‑performance disclosure: Cash incentive amounts shown, but specific corporate metric weightings/targets are not disclosed; equity awards vest time‑based, not explicitly performance‑conditioned .
- Change‑in‑control economics: Double‑trigger acceleration and bonus multiple (100% of target) are standard market features for retention but reduce termination risk at deal close .
Investment Implications
- Alignment: Ownership is <1%; equity awards are substantial but primarily time‑based; policy bans hedging/pledging, supporting alignment; lack of disclosed performance metrics weakens direct pay‑for‑performance transparency .
- Vesting and selling pressure: RSUs vest quarterly (~1,680 shares per tranche), creating regular potential supply; options with varied strikes ($4.87–$17.00) introduce event‑driven exercise dynamics; monitoring Form 4s is prudent .
- Retention risk: Double‑trigger CoC protection (salary, target bonus, full acceleration) mitigates departure risk around transactions but could incentivize turnover post‑deal; baseline severance provides downside protection .
- Execution track record: Under Dr. Adler’s research leadership, LX2006 achieved FDA accelerated‑approval alignment and cardiac biomarker/frataxin data; LX2020 showed cardiac PKP2 expression increases and arrhythmia improvements—constructive clinical momentum in high‑need indications .
- Governance/related party: Stelios milestone payments to Dr. Adler are disclosed; continued oversight advisable to manage potential conflicts as programs advance .
Note: All quantitative and qualitative claims above are drawn from Lexeo’s 2025 and 2024 DEF 14A and 2024 10‑K filings as cited.