Richard Bartram
About Richard Bartram
Richard Bartram, 44, has served as Chief Financial Officer of MBX Biosciences since April 2022; he is a CPA (Michigan) with M.S. and B.A. in Accounting from Michigan State University, and previously held finance leadership roles at Esperion Therapeutics and PricewaterhouseCoopers . MBX reported Q1 2025 cash and marketable securities of $240.8M, R&D of $22.4M, G&A of $4.1M, and net loss of $23.9M, with management guiding cash runway into mid-2027 . MBX is an emerging growth company and is not required to conduct advisory “say‑on‑pay” votes at this time .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Esperion Therapeutics (Nasdaq: ESPR) | Chief Financial Officer | Jan 2018 – Apr 2022 | Publicly traded LDL‑C therapy company; Bartram led finance during period of development/commercial operations |
| Esperion Therapeutics | Vice President, Finance | Jan 2015 – Jan 2018 | Scaled finance organization ahead of CFO role |
| Esperion Therapeutics | Controller | Feb 2013 – Jan 2015 | Built controllership and reporting capabilities |
| PricewaterhouseCoopers (Assurance) | Public Accountant | Not disclosed | Assurance practice experience |
External Roles
No external public company directorships disclosed for Bartram in the proxy .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 425,000 | 442,000 |
| Perquisites ≥$10k | None disclosed | None disclosed |
Performance Compensation
Annual Cash Bonus Program
| Metric | 2023 | 2024 |
|---|---|---|
| Target Bonus % of Salary | Not disclosed | 40% |
| Actual Bonus Paid ($) | 153,000 | 200,001 |
| Performance Areas Considered | Not disclosed | Clinical milestones; R&D goals; business development; organizational goals |
Equity Awards (Options) – Grants and Terms
| Grant Date (Vesting Commencement) | Shares | Exercise Price ($) | Expiration | Vesting Schedule |
|---|---|---|---|---|
| 04/11/2022 | 93,577 | 3.01 | 04/19/2032 | Early exercisable; 25% on first anniversary, then 36 equal monthly installments; repurchase right until vest |
| 11/07/2022 | 52,806 | 3.25 | 11/06/2032 | Early exercisable; 25% on first anniversary, then 36 monthly installments; repurchase right until vest |
| 08/15/2023 | 79,209 | 7.82 | 08/14/2033 | Early exercisable; vests in 48 equal monthly installments; repurchase right until vest |
| 09/12/2024 | 42,578 | 16.00 | 09/11/2034 | 25% on first anniversary, then 36 equal monthly installments; exercisable upon vest |
Vesting Status as of 12/31/2024
| Grant | Vested Shares | Unvested Shares |
|---|---|---|
| 04/11/2022 (93,577) | 62,385 | 31,192 |
| 11/07/2022 (52,806) | 27,503 | 25,303 |
| 08/15/2023 (79,209) | 26,403 | 52,806 |
| 09/12/2024 (42,578) | 0 | 42,578 |
Equity Ownership & Alignment
| Ownership element | Amount | Notes |
|---|---|---|
| Beneficial ownership (shares) | 225,592 | Represents shares underlying outstanding early‑exercisable stock options immediately exercisable within 60 days of 04/11/2025 |
| Ownership % of outstanding | <1% | Calculated by company; less than one percent |
| Options – early exercisable within 60 days of 04/11/2025 | 225,592 | Sum of early‑exercisable grants (93,577 + 52,806 + 79,209) |
| Pledging/Hedging | Prohibited absent Audit Committee approval; short sales/derivatives prohibited | No pledging by Bartram disclosed in proxy |
Employment Terms
| Provision | Base Case Termination (without cause/for good reason) | Change‑of‑Control Termination (3 months prior to or 12 months post sale event) |
|---|---|---|
| Cash severance | 12 months of base salary continuation | Lump sum 1.25x (base salary + target bonus) |
| COBRA | Company‑paid for 12 months | Company‑paid for 15 months |
| Equity vesting | Time‑based equity accelerates to amount that would vest over 12 months post‑termination | 100% acceleration of all unvested time‑based equity |
| Pre‑IPO awards on sale event | 100% acceleration upon sale event if employed as of closing (excludes 2024 Plan IPO grants) | Applies at sale event |
| Clawback | Recovery of incentive‑based compensation upon accounting restatement per SEC/Nasdaq rules (3‑year lookback) | Company‑wide policy |
| Excise tax gross‑ups | None; cut‑back to $1 below 4999 threshold if beneficial on net basis | Applies if parachute excise tax would otherwise apply |
Investment Implications
- Pay mix emphasizes performance‑linked elements: annual cash bonus tied to clinical, R&D, BD, and organizational milestones, plus multi‑year option grants with long vesting schedules; this aligns compensation with execution on key development milestones .
- Retention risk appears moderated: base‑case severance of 12 months salary and 12 months COBRA, with additional 12‑month vesting credit; stronger change‑of‑control protection (1.25x cash, 15 months COBRA, 100% equity acceleration) reduces uncertainty in a transaction scenario .
- Insider selling pressure signals: substantial early‑exercisable options (225,592 shares) and multiple low‑strike grants ($3.01, $3.25, $7.82) may create realizable value if the stock trades above strike, but company policy restricts hedging/pledging and pre‑IPO grant acceleration is limited to sale events .
- Governance and risk safeguards: clawback policy, no excise gross‑ups, and insider trading restrictions support shareholder‑friendly practices; as an EGC, MBX does not conduct say‑on‑pay votes, reducing direct shareholder feedback on pay .
- Context: MBX’s cash runway guidance into mid‑2027 and elevated R&D spend underscore near‑ to mid‑term value creation levers tied to clinical execution, directly influencing bonus outcomes and long‑term equity value for executives including the CFO .