Robert Zeldin
MeiraGTx HoldingsAbout Robert Zeldin
Robert K. Zeldin, M.D., is Chief Medical Officer at MeiraGTx, serving since August 2020; he is 62, holds a B.A. with honors from Johns Hopkins University and an M.D. from Tufts University School of Medicine, and previously held senior clinical development roles at Immunovant, Acceleron, Ablynx, Stallergenes, Novartis, and Merck, as well as serving as a Medical Officer at FDA CBER before industry and several years in clinical practice . Company performance over his tenure shows revenues fluctuating and negative EBITDA given R&D investment; MeiraGTx’s pay-versus-performance disclosure reports cumulative TSR indices of 27.46 (2022), 29.57 (2023), and 25.65 (2024) . Selected financials are below to anchor TSR context.
Company financials and TSR (context during Zeldin’s tenure)
| Metric | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|
| Revenues ($USD) | $15,563,000 | $37,701,000 | $15,920,000 | $14,017,000* | $33,279,000 |
| EBITDA ($USD) | -$58,382,000* | -$64,885,000* | -$107,632,000* | -$123,331,000* | -$151,384,000* |
| Cumulative TSR (index, base=$100 at 12/31/2021) | — | — | 27.46 | 29.57 | 25.65 |
Values with an asterisk retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Immunovant, Inc. | Chief Medical Officer | Jul 2019 – Apr 2020 | Led medical function at a biotech; short CMO tenure pre-MeiraGTx |
| Acceleron Pharma, Inc. | Chief Medical Officer | Jun 2018 – Apr 2019 | Oversaw clinical development at biopharma |
| Ablynx NV | Chief Medical Officer | Dec 2015 – Jun 2018 | Led clinical strategy at EU biopharma |
| Stallergenes SA | SVP & Head of Global Clinical Development | Jan 2011 – Nov 2015 | Directed global clinical development |
| Novartis Pharmaceuticals Corp. | VP & U.S. Medical Franchise Head – Respiratory & Dermatology | Mar 2005 – Apr 2010 | Led U.S. medical franchise strategy |
| Merck & Co., Inc. | Worldwide Regulatory Affairs & Clinical Development roles | Nov 1997 – Mar 2005 | Increasingly strategic regulatory/clinical roles |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| U.S. FDA (CBER) | Medical Officer | Not disclosed | Federal regulator experience prior to industry |
| Clinical Practice | Physician | Not disclosed | Several years in practice prior to industry |
Fixed Compensation
| Component | Detail | Period | Value |
|---|---|---|---|
| Base salary | Offer letter-set annual base salary | Set in 2020 | $480,000 |
| Target bonus % | Discretionary annual bonus target | As disclosed | 50% of base salary |
| Actual bonus paid | Discretionary bonus for performance | 2021 | $600,000 |
Performance Compensation
| Award Type | Grant Date | Shares/Options | Grant Date Fair Value | Performance Metric | Vesting | Notes |
|---|---|---|---|---|---|---|
| RSUs | Jan 2022 (for 2021 performance) | 70,000 | $1,507,100 | No explicit KPIs disclosed; retention focus | 50% at 2nd anniversary; 25% at 3rd and 4th anniversaries | FASB ASC 718 fair value; retention and long-term alignment |
| Stock Options | Jan 2022 (for 2021 performance) | 30,000 | $446,700 | Option value contingent on share price | 25% at 1st anniversary; remaining in 36 equal monthly installments | Performance-aligned via share price appreciation |
Vesting Schedules and Outstanding Equity Detail
| Grant | Type | Exercisable | Unexercisable | Strike | Expiration | RSUs Unvested | Market Value Basis |
|---|---|---|---|---|---|---|---|
| 8/3/2020 | Option | 50,000 | 100,000 | $13.24 | 8/3/2030 | — | — |
| 1/14/2021 | Option | — | 40,000 | $16.43 | 1/14/2031 | 150,000 | $23.74 per share (12/31/2021 close) |
| 1/2022 RSU (2021 perf.) | RSU | — | — | — | — | 70,000 | Time-based vesting per compensation plan |
Notes: RSUs vest 50% at second anniversary; 25% at third and fourth anniversaries. Options vest 25% at first anniversary, then monthly over 36 months .
Equity Ownership & Alignment
| Item | Detail | Date | Value |
|---|---|---|---|
| Beneficial ownership | Shares beneficially owned | As of Nov 30, 2022 | 196,042; <1% of outstanding |
| Anti-hedging policy | Prohibits hedging/monetization, short sales, and publicly traded options | Current policy | Policy disclosed; applies to directors/officers/employees |
| Clawback policy | Mandatory recovery of erroneously received incentive comp (3-year lookback) | Adopted 2023 | Administered by Compensation Committee; Nasdaq Rule 10D-1 compliant |
| Lock-up agreements | Delivered lock-up for August 2024 equity offering | Aug 2024 | Zeldin listed among lock-up signatories |
Insider selling pressure: RSU cliffs (e.g., 2-year initial vest) can concentrate potential sellable volume around anniversaries; lock-up agreements around offerings temporarily reduce near-term selling flexibility .
Employment Terms
| Provision | Key Terms | Source |
|---|---|---|
| Start date & role | Chief Medical Officer since August 2020 | |
| Change-in-control (CIC) agreement | If terminated within 12 months after a CIC by Company not for Cause (and not due to death/disability) or by Zeldin for Good Reason, or terminated within 2 weeks pre-CIC in anticipation: (i) base salary through termination; (ii) unpaid prior-year bonus; (iii) 1x sum of annual base salary + target bonus (pre-decrease rates); (iv) immediate 100% vesting of time-based equity on later of qualifying termination and CIC; performance-conditioned awards governed by their own terms; unvested awards remain outstanding if CIC occurs within 2 weeks post-termination | |
| Definitions | Cause: fraud/embezzlement/theft; felony/no contest; refusal to perform duties (with cure period); material policy/agreement breach (with cure); gross negligence/willful misconduct; refusal to cooperate with investigations. Good Reason: >25% decrease in salary/target bonus; material diminution of duties; relocation >30 miles; Company’s material breach; certain post-CIC role changes | |
| Additional letter agreement (non-CIC) | If Zeldin terminates for Good Reason or Company terminates other than for Cause/death/disability on/after date when neither Forbes nor Giroux serves as CEO/CFO/COO, and prior to CIC: (i) 30 days’ notice or pay in lieu; (ii) base salary through termination; (iii) unpaid prior-year bonus; (iv) 1x base salary (pre-decrease rate) |
Performance & Track Record
- 2024 operational milestones included RMAT designation for AAV2‑hAQP1 xerostomia program; positive sham-controlled AAV‑GAD Parkinson’s data; Rare Pediatric Disease designations across multiple IRD programs; and successful GMP license renewals/expansions in UK and Ireland manufacturing; management attributed strong performance to executive leadership .
- 2024 financing/milestones: $60M milestones from Johnson & Johnson Innovative Medicine related to RPGR program asset sale and supply agreement; $51M equity financing led by Sanofi .
Fixed Compensation
| Component | Detail | Period | Value |
|---|---|---|---|
| Base salary | Offer letter-set annual base salary | Set in 2020 | $480,000 |
| Target bonus % | Discretionary annual bonus target | As disclosed | 50% of base salary |
| Actual bonus paid | Discretionary bonus for performance | 2021 | $600,000 |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Annual bonus (2021) | Not disclosed | 50% of base salary (target) | Committee assessment of clinical/regulatory/corporate milestones | $600,000 | Cash; paid Dec 2021 |
| RSUs (2021 perf.; granted Jan 2022) | Not disclosed | Not disclosed | Time-based retention grant | 70,000 RSUs ($1,507,100 FV) | 50% at year 2; 25% at years 3 and 4 |
| Options (2021 perf.; granted Jan 2022) | Not disclosed | Not disclosed | Performance-aligned via share price | 30,000 options ($446,700 FV) | 25% at year 1; remainder monthly over 36 months |
Investment Implications
- Alignment: Significant time-based equity (RSUs) and multi-year option vesting align incentives with sustained value creation; anti-hedging policy and 2024 lock-up reduce short-term trading risk and signal insider alignment .
- Retention risk: CIC agreement is double‑trigger—cash (1x salary+target bonus) and full acceleration of time‑based equity only upon qualifying termination post‑CIC; additional letter agreement provides 1x salary protection in certain leadership-transition scenarios pre‑CIC, supporting retention but offering defined exit economics .
- Selling pressure timing: RSU cliffs (50% at 2-year anniversary) cluster vesting events; monitor Form 4 filings around vest dates and post‑lock‑up expirations to gauge potential supply overhang .
- Pay-for-performance: For Zeldin, no disclosed numeric KPIs; bonus decisions reference company milestones—investors should triangulate clinical/regulatory progress with discretionary payouts to assess pay-performance rigor .
- Company performance context: Negative EBITDA reflects investment phase; cumulative TSR indices in pay‑versus‑performance disclosure were low, highlighting execution dependency on clinical catalysts and partnerships; watch manufacturing and regulatory milestones as levers for value creation .