Christopher Peetz
About Christopher Peetz
Christopher Peetz, age 46, is Mirum’s co-founder, Chief Executive Officer since March 2019, and a director since 2019; he previously served as President from December 2018 to January 2024. He holds an MBA from Stanford Graduate School of Business and a B.S.B.A. in Finance, International Business and French from Washington University in St. Louis, with prior finance and operating leadership roles at Tobira, Jennerex, Onyx, and others . Under his leadership, Mirum achieved net product sales of $336.4 million in FY2024 and improved net loss to $87.9 million (from $163.4 million in 2023); cumulative TSR from a $100 investment at 12/31/2021 reached 259.25 by YE2024, outpacing the NASDAQ Biotechnology Index peer benchmark . CEO pay is heavily performance-linked: 88.7% of his FY2024 reported compensation was variable (annual bonus and equity) versus 11.1% fixed salary .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Mirum Pharmaceuticals | Chief Executive Officer | Mar 2019–Present | Co-founder leading commercialization and pipeline execution |
| Mirum Pharmaceuticals | President | Dec 2018–Jan 2024 | Built operating cadence; transitioned to CEO |
| Flashlight Therapeutics | Chief Executive Officer | May 2017–May 2019 | Early-stage biotech leadership |
| Tobira Therapeutics | Chief Financial Officer; Head of Corp Dev | May 2014–Dec 2016 | Helped position company for sale to Allergan in Nov 2016 |
| Jennerex Biotherapeutics | VP Finance & Corporate Development | Apr 2012–Mar 2014 | Led finance and corporate development |
| Onyx Pharmaceuticals | Various finance/strategy/commercial roles | Pre-2012 | FP&A, strategy, lifecycle mgmt, commercial roles |
| LaSalle Corporate Finance (ABN AMRO) | M&A Advisory | Prior | M&A advisory experience |
| Abgenix; Solazyme | Various roles | Prior | Industry and operations exposure |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Frazier | Entrepreneur-in-Residence | Since May 2017 | Ecosystem connectivity; venture formation support |
| Alpine Immune Sciences | Director (prior) | Prior to sale to Vertex | Governance and strategic oversight pre-transaction |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Salary (USD) | $624,000 | $660,000 | $730,000 |
| Stock Awards (USD) | $634,800 | $1,761,000 | $2,218,206 |
| Option Awards (USD) | $2,682,384 | $3,383,920 | $2,844,495 |
| Non-Equity Incentive (Bonus, USD) | $449,280 | $633,600 | $792,050 |
| All Other Compensation (USD) | $12,200 | $13,200 | $13,800 |
| Total (USD) | $4,402,664 | $6,451,720 | $6,598,551 |
Performance Compensation
Annual Bonus Mechanics (FY 2024)
| Metric | Weighting | Target | Actual | Weighted Achievement | Payout Factor |
|---|---|---|---|---|---|
| Product revenue | 50% | Not disclosed | 180% of target | 90% | 155% of target |
| Product commercial expansion | 15% | Not disclosed | 100% of target | 15% | 155% of target |
| Product candidate development | 25% | Not disclosed | 160% of target | 40% | 155% of target |
| Specified operations/HR goals | 10% | Not disclosed | 100% of target | 10% | 155% of target |
| Corporate total | 100% | — | — | 155% aggregate | Bonus paid: $792,050 (70% target on $730k base × 155%) |
Equity Awards and Vesting (2024 grants)
| Award Type | Grant Date | Quantity | Key Vesting Terms | Performance Metric |
|---|---|---|---|---|
| Stock Options (ex. price $26.49) | 1/23/2024 | 150,000 | 25% at first anniversary, remainder in 36 monthly installments; 10-year term | Time-based |
| RSUs | 1/23/2024 | 37,500 | 1/3 each year on grant anniversary over 3 years | Time-based |
| PSUs (2024 Executive PSUs) | 1/23/2024 | 37,500 target; 75,000 max | If 2025 net product sales condition met: 2/3 vests 3/15/2026; remaining 1/2 of first tranche vests 3/15/2027 | Net product sales (FY2025) |
Prior PSU Achievement
| PSU Grant (Jan 2023) | Target Shares | Performance Outcome | Vested (Tranche 1) | Scheduled (Tranche 2) |
|---|---|---|---|---|
| 2023 Executive PSUs (Livmarli net sales) | 50,000 | Achieved ≥$200m FY2024; 150% achievement | 50,000 vested on 3/15/2025 | 25,000 on 3/15/2026 (cont. service) |
Equity Ownership & Alignment
| Ownership As Of | Total Beneficial Ownership (Shares) | % of Outstanding | Breakdown |
|---|---|---|---|
| Feb 15, 2025 | 1,717,976 | 3.41% (out of 48,990,946 shares) | 115,920 direct; 208,570 via Peetz Family Trust; 1,314,320 options exercisable within 60 days; 29,166 RSUs vesting within 60 days; 50,000 PSUs vesting within 60 days |
- Hedging/pledging: Prohibited for officers/directors; no pledging allowed under Insider Trading Policy .
- Stock ownership guidelines: CEO multiple of 3× base salary; expected compliance within 5 years; all NEOs either compliant or on schedule as of 12/31/2024 .
- Option exercises and RSU vesting (FY2024): 34,013 options exercised ($1,267,324 value); 30,000 RSUs vested ($825,666) .
Employment Terms
| Item | Terms |
|---|---|
| Employment agreement | Offer letter Dec 2018; Amended & restated May 2019; at-will; base salary, target bonus, discretionary equity awards |
| Severance (non-CIC) | 12 months base salary, 12 months COBRA/benefits, 12 months time-based vesting acceleration; no bonus |
| Change in control (double-trigger, 3 months pre to 12 months post CIC) | 24 months base salary, 24 months COBRA/benefits, full acceleration of time-based equity, 200% of target annual bonus |
| Estimated payouts (as of 12/31/2024) | Non-CIC: $6,058,492 total; CIC: $11,789,724 total |
| Clawback | Dodd-Frank compliant clawback; SOX 304 reimbursement if misconduct leads to restatement |
Definitions: “Cause,” “Good Reason,” and “Change in Control” defined in severance plan (includes felony/fraud, material breach/confidentiality; material reduction/relocation; change of control events including >50% voting change, merger, asset sale, liquidation) .
Board Governance
- Board service: Director since 2019; co-founder; management (not independent). Eight other directors determined independent under Nasdaq rules .
- Leadership: Independent, non-executive Chair (Michael Grey); positions of Chair and CEO are separated to reinforce independent oversight .
- Committees: Peetz is not a member of Audit, Compensation, or Nominating committees (no committee roles) .
- Director compensation: No additional pay for Peetz’s director service (CEO does not receive director fees) .
Performance & Track Record
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Net product sales (USD, thousands) | $75,062 | $178,874 | $336,409 |
| Net loss (USD, thousands) | $(135,665) | $(163,415) | $(87,942) |
| Cumulative TSR (from $100 at 12/31/2021) | 122.26 | 185.08 | 259.25 |
- 2024 operational achievements include expanded global Livmarli access to 30 countries, successful EU launches, PFIC approval in U.S. and Europe, positive volixibat interim results and breakthrough designation in PBC, and in-licensed MRM-3379 for Fragile X Syndrome .
- Say-on-Pay: 96% approval at 2024 meeting; annual frequency supported by 99% .
Compensation Committee Analysis and Peer Benchmarking
- Independent compensation consultant: Alpine Rewards; no conflicts identified .
- 2024 peer group criteria: commercial rare disease focus, market cap $300mm–$3.0bn, revenue $100mm–$400mm; location biotech hubs .
- Peer group companies: Acadia, Agios, Amicus, Amylyx, Ardelyx, BioCryst, Catalyst, Collegium, CymaBay, Cytokinetics, Deciphera, Evolus, Intercept, Ironwood, MannKind, Rhythm, Syndax, Travere, Ultragenyx, Vericel .
- Committee did not target a specific percentile; reviews market data among several factors .
Related Party and Governance Context
- Significant holders: Frazier Life Sciences IX/X collectively 7.61% (managed by director Patrick Heron), plus other institutions; governance defenses (classified board, supermajority requirements) noted as anti-takeover provisions the Nominating Committee retained after review .
Investment Implications
- Pay-for-performance alignment: High variable mix (PSUs tied to net product sales, material option/RSU exposure) suggests strong alignment; hedging/pledging prohibited and stock ownership guidelines in place reinforce “skin in the game” .
- Vesting calendar and potential supply: 2023 PSUs tranche vested Mar 2025; second tranche due Mar 2026; 2024 RSUs and options began vesting in 2025 with continued vesting through 2027; monitor Form 4s around vest dates for selling pressure signals .
- Retention and CIC economics: Double-trigger CIC with 24 months salary, 200% bonus, and full time-based acceleration is generous; enhances retention pre-transaction but can be dilutive to post-deal incentives—investors should weigh alongside M&A optionality .
- Execution track record: Commercial scaling and regulatory wins in 2024, improving net loss, and outsized TSR vs biotech index indicate value creation; continued delivery on FY2025 net sales metric will directly impact PSU vesting/payouts for CEO and signal momentum .
- Governance structure mitigates dual-role risks: Independent Chair and independent committees provide oversight; Peetz is a management director with no committee roles (reducing independence concerns compared to CEO-Chair duality) .