Eric Bjerkholt
About Eric Bjerkholt
Eric Bjerkholt is Chief Financial Officer of Mirum Pharmaceuticals, serving since September 2023. He previously served as CFO of Chinook Therapeutics (Nov 2020–Aug 2023) and Aimmune Therapeutics (Apr 2017–Oct 2020), and spent seven years in healthcare investment banking at J.P. Morgan. He holds a Cand. Oecon in Economics from the University of Oslo and an MBA from Harvard Business School . Mirum’s pay-versus-performance disclosure shows strong alignment with shareholder value: 2024 Total Shareholder Return (TSR) was 259.25 and net product sales were $336,409k, up from 2023 TSR 185.08 and net product sales $178,874k .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Chinook Therapeutics | Chief Financial Officer | Nov 2020–Aug 2023 | Led finance, reporting, budgeting, IR, internal controls, IT and facilities |
| Aimmune Therapeutics | Chief Financial Officer | Apr 2017–Oct 2020 | Senior financial leadership during commercialization phase |
| J.P. Morgan | Healthcare Investment Banker | 7 years | M&A and capital markets experience |
External Roles
No public company directorships or committee roles disclosed for Bjerkholt .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary Rate ($) | $485,000 | $500,000 |
| Salary Paid ($) | $151,562 | $500,000 |
| Target Bonus % of Salary | Not disclosed | 45% |
| Target Bonus ($) | — | $225,000 |
| Actual Bonus Paid ($) | $95,246 | $348,750 |
| All Other Compensation ($) | — | $12,137 |
Performance Compensation
Annual Cash Incentive (2024 Corporate Goals and Payout)
| Metric | Weighting | Target | Actual Achievement | Weighted Achievement |
|---|---|---|---|---|
| Product revenue | 50% | Company-set | 180% | 90% |
| Product commercial expansion | 15% | Company-set | 100% | 15% |
| Product candidate development | 25% | Company-set | 160% | 40% |
| Operations and HR goals | 10% | Company-set | 100% | 10% |
| Aggregate corporate achievement | — | — | 155% | — |
| CFO Target Bonus (% of Salary) | — | 45% | — | — |
| CFO Actual Bonus ($) | — | $225,000 | 155% of target | $348,750 |
Equity Incentives (Grants and Vesting)
| Award Type | Grant Date | Shares/Units | Exercise Price | Expiration | Vesting Terms | Notes |
|---|---|---|---|---|---|---|
| Stock Options | 9/11/2023 | 111,000 total; 34,375 exercisable, 76,625 unexercisable | $30.43 | 9/10/2033 | 25% at 1-year, then 36 monthly installments | Under 2019 Plan |
| RSUs | 9/11/2023 | 36,666 unvested | — | — | Vests in three equal annual installments on grant anniversary | Under 2019 Plan |
| Stock Options | 1/23/2024 | 32,000 unexercisable | $26.49 | 1/22/2034 | 25% at 1-year, then 36 monthly installments | Under 2019 Plan |
| RSUs | 1/23/2024 | 8,000 unvested | — | — | Three equal annual installments | Under 2019 Plan |
| PSUs (2024 Executive PSU) | 1/23/2024 | 10,000 target; 20,000 max | — | — | Performance-based; reported at target level | Under 2019 Plan |
Option and RSU vesting activity: In 2024, Bjerkholt had 18,334 RSUs vest (value realized $768,378) .
PSU Metric History (Context)
- 2023 Executive PSUs for other NEOs tied to Livmarli net product sales with thresholds at $150M (50%) and $200M (150%); certified at 150% in Jan 2025. Bjerkholt was not employed when 2023 PSUs were granted; included here for program structure context .
Equity Ownership & Alignment
| Ownership Item | As of | Amount/Status |
|---|---|---|
| Beneficially owned shares | Feb 15, 2025 | 101,487 shares; <1% of outstanding |
| Options exercisable | Dec 31, 2024 | 34,375 shares (strike $30.43; exp. 9/10/2033) |
| Options unexercisable | Dec 31, 2024 | 76,625 (strike $30.43; exp. 9/10/2033); 32,000 (strike $26.49; exp. 1/22/2034) |
| RSUs unvested | Dec 31, 2024 | 36,666 (9/11/2023 grant); 8,000 (1/23/2024 grant) |
| PSUs unearned (target) | Dec 31, 2024 | 10,000 (2024 Executive PSU) |
| Market price used in proxy valuations | Dec 31, 2024 | $41.35 closing price |
| Hedging/Pledging | Policy | Prohibited for executives |
| Stock ownership guideline | Adopted Sept 2024 | 1x base salary for executive officers (5-year compliance window); all NEOs in compliance or within time to achieve as of 12/31/24 |
Indicative intrinsic option value at 12/31/24: Exercisable tranche 34,375 × ($41.35 − $30.43) ≈ $375k (derived from disclosed strike and closing price) .
Employment Terms
- Employment status: At-will under August 2023 offer letter; entitled to base salary, annual target bonus, and discretionary equity awards subject to Compensation Committee decisions .
- Severance plan participation (non-CIC): If terminated without cause or resigns for good reason, CFO receives 9 months base salary continuation, 12 months accelerated vesting of time-based equity from termination date, and 9 months of continued group health benefits .
- Change-in-control (double-trigger): If terminated without cause or resigns for good reason within 3 months prior to and 12 months post-CIC, CFO receives 18 months base salary, 18 months health benefits, full acceleration of time-based equity, and 150% of annual bonus .
- Severance/CIC economics (estimated at 12/31/24):
- Non-CIC: Base salary $375,000; accelerated equity $1,396,498; total $1,771,498 .
- CIC: Base salary $750,000; bonus $337,500; accelerated equity $3,148,284; total $4,235,784 .
- Clawbacks: Dodd-Frank–compliant clawback policy; CEO/CFO may be required to reimburse bonuses/equity in case of misconduct-related restatements under Sarbanes–Oxley Section 304 .
- Non-compete/Non-solicit/Garden leave: Not disclosed in proxy; no details provided .
Investment Implications
- Pay-for-performance alignment: CFO’s 2024 bonus was formulaically tied to corporate goals achieved at 155%, resulting in a $348,750 payout on a 45% target of salary—consistent with disclosed weighting toward product revenue and development outcomes . Equity mix includes options, RSUs, and PSUs, maintaining at-risk exposure and long-term alignment .
- Retention and change-of-control incentives: Double-trigger CIC benefits with 18 months salary, 150% bonus, and full time-based equity acceleration suggest strong retention pre-CIC but materially reduce post-deal forfeiture risk—important in M&A scenarios .
- Insider selling pressure: Annual RSU vesting on grant anniversaries (9/11 and 1/23) and ongoing monthly option vesting create periodic supply; in 2024, 18,334 shares vested for the CFO (value $768k). Monitoring Form 4s around vest dates is prudent for short-term trading signals .
- Ownership alignment and risk controls: Beneficial ownership is <1%, but executives are subject to 1x salary ownership guidelines over five years and prohibited from hedging/pledging—mitigating misalignment and leverage risks . Clawback coverage (Dodd-Frank and SOX 304) further constrains risk-taking .
- Execution track record context: Corporate PSU outcomes linked to net product sales (e.g., Livmarli sales certified at 150% for 2024) underscore commercial execution momentum during CFO tenure, coincident with increased TSR and revenue scale .