Matt Wiley
About Matt Wiley
Matt Wiley, age 53, is Chief Commercial Officer at Mind Medicine (MindMed) Inc., appointed March 17, 2025, with 25+ years of specialty biopharma commercialization experience across CNS and neuroscience launches . He led commercial strategies at Jazz Pharmaceuticals, including XYREM’s growth to $1.4B net revenue in his final year, and oversaw launches at BioXcel Therapeutics and VYNE Therapeutics . Education: B.A. in English, Syracuse University . Company milestones during his tenure include initiation of Phase 3 programs for MM120 in GAD/MDD and strengthened financing, shaping his go-to-market remit .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BioXcel Therapeutics (NASDAQ: BTAI) | SVP & Chief Commercial Officer | 2022–2024 | Oversaw launch of first acute treatment for agitation in schizophrenia/bipolar disorder |
| VYNE Therapeutics (NASDAQ: VYNE) | Chief Commercial Officer | 2018–2021 | Built commercial org; launched AMZEEQ and ZILXI dermatology products |
| Jazz Pharmaceuticals (NASDAQ: JAZZ) | VP & Business Unit Lead (Sleep Medicine) | 2012–2018 | Led SUNOSI go-to-market; developed XYREM growth strategy to $1.4B net revenue |
| Azur Pharma | Vice President of Marketing | 2007–2012 | Supported U.S. operations from inception through acquisition by Jazz |
| Cephalon; Salix; MGI Pharma | Various commercial roles | Not disclosed | Progressive commercial leadership in specialty pharma |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Advisory board (unnamed) | Advisor | Permitted during CCO role | Employment agreement allows existing advisory board role, limited to ≤10 hours/quarter; no psychedelics or overlapping disease states with MNMD pipeline |
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Base Salary | $475,000 | Annualized base salary per employment agreement |
| Target Bonus % | 40% of base salary | Discretionary annual bonus based on corporate and individual goals; eligibility for pro‑rated 2025 bonus |
| Actual Bonus Paid | Not disclosed | Determined by Board based on goal achievement; timing by March 15 following fiscal year |
Performance Compensation
Stock Options (Inducement Award)
| Grant Date | Shares | Exercise Price | Vesting | Notes |
|---|---|---|---|---|
| March 17, 2025 | 350,000 | Equal to closing price on March 14, 2025 | 25% on first anniversary; remaining 75% vest monthly over 36 months | Granted as inducement under Nasdaq Rule 5635(c)(4); time-based vesting |
Performance Stock Units (PSUs) (Inducement Award)
| Target Units | Payout Range | Performance Basis | Measurement Period | Vesting |
|---|---|---|---|---|
| 125,000 | 0%–200% of target | Achievement of performance criteria set in PSU agreement; company uses PSUs tied to clinical/corporate milestones | 3 years | Vests at end of 3-year period, subject to continued service |
Plan mechanics relevant to PSUs: Under the 2025 Equity Incentive Plan, in a Change in Control, performance awards vest at the greater of target or actual if not assumed; if assumed, convert to time-based based on ≥target/actual and vest fully upon termination without cause within 12 months post-CIC .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Outstanding Awards | 350,000 options (time-based); 125,000 PSUs (performance-based; 0–200% payout) |
| Vested vs Unvested | All grants unvested at appointment; first option tranche vests March 17, 2026; PSUs vest after 3-year period |
| Hedging/Pledging | Company policy prohibits hedging, margin, and pledging by insiders |
| Clawback | Incentive compensation subject to clawback per company policy and SEC rules |
| Ownership Guidelines | Not disclosed in filings; company emphasizes long-term equity alignment and pay-for-performance |
Employment Terms
| Term | Detail |
|---|---|
| Start Date / Role | March 17, 2025; Chief Commercial Officer |
| Reporting | Reports to CEO or CEO’s designee |
| Confidentiality/IP | Employee Confidential Information and Inventions Assignment Agreement required |
| Severance (No CIC) | 9 months base salary; COBRA reimbursement up to 9 months; potential prior-year bonus if fiscal year completed and goals achieved |
| Severance (CIC Double Trigger) | 12 months base salary (lump sum); COBRA reimbursement up to 12 months; lump-sum cash equal to 50% of target bonus if fiscal year completed; time-based equity accelerates in full |
| Change-in-Control Definition | CIC measurement period is termination on/within 12 months after a Change in Control that qualifies under Section 409A |
| Equity Treatment (Employment Agreement) | Acceleration applies to time-based awards upon CIC double trigger; performance awards addressed under plan terms |
| Good Reason | Material (>10%) salary reduction (with exceptions), relocation ≥50 miles, material reduction in duties; notice/cure required |
| Notice Periods | Company without cause: 30 days; resignation without Good Reason: 30 days; termination for Cause: immediate |
| Release Requirement | Severance conditioned on execution of release; Section 409A timing applies |
| Tax Gross-ups | No tax gross-ups on severance/CIC payments per compensation practices |
| Repricing | Plan prohibits option/SAR repricing without shareholder approval |
Performance & Track Record
- Launch execution: Led commercialization for multiple CNS products, including SUNOSI and XYREM growth strategies; oversaw BioXcel’s first agitation treatment launch and VYNE’s dermatology launches .
- MNMD context: Company initiated Phase 3 programs for MM120 in GAD and MDD (Voyage, Panorama, Emerge), supported by 2024 financings, establishing the pipeline and capital base Wiley will commercialize .
Compensation Structure Analysis
- Cash vs equity mix: Significant at-risk equity via option and PSU inducement grants at hire; annual bonus targets aligned to corporate objectives, consistent with pay-for-performance philosophy .
- Shift to PSUs: Introduction of PSUs in 2025 aligns payouts to clinical/corporate milestones with 0–200% leverage, enhancing performance linkage versus pure time-based RSUs .
- Governance protections: No single-trigger cash, no tax gross-ups, clawback policy, hedging/pledging ban, and plan-level repricing prohibitions reflect shareholder-friendly design .
Risk Indicators & Red Flags
- Retention and selling pressure: Monthly vest of options after first anniversary introduces predictable vesting cadence; PSUs require 3-year performance and service, moderating near-term supply .
- CIC economics: Double-trigger structure with modest cash multiple (12 months salary) and targeted bonus mitigates parachute risk; time-based equity accelerates, PSUs governed by plan CIC rules (target/actual conversion) .
- Legal/compliance: Clawback policy and insider trading restrictions in place; no disclosed investigations related to Wiley .
Investment Implications
- Alignment: Inducement options and PSUs create direct linkage to value creation over 3–4 years; hedging/pledging prohibition and clawback strengthen alignment .
- Execution: Wiley’s CNS launch background (XYREM/SUNOSI) is well-suited to MM120’s prospective commercialization in GAD/MDD; bonus metrics tied to corporate milestones support disciplined launch readiness .
- Retention risk: Severance terms are standard for biotech C‑suite (9–12 months), with double-trigger equity acceleration only for time‑based awards; PSUs’ performance dependency provides balance between retention and performance .