Michael Milligan
About Michael Milligan
Michael Milligan is Chief Financial Officer and Principal Accounting Officer of Neumora Therapeutics (NMRA) since February 2025; he previously served as Senior Vice President, Finance and principal accounting officer from January 2022 to February 2025 . He is 53 years old as of April 10, 2025 and holds a B.B.A. in Accounting (University of Miami) and an M.B.A. (Georgia State University) . Prior roles include finance leadership positions at Y-mAbs Therapeutics, Acorda Therapeutics, New Haven Pharmaceuticals, and Shinonogi Inc. (dates below) . The proxy emphasizes executive pay is structured around achievement of individual performance, near-term corporate targets, and long-term objectives; specific TSR/revenue/EBITDA metrics for Milligan are not disclosed .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Neumora Therapeutics | SVP, Finance & Principal Accounting Officer | Jan 2022 – Feb 2025 | Senior finance leadership during IPO transition |
| Y-mAbs Therapeutics, Inc. | Vice President, Finance | Aug 2018 – Dec 2021 | Finance leadership at public biopharma |
| Acorda Therapeutics, Inc. | Vice President, Finance & Controller | Dec 2016 – Jul 2018 | Corporate controller responsibilities |
| New Haven Pharmaceuticals, Inc. | Chief Financial Officer | Nov 2014 – Nov 2016 | Company CFO |
| Shinonogi Inc. | Vice President & Chief Accounting Officer | Oct 2008 – Nov 2014 | Accounting leadership at pharma subsidiary |
External Roles
- No external public company directorships or committee roles are mentioned in Milligan’s biography in the 2025 proxy .
Fixed Compensation
| Component | Value | Effective Date | Source |
|---|---|---|---|
| Base Salary | $450,000 | Feb 14, 2025 | 8‑K 5.02 |
| Target Annual Bonus | 40% of base salary | Feb 14, 2025 | 8‑K 5.02 |
The 8‑K notes Milligan’s promotion to CFO and that his compensation terms are set forth in an Executive Employment Agreement entered Feb 13, 2025 .
Performance Compensation
- Company framework emphasizes pay-for-performance tied to individual and corporate targets, with long-term objectives; specific CFO metrics/weights/targets/payouts are not disclosed in the proxy .
Equity Ownership & Alignment
- Beneficial ownership table as of April 10, 2025 lists directors and named executive officers; Milligan is not individually enumerated, and his specific beneficial ownership is not disclosed. The table is based on 161,747,922 shares outstanding as of April 10, 2025 .
- The company approved, subject to shareholder approval, an option repricing on February 13, 2025 for certain employees and service providers (including named executive officers, excluding Mr. Gosebruch), aiming to restore retention incentives; options would have exercise prices reduced to the closing price on February 13, 2025 if exercised on/after August 13, 2026 and stockholders approve the repricing; otherwise original exercise prices apply .
- Indemnification agreements are in place with each executive officer; the form was filed with the S‑1/A on September 11, 2023 , and the proxy reiterates director/officer indemnification and D&O insurance coverage .
| Ownership/Equity Item | Detail | Source |
|---|---|---|
| Shares Outstanding (Apr 10, 2025) | 161,747,922 | |
| Michael Milligan Beneficial Ownership | Not disclosed in proxy’s individual table | |
| Option Repricing | Approved by Board on Feb 13, 2025; contingent on shareholder approval; reduced exercise price equals closing price on 2/13/25 if exercised on/after 8/13/26 and approval obtained | |
| Indemnification Agreement | Executives party to indemnification agreements; form filed as Exhibit 10.11 to S‑1/A (9/11/2023); proxy confirms indemnification & D&O insurance |
Employment Terms
- Executive Employment Agreement: Entered in connection with promotion; base salary $450,000 and target bonus 40% of base salary; agreements supersede prior executive employment agreements and will be filed as exhibits to the FY2024 Form 10‑K .
- Severance / Change‑of‑Control: Specific severance or CoC terms for Milligan are not detailed in the 8‑K excerpt; the filing notes agreements will be filed with the FY2024 Form 10‑K .
- Clawback: Not disclosed for Milligan; the 8‑K references clawbacks in connection with other executives’ sign‑on bonuses (contextual governance), but no Milligan-specific clawback disclosed .
- Indemnification and Insurance: Company maintains indemnification agreements and D&O insurance for executive officers .
| Term | Key Points | Source |
|---|---|---|
| Employment Agreement | Promotion to CFO; base $450,000; 40% target bonus; supersedes prior agreements; to be filed with FY2024 10‑K | |
| Severance / CoC | Not disclosed for Milligan in available excerpts | |
| Indemnification | Executives indemnified to fullest extent under DE law; D&O insurance in place |
Investment Implications
- Alignment and retention: Compensation terms for Milligan are modest relative to peers (base $450k; 40% target bonus), with no disclosed sign‑on bonus; Board’s February 2025 option repricing is a retention-motivated action to restore incentive value without additional dilution, reducing potential need for incremental equity grants or cash comp .
- Visibility on ownership/selling pressure: Lack of disclosed individual beneficial ownership and unvested award detail for Milligan limits assessment of near-term selling pressure; the repricing structure generally defers benefit until at least August 13, 2026 (subject to shareholder approval), which may temper immediate exercise/sale dynamics .
- Governance baseline: Indemnification and D&O insurance are standard; specific severance and CoC economics for Milligan will only be clear upon Form 10‑K exhibit filing—investors should monitor FY2024 10‑K for final terms that could affect retention risk and change‑of‑control payouts .
- Execution track record: Extensive prior finance leadership across biopharma companies supports operational finance competence; however, performance-tied metrics/payouts for the CFO are not disclosed, limiting pay-for-performance analysis at this time .