Mitchell Glass
About Mitchell Glass
Mitchell Glass, M.D., is President and Chief Medical Officer (appointed June 13, 2024) and also serves on the Board of Directors (since April 8, 2024) . He is board certified in internal medicine, pulmonary and critical care medicine, a University of Chicago graduate, and has led 5 NDAs/MAAs, 12 End of Phase 2 meetings, and >80 INDs, with prior involvement in Accolate, Avandia, and Coreg approvals . Company pay-versus-performance disclosures show FY2024 cumulative TSR of $29 and a net loss of $27,161,219, contextualizing the operating backdrop during his initial tenure .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ICI Pharmaceuticals | Established pulmonary therapeutics group | 1988 onward | Led development and submission of antileukotriene Accolate |
| SmithKline Beecham | VP/Director, CV/Respiratory/Renal/Metabolic | 1995–1996 | Submitted NDA/MAA for Coreg |
| AtheroGenics (AGIX) | CMO & VP Clinical Dev/Regulatory | 1998–2003 | Led IND→Phase 3 for AGI‑1067; member of IPO team |
| AQUMEN Biopharmaceuticals KK/NA | CEO (NA) & Director | Not disclosed | Executive leadership across geographies |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| OrphageniX Inc. | Director | Since 2008 | Gene editing focus |
| AVATAR Biotechnologies | Director | Since 2008 | Biosimilars focus |
| Invion Ltd. | EVP R&D & CMO | Current | Executive R&D leadership |
| American Lung Association | Scientific Advisory Committee | Current | Scientific advisory service |
| Medpro Investors | Founder & Principal | Long-term | Healthcare-focused venture capital |
Fixed Compensation
| Metric | FY 2024 |
|---|---|
| Base Salary ($) | 175,833 |
| Target Bonus (%) | Not disclosed |
| Actual Bonus Paid ($) | 0 |
| Director/Board Fees ($) | 6,500 |
Performance Compensation
| Award Type | Quantity | Status/Notes |
|---|---|---|
| Restricted Stock Units (RSUs) | 1,080 | Held as of Sept 18, 2025 record date |
| Stock Options | 1,250 | Exercisable within 60 days of record date; strike not disclosed |
| Plan Performance Metrics | Various permitted under 2021 Plan (e.g., revenues, EBITDA, TSR, ROE) | Plan-level metrics enumerated; individual award weightings/targets not disclosed |
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Total Beneficial Ownership (shares) | 2,330 (RSUs 1,080 + options 1,250) |
| Ownership (% of outstanding) | <1% (based on 2,052,974 shares outstanding) |
| Vested vs. Unvested | Not disclosed |
| Shares Pledged/Hedged | Not disclosed |
| Stock Ownership Guidelines/Compliance | Not disclosed |
Employment Terms
- Appointment as President & Chief Medical Officer effective June 13, 2024; Company previously disclosed no additional compensation at appointment, though FY2024 salary was later reported in filings .
- Employment agreement details (term, severance, non-compete, change-of-control) not disclosed in available filings.
- The equity plan includes recoupment/clawback language at the plan level .
Board Governance
- Board service since April 8, 2024; board fees reported for 2024 were $6,500 (also included within executive compensation disclosures) .
- Committee roles: Not listed as a member of Audit, Compensation, Nominating & Corporate Governance, or Risk & Disclosure committees in 2025 committee rosters .
- Independence: Nasdaq independence criteria are defined in company filings; executives serving on the board are not counted as independent under typical Nasdaq rules .
- Board practice: bylaws require at least four executive sessions per year among independent directors (historical disclosure) .
Additional Company Capital & Equity Context (Trading Overhang/Signals)
- Stockholders approved on Nov 14, 2025: (1) issuance authorization for Series H/Series I underlying shares, placement/consulting warrants, advisory/milestone shares; (2) amendment lifting the 2021 Plan share reserve to 1,400,000; (3) reverse split authorization (1-for-2 to 1-for-250) .
- The 2021 Plan second amendment (Nov 14, 2025) increases the equity pool to 1,400,000 shares (subject to adjustments), expanding capacity for future grants to executives/directors .
Investment Implications
- Compensation alignment: FY2024 pay for Glass was predominantly fixed cash with no disclosed performance bonus or individual PSU metrics; small existing RSU/option holdings suggest limited direct equity alignment to date, but the expanded 1.4M-share plan points to meaningful future equity awards that could improve alignment (and create dilution) .
- Retention risk: With only 2 employees, 5 contractors, and 4 non-employee directors eligible under the plan, talent retention depends on equity incentives; board/stockholder approvals enable equity-based retention levers, but execution hinges on grant design and performance conditions .
- Insider selling pressure: Currently modest given Glass’s small holdings; overhang from approved preferred/wa rrant structures (Series H/I, placement/consulting/milestone securities) may influence stock supply and volatility near conversion/exercise events .
- Governance/independence: Dual role (executive + director) concentrates decision-making and is non-independent under Nasdaq standards, elevating the importance of independent committees/director oversight for pay design and approvals .
- Near-term trading signals: Reverse split authorization, large equity plan expansion, and broad issuance approvals are typically associated with volatility and potential dilution; monitoring grant calendars, S-1/S-3 effectiveness, and milestone-triggered issuances is prudent .