Eric Karas
About Eric Karas
Eric Karas, 53, is Chief Commercial Officer of ARS Pharmaceuticals (SPRY) and has served in this role since April 2022; he holds an MBA in Integrated Management from Michigan State University and a BS in Accounting from Rutgers University . His career spans commercial leadership across Emergent BioSolutions, Adapt Pharma, Auxilium Pharmaceuticals, and earlier roles at Astellas, Bristol‑Myers Squibb, and Merck, including launch readiness for XIAFLEX and leading commercial initiatives for NARCAN Nasal Spray . The company’s proxy does not disclose TSR, revenue growth, or EBITDA trends attributable to Mr. Karas specifically; executive bonus plans at SPRY are tied to company‑level R&D/regulatory milestones rather than product‑specific commercial KPIs .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Emergent BioSolutions (NYSE: EBS) | VP & GM Commercial, North America | 2018–Mar 2022 | Led North American commercial operations; previously integrated Adapt Pharma’s NARCAN business post-acquisition . |
| Adapt Pharma | Led commercial initiatives for NARCAN Nasal Spray | 2016–2018 | Built HCP/consumer campaigns and market development for NARCAN; business was acquired by Emergent in 2018 . |
| Auxilium Pharmaceuticals | Oversaw global commercial objectives for urology | 8 years | Led launch readiness and go‑to‑market strategy for XIAFLEX for Peyronie’s disease; Auxilium was acquired by Endo in 2015 . |
| Astellas Pharma | Cross‑functional roles | Not disclosed | Roles spanning government affairs, PR, patient advocacy, and sales leadership . |
| Bristol‑Myers Squibb (NYSE: BMY) | Cross‑functional roles | Not disclosed | Sales/advocacy leadership roles contributing to portfolio commercialization . |
| Merck & Co. (NYSE: MRK) | Cross‑functional roles | Not disclosed | Sales leadership and external relations roles . |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| None disclosed | — | — | No external board or public director roles disclosed in proxy filings . |
Fixed Compensation
- SPRY’s 2025 proxy does not list Mr. Karas among Named Executive Officers (NEOs); as a result, his base salary, target bonus %, and actual bonus are not disclosed in the Summary Compensation Table .
- Company compensation framework references market benchmarking by Radford/Aon and generally targets ~50th percentile cash/equity for executives; this applies company‑wide but individual executive figures for Mr. Karas are not provided .
- Executive bonuses are based on corporate goals (R&D, clinical, regulatory milestones); 2024 payout levels disclosed for NEOs were 130% of target, illustrating program calibration, but specific payout for Mr. Karas is not disclosed .
Performance Compensation
- Structure: Annual performance‑based cash bonus (target % of salary) driven by corporate milestones; long‑term equity via stock options with four‑year vesting; clawback policy adopted in Oct 2023 for incentive compensation following a restatement .
- Metrics and weightings: Company‑level research, clinical, and regulatory objectives reviewed by the Compensation Committee; specific metrics/weighting for Mr. Karas are not disclosed .
- Vesting: Options generally vest 25% at year‑1 anniversary and monthly over 36 months thereafter; grants are at or above fair market value on the grant date .
- Clawback: Incentive Compensation Recoupment Policy covers current/former executive officers for erroneously awarded incentive compensation in the event of an accounting restatement (effective Oct 2, 2023) .
Equity Ownership & Alignment
- Hedging/Pledging: SPRY’s Insider Trading Policy prohibits short sales, options/derivatives, hedging, and pledging/margining of company stock for directors, officers, employees, and consultants—a strong alignment mechanism reducing hedging and pledging risk .
- Beneficial ownership: Mr. Karas’s specific share and option holdings are not individually disclosed. Aggregate holdings for “other current executive officers” (which include Mr. Karas, Mr. Chakma, Mr. Fitzpatrick, and Ms. Scott) as of March 31, 2025 were: 252,332 shares, and 2,541,870 options exercisable within 60 days (308,035 unvested but early exercisable, subject to company repurchase right while unvested) .
| Executive group (excludes listed directors/NEOs) | Shares owned (#) | Options exercisable within 60 days (#) | Unvested but exercisable options (#) |
|---|---|---|---|
| Other current executive officers, incl. Karas | 252,332 | 2,541,870 | 308,035 |
Employment Terms
- Employment start and role: Chief Commercial Officer since April 2022 .
- Change‑in‑Control (CIC) plan: As an executive officer, Mr. Karas is covered by SPRY’s CIC & Severance Benefit Plan. For “other executive officers” (non‑CEO), a CIC termination (3 months before to 12 months after CIC) provides 18 months of base salary, 150% of target annual bonus, prorated target bonus for year of termination, up to 18 months of continued health benefits, and accelerated vesting of all outstanding equity awards .
- Non‑CIC termination: Outside the CIC window, “other executive officers” receive 9 months of base salary and up to 9 months of continued health benefits (note: Dr. Tanimoto has a 12‑month exception; standard terms apply to others) .
| Scenario | Cash severance | Bonus severance | Healthcare continuation | Equity treatment |
|---|---|---|---|---|
| CIC termination (other execs) | 18 months base salary | 150% of target + prorated target for year | Up to 18 months + additional 6 months premium lump sum | Full acceleration of all outstanding options and stock awards |
| Non‑CIC termination (other execs) | 9 months base salary | None disclosed | Up to 9 months | No automatic acceleration (except per individual grant/agreements) |
Investment Implications
- Alignment: Strict prohibition on hedging/pledging reduces misalignment and collateral‑driven selling risk; equity compensation via options with four‑year vesting aligns multi‑year value creation with retention .
- Retention and CIC dynamics: Executive CIC package (salary and bonus multiples plus full equity acceleration) is competitive and could reduce retention risk during strategic transactions; however, full acceleration can create event‑driven supply overhang if multiple insiders exercise/sell post‑CIC .
- Disclosure limitations: Mr. Karas’s individual salary, bonus targets, and equity grant specifics are not disclosed (not a 2024/2025 NEO), constraining pay‑for‑performance analysis at the individual level; company‑level performance bonuses are linked to R&D/regulatory milestones rather than commercial KPIs, which may dilute direct linkage between commercial outcomes and payout for non‑NEO executives .
- Governance safeguards: A formal clawback policy, independent Compensation Committee oversight, and Radford/Aon benchmarking indicate disciplined compensation governance, mitigating inflationary risk and consultant conflicts .