Elizabeth Yeu-Lin
About Elizabeth Yeu-Lin
Elizabeth Yeu-Lin, M.D., is Chief Medical Officer of Tarsus Pharmaceuticals, appointed effective November 4, 2024 after serving on Tarsus’ Board from December 2021 to November 2024 and as consulting Chief Medical Advisor since August 2020 . She earned her medical degree via an accelerated program at the University of Florida and completed ophthalmology residency at Rush University (Chief Resident, 2006–2007) and a cornea/anterior segment/refractive fellowship at Baylor College of Medicine’s Cullen Eye Institute; she is a Partner at Virginia Eye Consultants (since 2014), Assistant Professor at Eastern Virginia Medical School (since 2012), Immediate Past President of ASCRS, and serves on external boards including STAAR Surgical (appointed board chair in Feb 2025), Ocular Science (Sep 2018–Dec 2024), and Avellino Lab USA (Jan 2022–Dec 2024) . Age 46 at appointment as CMO; external profile features extensive clinical leadership and industry governance, but company TSR/revenue/EBITDA performance metrics tied to her role are not disclosed .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Tarsus Pharmaceuticals | Board Director | Dec 2021 – Nov 2024 | Chaired Science & Technology Committee; served on Commercial Committee; oversight of scientific initiatives and commercialization; both committees met four times in 2024 . |
| Tarsus Pharmaceuticals | Chief Medical Advisor (consulting) | Aug 2020 – Nov 2024 | Provided clinical advisory leadership; consulting agreement with cash comp and option grants; agreement terminated upon CMO appointment . |
| ACE Vision Group | Chief Strategic Advisor | Nov 2021 – May 2023 | Strategic advisory role to external ophthalmic company . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Virginia Eye Consultants | Partner (Physician) | 2014 – present | Nationally recognized surgeon; refractive cataract/ocular surface expertise . |
| Eastern Virginia Medical School | Assistant Professor of Ophthalmology | 2012 – present | Academic leadership and education . |
| American Society of Cataract and Refractive Surgery (ASCRS) | Executive Board; Immediate Past President; previously President/Treasurer | Various, current Immediate Past President | Professional society leadership, policy and clinical standards . |
| STAAR Surgical Company | Director; Board Chair | Jan 2021 – present; Chair since Feb 2025 | Public company board oversight in ophthalmic devices . |
| Ocular Science | Director | Sep 2018 – Dec 2024 | External ophthalmic corporate governance . |
| Avellino Lab USA, Inc. | Director | Jan 2022 – Dec 2024 | Genomics/diagnostics board service . |
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Base Salary | $480,000 | Initial annual base per CMO offer letter (effective Nov 4, 2024) . |
| Target Bonus % | 45% of base | Eligible annual incentive target per offer letter . |
| Signing Bonus | $25,000 | Paid within 30 days of effective date . |
| 2024 Salary Paid | $78,182 | Partial-year, includes CMO service; proxy notes 2024 comp includes director and consulting elements . |
| All Other Compensation (2024) | $53,509 | Includes $1,600 401(k) match and $51,807 director fees prior to board resignation . |
2024 Summary Compensation (total and mix):
| Year | Salary ($) | Bonus ($) | Stock Awards ($) | Option Awards ($) | Non-Equity Incentive ($) | All Other ($) | Total ($) |
|---|---|---|---|---|---|---|---|
| 2024 | 78,182 | 25,000 | 1,399,928 | 1,548,238 | — | 53,509 | 3,104,857 |
Performance Compensation
Cash annual incentive:
- 2024 annual incentive eligibility: Not eligible for non-equity annual bonus in 2024 (joined as CMO in November 2024) .
Equity awards granted in 2024:
| Grant Date | Type | Shares | Exercise Price ($/sh) | Grant-Date Fair Value ($) | Vesting |
|---|---|---|---|---|---|
| 1/25/2024 | Stock Option | 10,000 | 26.25 | 176,386 | Vested in full on Jan 30, 2025 . |
| 6/13/2024 | Stock Option | 5,000 | 33.14 | 110,675 | 100% vests on June 13, 2025 . |
| 6/13/2024 | RSU | 3,350 | — | 109,679 | Fully vests on June 13, 2025 . |
| 11/4/2024 | Stock Option | 41,074 | 46.21 | 1,261,177 | 25% on Nov 4, 2025; remainder monthly over next 36 months . |
| 11/4/2024 | RSU | 27,278 | — | 1,290,249 | 25% on each Dec 15, 2025/2026/2027/2028 . |
Equity grant timing disclosure (SEC “Designated Periods”):
- Options awarded during designated periods: 6/13/2024 (5,000 options at $33.14; fair value $110,675) and 11/4/2024 (41,074 options at $46.21; fair value $1,261,177); disclosed percent change in stock price around MNPI release: -8.43% and +1.28% respectively .
Equity Ownership & Alignment
Beneficial ownership as of March 31, 2025:
| Holder | Shares Beneficially Owned | % of Outstanding | Breakdown |
|---|---|---|---|
| Elizabeth Yeu-Lin | 120,390 | <1% | 33,256 shares held directly; 87,134 options exercisable within 60 days . |
Outstanding equity awards at FY 2024 year-end (Elizabeth Yeu-Lin):
| Award | Exercisable (#) | Unexercisable (#) | Exercise Price ($) | Expiration | Notes/Market Value |
|---|---|---|---|---|---|
| Stock Option | 2,019 | — | 2.01 | 5/13/2030 | Fully vested . |
| Stock Option | 37,915 | — | 10.99 | 9/24/2030 | Fully vested . |
| Stock Option | 5,200 | — | 34.72 | 3/1/2031 | Fully vested . |
| Stock Option | 20,000 | — | 22.50 | 12/30/2031 | Fully vested . |
| Stock Option | 7,000 | — | 12.89 | 6/15/2032 | Fully vested . |
| Stock Option | 5,000 | — | 17.99 | 6/21/2033 | Fully vested . |
| Stock Option | — | 10,000 | 26.25 | 1/24/2034 | Vested in full on Jan 30, 2025 . |
| Stock Option | — | 5,000 | 33.14 | 6/12/2034 | Vests 100% on June 13, 2025 . |
| Stock Option | — | 41,074 | 46.21 | 11/3/2034 | 25% Nov 4, 2025; monthly thereafter . |
| RSU | — | 3,350 | — | — | Market value $185,490 at $55.37 close on 12/31/2024; vests June 13, 2025 . |
| RSU | — | 27,278 | — | — | Market value $1,510,383 at $55.37 close on 12/31/2024; vests annually Dec 15, 2025–2028 . |
Policies indicating alignment:
- Company prohibits hedging, short sales, and pledging of TARS shares by executives and directors; employees are prohibited from margining or pledging company securities .
- Clawback policy to recoup incentive-based executive compensation in event of financial restatement .
Insider reporting:
- One inadvertent delay in a Section 16(a) filing by Dr. Yeu-Lin related to an option grant for consulting services; otherwise believed compliant in FY 2024 .
Employment Terms
Offer letter (effective Nov 4, 2024):
- Base salary: $480,000; signing bonus: $25,000; annual incentive target: 45% of base .
- New-hire equity: RSU 27,278 (25% vesting each Dec 15, 2025–2028); Option 41,074 (25% after 12 months, remainder monthly over 36 months; exercise price equal to FMV on grant date) .
Executive Severance & Change-in-Control:
- Standard severance: 12 months base salary and company-paid continued benefits upon qualifying involuntary termination; in change-in-control context, accelerated vesting of unvested RSUs/options plus 12 months base salary, continued benefits, and lump-sum bonus equal to prorated target plus 100% of target bonus (double-trigger) .
- Modeled potential payments (as of 12/31/2024): $480,000 cash severance apart from CIC; $2,954,460 total in connection with CIC, including $2,474,460 equity acceleration value based on $55.37 per share .
Proprietary information & indemnification:
- Proprietary information and inventions agreement consistent with other officers; standard indemnification agreement .
Investment Implications
- Alignment and retention: Material equity-based, time-vested awards run through 2028 (options and RSUs), creating multi-year retention hooks; double-trigger acceleration in CIC aligns incentives to shareholder outcomes while limiting single-trigger windfalls .
- Selling pressure timing: Near-term vesting events include June 13, 2025 (100% vest of June 2024 grants) and Nov 4, 2025 (25% of new-hire option), followed by annual RSU vesting (Dec 15, 2025–2028). While company policy prohibits hedging/pledging, vesting windows can correspond to Form 4 activity and potential sales subject to plans/blackouts .
- Pay-for-performance: 2024 cash bonus not applicable; compensation mix for 2024 was significantly equity-heavy (stock and option awards) with no performance-conditional equity disclosed, suggesting reliance on market/value creation over explicit metric targets for her new-hire grants .
- Governance/related party: Prior consulting relationship (cash comp and options) terminated at CMO appointment, reducing related-party exposure; one delayed Section 16 filing noted but remediated .
- Ownership and influence: Beneficial ownership <1% with meaningful exercisable options; no pledging allowed; beneficial ownership supports alignment but not controlling influence .
Overall, Dr. Yeu-Lin’s compensation structure emphasizes long-term equity with clear vesting schedules and CIC double-trigger protections, balancing retention and alignment. Watch upcoming vesting dates for potential Form 4 activity and monitor any changes to incentive plan metrics post-2024 as she transitions from consulting/director roles to full-year operating leadership .