Doug Jermasek
About Doug Jermasek
Doug Jermasek is Executive Vice President, Corporate Strategy at Unicycive Therapeutics (UNCY), serving since November 2021; he is 64 years old as of the 2025 record date . He is a seasoned biopharma commercial leader with over 25 years of experience, including SVP, Marketing & Strategy at Akebia Therapeutics (post-merger with Keryx), and more than a decade at Genzyme where he led the Renal Global Business Unit and helped drive Renvela to blockbuster status; earlier roles include Intercept Pharmaceuticals, Prometheus Laboratories, Agouron Pharmaceuticals, and Abbott Laboratories . He holds an MBA from BYU’s Marriott School and a BS in Biological Science from BYU .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Akebia Therapeutics (after merger with Keryx) | SVP, Marketing & Strategy | - | Led commercial strategy post-merger |
| Genzyme (Sanofi) | SVP & GM, Head of Renal Global Business Unit | - | Drove >$1B sales; established Renvela as global standard of care in CKD hyperphosphatemia |
| Intercept Pharmaceuticals | Management roles | - | Progressive commercial responsibilities |
| Prometheus Laboratories | Management roles | - | Progressive commercial responsibilities |
| Agouron Pharmaceuticals | Management roles | - | Progressive commercial responsibilities |
| Abbott Laboratories | Management roles | - | Progressive commercial responsibilities |
External Roles
No public company board roles disclosed for Mr. Jermasek .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $330,000 | $330,000 | $363,000 (per Aug 12, 2024 agreement) |
| Target Bonus (% of base) | 25% | 25% | 25% |
| Actual Bonus ($) | $100,808 | $82,500 | $45,375 |
| Option Awards – Grant-date Fair Value ($) | $34,357 | $859,479 | $464,971 |
| Total Compensation ($) | $465,165 | $1,267,854 | $873,346 |
Performance Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Bonus Framework | Discretionary; Board-set objectives | Discretionary; Board-set objectives | Discretionary; Board-set objectives |
| Target (% of base) | 25% | 25% | 25% |
| Actual Bonus ($) | $100,808 | $82,500 | $45,375 |
| Payout Timing | Paid March 2023 | Paid April 2024 | Paid April 2025 |
| Equity Incentives (Options) | $34,357 grant-date fair value | $859,479 grant-date fair value | $464,971 grant-date fair value |
Option Awards and Vesting (Grant Detail)
| Grant Date | Shares | Exercise Price ($/sh) | Vesting Schedule | Expiration |
|---|---|---|---|---|
| Oct 20, 2021 | 100,000 | 2.56 | 25% at 1-year; remaining 75% vests in equal monthly installments until 4 years | 10/2031 |
| Nov 21, 2022 | 55,000 | 0.75 | 25% at 12 months; remaining 75% monthly over 4 years | 11/2032 |
| Aug 28, 2023 | 1,355,000 | 0.75 | 25% at 12 months; remaining 75% monthly over 4 years | 08/2033 |
| Apr 15, 2024 | 463,250 | 1.14 | 25% at 12 months; remaining 75% monthly over 4 years | 04/2034 |
| Aug 12, 2024 | 81,750 | 0.34 | 25% at 12 months; remaining 75% monthly over 4 years | 08/2034 |
| Aug 12, 2024 (grant-date fair value disclosure) | 81,750 | 0.34 | As above | $23,313 fair value |
Outstanding Equity Awards at 12/31/2024 (Status)
| Award (by grant) | Exercisable (#) | Unexercisable (#) | Exercise Price ($) | Expiration |
|---|---|---|---|---|
| 10/20/2021 options | 79,166 | 20,834 | 2.56 | 10/2031 |
| 11/21/2022 options | 28,645 | 26,355 | 0.75 | 11/2032 |
| 08/28/2023 options | 592,812 | 762,188 | 0.75 | 08/2033 |
| 04/15/2024 options | - | 463,250 | 1.14 | 04/2034 |
| 08/12/2024 options | - | 81,750 | 0.34 | 08/2034 |
Equity Ownership & Alignment
| Metric | Detail |
|---|---|
| Total Beneficial Ownership (common) | 1,466,073 shares; 1.20% of common outstanding (120,629,281 shares) |
| Vested Options (within 60 days) | 942,271 shares |
| Options Vesting Within 60 Days | 82,213 shares |
| Warrants (convertible to common upon exercise & conversion) | Series A-3: 79,252; Series A-4: 72,047; Series A-5: 115,275 |
| Hedging & Pledging Policy | Hedging prohibited; pledging generally prohibited but exceptions may be granted by Chief Compliance Officer upon proof of capacity to repay without resort to pledged securities |
| Stock Ownership Guidelines | Not disclosed in the proxy |
Equity plan usage: cumulative options granted to Doug Jermasek under the plan total 1,973,250 shares (lifetime through record date) .
Employment Terms
| Topic | Terms |
|---|---|
| Role & Start Date | EVP, Corporate Strategy; since November 2021 |
| Employment Agreements | Original agreement dated Nov 11, 2021; superseded by new agreement dated Aug 12, 2024 |
| Base Salary | $330,000 under 2021 agreement; increased to $363,000 under 2024 agreement |
| Target Bonus | Eligible for annual discretionary bonus, target 25% of base salary (Board-set objectives) |
| Initial Equity Grant (2021) | 100,000 options; 25% vest at 1-year, remainder monthly; 4-year full vest |
| Severance – Outside Change in Control | If terminated without cause, non-renewal, or resigns for “good reason” (outside CIC): (i) cash equal to annual base salary; (ii) continuation of health benefits; (iii) lump sum of earned but unpaid prior-year bonus; (iv) lump sum of accrued current-year bonus through termination date |
| Change-in-Control (Double Trigger within 12 months post-CIC) | If terminated without cause or resigns for “good reason” within 12 months post-CIC: same cash and bonus elements as above plus full acceleration of any unvested time-vesting equity awards |
| Death/Disability | Lump sum of earned prior-year bonus and accrued current-year bonus; full acceleration of unvested time-vesting equity awards |
| Illustrative Severance Values at 12/31/2024 | Equity accelerated: $99,000; cash payments: $453,750; total: $552,750 (based on $0.79 stock price on 12/29/2024) |
| Clawback | Not specifically disclosed in proxy |
| Section 16 Compliance | Company reports timely Section 16 filings for fiscal year 2024 |
Risk Indicators & Red Flags
- Anti-hedging policy in place; pledging discouraged and requires exception approval—reduces alignment risk from hedging/pledging; no pledges disclosed for Jermasek .
- Large multi-year option grants with monthly vesting post-anniversary across low strike prices ($0.34–$1.14 and $0.75) may create ongoing incremental exercisability; as of 12/31/2024, substantial unexercisable blocks remain (e.g., 762,188 shares from 2023 grant, 463,250 and 81,750 from 2024 grants) .
- Section 16 compliance noted; no material proceedings reported involving current executives, mitigating governance/legal risk signals .
- Related party transaction review policy in place; no related person transactions involving executives beyond items disclosed (none specific to Jermasek) .
Compensation Structure Analysis
- Shift toward equity-heavy compensation: option award fair values of $859,479 (2023) and $464,971 (2024) alongside modest cash bonuses ($82,500 in 2023; $45,375 in 2024), indicating significant at-risk pay tied to stock value .
- Guaranteed compensation rose with 2024 salary increase to $363,000 via new agreement, while target bonus remained at 25%—limited inflation in cash incentives .
- No disclosure of specific performance metrics or weighting for annual bonuses beyond “Board-set objectives,” implying discretionary assessment rather than formulaic pay-for-performance .
Equity Ownership & Alignment Commentary
- Beneficial ownership of 1.20% aligns incentives, with substantial vested options (942,271) and warrants that can convert into common stock upon exercise and conversion; ongoing vesting increases alignment but also potential future selling pressure as tranches vest .
Investment Implications
- Alignment: Heavy use of long-dated options with four-year vesting and low strike prices ties upside to execution and share appreciation; beneficial ownership of 1.20% supports skin-in-the-game .
- Retention & severance: Double-trigger CIC acceleration and one-year salary severance outside CIC provide retention but limited cash severance, suggesting governance discipline; illustrative severance as of 12/31/2024 totals $552,750 plus $99,000 equity acceleration in a CIC or death/disability scenario .
- Trading signals: Significant unvested options from 2023–2024 grants (e.g., 762,188 @ $0.75; 463,250 @ $1.14; 81,750 @ $0.34) with monthly vesting could create periodic exercise/sale windows; monitor Form 4s around vest anniversaries and price thresholds near these strikes .
- Governance risk: Anti-hedging and limited pledging exceptions reduce misalignment risk; company reported timely Section 16 compliance and no material proceedings for executives, tempering red flag concerns .