Gavin Corcoran
About Gavin Corcoran
Dr. Gavin Corcoran, age 62, joined Verrica’s Board in March 2025 as a Class I director; he is nominated to stand for election at the June 5, 2025 annual meeting for a term through 2028. He is currently Chief Development Officer at Formation Bio (since November 2021) and previously served as Chief Research & Development Officer at Sio Gene Therapies, Chief Medical Officer at Allergan and Actavis, and EVP Global Medicines Development at Forest Laboratories. He earned his M.B. B.Ch. from the University of Witwatersrand (South Africa) and completed clinical training in internal medicine and infectious diseases at UT Health San Antonio .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Sio Gene Therapies (formerly Axovant) | Chief Research & Development Officer | 2018–Nov 2021 | Led R&D; senior executive role |
| Allergan plc | Chief Medical Officer | 2015–2018 | Oversaw clinical/medical governance |
| Actavis plc | Chief Medical Officer | 2014–2015 | Senior medical leadership |
| Forest Laboratories, Inc. | EVP, Global Medicines Development | Dec 2011–Jun 2014 | Led global development; pre-acquisition by Actavis |
External Roles
| Organization | Role | Start Date | Notes |
|---|---|---|---|
| Formation Bio | Chief Development Officer | Nov 2021 | Current operating role; no related-party transactions disclosed |
Board Governance
- Independence: The Board determined Dr. Corcoran is an independent director under SEC and Nasdaq standards .
- Committee assignments: As of the 2025 proxy, committee membership comprises Nguyen (Compensation Chair; Audit), Eichenfield (Nominating Chair; Audit; Compensation), and Prygocki (Audit Chair; Compensation; Nominating); Dr. Corcoran is not listed among current committee members as of that filing .
- Board activity: The Board met 9 times in 2024; all then-serving directors met ≥75% attendance. Independent directors held 5 executive sessions in 2024. Dr. Corcoran joined in March 2025, so 2024 attendance metrics do not apply to him .
- Leadership: Chairman is Paul B. Manning; CEO and Chair roles are separated .
- Policies: Company maintains an insider trading policy with prohibitions on hedging and restrictions on pledging (requires Board approval and preclearance). Clawback policy compliant with Dodd-Frank; Compensation Committee oversees clawbacks .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual Board Retainer (cash) | $40,000 | Eligible non-employee directors, including Dr. Corcoran |
| Committee Chair Fees (cash) | $20,000 Audit; $15,000 Compensation; $10,000 Nominating | Per policy; not disclosed that Dr. Corcoran holds a chair role |
| Committee Member Fees (cash) | $5,000 per committee | Per policy; no committee membership disclosed for Dr. Corcoran in proxy |
Performance Compensation
| Equity Award | Shares | Exercise Price | Vesting | Status |
|---|---|---|---|---|
| Initial Director Option (on appointment) | 17,502 | Closing price on grant date | 1/3 on first anniversary; remainder in 24 equal monthly installments | Awarded upon commencement of service |
| Annual Director Option (each annual meeting) | 20,000 | Closing price on grant date | 12 equal monthly installments; fully vested by next annual meeting | Granted if service continues post-meeting |
- Director equity awards are time-vested and not tied to performance metrics; options accelerate on Change in Control per policy .
Other Directorships & Interlocks
| Company | Role | Current/Prior | Notes |
|---|---|---|---|
| None disclosed | — | — | No other public company directorships/interlocks disclosed for Dr. Corcoran . |
Expertise & Qualifications
- Senior pharmaceutical development and medical leadership across Allergan, Actavis, Forest Labs, and Sio Gene Therapies; brings deep R&D governance and clinical oversight capabilities .
- Medical training in internal medicine and infectious diseases; M.B. B.Ch. credential supports healthcare sector expertise .
Equity Ownership
| Holder | Shares Beneficially Owned | % Outstanding | Notes |
|---|---|---|---|
| Gavin Corcoran | 20 | <1% | Beneficial ownership as of Apr 1, 2025; consists of common stock; initial director option granted in Apr 2025 not reflected in 12/31/2024 holdings table |
| Ownership Guidelines | Not disclosed | — | Company does not disclose director stock ownership guidelines in proxy . |
| Hedging/Pledging | Prohibited hedging; pledging requires Board approval and preclearance | — | Insider Trading Policy applies to directors . |
Governance Assessment
- Independence and engagement: Dr. Corcoran is independent under Nasdaq/SEC rules, with substantial pharma development experience—positive for board oversight of R&D, clinical risk, and product strategy .
- Committee influence: Not listed on standing committees as of the 2025 proxy, limiting immediate committee-level oversight impact; potential future appointments could enhance board effectiveness .
- Alignment: Cash retainer of $40,000 and time-vested options align director incentives with longer-term equity value, though his current share ownership is minimal (20 shares), reducing “skin-in-the-game” signaling until options vest .
- Conflicts: No Item 404(a) related-party transactions involving Dr. Corcoran. Related-party exposure exists elsewhere at VRCA (clinical services with entity controlled by the Chairman’s family), underscoring the importance of independent directors’ scrutiny and Audit Committee oversight of such transactions .
- RED FLAGS:
- Concentrated ownership: Affiliates of the Chairman (Paul B. Manning) beneficially own ~49.99% of shares, which can limit the practical influence of independent directors and raise entrenchment concerns if not counterbalanced by strong committee governance and executive sessions .
- Minimal personal ownership: Very low direct ownership by Dr. Corcoran may be viewed as weaker alignment until equity awards vest; however, standard director option grants partially mitigate this concern .
Overall signal: Independent, highly qualified R&D executive; immediate committee roles not disclosed. Equity compensation is standard, time-based, and clawback/anti-hedging policies are in place—supportive of governance quality. Concentrated insider control is a structural risk requiring robust independent oversight and transparent related-party review .