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Anavex Life Sciences Corp. (NASDAQ:AVXL), a biotechnology company with a strong financial position and current ratio of 6.74x, announced Thursday that it has amended the employment agreements of its Chief Executive Officer and Principal Financial (NASDAQ:PFG) Officer, according to a statement based on a filing with the Securities and Exchange Commission. According to InvestingPro data, the company maintains more cash than debt on its balance sheet.
The company entered into a Fourth Amendment to the employment agreement with CEO Christopher Missling, PhD, effective July 5, 2025. The amendment extends Dr. Missling’s contract through July 5, 2028, unless terminated earlier as specified in the agreement. Beginning July 5, 2025, Dr. Missling’s annual base salary will be $800,000. He is also eligible for an annual cash target bonus equal to 20% of his base salary and an annual equity grant, with the amount to be determined by the board’s compensation committee.
In addition, Anavex entered into a Third Amendment to the employment agreement with Sandra Boenisch, its Principal Financial Officer, effective Thursday. The amendment provides that Ms. Boenisch’s employment agreement will continue indefinitely unless terminated as outlined in the agreement. Under the amended terms, Ms. Boenisch will receive an annual base salary of C$279,840 and is eligible for an annual cash target bonus of 20% of her base salary. The amendment also updates termination provisions, increasing her severance from six months to twelve months of base salary if she is terminated without cause, and includes additional employment-related benefits.
The details of these amendments are set forth in the company’s SEC filing. Anavex Life Sciences is listed on the Nasdaq Stock Market under the ticker AVXL.
In other recent news, Anavex Life Sciences Corp. reported a net loss of $11.2 million for the second quarter of 2025, equating to a loss of $0.13 per share. Despite the loss, the company maintains a strong cash position of $115.8 million with no debt, which provides a projected cash runway of approximately four years. The company continues to focus on advancing its Alzheimer’s and schizophrenia treatment programs, with promising developments in clinical trials. Meanwhile, Anavex shareholders approved an amendment to the 2022 Omnibus Incentive Plan, increasing the number of shares authorized for issuance by 4 million and establishing a minimum vesting period of one year for all awards. Additionally, the amendment prohibits the recycling of shares for other awards and "net share counting" practices. During the recent Annual Meeting, stockholders ratified Grant Thornton LLP as the independent registered accounting firm and elected six directors to the board. Anavex is also preparing for potential market entry in Europe and is in discussions with regulatory bodies in the UK, Canada, and Australia. The company’s strategic focus on neurological disorders positions it for future growth, supported by its robust cash position.
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