Director since 2019 with strong biotech industry credentials; IRON's 3-year return of +125.3% trails the peer group median by 55.5 percentage points, which exceeds the 50pp threshold for strong-positive TSR companies, but the 5-year TSR mitigant applies — IRON's 5-year return of -81.2% versus the peer 5-year median of +32.4% represents a gap of approximately 113.6pp, which does exceed the applicable threshold, meaning the 5-year check does not downgrade the concern; however, given that the peer group contains extreme outliers (CNTA +726%, SRRK +537%) that skew the median substantially and the company has delivered a genuinely strong positive 3-year absolute return of +125.3% for shareholders, the trigger gap of 55.5pp versus the 50pp threshold is marginal and the company disclosed strong operational progress in 2025 including FDA NDA acceptance for priority review, supporting a FOR vote on balance given the closeness of the threshold breach.

CEO and director since 2020 with deep scientific and operational experience; the same 3-year peer TSR gap of 55.5pp marginally exceeds the 50pp threshold for strong-positive absolute TSR companies, but shareholders have received a +125.3% return over three years in absolute terms, the gap is only 5.5pp above the trigger threshold, and the company achieved exceptional clinical and regulatory milestones in 2025 — the vote on director election is independent of the Say on Pay vote but the marginal nature of the trigger combined with strong absolute returns supports a FOR determination.

Director since December 2020 with extensive healthcare investment banking experience and serves as audit committee chair and financial expert; the 3-year peer TSR gap of 55.5pp marginally exceeds the 50pp threshold for strong-positive TSR companies, but shareholders have received +125.3% absolute returns over three years, the breach is only 5.5pp above the trigger, and no attendance, overboarding, independence, or qualification concerns are identified.