CRITICAL PATH INSTITUTE

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2004

Legal Domicile

Principal Officer

DR KLAUS ROMERO

Phone

5205473440

Tax Period

2024-07-01 to 2025-06-30

CRITICAL PATH INSTITUTE, founded in 2004, is a mid-sized nonprofit in the Medical Research sector that reported $46.8M in total revenue in fiscal year 2024. Revenue grew 10% year-over-year, indicating healthy expansion. Expenses of $40.2M left a modest 14% surplus.

Mission

THE CRITICAL PATH INSTITUTE IS A CATALYST IN THE DEVELOPMENT OF NEW APPROACHES THAT ADVANCE MEDICAL INNOVATION AND REGULATORY SCIENCE. THIS IS ACHIEVED BY LEADING TEAMS THAT SHARE DATA, KNOWLEDGE AND EXPERTISE RESULTING IN SOUND, CONSENSUS BASED SCIENCE.

Program Service Accomplishments

Program 1

Expenses: $6,720,599

CRITICAL PATH FOR RARE NEURODEGENERATIVE DISEASES (CP-RND) - SEE SCHEDULE O

Program 2

Expenses: $6,059,856

RARE DISEASE CURES ACCELERATOR-DATA AND ANALYTICS PLATFORM (RDCA-DAP) - SEE SCHEDULE O

Program 3

Expenses: $2,886,756

CRITICAL PATH INSTITUTE'S TRANSLATIONAL THERAPEUTICS ACCELERATOR (TRXA) - SEE SCHEDULE O

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $33,561,505

Program Service Revenue $12,287,265

Investment Income $934,975

Other Revenue $0

TOTAL REVENUE $46,783,745

Expense Breakdown

Grants Paid $5,186,032

Salaries & Benefits $25,569,910

Fundraising Expenses $0

Program Expenses $31,351,215

Other Expenses $9,476,418

TOTAL EXPENSES $40,232,360

Year-over-Year Comparison

	2024	2023	Change
Revenue	$46,783,745	$42,610,862	+0.1%
Expenses	$40,232,360	$38,344,617	+0.0%
Net Income	$6,551,385	$4,266,245	+0.5%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✓ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

176

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

⚠ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✓ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,460,956

Total Directors

Key Employees

$1,518,836

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MS BONNIE ALLIN	BOARD MEMBER	1.00	Director	$0	$0	$0
MS MARA G ASPINALL	BOARD MEMBER	1.00	Director	$0	$0	$0
MR PETER BARTON HUTT	BOARD MEMBER	1.00	Director	$0	$0	$0
DR KAREN BERNSTEIN	BOARD MEMBER	1.00	Director	$0	$0	$0
MR LOUIS BRETON	BOARD MEMBER	1.00	Director	$0	$0	$0
DR TIMOTHY R FRANSON	BOARD MEMBER	1.00	Director	$0	$0	$0
MS KAY HOLCOMBE	BOARD MEMBER	1.00	Director	$0	$0	$0
MR SHAUN A KIRKPATRICK	BOARD MEMBER	1.00	Director	$0	$0	$0
MR ALAN G LEVIN	BOARD MEMBER	1.00	Director	$0	$0	$0
MR JAMES W NEWMAN	BOARD MEMBER	1.00	Director	$0	$0	$0
DR TOMAS SALMONSON	BOARD MEMBER	1.00	Director	$0	$0	$0
MR M WAINWRIGHT FISHBURN JR	CHAIRMAN	1.00	Officer Director	$0	$0	$0
MR JEFFERY JACOB	VICE CHAIRMAN	1.00	Officer Director	$0	$0	$0
DR KLAUS ROMERO	CEO	40.00	Officer	$465,393	$53,687	$519,080
MS KRISTEN SWINGLE	PRESIDENT & COO	40.00	Officer	$382,404	$57,742	$440,146
MR KEVIN PERKINS	CHIEF FINANCIAL OFFICER & TREASURER	40.00	Officer	$279,156	$45,481	$324,637
MR PAUL EDMEIER	CHIEF FINANCIAL OFFICER & TREASURER	40.00	Officer	$0	$0	$0
MR LEWIS BARBIERI	CORPORATE SECRETARY	40.00	Officer	$150,328	$26,765	$177,093
MR RICHARD LIWSKI	CHIEF TECHNOLOGY OFFICER	40.00	Key Emp	$267,416	$38,055	$305,471
MR COLLIN HOVINGA	VP PROGRAMS	40.00	Key Emp	$273,459	$22,337	$295,796
DR CHERYL COON	VP PROGRAMS	40.00	Key Emp	$322,075	$42,056	$364,131
DR MARCO SCHITO	EXECUTIVE DIRECTOR	40.00	Key Emp	$261,008	$32,936	$293,944
DR SUDHIR SIVAKUMARAN	EXECUTIVE DIRECTOR	40.00	Key Emp	$256,179	$3,315	$259,494
DR MAAIKE EVERTS	EXECUTIVE DIRECTOR	40.00	Highest	$257,993	$38,055	$296,048
DR DIANE STEPHENSON	EXECUTIVE DIRECTOR	40.00	Highest	$260,883	$36,587	$297,470
MS SONYA EREMENCO	EXECUTIVE DIRECTOR	40.00	Highest	$242,607	$37,784	$280,391
DR SHU CHIN MA	VP PROGRAMS	40.00	Highest	$255,657	$19,574	$275,231
MR YI ZHANG	SENIOR DIRECTOR	40.00	Highest	$197,565	$49,372	$246,937

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$46,783,745	$40,232,360	$38,361,666	$6,551,385
2024	$42,610,862	$38,344,617	$31,286,582	$4,266,245
2023	$35,267,282	$32,008,378	$26,726,645	$3,258,904
2022	$31,176,116	$29,600,280	$19,962,086	$1,575,836
2021	$24,427,097	$23,005,505	$18,494,765	$1,421,592
2020	$18,464,314	$17,552,600	$16,657,850	$911,714
2019	$16,797,670	$15,372,966	$17,507,463	$1,424,704
2018	$15,267,826	$14,511,712	$14,421,996	$756,114