Innovate Biopharmapueticals Inc.’s chief executive officer saw a 59 percent decrease in total compensation in the company’s 2017 fiscal year due to a decrease in option awards, according to a Securities and Exchange Commission filing on Tuesday.

Christopher Prior’s total compensation for the fiscal year totaled $520,000, down from $1.2 million in the company’s 2016 fiscal year. His option awards declined to $249,000 in fiscal year 2017 from $1.2 million in fiscal year 2016.

Prior’s salary for fiscal year 2017 was $172,000 compared to $18,000 in fiscal year 2016. The Raleigh-based company said in its filing that the base salary for the named executive officers was intended to provide a fixed component of compensation that reflected the executive’s skill set, experience, role and responsibilities.

Innovate Bio’s president, Jay Madan, received total compensation of $629,000 during the 2017 fiscal year. That includes a base salary of $170,000 and $269,000 in option awards. Madan also received a discretionary bonus of $20,000 during 2017 as compensation for his board of director services.

Founded in 2014, Innovate is focused on developing gastroenterology medicines specifically for autoimmune and inflammatory diseases.

In January, the company merged with Monster digital and began publicly trading on Feb. 1.

The company is developing a drug for celiac disease, which affects approximately 1 percent of the population. There are currently no drugs for celiac disease on the market.

Innovate Bio’s annual meeting will be Tuesday, Dec. 4, at 2 p.m. Eastern time, at 150 Fayetteville Street, Suite 2300, Raleigh, NC 27601.

The company’s stock closed down 0.93 percent to $5.35 on Tuesday.