04/24/2026 | Press release | Distributed by Public on 04/24/2026 06:10
| | | | | Sincerely, | |
| | | | | | |
| | | | |
Everett Cunningham President and Chief Executive Officer |
|
| | | | | BY ORDER OF THE BOARD OF DIRECTORS | |
| | | | | | |
| | | | |
Daniel S. Char Chief Legal Officer and Corporate Secretary |
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Page
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Proxy Summary
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| | | | 4 | | |
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Important Information About the Annual Meeting and Voting
|
| | | | 5 | | |
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Proposal No. 1: Election of Directors
|
| | | | 12 | | |
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Management and Corporate Governance
|
| | | | 13 | | |
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Proposal No. 2: Advisory Vote on Approval of Executive Compensation
|
| | | | 24 | | |
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Compensation Committee Report
|
| | | | 25 | | |
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Compensation Discussion and Analysis
|
| | | | 26 | | |
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Executive Officer and Director Compensation
|
| | | | 38 | | |
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Equity Compensation Plan Information
|
| | | | 50 | | |
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Security Ownership of Certain Beneficial Owners and Management
|
| | | | 51 | | |
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Proposal No. 3: Ratification of the Appointment of Independent Registered Public Accounting
Firm |
| | | | 53 | | |
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Report of Audit Committee
|
| | | | 54 | | |
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Delinquent Section 16(a) Reports
|
| | | | 55 | | |
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Certain Relationships and Related Person Transactions
|
| | | | 56 | | |
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Proposal No. 4: Approval of an amendment and restatement of the Company's 2017 Employee, Director and Consultant Equity Incentive Plan
|
| | | | 58 | | |
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Additional Information Regarding our Independent Registered Public Accounting Firm
|
| | | | 67 | | |
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Corporate Code of Conduct and Ethics
|
| | | | 70 | | |
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Additional Information
|
| | | | 71 | | |
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Other Matters
|
| | | | 71 | | |
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Stockholder Proposals and Nominations for Director
|
| | | | 72 | | |
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Appendix A - Amended and Restated 2017 Employee, Director and Consultant Equity Incentive
Plan |
| | | | A-1 | | |
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Proposal
|
| |
Vote Required for Approval
|
| | Effect of Abstentions, Withhold Votes and Broker Non-Votes | |
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Proposal No. 1 Election of two director nominees to our Board to serve one-year terms expiring at the 2027 Annual Meeting or until their successors are duly elected and qualified |
| |
Under our Bylaws, directors shall be elected by the vote of a majority of the votes cast other than in a contested election of directors, in which case directors shall be elected by a plurality vote.
Requires the affirmative vote of a majority of the votes cast affirmatively or negatively for this proposal.
|
| | Abstentions and broker non-votes, if any, will have no effect on the outcome of this proposal. Broker discretionary voting is not permitted. Votes may not be cumulated. | |
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Proposal No. 2 Approval, on an advisory basis, of the compensation of the Company's named executive officers |
| |
Requires the affirmative vote of a majority of the votes cast affirmatively or negatively for this proposal.
Although the advisory vote is non-binding, the Compensation Committee of our Board and our Board will review the voting results and may take them into consideration when making future decisions regarding executive compensation.
|
| | Abstentions and broker non- votes (if any) will have no effect on the results of this vote. Broker discretionary voting is not permitted. | |
|
Proposal No. 3
Ratification, on an advisory basis, of the appointment of KPMG LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2026 |
| |
Requires the affirmative vote of a majority of the votes cast affirmatively or negatively for this proposal.
We are not required to obtain the approval of our stockholders to
|
| | Abstentions will have no effect on the results of this vote. As the proposal to ratify the appointment of an independent registered public accounting firm is considered a routine matter, broker discretionary voting is | |
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Proposal
|
| |
Vote Required for Approval
|
| |
Effect of Abstentions, Withhold Votes and Broker Non-Votes
|
|
| | | | appoint our independent registered public accounting firm. However, if our stockholders do not ratify the appointment of KPMG LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2026, the Audit Committee of our Board will reconsider its appointment. | | | permitted, and no broker non votes are expected on this proposal. | |
|
Proposal No. 4
Approval of the amendment and restatement of the Company's 2017 Employee, Director and Consultant Equity Incentive Plan |
| | Requires the affirmative vote of a majority of the votes cast affirmatively or negatively for this proposal. | | | Abstentions and broker non- votes (if any) will have no effect on the results of this vote. Broker discretionary voting is not permitted. | |
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Name
|
| |
Age
|
| |
Position with Quanterix
|
|
| Everett Cunningham | | |
59
|
| | President, Chief Executive Officer and Director | |
| William P. Donnelly | | |
64
|
| | Chair of the Board | |
| Jeffrey T. Elliott(2)(3) | | |
48
|
| | Lead Independent Director | |
| Karen A. Flynn(1)(2) | | |
63
|
| | Director | |
| Myla Lai-Goldman, M.D.(2) | | |
68
|
| | Director | |
| Garret M. Hampton, Ph.D.(1)(3) | | |
60
|
| | Director | |
|
Ivana Magovčević-Liebisch, Ph.D., J.D.(1)(2)
|
| |
58
|
| | Director | |
| Scott Mendel(3) | | |
59
|
| | Director | |
| Alan Sachs, M.D., Ph.D.(1) | | |
65
|
| | Director | |
|
Knowledge, Skills, and Experience |
| |
William P.
Donnelly |
| |
Everett
Cunningham |
| |
Jeffrey T.
Elliott |
| |
Karen A.
Flynn |
| |
Mya-Lai-
Goldman, M.D |
| |
Garret M.
Hampton, Ph.D. |
| |
Ivana
Magovčević Liebisch, Ph.D., J.D. |
| |
Scott
Mendel |
| |
Alan
Sachs, M.D., Ph.D. |
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M&A / Transactional
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Capital Markets / Finance
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Healthcare Industry
|
| | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | |
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Other Public Co. Board
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R&D / Scientific
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | • | | | | | | • | | | | | | • | | | | | | | | | | | | • | | |
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Public Co. Executive
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| | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | |
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Legal / Regulatory
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Corporate Governance
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Name
|
| |
Age
|
| |
Positions
|
|
| Everett Cunningham | | |
59
|
| | President and Chief Executive Officer | |
| Daniel Char | | |
65
|
| | Chief Legal Officer and Corporate Secretary | |
| Benjamin Meadows | | |
46
|
| | Chief Commercial Officer | |
| Michael Miller | | |
62
|
| | Chief Operating Officer | |
| Vandana Sriram | | |
52
|
| | Chief Financial Officer and Treasurer | |
|
Name
|
| |
Title
|
|
| Masoud Toloue, Ph.D.(1) | | | Former President and Chief Executive Officer | |
| Vandana Sriram | | | Chief Financial Officer and Treasurer | |
| William P. Donnelly(2) | | | Former Executive Chair | |
| |
What We Do
|
| |
What We Don't Do
|
|
| |
Reward performance according to pre-established performance goals
Provide a meaningful portion of the compensation of our Chief Executive Officer and executive officers through performance-based or at-risk compensation
Establish stock ownership guidelines for our executive officers
The Compensation Committee retains an independent compensation consultant
We hold an annual advisory vote on executive compensation
Cap payouts under our compensation plans to discourage inappropriate risk taking by our executive officers
Provide for double-trigger change of control severance provisions
|
| |
Permit hedging or pledging of our stock
Include automatic compensation increases or equity grants in our employment agreements
Provide single trigger change of control benefits
Provide for excessive cash severance
Provide our executive officers with golden parachute tax gross-ups
Maintain executive pension plans or other retirement programs that are not generally available to all employees
Allow discounted stock options
Allow liberal share recycling under our equity incentive plans
|
|
|
Element
|
| |
Award Vehicle
|
| |
Guaranteed vs.
At-Risk |
| |
Performance vs.
Time-Based |
|
| Base Salary | | |
Cash
|
| |
Guaranteed
|
| |
Not applicable
|
|
|
Annual Cash Incentive Bonus |
| |
Cash
|
| |
At-Risk
|
| |
Performance-Based
|
|
| Long-Term Incentive Equity | | |
Restricted Stock Units
("RSUs") and Stock Options |
| |
At-Risk
|
| |
Time-Based
|
|
| | Adaptive Biotechnologies Corporation | | | OmniAb, Inc. | |
| | Castle Biosciences, Inc. | | | Pacific Biosciences of California, Inc. | |
| | Cryoport, Inc. | | | Quantum-Si Incorporated | |
| | Cytek Biosciences, Inc | | | Standard BioTools Inc. | |
| | Maravai LifeSciences Holdings, Inc. | | | 10X Genomics | |
| | Mesa Laboratories, Inc. | | | Twist Bioscience Corporation | |
| | Nautilus Biotechnology, Inc. | | | Veracyte, Inc. | |
|
Executive
|
| |
2024 Base Salary
|
| |
2025 Base Salary
|
| |
% Change
|
| |||||||||
|
Masoud Toloue, Ph.D.
|
| | | $ | 650,000 | | | | | $ | 670,950 | | | | | | 3.2% | | |
|
Vandana Sriram
|
| | | $ | 446,160 | | | | | $ | 462,515 | | | | | | 3.7% | | |
|
Willam P. Donnelly(1)
|
| | | | - | | | | | $ | 19,320 | | | | | | | | |
| |
Masoud Toloue, Ph.D.
|
| | | | 100% | | |
| |
Vandana Sriram
|
| | | | 70% | | |
| | | |
Weight
|
| |
Threshold
(0.5x) |
| |
Target
(1.0x) |
| |
Maximum
(1.5x) |
| |||
|
2025 Revenue ($)
|
| | | | 35% | | | |
$140 million
|
| |
$148 million
|
| |
$156 million
|
|
|
Non-GAAP Gross Margin(1)
|
| | | | 15% | | | |
54%
|
| |
56%
|
| |
58%
|
|
|
Cash Usage
|
| | | | 10% | | | |
$(43.0) million
|
| |
$(35.0) million
|
| |
$(27.0) million
|
|
|
Strategic Objectives
|
| | | | 40% | | | |
0
|
| |
40%
|
| |
48%
|
|
|
Total
|
| | | | 100% | | | | | | | | | | | |
| | | |
Weight
|
| |
Threshold
(0.5x) |
| |
Target
(1.0x) |
| |
Maximum
(1.5x) |
| |
Actual
|
| |
Performance
Factor |
| |
Weighted
Payout |
| |||||||||
|
2025 Revenue ($)
|
| | | | 35% | | | |
$130 million
|
| |
$135 million
|
| |
$145 million
|
| |
$138.9 million
|
| | | | 1.19x | | | | | | 42% | | |
|
Non-GAAP Gross
Margin(1) |
| | | | 15% | | | |
45%
|
| |
47%
|
| |
49%
|
| |
47.3%
|
| | | | 1.08x | | | | | | 16% | | |
|
Cash Balance
|
| | | | 10% | | | |
$115 million
|
| |
$120 million
|
| |
$125 million
|
| |
$121.6 million
|
| | | | 1.05x | | | | | | 11% | | |
|
Strategic Objectives
|
| | | | 40% | | | |
0
|
| |
40%
|
| |
48%
|
| |
37%
|
| | | | 0.92x | | | | | | 37% | | |
|
Total
|
| | | | 100% | | | | | | | | | | | | | | | | | | | | | | | | 105% | | |
|
Executive
|
| |
Target Award
(% of Base Salary) |
| |
Corporate
Performance Factor |
| |
Individual
Performance Factor |
| |
Payment ($)
|
| ||||||||||||
|
Masoud Toloue, Ph.D.
|
| | | | 100% | | | | | | 0.95x | | | | | | 1.0x | | | | | $ | 641,250 | | |
|
Vandana Sriram
|
| | | | 70% | | | | | | 0.95x | | | | | | 1.0x | | | | | $ | 309,225 | | |
|
Executive
|
| |
2025 Approximate
Award Value ($) |
| |
Number of Stock
Options |
| |
Number of
RSUs |
| |||||||||
|
Masoud Toloue, Ph.D.
|
| | | $ | 3,899,998 | | | | | | 138,790 | | | | | | 454,641 | | |
|
Vandana Sriram
|
| | | $ | 1,425,002 | | | | | | 50,712 | | | | | | 166,119 | | |
|
William P. Donnelly(1)
|
| | | $ | 488,110 | | | | | | 85,912 | | | | | | 7,435 | | |
|
Name and Principal Position
|
| |
Year
|
| |
Salary
($)(1) |
| |
Bonus
($) |
| |
Stock
Awards ($)(2) |
| |
Option
Awards ($)(3) |
| |
Non-Equity
Incentive Plan Compensation ($)(4) |
| |
All Other
Compensation ($)(5) |
| |
Total
($) |
| ||||||||||||||||||||||||
|
Masoud Toloue, Ph.D.
Former President and Chief Executive Officer |
| | | | 2025 | | | | | | 670,950 | | | | | | | | | | | | 1,170,000 | | | | | | 2,729,998 | | | | | | 674,172 | | | | | | 5,625 | | | | | | 5,250,745 | | |
| | | | 2024 | | | | | | 642,848 | | | | | | - | | | | | | 1,559,989 | | | | | | 3,639,998 | | | | | | 585,000 | | | | | | 5,192 | | | | | | 6,433,027 | | | ||
| | | | 2023 | | | | | | 615,385 | | | | | | - | | | | | | 1,647,658 | | | | | | 2,352,331 | | | | | | 810,000 | | | | | | 9,900 | | | | | | 5,435,274 | | | ||
|
Vandana Sriram(6)
Chief Financial Officer and Treasurer |
| | | | 2025 | | | | | | 462,252 | | | | | | | | | | | | 427,502 | | | | | | 997,500 | | | | | | 309,225 | | | | | | 15,750 | | | | | | 2,212,229 | | |
| | | | 2024 | | | | | | 446,222 | | | | | | - | | | | | | 569,993 | | | | | | 1,329,999 | | | | | | 255,784 | | | | | | 15,525 | | | | | | 2,617,523 | | | ||
| | | | 2023 | | | | | | 144,083 | | | | | | - | | | | | | 307,016 | | | | | | 492,989 | | | | | | 151,511 | | | | | | 3,554 | | | | | | 1,099,153 | | | ||
|
William P. Donnelly(7)
Former Executive Chair |
| | | | 2025 | | | | | | 19,321 | | | | | | - | | | | | | 80,001 | | | | | | 408,110 | | | | | | | | | | | | 89,410 | | | | | | 596,842 | | |
|
Names
(a) |
| |
Grant
Date (b) |
| |
Estimated Possible Payouts Under
Non-Equity Incentive Plan Awards(1) |
| |
All Other
Stock Awards: Number of Shares of Stock or Units (#)(2) (i) |
| |
All Other
Option Awards: Number of Securities Underlying Options (#)(3) (j) |
| |
Exercise
or Base Price of Option Awards ($/sh) (k) |
| |
Grant Date Fair
Value of Stock and Option Awards ($)(4) (l) |
| ||||||||||||||||||||||||||||||
| |
Threshold
($) (c) |
| |
Target
($) (d) |
| |
Maximum
($) (e) |
| |||||||||||||||||||||||||||||||||||||||||
|
Masoud Toloue, Ph.D.
Former President and CEO |
| | | | - | | | | | | - | | | | | | 675,000 | | | | | | 1,113,750 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | |
| | | | 2/4/25 | | | | | | - | | | | | | - | | | | | | - | | | | | | 138,790 | | | | | | - | | | | | | - | | | | | | 1,170,000 | | | ||
| | | | 2/4/25 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 454,641 | | | | | | 8.43 | | | | | | 2,729,998 | | | ||
|
Vandana Sriram
CFO and Treasurer |
| | | | - | | | | | | - | | | | | | 325,500 | | | | | | 537,075 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | |
| | | | 2/4/25 | | | | | | - | | | | | | - | | | | | | - | | | | | | 50,712 | | | | | | - | | | | | | - | | | | | | 427,502 | | | ||
| | | | 2/4/25 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 166,119 | | | | | | 8.43 | | | | | | 997,500 | | | ||
|
William P. Donnelly(5)
Former Executive Chair |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 1/2/25 | | | | | | | | | | | | | | | | | | | | | | | | 7,435 | | | | | | | | | | | | - | | | | | | 80,001 | | | ||
| | | | 1/2/25 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 15,821 | | | | | | 10.76 | | | | | | 120,001 | | | ||
| | | | 11/20/25 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 70,091 | | | | | | 5.91 | | | | | | 288,109 | | | ||
| | | |
Option Awards(1)
|
| |
Stock Awards(1)
|
| ||||||||||||||||||||||||||||||||||||||||||
|
Names
|
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| |
Number of
Shares or Units of Stock That Have Not Vested (#) |
| |
Market
Value of Shares or Units of Stock That Have Not Vested ($)(2) |
| |
Equity
Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) |
| |
Equity
Incentive Plan Awards: Market or Payout Value of Unearned Number of Shares or Units or Other Rights That Have Not Vested ($) |
| ||||||||||||||||||||||||
|
Masoud Toloue, Ph.D
Former President and Chief Executive Officer |
| | | | 79,969(3) | | | | | | 5,343(3) | | | | | | 24.40 | | | | | | 4/25/2032 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | |
| | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 2,309(3) | | | | | | 14,685 | | | | | | - | | | | | | - | | | ||
| | | | 183,742(4) | | | | | | 75,674(4) | | | | | | 14.82 | | | | | | 2/2/2033 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | ||
| | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 32,432(4) | | | | | | 206,268 | | | | | | - | | | | | | - | | | ||
| | | | 104,155(5) | | | | | | 123,107(5) | | | | | | 23.10 | | | | | | 2/2/2034 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | ||
| | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 36,589(5) | | | | | | 232,706 | | | | | | - | | | | | | - | | | ||
| | | | - | | | | | | 454,641(6) | | | | | | 8.43 | | | | | | 2/4/2035 | | | | | | - | | | | | | - | | | | | | | | | | | | | | | ||
| | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 138,790(6) | | | | | | 882,704 | | | | | | | | | | | | | | | ||
|
Vandana Sriram
Chief Financial Officer and Treasurer |
| | | | 17,171(7) | | | | | | 12,284(7) | | | | | | 24.32 | | | | | | 8/21/2033 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | |
| | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 5,260(7) | | | | | | 33,454 | | | | | | - | | | | | | - | | | ||
| | | | 38,049(8) | | | | | | 44,989(8) | | | | | | 23.10 | | | | | | 2/2/2034 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | ||
| | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 13,367(8) | | | | | | 85,014 | | | | | | - | | | | | | - | | | ||
| | | | - | | | | | | 166,119(9) | | | | | | 8.43 | | | | | | 2/4/2035 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | ||
| | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 50,712(9) | | | | | | 322,528 | | | | | | | | | | | | | | | ||
|
William P. Donnelly
Former Executive Chair |
| | | | 9,949(10) | | | | | | 2,407(10) | | | | | | 23.90 | | | | | | 8/16/2033 | | | | | | - | | | | | | - | | | | | | | | | | | | | | |
| | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 2,802(10) | | | | | | 17,821 | | | | | | | | | | | | | | | ||
| | | | 6,412(11) | | | | | | - | | | | | | 27.15 | | | | | | 1/2/2034 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | | 15,821(12) | | | | | | - | | | | | | 10.76 | | | | | | 1/2/2035 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | | 2,921(13) | | | | | | 67,170(11) | | | | | | 5.91 | | | | | | 11/20/2035 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | |
Option Awards
|
| |
Stock Awards(1)
|
| ||||||||||||||||||
|
Name
|
| |
Number of
Shares Acquired on Exercise (#) |
| |
Value Realized
on Exercise ($)(2) |
| |
Number of
Shares Acquired on Vesting (#) |
| |
Value Realized
on Vesting ($)(2) |
| ||||||||||||
|
Masoud Toloue, Ph.D.
|
| | | | - | | | | | | - | | | | | | 67,877 | | | | | | 463,362 | | |
|
Vandana Sriram
|
| | | | - | | | | | | - | | | | | | 14,464 | | | | | | 105,311 | | |
|
William P. Donnelly(3)
|
| | | | - | | | | | | - | | | | | | 10,153 | | | | | | 59,708 | | |
|
Name
|
| |
Base Salary
($) |
| |
Lump Sum
Bonus Payments ($) |
| |
Continuation of
Group Health Plan Benefits ($) |
| |
Value of
Equity Awards ($) |
| |
Total
($) |
| |||||||||||||||
|
Masoud Toloue, Ph.D.
|
| | | | 675,000 | | | | | | 675,000 | | | | | | 31,109 | | | | | | - | | | | | | 1,381,109 | | |
|
Vandana Sriram
|
| | | | 232,500 | | | | | | 325,500 | | | | | | - | | | | | | - | | | | | | 558,000 | | |
|
Name
|
| |
Base Salary
($) |
| |
Lump Sum
Bonus Payments ($) |
| |
Continuation of
Group Health Plan Benefits ($) |
| |
Value of
Equity Awards ($)(1) |
| |
Total
($) |
| |||||||||||||||
|
Masoud Toloue, Ph.D.
|
| | | | 1,350,000 | | | | | | 675,000 | | | | | | 32,922 | | | | | | 1,336,363 | | | | | | 3,394,285 | | |
|
Vandana Sriram
|
| | | | 465,000 | | | | | | 325,500 | | | | | | - | | | | | | 440,996 | | | | | | 1,231,496 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Value of Initial Fixed
$100 Investment Based On: |
| | | | | | | | | | | | | |||||||||
|
Year
|
| |
Summary
Compensation Table Total for E. Kevin Hrusovsky(1) ($) |
| |
Summary
Compensation Table Total for Masoud Toloue, Ph.D.(2) ($) |
| |
Compensation
Actually Paid to E. Kevin Hrusovsky(1)(3) ($) |
| |
Actually Paid
to Masoud Toloue, Ph.D.(2)(3) ($) |
| |
Average
Summary Compensation Table Total for Non-PEO NEOs(4) ($) |
| |
Average
Compensation Actually Paid to Non-PEO NEOs(4)(5) ($) |
| |
Total
Share- holder Return ($) |
| |
Peer
Group Total Share- holder Return(6) ($) |
| |
Net
Income (Loss) ($ in millions) |
| |
Revenues
($ in millions) |
| ||||||||||||||||||||||||||||||
| 2025 | | | | | n/a | | | | | | 5,250,745 | | | | | | n/a | | | | | | 1,312,200 | | | | | | 1,403,916 | | | | | | 2,807,833 | | | | | | 13.68 | | | | | | 124.75 | | | | | ($ | 107.2) | | | | | | 138.9 | | |
| 2024 | | | | | n/a | | | | | | 6,433,027 | | | | | | n/a | | | | | | 1,346,679 | | | | | | 2,617,523 | | | | | | 1,200,871 | | | | | | 22.86 | | | | | | 93.49 | | | | | | (38.5) | | | | | | 137.4 | | |
| 2023 | | | | | n/a | | | | | | 5,435,274 | | | | | | n/a | | | | | | 10,859,697 | | | | | | 1,611,175 | | | | | | 3,072,778 | | | | | | 58.80 | | | | | | 94.03 | | | | | | (28.4)* | | | | | | 122.4 | | |
| 2022 | | | | | 1,921,523 | | | | | | 2,957,026 | | | | | | (3,807,926) | | | | | | 1,699,747 | | | | | | 1,210,719 | | | | | | (470,362) | | | | | | 29.78 | | | | | | 89.90 | | | | | | (99.6)* | | | | | | 105.5 | | |
| 2021 | | | | | 4,208,194 | | | | | | n/a | | | | | | 7,594,456 | | | | | | n/a | | | | | | 1,495,417 | | | | | | 217,434 | | | | | | 91.18 | | | | | | 100.02 | | | | | | (55.5)* | | | | | | 110.6 | | |
|
Year
|
| |
PEO Name
|
| |
Summary
Compensation Table Total ($) |
| |
Less Grant
Date Fair Value of Equity Awards Granted during Applicable Year ($) |
| |
Plus Year-end
Fair Value of Equity Awards Granted during Applicable Year ($) |
| |
Plus Change
in Fair Value as of Year- end of any Prior Year Awards that Remain Unvested as of Year-End ($) |
| |
Plus Change
in Fair Value as of the Vesting Date of any Prior Year Awards that Vest during Applicable Year ($) |
| |
Less Prior Year-
end Fair Value of Awards Granted in Prior Year that Failed to Meet Vesting Conditions during Applicable Year ($) |
| |
Total Equity
Value Reflected in Compensation Actually Paid Calculation ($) |
| |||||||||||||||||||||
| 2025 | | |
Masoud Toloue, Ph.D.
|
| | | | 5,250,745 | | | | | | 3,899,998 | | | | | | 2,902,256 | | | | | | (2,050,826) | | | | | | 1,734,724 | | | | | | - | | | | | | (3,938,545) | | |
| 2024 | | |
Masoud Toloue, Ph.D.
|
| | | | 6,433,027 | | | | | | 5,199,987 | | | | | | 2,420,861 | | | | | | (1,990,327) | | | | | | (316,895) | | | | | | - | | | | | | (5,086,348) | | |
| 2023 | | |
Masoud Toloue, Ph.D.
|
| | | | 5,435,274 | | | | | | 3,999,989 | | | | | | 7,923,070 | | | | | | 1,250,477 | | | | | | 250,865 | | | | | | - | | | | | | 5,424,423 | | |
| 2022 | | |
Masoud Toloue, Ph.D.
|
| | | | 2,957,026 | | | | | | 1,999,996 | | | | | | 1,234,526 | | | | | | (323,502) | | | | | | (168,307) | | | | | | - | | | | | | (1,257,279) | | |
| 2022 | | | E. Kevin Hrusovsky | | | | | 1,921,523 | | | | | | 1,400,007 | | | | | | 864,173 | | | | | | - | | | | | | (372,494) | | | | | | 4,821,121 | | | | | | (5,729,449) | | |
| 2021 | | | E. Kevin Hrusovsky | | | | | 4,208,194 | | | | | | 3,008,520 | | | | | | 1,726,302 | | | | | | 50,554 | | | | | | 4,617,926 | | | | | | - | | | | | | 3,386,262 | | |
| |
2021
|
| |
2022
|
| |
2023
|
| |
2024
|
| |
2025
|
|
| |
Masoud Toloue, Ph.D.
|
| |
Michael Doyle
|
| |
Michael Doyle
|
| |
Vandana Sriram
|
| |
Vandana Sriram
|
|
| |
Michael Doyle
|
| |
John Fry
|
| |
Vandana Sriram
|
| | | | |
William P. Donnelly
|
|
| |
Amol Chaubal
|
| |
Mark Roskey, Ph.D.
|
| | | | | | | | | |
| |
John Fry
|
| | | | | | | | | | | | |
| |
William Geist
|
| | | | | | | | | | | | |
| |
Dawn Mattoon
|
| | | | | | | | | | | | |
| |
Shawn Stetson
|
| | | | | | | | | | | | |
|
Year
|
| |
NEO Names
|
| |
Summary
Compensation Table Total (Average) ($) |
| |
Less Grant
Date Fair Value of Equity Awards Granted during Applicable Year (Average) ($) |
| |
Plus Year-
end Fair Value of Equity Awards Granted during Applicable Year (Average) ($) |
| |
Plus Change
in Fair Value as of Year- end of any Prior Year Awards that Remain Unvested as of Year-End (Average) ($) |
| |
Plus Change
in Fair Value as of the Vesting Date of any Prior Year Awards that Vest during Applicable Year (Average) ($) |
| |
Less Prior
Year-end Fair Value of Awards Granted in Prior Year that Failed to Meet Vesting Conditions during Applicable Year (Average) ($) |
| |
Total Equity
Value Reflected in Average Compensation Actually Paid Calculation ($) |
| |||||||||||||||||||||
| 2025 | | |
See footnote (4)
|
| | | | 1,403,916 | | | | | | 1,913,112 | | | | | | 1,358,816 | | | | | | (492,233) | | | | | | 649,323 | | | | | | - | | | | | | (1,073,606) | | |
| 2024 | | |
See footnote (4)
|
| | | | 2,617,523 | | | | | | 1,899,992 | | | | | | 884,543 | | | | | | (226,263) | | | | | | (174,940) | | | | | | - | | | | | | (1,416,652) | | |
| 2023 | | |
See footnote (4)
|
| | | | 1,611,175 | | | | | | 1,150,002 | | | | | | 1,935,392 | | | | | | 589,183 | | | | | | 87,031 | | | | | | - | | | | | | 1,461,603 | | |
| 2022 | | |
See footnote (4)
|
| | | | 1,210,719 | | | | | | 761,790 | | | | | | 375,346 | | | | | | (118,480) | | | | | | (132,737) | | | | | | 1,043,421 | | | | | | (1,681,081) | | |
| 2021 | | |
See footnote (4)
|
| | | | 1,495,417 | | | | | | 995,666 | | | | | | 504,941 | | | | | | 3,663 | | | | | | 357,701 | | | | | | 1,148,621 | | | | | | (1,277,982) | | |
| | | |
Fees Earned
or Paid in Cash ($) |
| |
Stock
Awards ($)(10) |
| |
Option
Awards ($)(10) |
| |
All Other
Compensation ($) |
| |
Total
($) |
| |||||||||||||||
|
Jeffrey T. Elliott
|
| | | | 75,368 | | | | | | 80,001 | | | | | | 120,001 | | | | | | - | | | | | | 275,370 | | |
|
Karen A. Flynn
|
| | | | 70,000 | | | | | | 80,001 | | | | | | 120,001 | | | | | | - | | | | | | 270,001 | | |
|
Garret M. Hampton, Ph.D.(1)
|
| | | | 7,704 | | | | | | 276,157 | | | | | | - | | | | | | - | | | | | | 283,860 | | |
|
Sarah E. Hlavinka(2)(5)
|
| | | | 36,332 | | | | | | 80,001 | | | | | | 120,001 | | | | | | - | | | | | | 236,333 | | |
|
Myla Lai-Goldman, M.D.(3)(5)
|
| | | | 12,850 | | | | | | 159,995 | | | | | | 239,998 | | | | | | - | | | | | | 412,842 | | |
|
Martin D. Madaus, Ph.D(4)
|
| | | | 43,986 | | | | | | 80,001 | | | | | | 120,001 | | | | | | - | | | | | | 243,988 | | |
|
Ivana Magovčević-Liebisch, Ph.D., J.D.
|
| | | | 61,216 | | | | | | 80,001 | | | | | | 120,001 | | | | | | - | | | | | | 261,217 | | |
|
Paul M. Meister(5)(6)
|
| | |
|
54,680
|
| | | |
|
80,001
|
| | | |
|
120,001
|
| | | |
|
-
|
| | | |
|
254,681
|
| |
|
Scott Mendel(5)(7)
|
| | | | 25,190 | | | | | | 159,995 | | | | | | 239,998 | | | | | | - | | | | | | 425,183 | | |
|
Alan Sachs, M.D., Ph.D.(8)
|
| | | | 6,563 | | | | | | 276,157 | | | | | | - | | | | | | - | | | | | | 282,719 | | |
|
David R. Walt, Ph.D.(9)
|
| | | | 50,937 | | | | | | 80,001 | | | | | | 120,001 | | | | | | - | | | | | | 250,939 | | |
|
Name
|
| |
Aggregate Number
of Shares Subject to Stock Options |
| |||
|
Jeffrey T. Elliott
|
| | | | 41,729 | | |
|
Karen A. Flynn
|
| | | | 54,198 | | |
|
Garret M. Hampton, Ph.D.
|
| | | | - | | |
|
Sarah E. Hlavinka
|
| | | | - | | |
|
Myla Lai-Goldman, M.D.
|
| | | | 50,758 | | |
|
Martin D. Madaus, Ph.D.
|
| | | | - | | |
|
Name
|
| |
Aggregate Number
of Shares Subject to Stock Options |
| |||
|
Ivana Magovčević-Liebisch, Ph.D., J.D.
|
| | | | 43,510 | | |
|
Paul M. Meister(1)
|
| | | | 54,138 | | |
|
Scott Mendel
|
| | | | 50,758 | | |
|
Alan Sachs, M.D., Ph.D.
|
| | | | - | | |
|
David R. Walt, Ph.D..(1)
|
| | | | 69,959 | | |
| |
Stock Ownership Guideline
|
| |
Non-Employee Director
|
| |
5x annual base cash retainer
|
|
| | CEO | | | 6x annual base salary | | |||
| | Executive officers other than CEO | | | 3x annual base salary | | |||
| |
Attainment Period
|
| |
Five years from the later of
•
Appointment/election to applicable position; and
•
October 9, 2019.
|
| |||
| |
Stock Owned for Purposes of Ownership Guidelines
|
| |
•
Stock acquired on the open market;
•
Stock acquired through the exercise of options;
•
Restricted stock, RSUs and stock options, whether vested or unvested; and
•
Stock acquired through Company benefit plans.
|
| |||
| |
Holding Requirement
|
| | 50% of "net of tax" vested shares must be held until the ownership guideline is met. | | |||
| |
Administration
|
| | The stock ownership guidelines are administered by the Compensation Committee, which evaluates compliance on an annual basis. Non-compliance arising from special circumstances, such as fluctuations in our stock price, changes in a participant's compensation, and the personal financial situation of a participant, are reviewed by the Compensation Committee. | | |||
| | | |
(a)
|
| |
(b)
|
| |
(c)
|
| |||||||||
|
Plan category
|
| |
Number of
securities to be issued upon exercise of outstanding options, warrants and rights |
| |
Weighted-average
exercise price of outstanding options, warrants and rights |
| |
Number of securities
remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) |
| |||||||||
|
Equity compensation plans approved by security holders(1)
|
| | | | 6,456,307(3) | | | | | $ | 11.25(3) | | | | | | 3,820,266(4) | | |
|
Equity compensation plans not approved by security
holders(2) |
| | | | 144,337 | | | | | | - | | | | | | 893,465 | | |
|
Total
|
| | | | 6,600,644(3) | | | | | $ | 11.25(3) | | | | | | 4,713,731(4) | | |
|
Name and Address of Beneficial Owner
|
| |
Number of Shares
Beneficially Owned |
| |
Percentage of Shares
Beneficially Owned(1) |
| ||||||
| 5% and Greater Stockholders(2) | | | | | | | | | | | | | |
|
Entities affiliated with Ameriprise Financial, Inc.(3)
|
| | | | 4,996,073 | | | | | | 10.6% | | |
|
Entities affiliated with Telegraph Hill Partners, L.P.(4)
|
| | | | 2,504,648 | | | | | | 5.3% | | |
| Named Executive Officers and Directors | | | | | | | | | | | | | |
|
Masoud Toloue, Ph.D.(5)
|
| | | | 901,381 | | | | | | 1.9% | | |
|
Vandana Sriram(6)
|
| | | | 151,218 | | | | | | * | | |
|
William P. Donnelly(7)
|
| | | | 205,550 | | | | | | * | | |
|
Jeffrey T. Elliott(8)
|
| | | | 43,037 | | | | | | * | | |
|
Karen A. Flynn(9)
|
| | | | 88,038 | | | | | | * | | |
|
Myla Lai-Goldman, M.D.(10)
|
| | | | 6,968 | | | | | | * | | |
|
Garret M. Hampton, Ph.D.
|
| | | | - | | | | | | * | | |
|
Ivana Magovčević-Liebisch, Ph.D., J.D(11)
|
| | | | 35,426 | | | | | | * | | |
|
Scott Mendel(12)
|
| | | | 12,347 | | | | | | * | | |
|
Alan Sachs, M.D., Ph.D.
|
| | | | - | | | | | | * | | |
|
All directors and current executive officers as a group
(13 persons)(13) |
| | | | 717,469 | | | | | | 1.5% | | |
|
Years Ended December 31,
|
| |
2023
|
| |
2024
|
| |
2025
|
| |||||||||
|
Stock Options Granted
|
| | | | 1,249,030 | | | | | | 1,522,251 | | | | | | 2,675,631 | | |
|
Stock Options Forfeited/Canceled
|
| | | | (429,173) | | | | | | (628,201) | | | | | | (1,334,064) | | |
|
RSUs Granted
|
| | | | 828,153 | | | | | | 650,999 | | | | | | 1,352,115 | | |
|
RSUs Forfeited/Canceled
|
| | | | (263,208) | | | | | | (301,676) | | | | | | (554,764) | | |
|
Shares of Common Stock Outstanding as of Fiscal Year End
|
| | | | 37,892,684 | | | | | | 38,543,797 | | | | | | 46,743,938 | | |
|
Net Annual Burn Rate
|
| | | | 3.7% | | | | | | 3.2% | | | | | | 4.6% | | |
|
Three Year Average Burn Rate
|
| | | | | | | | | | | | | | | | 3.8% | | |
| |
Shares subject to outstanding options(1)
|
| | | | 3,753,162 | | |
| |
Shares subject to outstanding RSUs(2)
|
| | | | 3,301,739 | | |
| |
Shares available for issuance
|
| | | | 2,420,675 | | |
| | Overhang(3) | | | | | 20.1% | | |
| | | |
2025 KPMG
|
| |||
|
Audit fees
|
| | | $ | 2,027,866 | | |
|
Audit-related fees
|
| | | | - | | |
|
Tax fees
|
| | | $ | 105,000 | | |
|
Other fees
|
| | | $ | 281,975 | | |
|
Total
|
| | | $ | 2,414,841 | | |