Pay Versus Performance
The following table sets forth information regarding the Company’s performance and the “compensation actually paid” to our named executive officers, as calculated in accordance with SEC disclosure rules applicable to smaller reporting companies:
Year |
Summary |
Summary |
Compensation |
Compensation |
Average |
Average |
Value of |
Net Income ($) |
2025 |
1,068,069 |
N/A |
1,101,370 |
N/A |
1,042,367 |
789,045 |
22.06 |
32,688,000 |
2024 |
1,573,716 |
1,722,332 |
1,586,926 |
1,324,121 |
872,371 |
757,065 |
3.38 |
(85,403,000) |
2023 |
N/A |
4,375,125 |
N/A |
557,312 |
2,294,922 |
535,339 |
3.25 |
(276,126,000) |
(1) Dr. Touchon served as the Company’s principal executive officer (“PEO”) for the entirety of 2023 and until his separation from service in September 2024, and Dr. Nguyen served as the Company's PEO thereafter in 2024 and for the entirety of 2025. The Company’s other named executive officers (“NEOs”) for the applicable years were as follows:
- 2025: Eric Hyllengren
- 2024: Amar Murugan, Jill Henrich, and Eric Hyllengren
- 2023: AnhCo Nguyen, Ph.D.; and Amar Murugan
(2) Amounts reported in this column represent (i) the total compensation reported in the Summary Compensation Table for 2023 and 2024 in the case of Dr. Touchon and 2024 and 2025 in the case of Dr. Nguyen, and (ii) the average of the total compensation reported in the Summary Compensation Table for the applicable year for the Company’s named executive officers for the applicable year other than the principal executive officer for such years (including Dr. Nguyen for 2023).
(3) To calculate compensation actually paid, adjustments were made to the amounts reported in the Summary Compensation Table for the applicable year. A reconciliation of the adjustments for Drs. Touchon and Nguyen and for the average of the other named executive officers is set forth following the footnotes to this table.
(4) Pursuant to rules of the SEC, the comparison assumes $100 was invested on December 31, 2022. Historic stock price performance is not necessarily indicative of future stock price performance.
Compensation Actually Paid Adjustments
Year |
Summary |
(Minus) Grant |
Plus Fair |
Plus/(Minus) |
Plus Fair Value |
Plus/(Minus) |
(Minus) Fair |
Equals |
AnhCo Nguyen, Ph.D. |
||||||||
2025 |
1,068,069 |
--- |
--- |
166,076 |
--- |
(132,775) |
--- |
1,101,370 |
2024 |
1,573,716 |
(781,650) |
809,208 |
11,551 |
25,861 |
(51,760) |
--- |
1,586,926 |
2023 |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
Pascal Touchon, D.V.M. |
||||||||
2025 |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
2024 |
1,722,332 |
(716,800) |
425,920 |
(52,526) |
32,145 |
(86,950) |
--- |
1,324,121 |
2023 |
4,375,125 |
(3,330,496) |
224,635 |
(753,498) |
297,228 |
(275,682) |
--- |
557,312 |
Other Named Executive Officers (Average) (8) |
||||||||
2025 |
1,042,367 |
(250,949) |
--- |
--- |
32,388 |
(34,761) |
--- |
789,045 |
2024 |
872,371 |
(261,333) |
155,283 |
3,088 |
17,880 |
(30,224) |
--- |
757,065 |
2023 |
2,294,922 |
(1,587,499) |
116,608 |
(331,191) |
141,674 |
(99,175) |
--- |
535,339 |
(1) Represents Total Compensation as reported in the Summary Compensation Table for the indicated fiscal year. With respect to the other named executive officers, amounts shown represent averages.
(2) Represents the grant date fair value of the stock option and stock awards granted during the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes.
(3) Represents the fair value as of the indicated fiscal year-end of the outstanding and unvested option awards and stock awards granted during such fiscal year, computed in accordance with the methodology used for financial reporting purposes.
(4) Represents the change in fair value during the indicated fiscal year of each option award and stock award that was granted in a prior fiscal year and that remained outstanding and unvested as of the last day of the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes.
(5) Represents the fair value at vesting of the option awards and stock awards that were granted and vested during the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes.
(6) Represents the change in fair value, measured from the prior fiscal year-end to the vesting date, of each option award and stock award that was granted in a prior fiscal year and which vested during the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes.
(7) Represents the fair value as of the last day of the prior fiscal year of the option award and stock awards that were granted in a prior fiscal year and which failed to meet the applicable vesting conditions in the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes.
(8) See footnote 1 under the Pay Versus Performance table on the previous page for the named executive officers included in the average for each year.
- 2025: Eric Hyllengren
- 2024: Amar Murugan, Jill Henrich, and Eric Hyllengren
- 2023: AnhCo Nguyen, Ph.D.; and Amar Murugan
Compensation Actually Paid Adjustments
Year |
Summary |
(Minus) Grant |
Plus Fair |
Plus/(Minus) |
Plus Fair Value |
Plus/(Minus) |
(Minus) Fair |
Equals |
AnhCo Nguyen, Ph.D. |
||||||||
2025 |
1,068,069 |
--- |
--- |
166,076 |
--- |
(132,775) |
--- |
1,101,370 |
2024 |
1,573,716 |
(781,650) |
809,208 |
11,551 |
25,861 |
(51,760) |
--- |
1,586,926 |
2023 |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
Pascal Touchon, D.V.M. |
||||||||
2025 |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
2024 |
1,722,332 |
(716,800) |
425,920 |
(52,526) |
32,145 |
(86,950) |
--- |
1,324,121 |
2023 |
4,375,125 |
(3,330,496) |
224,635 |
(753,498) |
297,228 |
(275,682) |
--- |
557,312 |
Other Named Executive Officers (Average) (8) |
||||||||
2025 |
1,042,367 |
(250,949) |
--- |
--- |
32,388 |
(34,761) |
--- |
789,045 |
2024 |
872,371 |
(261,333) |
155,283 |
3,088 |
17,880 |
(30,224) |
--- |
757,065 |
2023 |
2,294,922 |
(1,587,499) |
116,608 |
(331,191) |
141,674 |
(99,175) |
--- |
535,339 |
(1) Represents Total Compensation as reported in the Summary Compensation Table for the indicated fiscal year. With respect to the other named executive officers, amounts shown represent averages.
(2) Represents the grant date fair value of the stock option and stock awards granted during the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes.
(3) Represents the fair value as of the indicated fiscal year-end of the outstanding and unvested option awards and stock awards granted during such fiscal year, computed in accordance with the methodology used for financial reporting purposes.
(4) Represents the change in fair value during the indicated fiscal year of each option award and stock award that was granted in a prior fiscal year and that remained outstanding and unvested as of the last day of the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes.
(5) Represents the fair value at vesting of the option awards and stock awards that were granted and vested during the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes.
(6) Represents the change in fair value, measured from the prior fiscal year-end to the vesting date, of each option award and stock award that was granted in a prior fiscal year and which vested during the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes.
(7) Represents the fair value as of the last day of the prior fiscal year of the option award and stock awards that were granted in a prior fiscal year and which failed to meet the applicable vesting conditions in the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes.
(8) See footnote 1 under the Pay Versus Performance table on the previous page for the named executive officers included in the average for each year.
Compensation Actually Paid Adjustments
Year |
Summary |
(Minus) Grant |
Plus Fair |
Plus/(Minus) |
Plus Fair Value |
Plus/(Minus) |
(Minus) Fair |
Equals |
AnhCo Nguyen, Ph.D. |
||||||||
2025 |
1,068,069 |
--- |
--- |
166,076 |
--- |
(132,775) |
--- |
1,101,370 |
2024 |
1,573,716 |
(781,650) |
809,208 |
11,551 |
25,861 |
(51,760) |
--- |
1,586,926 |
2023 |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
Pascal Touchon, D.V.M. |
||||||||
2025 |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
2024 |
1,722,332 |
(716,800) |
425,920 |
(52,526) |
32,145 |
(86,950) |
--- |
1,324,121 |
2023 |
4,375,125 |
(3,330,496) |
224,635 |
(753,498) |
297,228 |
(275,682) |
--- |
557,312 |
Other Named Executive Officers (Average) (8) |
||||||||
2025 |
1,042,367 |
(250,949) |
--- |
--- |
32,388 |
(34,761) |
--- |
789,045 |
2024 |
872,371 |
(261,333) |
155,283 |
3,088 |
17,880 |
(30,224) |
--- |
757,065 |
2023 |
2,294,922 |
(1,587,499) |
116,608 |
(331,191) |
141,674 |
(99,175) |
--- |
535,339 |
(1) Represents Total Compensation as reported in the Summary Compensation Table for the indicated fiscal year. With respect to the other named executive officers, amounts shown represent averages.
(2) Represents the grant date fair value of the stock option and stock awards granted during the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes.
(3) Represents the fair value as of the indicated fiscal year-end of the outstanding and unvested option awards and stock awards granted during such fiscal year, computed in accordance with the methodology used for financial reporting purposes.
(4) Represents the change in fair value during the indicated fiscal year of each option award and stock award that was granted in a prior fiscal year and that remained outstanding and unvested as of the last day of the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes.
(5) Represents the fair value at vesting of the option awards and stock awards that were granted and vested during the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes.
(6) Represents the change in fair value, measured from the prior fiscal year-end to the vesting date, of each option award and stock award that was granted in a prior fiscal year and which vested during the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes.
(7) Represents the fair value as of the last day of the prior fiscal year of the option award and stock awards that were granted in a prior fiscal year and which failed to meet the applicable vesting conditions in the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes.
(8) See footnote 1 under the Pay Versus Performance table on the previous page for the named executive officers included in the average for each year.
The following chart sets forth the relationship between CAP to our PEO, the average of CAP to our other NEOs, each as set forth in the table above, and our net income and TSR over the three-year period from 2023 through 2025.
