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Pay vs Performance Disclosure - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Pay vs Performance Disclosure, Table
Pay Versus Performance Disclosure
As required by Item 402(v) of Regulation
S-K,
we are providing the following information regarding the relationship between the executive “compensation actually paid” to our principal executive officer (PEO) and our other named executive officers (NEO) and our financial performance for each of the last three completed fiscal years. In determining the “compensation actually paid” (CAP) to our NEOs, we are required to make various adjustments to amounts that have in prior years been reported in the Summary Compensation Table (SCT), as the SEC valuation methods for this disclosure differ from those required in the SCT. The values do not necessarily represent the actual compensation received by the NEOs nor how the Compensation Committee evaluates and determines executive compensation levels. For our NEOs other than our PEO, compensation is reported as an average.
 
Year
  
SCT Total for
PEO(1)
    
CAP to
PEO(1)(2)(3)
   
Average SCT
Total for
Non-PEO

named executive
officers(4)
    
Average CAP
to Non-PEO

named executive
officers(2)(3)(4)
    
Value of initial fixed
$100 investment
based on Total
Shareholder Return
(TSR)(5)
    
Net Income
(in $000s)(6)
 
2024
   $ 3,931,645      $ 6,050,349     $ 1,005,859      $ 949,776      $ 124.75      ($ 55,851
2023
   $ 3,684,651      ($ 1,220,740   $ 1,283,588      $ 75,336      $ 87.75      ($ 37,543
2022
   $ 2,858,490      $ 10,614,223     $ 2,023,636      $ 3,308,975      $ 174.00      ($ 62,025
 
(1)
The PEO for all three years included in the table is Todd C. Brady, M.D., Ph.D, our Chief Executive Officer. The dollar amounts reported in this column are the amounts of total compensation reported for Dr. Brady in the “Total” column of the SCT in the applicable fiscal year.
(2)
In accordance with SEC rules, deductions from and additions to, total compensation reported in the SCT by year to calculate Compensation Actually Paid include:
 
    
Average
Non-PEO
named executive officers
 
    
2024
    
2023
    
2022
    
2024
    
2023
    
2022
 
SCT Total
  
$
3,931,645
 
  
$
3,684,651
 
  
$
2,858,490
 
  
$
1,005,859
 
  
$
1,283,588
 
  
$
2,023,636
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Adjustments for Equity Awards
                 
Deduct:Grantdate values in SCT
   -$ 3,000,817      -$ 2,850,548      -$ 1,948,523      -$ 608,498      -$ 816,863      -$ 1,535,579  
Add:Year-endfair
value of unvested awards granted in the current year
   $ 3,050,702      $ 1,302,920      $ 7,938,000      $ 381,337      $ 307,105      $ 2,448,681  
Add:Year-over-yeardifference of
year-end
fair values for unvested awards granted in prior years
   $ 1,137,053      -$ 3,936,684      $ 1,486,804      $ 139,692      -$ 969,744      $ 179,149  
Add:Fairvalues at vest date for awards granted and vested in current year
   $ 809,973      $ 327,217      $ 196,282      $ 158,427      $ 216,150      $ 166,207  
Add:Differencein fair values between prior
year-end
fair values and vest date fair values for awards granted in prior years
   $ 121,792      $ 251,703      $ 83,170      $ 42,141      $ 55,100      $ 26,880  
Deduct:Forfeituresduring current year equal to prior
year-end
fair value
   $ 0      $ 0      $ 0      -$ 169,182      $ 0      $ 0  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total Adjustments for Equity Awards
  
$
2,118,704
 
  
-$
4,905,391
 
  
$
7,755,733
 
  
-$
56,083
 
  
-$
1,208,252
 
  
$
1,285,339
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
CAP
  
$
6,050,349
 
  
-$
1,220,740
 
  
$
10,614,223
 
  
$
949,776
 
  
$
75,336
 
  
$
3,308,975
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
(3)
The following summarizes the valuation assumptions used for stock option awards included as part of CAP:
 
   
Expected life of each stock option is based on the “simplified method” using an average of the remaining vest and remaining term, as of the vest/fiscal year end (FYE) date.
 
   
Strike price is based on each grant date closing price and asset price is based on each vest/FYE closing price.
 
   
Risk free rate is based on the Treasury Constant Maturity rate closest to the remaining expected life as of the vest/FYE date.
 
   
Historical volatility is based on daily price history for each expected life (years) prior to each vest/FYE date. Closing prices provided by S&P Capital IQ are adjusted for dividends and splits.
 
   
Represents annual dividend yield on each vest/FYE date.
 
(4)
Non-PEO
named executive officer averages reflect the following executives by year:
 
   
2024: Bruce Greenberg, Stephen G. Machatha, and Michael Alfieri
 
   
2022 and 2023: Bruce Greenberg, and Stephen G. Machatha
The dollar amounts reported in this column represent the average of the amounts reported for the
non-PEO
named executive officers in the “Total” column of the SCT in the applicable fiscal year.
 
(5)
The dollar amounts reported represent the amount of net income (loss) reflected in our audited financial statements for the applicable year.
   
Named Executive Officers, Footnote
(4)
Non-PEO
named executive officer averages reflect the following executives by year:
 
   
2024: Bruce Greenberg, Stephen G. Machatha, and Michael Alfieri
 
   
2022 and 2023: Bruce Greenberg, and Stephen G. Machatha
The dollar amounts reported in this column represent the average of the amounts reported for the
non-PEO
named executive officers in the “Total” column of the SCT in the applicable fiscal year.
   
PEO Total Compensation Amount $ 3,931,645 $ 3,684,651 $ 2,858,490
PEO Actually Paid Compensation Amount $ 6,050,349 (1,220,740) 10,614,223
Adjustment To PEO Compensation, Footnote
(2)
In accordance with SEC rules, deductions from and additions to, total compensation reported in the SCT by year to calculate Compensation Actually Paid include:
 
    
Average
Non-PEO
named executive officers
 
    
2024
    
2023
    
2022
    
2024
    
2023
    
2022
 
SCT Total
  
$
3,931,645
 
  
$
3,684,651
 
  
$
2,858,490
 
  
$
1,005,859
 
  
$
1,283,588
 
  
$
2,023,636
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Adjustments for Equity Awards
                 
Deduct:Grantdate values in SCT
   -$ 3,000,817      -$ 2,850,548      -$ 1,948,523      -$ 608,498      -$ 816,863      -$ 1,535,579  
Add:Year-endfair
value of unvested awards granted in the current year
   $ 3,050,702      $ 1,302,920      $ 7,938,000      $ 381,337      $ 307,105      $ 2,448,681  
Add:Year-over-yeardifference of
year-end
fair values for unvested awards granted in prior years
   $ 1,137,053      -$ 3,936,684      $ 1,486,804      $ 139,692      -$ 969,744      $ 179,149  
Add:Fairvalues at vest date for awards granted and vested in current year
   $ 809,973      $ 327,217      $ 196,282      $ 158,427      $ 216,150      $ 166,207  
Add:Differencein fair values between prior
year-end
fair values and vest date fair values for awards granted in prior years
   $ 121,792      $ 251,703      $ 83,170      $ 42,141      $ 55,100      $ 26,880  
Deduct:Forfeituresduring current year equal to prior
year-end
fair value
   $ 0      $ 0      $ 0      -$ 169,182      $ 0      $ 0  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total Adjustments for Equity Awards
  
$
2,118,704
 
  
-$
4,905,391
 
  
$
7,755,733
 
  
-$
56,083
 
  
-$
1,208,252
 
  
$
1,285,339
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
CAP
  
$
6,050,349
 
  
-$
1,220,740
 
  
$
10,614,223
 
  
$
949,776
 
  
$
75,336
 
  
$
3,308,975
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
   
Non-PEO NEO Average Total Compensation Amount $ 1,005,859 1,283,588 2,023,636
Non-PEO NEO Average Compensation Actually Paid Amount $ 949,776 75,336 3,308,975
Adjustment to Non-PEO NEO Compensation Footnote
(2)
In accordance with SEC rules, deductions from and additions to, total compensation reported in the SCT by year to calculate Compensation Actually Paid include:
 
    
Average
Non-PEO
named executive officers
 
    
2024
    
2023
    
2022
    
2024
    
2023
    
2022
 
SCT Total
  
$
3,931,645
 
  
$
3,684,651
 
  
$
2,858,490
 
  
$
1,005,859
 
  
$
1,283,588
 
  
$
2,023,636
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Adjustments for Equity Awards
                 
Deduct:Grantdate values in SCT
   -$ 3,000,817      -$ 2,850,548      -$ 1,948,523      -$ 608,498      -$ 816,863      -$ 1,535,579  
Add:Year-endfair
value of unvested awards granted in the current year
   $ 3,050,702      $ 1,302,920      $ 7,938,000      $ 381,337      $ 307,105      $ 2,448,681  
Add:Year-over-yeardifference of
year-end
fair values for unvested awards granted in prior years
   $ 1,137,053      -$ 3,936,684      $ 1,486,804      $ 139,692      -$ 969,744      $ 179,149  
Add:Fairvalues at vest date for awards granted and vested in current year
   $ 809,973      $ 327,217      $ 196,282      $ 158,427      $ 216,150      $ 166,207  
Add:Differencein fair values between prior
year-end
fair values and vest date fair values for awards granted in prior years
   $ 121,792      $ 251,703      $ 83,170      $ 42,141      $ 55,100      $ 26,880  
Deduct:Forfeituresduring current year equal to prior
year-end
fair value
   $ 0      $ 0      $ 0      -$ 169,182      $ 0      $ 0  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total Adjustments for Equity Awards
  
$
2,118,704
 
  
-$
4,905,391
 
  
$
7,755,733
 
  
-$
56,083
 
  
-$
1,208,252
 
  
$
1,285,339
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
CAP
  
$
6,050,349
 
  
-$
1,220,740
 
  
$
10,614,223
 
  
$
949,776
 
  
$
75,336
 
  
$
3,308,975
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
   
Compensation Actually Paid vs. Total Shareholder Return
Relationship Between Compensation Actually Paid and Total Shareholder Return
The following chart illustrates the relationship between CAP to our PEO and
Non-PEO
NEOs (averaged), and the TSR over the reporting period. For our NEOs, a significant portion of’ compensation consists of equity awards. As a result, as demonstrated in the chart below, the amount of CAP to our NEOs is aligned with our cumulative TSR over the three-year period presented below.
 
 
LOGO
   
Compensation Actually Paid vs. Net Income
Relationship Between Compensation Actually Paid and Net Income
The following chart illustrates the relationship between CAP to our PEO and
Non-PEO
NEO (averaged), and the Net Income over the reporting period. The CAP to our PEO and
Non-PEO
NEOs and Net Income is not correlated over the three years shown below. While we are required by SEC rules to disclose the relationship between our net income and compensation “actually paid” to our NEOs, this is not a metric our compensation committee currently uses in evaluating our NEOs compensation.
 
 
LOGO
   
Total Shareholder Return Amount $ 124.75 87.75 174
Net Income (Loss) $ (55,851,000) (37,543,000) (62,025,000)
PEO Name Todd C. Brady, M.D., Ph.D    
PEO | Equity Awards Adjustments      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount $ 2,118,704 (4,905,391) 7,755,733
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (3,000,817) (2,850,548) (1,948,523)
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 3,050,702 1,302,920 7,938,000
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 1,137,053 (3,936,684) 1,486,804
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 809,973 327,217 196,282
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 121,792 251,703 83,170
PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
Non-PEO NEO | Equity Awards Adjustments      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (56,083) (1,208,252) 1,285,339
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (608,498) (816,863) (1,535,579)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 381,337 307,105 2,448,681
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 139,692 (969,744) 179,149
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 158,427 216,150 166,207
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 42,141 55,100 26,880
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount $ (169,182) $ 0 $ 0