Joseph Vazzano

About Joseph Vazzano

Joseph Vazzano, 41, has served as Abeona Therapeutics’ Chief Financial Officer since March 14, 2022, and is the company’s principal financial officer and principal accounting officer; he is a CPA (NJ) with a B.S. in Accounting from Lehigh University . Under his tenure, Abeona’s reported total shareholder return (TSR) rose from 36.56 (2022) to 59.47 (2023) and 66.11 (2024), while net loss increased to $(63.7) million in 2024 from $(54.2) million in 2023 and $(39.7) million in 2022 (in thousands) . Reported revenues increased from $1.414 million (FY 2022) to $3.5 million (FY 2023), and EBITDA remained negative over 2022–2024; FY 2024 revenue was not disclosed in the dataset returned here (see table; values with asterisks from S&P Global)*.

Abeona performance (company-reported and S&P Global):

Past Roles

External Roles

Fixed Compensation

The proxy states annual cash incentives are “target‑based” but does not disclose the specific metric weightings or targets for NEOs .

Performance Compensation

Equity awards outstanding and vesting cadence

• Company indicates it currently uses full‑value equity (restricted stock) and did not grant stock options or SARs to NEOs in the last completed year; options/SARs are not a current program element .

Unvested stock awards as of 12/31/2024 (valued at $5.57 close):

Original grant sizes and vest‑end dates disclosed (company footnote):

Implications for vesting/selling pressure

• The largest remaining tranches concentrate into 2026–2027 (notably the 2024 award through July 2027), which can create calendar‑based liquidity events for the CFO if shares are not otherwise subject to blackout/10b5‑1 planning .

Equity Ownership & Alignment

• Company insider trading policy prohibits hedging, holding in a margin account, or pledging company stock as collateral, reducing misalignment risk from pledges/derivatives .
• No stock options are listed for Mr. Vazzano in the outstanding awards tables; equity exposure is via restricted stock .

Employment Terms

• Start date and role: Appointed CFO effective March 14, 2022; became principal financial and accounting officer on March 31, 2022 .
• Base and incentives at hire: $360,000 base; target annual bonus 40% of base; 200,000 restricted shares initially; salary increased to $400,000 and 30,000 additional restricted shares upon achieving corporate actions effective July 2, 2022; awards vest 25% at year one and the balance over 36 months (restricted stock annually, options monthly where applicable) .
• Severance (non‑CIC): If terminated without Cause or resigns for Good Reason, cash severance equals 12 months base salary plus 12 months target bonus; 12 months of COBRA premiums .
• Change‑of‑control (CIC): Same cash severance if terminated without Cause/for Good Reason within 12 months post‑CIC; if he remains continuously employed through the CIC date, all outstanding equity awards vest and become exercisable immediately (single‑trigger equity acceleration at CIC) .
• At‑will employment; either party may terminate with notice .
• Clawback: Awards subject to applicable company clawback/recoupment policies .
• Standard benefits: 401(k) with match, life/AD&D, medical/dental/vision, LTD; broad retirement/benefit programs apply to NEOs .

Expertise & Qualifications

• CPA in New Jersey; B.S. in Accounting (Lehigh University). Experience spans public biopharma (Avenue, Intercept, Pernix, NPS) and public accounting (KPMG); executed equity financings and complex M&A with CVRs at Avenue .

Performance & Track Record

• Under the “Pay vs. Performance” disclosure for 2022–2024, TSR increased while net loss widened as the company invested through its transition; company categorized as a smaller reporting company and provides CAP vs. TSR and Net Income charts (no peer TSR required) .
• No related‑party transactions reported for 2023; Audit Committee reviews such matters .

Compensation Structure Analysis

• Mix shift toward full‑value equity (restricted stock); company states no options/SARs were granted to NEOs in the last completed fiscal year, and the plan prohibits repricing and grants below FMV .
• Retention cash bonuses used in 2022–2024 to offset “shortfall in equity granted” versus market recommendations, indicating attention to total compensation competitiveness amid share reserve constraints .
• Equity plan governance: minimum one‑year vesting (limited carve‑out), no single‑trigger automatic vesting at plan level, independent administration, clawback applicability; however, CFO’s contract provides single‑trigger equity acceleration at CIC if employed through the CIC date .

Compensation & Ownership Tables (multi‑year)

Summary (select cash/equity pay items)

Beneficial ownership progression

Investment Implications

• Alignment/skin‑in‑the‑game: ~1% beneficial ownership as of March 2025 and concentrated unvested equity through 2026–2027 support retention and performance alignment; pledging and hedging prohibitions reduce alignment risk .
• Retention risk: Contractual cash severance (12 months salary+target bonus) is moderate; however, single‑trigger equity acceleration at CIC upon continued employment could reduce post‑CIC retention incentives and may be shareholder‑sensitive .
• Incentive quality: Annual cash bonus is “target‑based” but metric weightings/targets are not disclosed, limiting pay‑for‑performance transparency; equity mix relies on time‑based restricted stock (lower risk than options) .
• Dilution/governance backdrop: The 2024 special proxy expanded the equity pool with explicit burn‑rate/overhang analyses and strong plan controls (no repricing, minimum vesting), which supports competitive hiring/retention during commercialization build‑out while preserving governance guardrails .
• Execution watch‑items: While TSR improved over 2022–2024, net losses widened as investments ramped; monitoring commercialization milestones, cash burn, and any insider 10b5‑1 sales around large vesting tranches (2026–2027) is prudent .