Uttam Patil

About Uttam Patil

Dr. Uttam Yashwant Patil is ABVC’s Chief Executive Officer (appointed June 21, 2023) and currently serves as interim Chief Financial Officer; he was also appointed co-CEO of subsidiary AiBtl BioPharma on March 13, 2025 . He holds a Ph.D. in Chemistry from National Tsing Hua University, a Master’s in Analytical Chemistry, and a Bachelor’s in Industrial Chemistry from Pune University, with prior post-doctoral research at NTNU and R&D roles at Rgene and BioKey . Recent company performance under his tenure includes Q3 2025 licensing revenue up ~230% year-over-year and total assets up ~181% versus year-end 2024, per ABVC’s November 3, 2025 8-K press release . No total shareholder return or EBITDA growth metrics are disclosed in company filings for executive pay assessment .

Past Roles

External Roles

Fixed Compensation

• Employment agreement: Initial base salary “paid by stock options” under standard payroll; as of the 2025 proxy, he had yet to receive any stock options under that agreement .
• Company discloses no material bonus or profit-sharing plans; executive compensation can include discretionary stock options .

Note: The Summary Compensation Table lists “2042” for the year of Dr. Patil’s stock award; we present the figure as filed without inference .

Performance Compensation

• No disclosed performance metrics (revenue, EBITDA, TSR) tied to CEO incentive compensation; no non‑equity incentive payouts reported for Dr. Patil in the proxy .
• Company states no material bonus/profit-sharing plans, suggesting incentives are primarily equity-based and discretionary rather than formulaic .

Equity Ownership & Alignment

Additional equity context:

• ABVC seeks shareholder approval to increase the 2016 Equity Incentive Plan capacity to 15% of outstanding shares at the meeting date and add automatic annual increases of 5% until reaching 15% of the prior year’s outstanding shares, potentially expanding future grant capacity for all participants .

Employment Terms

Performance & Track Record

• Company regained Nasdaq minimum bid price compliance on May 13, 2025 after an extension to July 7, 2025, mitigating listing risk .
• Q3 2025 licensing revenues increased ~230% YoY; assets expanded ~181% versus YE 2024; property & equipment grew to $12.06M with Taiwan land investments, reflecting strategic build‑out of Asia-based production and research capabilities .
• CFO resignation on March 5, 2025 led to interim CFO duties assumed by Dr. Patil, concentrating leadership responsibilities during finance transition .
• Auditor change in October 2024 and a restatement of 2023 financials signal internal control scrutiny and execution risk during a turnaround period .

Compensation Structure Analysis

• Salary paid via stock options under the employment agreement; absence of disclosed cash salary and lack of bonus framework indicates heavy reliance on equity and discretionary awards rather than pay‑for‑performance constructs .
• No disclosed performance metric weightings or payouts for the CEO (e.g., revenue growth, EBITDA, TSR), reducing transparency of incentive alignment with shareholder outcomes .
• As of year‑end 2024, Dr. Patil held no stock options; he is reported with a stock award value in the proxy (presented as “2042”), but with options “yet to be received” under his agreement, limiting immediate vesting‑driven selling pressure .
• Proposed expansion of the equity plan to up to 15% of shares outstanding, with automatic increases, increases potential equity overhang and future dilution; monitor grant cadence and terms for alignment and dilution impact .

Risk Indicators & Red Flags

• Related party complexity: Dr. Patil’s concurrent R&D role at Rgene (a related party) and ABVC’s increased ownership in Rgene following note conversion (to 37%) elevate governance monitoring needs for conflicts and transfer pricing .
• Finance leadership transition: Interim CFO role held by CEO after CFO resignation may stretch management bandwidth during capital markets and reporting cycles .
• Auditor transition and restatement: Heightened financial reporting risk and potential for control remediation .
• Dilution risk: Land transaction proposal involving issuance to a director and equity plan increase may expand share count materially over time; ensure exchange caps/beneficial ownership limits are maintained .

Equity Ownership & Alignment Details

Board Governance (context for compensation oversight)

• Compensation Committee: Norimi Sakamoto (Chair), Hsin‑Hui Miao, Che‑Wei Hsu; all are independent under Nasdaq rules; committee charter governs executive pay decisions .
• CEO is not listed among directors; Board leadership separated from CEO, with Chairman Eugene Jiang .

Investment Implications

• Alignment: Limited disclosed performance linkage for CEO incentives and sub‑1% personal ownership suggest modest pay‑for‑performance alignment; watch for future equity grants under the expanded plan and any adoption of performance share units (PSUs) or objective metrics .
• Retention and selling pressure: No outstanding options for Dr. Patil as of YE 2024 and lack of detailed vesting schedules reduce near‑term insider selling pressure; however, expanded plan capacity could introduce new grants—monitor 8‑Ks/Form 4s for award timing and vesting .
• Governance risk: Dual roles (CEO and interim CFO), related party involvement at Rgene, and recent restatement/auditor change raise execution and governance risks—warrant heightened monitoring of financial controls and related party transactions .
• Dilution watch: Land proposal and equity plan amendments imply potential share issuance; while exchange caps and beneficial ownership limits are stated, shareholder dilution is a tangible risk that could weigh on valuation absent offsetting operating progress .