David McClung
BioCardiaAbout David McClung
David McClung, 62, has served as BioCardia’s Chief Financial Officer since September 2017 and has been with the company since September 2013. He holds a B.A. in Accounting from Georgia State University (with honors) and is an actively licensed CPA; he is a member of the AICPA and the California Society of CPAs . Company performance context (Pay vs. Performance disclosure): the value of a hypothetical $100 investment in BCDA was $107.73 (2022), $31.78 (2023), and $21.88 (2024), alongside reported net losses of $11.9M (2022), $11.6M (2023), and $7.9M (2024) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| BioCardia | CFO | Sep 2017–present | Senior finance leadership for public biotech |
| BioCardia | VP Finance | Mar 2016–Aug 2017 | Finance leadership during growth phase |
| BioCardia | Sr. Director Finance & Controller | Sep 2013–Feb 2016 | Built finance and controls capability |
| Sonitus Medical (private) | Director of Finance & Controller | Jun 2011–Aug 2013 | Finance leadership at medical device manufacturer |
| NextWave Pharmaceuticals (acq. by Pfizer) | Controller | Apr 2010–Jun 2011 | Public-company transaction readiness |
| Matson; The Clorox Company; KPMG | Finance/public accounting roles | Not disclosed | Broad public/private finance experience |
External Roles
| Organization | Role | Years |
|---|---|---|
| AICPA | Member | Not disclosed |
| California Society of CPAs | Member | Not disclosed |
Fixed Compensation
Current pay opportunity (as disclosed in latest proxy):
- Employment is at-will; current base salary $382,000; target annual bonus 38% of base salary .
Multi-year summary compensation (SCT):
| Year | Salary ($) | Bonus ($) | Stock Awards ($) | Option Awards ($) | All Other ($) | Total ($) |
|---|---|---|---|---|---|---|
| 2023 | 370,858 | 63,749 (paid as RSUs in 2024) | – | 98,611 | – | 533,218 |
| 2024 | 354,942 | – | – | – | – | 354,942 |
Notes:
- 2023 bonus was earned in 2023 but paid as RSUs in 2024; footnote states those RSUs “vested in full on May 18, 2023” (company footnote as filed) .
- In the last fiscal year, no new options/RSUs were granted to executive officers under the plan .
Performance Compensation
- Annual bonus plan: Mr. McClung’s target is 38% of base salary; metrics/weightings were not disclosed. 2024 bonus shows no payout in the SCT; 2023 bonus was delivered as RSUs (see Fixed Compensation) .
- Equity awards: Service-based stock options generally vest in equal monthly installments over four years from grant date .
| Incentive | Metric | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Annual bonus (2024) | Not disclosed | Not disclosed | 38% of base salary | “–” in SCT | Cash (if paid) |
| RSU (bonus delivery, 2023 earned) | Bonus conversion | N/A | N/A | Paid as RSUs in 2024 | Footnote states “vested in full” |
| Stock options | Service (time-based) | N/A | N/A | N/A | Monthly over 4 years |
Equity Ownership & Alignment
Beneficial ownership (record date October 8, 2025; footnotes as of October 15, 2025):
- Beneficial ownership: 91,525 shares (less than 1% of outstanding) .
- Composition: 47,950 common shares; 17,300 options vested/exercisable within 60 days; 26,275 shares subject to option grants held (company footnote) .
- Insider trading policy prohibits pledging, hedging, and short sales by employees and directors .
As-of-date snapshot under equity plan:
- As of December 31, 2024, McClung had 19,340 options outstanding and no RSUs under the 2016 Plan .
Outstanding stock options (as of December 31, 2024):
| Grant date | Exercisable (#) | Unexercisable (#) | Exercise price ($) | Expiration |
|---|---|---|---|---|
| 08/09/2016 | 478 | – | 79.80 | 08/09/2026 |
| 08/19/2016 | 493 | – | 79.80 | 08/19/2026 |
| 02/01/2018 | 1,177 | – | 79.80 | 02/01/2028 |
| 08/27/2019 | 1,883 | – | 75.00 | 08/27/2029 |
| 04/24/2020 | 1,702 | – | 51.45 | 04/24/2030 |
| 04/21/2021 | 5,056 | – | 52.35 | 04/21/2031 |
| 04/14/2022 | 3,667 | 333 | 22.35 | 04/14/2032 |
| 05/18/2023 | 2,844 | 1,707 | 25.50 | 05/18/2033 |
Insider participation in financings (alignment signal):
- Purchased ~$25,000 in August 2024 registered offering alongside directors/5% holders .
- Purchased ~$25,000 in April 2025 private placement and ~$10,000 in June 2025 private placement, alongside directors/5% holders .
Employment Terms
- Status: At-will employment .
- Current base salary and target bonus: $382,000 base; 38% target annual bonus .
- Change in control (double-trigger within 3 months before to 12 months after CoC):
- 100% of annual base salary and 100% of target annual bonus; 12 months COBRA; 100% acceleration of all unvested equity, contingent on qualifying termination and release .
- Outside change in control:
- 50% of annual base salary; 6 months COBRA; 12 months additional vesting credit on unvested equity, contingent on qualifying termination and release .
- 280G/4999 treatment: “Best net” approach (payments reduced if it yields greater after-tax benefit; no excise tax gross-up) .
- Pledging/hedging: Prohibited by company policy for employees and directors .
- Section 16 compliance: No delinquent filings disclosed for McClung in FY2024 (one late filing disclosed for another executive) .
Investment Implications
- Alignment and insider support: McClung’s personal participation in multiple 2024–2025 equity financings (aggregate ~$60,000) signals alignment with shareholders and confidence in program milestones .
- Limited near-term selling pressure from options: As of October 31, 2025, BCDA’s closing price was $1.40, while McClung’s option strikes range $22.35–$79.80; these options are far out-of-the-money, reducing incentive to exercise/sell in the near term .
- Retention and CoC economics: Outside CoC severance is 0.5x salary plus 12 months vesting credit (moderate); CoC terms are double-trigger with 1x salary and 1x target bonus plus full acceleration (market-consistent), balancing retention needs without tax gross-ups .
- Pay mix trend: 2024 compensation was predominantly cash (no SCT bonus/equity awards), versus 2023 which included a cash bonus (paid as RSUs) and option awards; this suggests tighter pay-for-performance delivery amid negative TSR trends disclosed in the Pay vs. Performance table .