Edward Gillis
BioCardiaAbout Edward Gillis
Edward Gillis is Senior Vice President, Devices at BioCardia (BCDA), a role he has held since October 2020 after joining as Vice President of Catheter Development in May 2020. He has 20+ years in medical devices across engineering and leadership roles, holds 34 U.S. patents, and earned an M.S. in Plastics Engineering from the University of Massachusetts Lowell . As of April 4, 2024, he was 62 years old . The company provides Pay vs. Performance disclosures describing the relationship between compensation actually paid and company TSR, but does not disclose executive-specific TSR, revenue, or EBITDA performance linkages for Gillis .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BioCardia, Inc. | Senior Vice President, Devices | Oct 2020–present | Leads device development; executive officer |
| BioCardia, Inc. | Vice President, Catheter Development | May 2020–Oct 2020 | Led catheter development prior to promotion |
| Revolution Contraceptives LLC | Chief Executive Officer; Technical Consultant | CEO: Mar 2017–Jan 2019; Consultant: Jan 2019–Oct 2020 | Led and advised contraceptive device development |
| Mettler Toledo – Rainin LLC | Head of Research & Development | Sep 2016–Mar 2017 | Directed R&D for precision instruments subsidiary |
| ReVENT Medical, Inc. (founder) | President & CEO; Chief Technical Officer | CEO: Jan 2008–Jan 2013; CTO: Jan 2013–Mar 2017 | Founded and led R&D/commercialization in respiratory devices |
| SineXus (now Intersect ENT); Apneon | VP Research & Development | Not disclosed | Led R&D in ENT and sleep apnea technologies |
| Durect Corporation | VP Manufacturing & Engineering | Not disclosed | Led manufacturing/engineering for drug delivery platforms |
| EndoTex Interventional; Cardiac Pathways | Senior manufacturing/product roles | Not disclosed | Product development at firms later acquired by Boston Scientific |
| Spectranetics; Guidant; Baxter Healthcare | Engineering roles | Not disclosed | Early technical roles in cardiovascular devices |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Revolution Contraceptives LLC | Chief Executive Officer | Mar 2017–Jan 2019 | Medical device leadership |
| Revolution Contraceptives LLC | Technical Consultant | Jan 2019–Oct 2020 | Continued technical advisory |
| ReVENT Medical, Inc. | President & CEO; CTO (founder) | 2008–2017 | Founded and led; respiratory device focus |
| Mettler Toledo – Rainin LLC | Head of R&D | Sep 2016–Mar 2017 | R&D leadership |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | 271,000 | 263,096 | 251,804 |
| Target Bonus (% of Base) | 35% (current policy for Gillis) | 35% (current policy for Gillis) | 35% (current policy for Gillis) |
| Actual Annual Bonus ($) | 0 cash; RSUs in lieu of bonus valued at $68,833, earned for 2022 and granted/vested in 2023 | 41,654 (bonus earned for 2023; paid out as RSUs in 2024) | 0 (no 2024 bonus; 2023 bonus settled in RSUs during 2024) |
Notes:
- The company has periodically paid NEO bonuses in RSUs instead of cash; 2022 bonuses were paid as RSUs that vested May 18, 2023 . 2023 bonuses were paid as RSUs in 2024 and vested October 16, 2024 .
Performance Compensation
Annual Incentive Plan (cash/RSU-in-lieu)
| Element | Metric(s) | Weighting | Target | Actual | Payout Form | Vesting |
|---|---|---|---|---|---|---|
| Annual Bonus (FY2022) | Not disclosed | Not disclosed | 35% of base (target) | Not disclosed | RSUs valued at $68,833 | Vested May 18, 2023 |
| Annual Bonus (FY2023) | Not disclosed | Not disclosed | 35% of base (target) | $41,654 | RSUs (settled 2024) | Vested Oct 16, 2024 |
The proxy and 10-K do not disclose quantitative bonus performance metrics or weightings for NEOs (including Gillis); payouts for 2022 and 2023 were delivered in equity (RSUs) to conserve cash .
Stock Options – Outstanding Awards and Vesting
As of December 31, 2024:
| Grant Date | Exercise Price ($) | Expiration | Exercisable (#) | Unexercisable (#) | Vesting Schedule |
|---|---|---|---|---|---|
| 6/25/2020 | 37.35 | 6/25/2030 | 2,000 | — | Equal monthly over 4 years from 5/18/2020 (one-year cliff) |
| 12/3/2020 | 38.25 | 12/3/2030 | 1,000 | — | Equal monthly over 4 years beginning 11/2/2020 |
| 4/21/2021 | 52.35 | 4/21/2031 | 3,109 | 135 | Equal monthly over 4 years from grant |
| 4/14/2022 | 22.35 | 4/14/2032 | 1,794 | 739 | Equal monthly over 4 years from grant |
| 5/18/2023 | 25.50 | 5/18/2033 | 1,278 | 1,642 | Equal monthly over 4 years from grant |
As of December 31, 2023 (pre-2024 reverse split share counts):
| Grant Date | Exercise Price ($) | Expiration | Exercisable (#) | Unexercisable (#) | Vesting Schedule |
|---|---|---|---|---|---|
| 6/25/2020 | 2.49 | 6/25/2030 | 28,125 | 1,875 | Equal monthly over 4 years from 5/18/2020 (one-year cliff) |
| 12/3/2020 | 2.55 | 12/3/2030 | 12,500 | 2,500 | Equal monthly over 4 years beginning 11/2/2020 |
| 4/21/2021 | 3.49 | 4/21/2031 | 34,475 | 14,195 | Equal monthly over 4 years from grant |
| 4/14/2022 | 1.49 | 4/14/2032 | 17,417 | 20,583 | Equal monthly over 4 years from grant |
| 5/18/2023 | 1.70 | 5/18/2033 | 8,213 | 35,590 | Equal monthly over 4 years from grant |
Footnote disclosures indicate share numbers are adjusted for reverse stock splits effective Nov 2, 2017; May 7, 2019; and additionally May 29, 2024 for 2024-year-end presentations; 2020 repricing is referenced in option footnotes (pre-dating Gillis’ hire) .
Equity Ownership & Alignment
- Insider trading policy prohibits hedging and pledging of company securities by all employees and directors, reducing alignment risk from collateral calls and short-term hedging .
Beneficial Ownership and Breakdown
| As-of Date (Shares O/S) | Beneficial Shares | % O/S | Breakdown |
|---|---|---|---|
| Jun 30/Sep 1, 2023 (21,619,432) | 120,341 | <1% | 48,857 common; 71,484 options exercisable within 60 days |
| Mar 31, 2024 (26,836,389) | 160,554 | <1% | 48,857 common; 111,697 options exercisable within 60 days |
| Oct 15/Sep 30, 2025 (10,612,734) | 19,359 | <1% | 8,968 common; 10,391 options exercisable within 60 days |
Company-wide share counts changed over time and reflect reverse split effects; warrants and option blocker provisions are disclosed for other holders in 2025 .
Employment Terms
| Term | Detail |
|---|---|
| Employment agreement | At-will; no individual employment agreement disclosed for Gillis |
| Current base salary and target bonus | Base: $271,000; Target bonus: 35% of base |
| Prior disclosed base salary and target | Base: $243,900; Target bonus: 35% of base (as of 2024 proxy) |
| Severance / Change-in-control | Company has severance/CIC agreements for CEO (Altman) and CFO (McClung) only; no such agreement disclosed for Gillis |
| Clawback (compensation recovery) | Compensation Recovery Policy filed as Exhibit 97.1 (10-K FY2024) |
| 401(k) retirement plan | Company maintains a tax-qualified 401(k); eligibility/vesting described (company-wide) |
Compensation Structure Analysis
- Cash vs. equity mix: FY2024 compensation for Gillis was 100% salary (no bonus/equity grants disclosed), versus FY2023 which included salary plus RSU-in-lieu bonus and stock options; FY2022 also included RSU-in-lieu bonus and options .
- RSUs in lieu of cash bonus: 2022 and 2023 bonuses were delivered in RSUs that vested in May 2023 and October 2024, respectively, indicating cash conservation and increased equity exposure for NEOs .
- Equity design: Options vest monthly over four years, creating a steady cadence of vesting; no performance share units (PSUs) or explicit TSR/financial metric-linked equity disclosed for Gillis .
- Hedging/pledging risk: Prohibited by policy, reducing alignment and forced-selling risks from collateralized pledges or hedges .
- Severance/CIC alignment: Gillis lacks disclosed individual severance/CIC protections (only CEO/CFO have agreements), limiting transaction windfall protections for him relative to top two NEOs .
Investment Implications
- Limited selling pressure from pledging: Company policy bans pledging and hedging, a positive for alignment and reducing potential forced sales .
- Equity cadence and vesting: Monthly option vesting creates ongoing potential for small incremental liquidity events; 2022–2023 RSU-in-lieu bonuses added equity exposure that fully vested on set dates (May 2023, Oct 2024) .
- Retention dynamics: At-will status and absence of individual severance/CIC protections for Gillis could imply less retention leverage in a change-of-control or restructuring relative to the CEO/CFO, though base and bonus eligibility are competitive for a senior functional leader at a small-cap device company .
- Ownership alignment: Beneficial ownership remains below 1% across periods, but includes vested options; combined with the company’s clawback policy and trading restrictions, governance alignment is reasonable despite the small absolute stake .
Areas not disclosed: Specific annual bonus performance metrics/weightings, non-compete or non-solicit terms, director roles (Gillis is not disclosed as a director), stock ownership guidelines for executives, and any executive-specific related party transactions for Gillis were not found in the cited filings.