Peter Altman
BioCardiaAbout Peter Altman
Peter Altman, Ph.D., age 59, is President, Chief Executive Officer, and Director of BioCardia (BCDA); he has served as CEO since 2002 and as a director since 2002. Dr. Altman previously was founding CEO (1999–2003) and a board member (1999–2014) of CareDx, and holds a Ph.D. in Bioengineering/Pharmaceutical Chemistry (UCSF/UC Berkeley) plus M.S. and B.S. in Mechanical Engineering (Columbia University); he is a Fellow of the American Heart Association . He is an inside director (employee-director) under the company’s plan definitions, and the board has a separate Chairman (Andrew Blank), which partially mitigates CEO dual-role concerns .
Company performance context:
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($USD) | $1,352,000 | $477,000 | $58,000 |
| EBITDA ($USD) | -$11,819,000* | -$11,560,000* | -$7,934,000* |
| * Values retrieved from S&P Global. |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| CareDx | Founding CEO | 1999–2003 | Led early-stage development of transplant diagnostics; scaling and commercialization groundwork |
| CareDx | Director | 1999–2014 | Governance and strategic oversight during growth phases |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| American Heart Association | Fellow | — | Scientific credibility and network in cardiovascular research |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus (% of Base) | Actual Bonus Paid ($) | Form of Bonus | Notes |
|---|---|---|---|---|---|
| 2024 | 493,388 | 50% (current policy) | — | — | Current base set at $531,000 and eligible for 50% target bonus |
| 2023 | 515,513 | 50% (policy applies) | 116,599 | RSUs | RSUs paid in 2024; footnote states these RSUs vested in full on May 18, 2023 |
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual | Payout Form | Vesting |
|---|---|---|---|---|---|---|
| Annual Bonus (2023) | Not disclosed | — | 50% of base | $116,599 | RSUs | RSUs vested in full on May 18, 2023 |
| Stock Options (2023 grant value) | N/A | — | — | $230,724 (ASC 718 fair value) | Options | Grant-specific schedules below |
Outstanding equity awards (as of 12/31/2024):
| Grant Date | Securities Underlying Options (Exercisable) | Securities Underlying Options (Unexercisable) | Exercise Price ($) | Expiration | Vesting Schedule |
|---|---|---|---|---|---|
| 8/19/2016 | 8,963 (fully vested) | — | 79.80 | 8/19/2026 | Fully vested |
| 2/1/2018 | 2,962 (fully vested) | — | 79.80 | 2/1/2028 | Fully vested |
| 8/27/2019 | 4,736 (fully vested) | — | 75.00 | 8/27/2029 | Fully vested |
| 4/24/2020 | 3,675 (fully vested) | — | 51.45 | 4/24/2030 | Fully vested |
| 4/21/2021 | 11,831 (fully vested) | — | 52.35 | 4/21/2031 | Fully vested |
| 4/14/2022 | 8,617 | 783 | 22.35 | 4/14/2032 | Equal monthly over four years |
| 5/18/2023 | 6,655 | 3,993 | 25.50 | 5/18/2033 | Equal monthly over four years |
Notes:
- Where applicable, share numbers reflect reverse stock splits (11/2/2017; 5/7/2019; 5/30/2025) .
- Option exercise prices for certain awards reference a repricing on January 29, 2020 (governance red flag) .
Equity Ownership & Alignment
| Item | Amount |
|---|---|
| Total Beneficial Ownership (shares) | 407,813 |
| Ownership as % of Outstanding | 3.8% |
| Shares Outstanding (Record Date 10/8/2025) | 10,612,734 |
| Direct Shares | 216,762 |
| Options Exercisable within 60 days | 47,439 |
| Warrants | 143,612 |
- Insider Trading Policy prohibits pledging and hedging, and bans short sales (reduces alignment risk from collateralized loans) .
- As of September 30, 2025, company disclosure indicates no arrangements, including pledges, expected to result in a change in control (context for broader ownership table) .
Employment Terms
| Term | Details |
|---|---|
| Employment Agreement | None; at-will employment |
| Current Base Salary | $531,000 |
| Target Annual Bonus | 50% of base |
| Equity Eligibility | Eligible under equity plans per Compensation Committee |
Change of Control and Severance Agreements:
- Within change-in-control period (3 months prior to and 12 months post): if terminated without cause/death/disability or resigns for good reason and signs release within 60 days, receives (i) 150% of annual base salary, (ii) 150% of target annual bonus, (iii) COBRA premiums for 18 months, and (iv) 100% acceleration of unvested equity awards .
- Outside change-in-control period: (i) 100% of annual base salary, (ii) COBRA premiums for 12 months, (iii) additional vesting of unvested equity equal to 24 months .
- 280G/4999 excise tax: “best-net” approach—executive receives the after-tax maximum benefit; no excise tax gross-up .
Board Governance
| Item | Details |
|---|---|
| Board Service | Director since 2002; current Class I term expires in 2026 |
| Committee Memberships | Not marked as member of Audit, Compensation, or Nominating committees in the proxy committee table |
| Audit Committee Independence | Audit committee comprised solely of independent directors per Nasdaq/SEC standards |
| Board Leadership | Chairman separate from CEO (Andrew Blank) |
| Independence Status | Inside Director (employee-director) per plan definition and role as CEO |
Related Party Transactions and Insider Participation in Financings
- February 2024 private placement: Dr. Altman purchased 7,207 shares and warrants to purchase 3,604 shares; invested $50,000 .
- August 2024 registered offering: Dr. Altman invested $125,000 .
- April 2025 private placement: Dr. Altman invested $50,000 .
- June 2025 private placement: Dr. Altman invested $50,000 .
- September 2025 offering: Dr. Altman invested $60,000 (part of 734,400 shares purchased by directors/officers) .
These insider purchases can signal confidence and alignment but also concentrate exposure and potential liquidity constraints around trading windows .
Company Performance Context (Quarterly EBITDA)
| Metric | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|
| EBITDA ($USD) | -$2,306,000* | -$2,714,000* | -$2,045,999* | -$1,484,000* |
| * Values retrieved from S&P Global. |
Investment Implications
- Pay mix shifted toward cash in 2024 (salary only), with prior-year bonus delivered in RSUs and options granted in 2023; absence of disclosed performance metrics for bonuses reduces pay-for-performance transparency .
- Severance economics are meaningful (150% salary + 150% target bonus in change-of-control with full acceleration), which could be viewed as retention-friendly but may raise payout sensitivity concerns in sale scenarios .
- Option repricing reference (Jan 29, 2020) is a governance red flag often associated with lowering performance hurdles when options are underwater; monitor future award practices and any modifications .
- Strong alignment mitigants: prohibition on pledging/hedging/short sales and continued insider participation in capital raises ($50k in Feb-2024, $125k in Aug-2024, $50k in Apr-2025, $50k in Jun-2025, $60k in Sep-2025) .
- Dual role risk: CEO is an inside director, but presence of a separate Chairman and independent audit committee partially mitigates governance concerns; monitor compensation committee independence and any related-party transactions across financing cycles .
- Fundamental headwinds: revenue has declined FY22→FY24 and EBITDA has remained negative across FY22–FY24*, increasing execution risk and potential need for continued external financing; this can elevate insider selling pressure around vesting/expirations, though policy limits hedging/pledging. * Values retrieved from S&P Global .