Alla Patlis
BRAINSTORM CELL THERAPEUTICSAbout Alla Patlis
Alla Patlis, CPA, MBA, is Interim Chief Financial Officer and Controller at BrainStorm Cell Therapeutics (BCLI). She joined in December 2012 (Controller) and has served multiple interim CFO stints: May–Jul 2015, Nov 2016–Nov 2017, Jul–Sep 2019, and Sep 2021–present . Age 38; education: MBA and BA in Accounting & Economics, Tel Aviv University . Company performance context: Pay-versus-performance disclosure shows cumulative TSR value of $100 investment of 4 in 2024 and 6 in 2023, alongside net losses of $(11.6)mm in 2024 and $(17.2)mm in 2023, underscoring a challenging shareholder return environment during her recent tenure as interim CFO .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| BrainStorm Cell Therapeutics (BCLI) | Controller; Interim Chief Financial Officer (multiple periods) | 2012–present; Interim CFO in 2015, 2016–17, 2019, 2021–present | Served as interim CFO during multiple transitions; continuity of finance leadership |
| Brightman Almagor Zohar & Co. (Deloitte member firm) | Audit Senior (TMT) | 2010–2012 | External audit experience in technology, media, telecom supporting accounting/controls expertise |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Brightman Almagor Zohar & Co. (Deloitte) | Audit Senior | 2010–2012 | Pre-BCLI role; no other public company directorships disclosed |
Fixed Compensation
| Metric (USD) | 2015 | 2016 | 2023 |
|---|---|---|---|
| Base salary | $59,000 | $48,000 | $98,251 |
| Target bonus % | — | — | Not disclosed |
| Actual bonus paid | — | — | — |
| Stock awards (grant-date fair value) | — | — | $15,864 |
| All other compensation | $32,000 | $32,000 | $32,668 (benefits/taxes incl.) |
| Total | $91,000 | $80,000 | $146,783 |
Notes:
- In Nov 2023, BCLI reduced executive base salaries by 30% as part of a strategic realignment .
- 2023 All Other Compensation includes management insurance (pension, disability, severance), education fund, Israeli social security, and a tax gross-up ($2,337) .
Salary progression under Israeli employment agreement (NIS, monthly)
| Effective date | Monthly gross salary (NIS) | Details |
|---|---|---|
| Dec 23, 2012 | 15,000 | Initial agreement; standard benefits (insurance, education fund) |
| Mar 1, 2015 | 20,000 | First increase |
| Apr 1, 2019 | 23,950 | Includes base + global overtime; replaces car benefit |
| May 1, 2020 | 26,500 | Base + global overtime allocation |
| Aug 1, 2022 | 31,800 | Latest disclosed increase |
Performance Compensation
| Instrument | Grant date | Exercise price | Expiration | Exercisable | Unexercisable | Vesting terms |
|---|---|---|---|---|---|---|
| Stock option | Oct 22, 2020 | $9.51 | 10/21/2030 | 7,200 | 2,400 | 2,400 shares vest on each of 1st–4th anniversaries |
| Stock option | Sep 16, 2022 | $4.09 | 09/15/2032 | 2,400 | 7,200 | 2,400 shares vest on each of 1st–4th anniversaries |
| Stock option | Aug 2, 2023 | $1.73 | 08/01/2033 | — | 12,000 | 3,000 shares vest on each of 1st–4th anniversaries |
Program design: Awards are time-based; no executive-specific performance (revenue/EBITDA/TSR) conditions disclosed for Patlis’ grants . Company emphasizes equity as a retention/alignment tool and sought 2014 Plan share increases in 2025 .
Equity Ownership & Alignment
| Date/Source | Total beneficial ownership | Composition | Ownership % | Pledging/Hedging |
|---|---|---|---|---|
| Jul 31, 2024 (PRE 14A) | 80,246 | 15,000 Presently Exercisable Options; 65,246 restricted stock | Less than 1% | No pledging/hedging disclosed |
| Sep 30, 2021 (DEF 14A) | 6,400 | Not broken out | “*” less than 1% | No pledging/hedging disclosed |
Additional context:
- Outstanding options as of Dec 31, 2023 totaled 31,200 (9,600 exercisable; 21,600 unexercisable) across three grants with four-year ratable vesting .
- Plan Benefits as of Apr 30, 2025 reflect 46,430 shares under the Amended 2014 Global Share Plan for “Alla Patlis, Interim Chief Financial Officer,” indicating continued equity participation and alignment .
Employment Terms
- Employment agreement: Dated Dec 23, 2012 with BrainStorm’s Israeli subsidiary; amended Mar 1, 2015; Apr 1, 2019; May 1, 2020; Aug 1, 2022; salary path shown above; standard Israeli benefits (insurance, education fund) .
- Benefits/Perquisites (2023): Management insurance, education fund, Israeli social security; tax gross-up ($2,337) .
- Severance/Change-of-Control: No Patlis-specific severance, double/single-trigger CIC, or accelerated vesting terms disclosed in the cited sections; not found in 2024/2025 proxy excerpts .
- Section 16 compliance: Company reports 2024 Form 4 late filings only for CEO Chaim Lebovits and CMO Ibrahim Dagher; no late filing issues disclosed for Patlis .
Performance & Track Record (Company context during her interim CFO tenure)
| Metric | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| TSR value of $100 investment (year-end) | 88 | 36 | 6 | 4 |
| Net income (loss), $000s | (24,457) | (24,277) | (17,192) | (11,623) |
Commentary: TSR declines in 2023–2024 and persistent net losses frame a cash-constrained environment; management instituted 30% executive base salary cuts in Nov 2023 to conserve cash .
Compensation Structure Observations
- Cash vs equity mix: For Patlis, 2023 total comp $146,783 with modest stock awards ($15,864), indicating lean equity value amidst depressed stock price; equity emphasis remains via option grants with multi-year vesting .
- Risk flags: Presence of tax gross-up (albeit small) is a governance negative; larger gross-ups typically draw scrutiny, but magnitude here is limited ($2,337) .
- Performance linkage: Patlis awards are time-based options; no disclosed revenue/EBITDA/TSR targets for her incentives, reducing direct pay-for-performance sensitivity at the individual award level .
- Potential selling pressure: Annual-interval vesting schedules (years 1–4 from grant) create predictable new supply windows; 2020, 2022, 2023 grants imply vesting anniversaries through 2027 that could coincide with liquidity events .
Investment Implications
- Alignment: Patlis holds options and restricted stock but remains a sub-1% holder; alignment exists but is modest in scale. Equity grants are time-based, not performance-conditioned, which may dampen direct pay-for-performance alignment but supports retention during extended development timelines .
- Supply overhang: Multi-year ratable vesting across 2020/2022/2023 option grants suggests recurring potential insider selling windows, especially if liquidity needs arise in a cash-conserving organization .
- Retention risk: Long tenure and repeated interim CFO roles signal institutional knowledge concentration; however, absence of disclosed severance/CIC protections for Patlis could present retention risk in strategic transitions or M&A .
- Governance notes: Small tax gross-up, no pledging disclosed, and timely Section 16 compliance history for Patlis are positives; broader company TSR performance remains the primary investor consideration during her finance leadership periods .