Neil Dey
About Neil Dey
Indranil (Neil) Dey, age 61, is Bluejay Diagnostics’ co‑founder (2015) and has served as President, Chief Executive Officer, Director, and since March 29, 2024, the Company’s principal financial and accounting officer; he holds B.S. and M.S. in Biochemistry (Visva‑Bharati University), a Ph.D. in Lipid Membrane Biochemistry (Biological Research Center, Hungary), and an MBA from the University of Cambridge (Fulbright Scholar) . The 2025 proxy does not disclose TSR or operating growth metrics tied to his tenure; the Compensation Discussion & Analysis emphasizes alignment with shareholder value but cites limited equity plan capacity and significant stock price declines in recent years, concentrating executive pay on base salary and potential cash bonuses .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Lana Management & Business Research International (LMBRI) | Chief Operating Officer | 2008–2015 | Led management consulting focused on product launch/marketing in U.S., Japan, EU; consulted with Toray, Hitachi Chemicals/Showa Denko, Fujifilm, Merck, SRI . |
| Definines AG | Vice President, Business Development and Market | 2005–2007 | Business development leadership in diagnostics technologies . |
| IMPATH, Inc. | Head of Business Development, Western U.S. | 2001–2005 | Oversaw three business units; introduced Her2neu diagnostics supporting Herceptin treatment . |
| Genmethrax, Inc. | Chief Business Officer | N/A | Earlier executive role (years not disclosed) . |
| Thomas Jefferson University | Manager, Technology Licensing | N/A | Earlier tech transfer role (years not disclosed) . |
| Ciba‑Geigy (Novartis) | Manager, Technology Licensing | N/A | Earlier tech transfer role (years not disclosed) . |
External Roles
| Organization | Position | Years |
|---|---|---|
| Laminar Pharma, Inc. (U.S. subsidiary of Spain‑based Laminar Pharma) | Director and Officer | Current (years not fully disclosed) . |
| LMBRI | Manager | 2008–present . |
Fixed Compensation
| Metric (USD) | 2023 | 2024 |
|---|---|---|
| Base Salary | $285,028 | $283,800 |
| Target Bonus % of Base | 50% | 50% |
| Actual Bonus Paid | $0 | $0 |
| All Other Compensation (401(k) match) | $7,126 | $7,087 |
Employment agreement: July 2021 (amended Jan 2023) provides base salary set initially at $275,000 (subject to Committee discretion) and eligibility for an annual bonus targeted at 50% of base; no bonus was awarded for 2023 or 2024 .
Performance Compensation
| Incentive | Metric | Weighting | Target | Actual/Payout | Vesting/Notes |
|---|---|---|---|---|---|
| Annual Bonus | Not disclosed | N/A | 50% of base salary | $0 (2023, 2024) | Payable in cash and/or equity at Compensation Committee discretion when awarded . |
| Equity Awards (RSUs/Options) | N/A | N/A | N/A | No stock or option awards granted to Dey in 2023–2024 per SCT | As of 12/31/2024, no outstanding exercisable/unexercisable options; prior 2022 option reduced below one share and not exercisable due to cumulative reverse splits (aggregate 1‑for‑8,000) . |
| Prior RSU Vesting (reference year) | RSUs | N/A | N/A | 7,955 shares vested in Feb‑2023; value realized $70,000 (historical) | Values per 2024 proxy; reflects pre‑June 2024 reverse split share counts . |
Equity Ownership & Alignment
| Snapshot Date | Beneficial Shares | % of Class | Key Components |
|---|---|---|---|
| Record Date (2024 proxy) | 30,184 | 5.4% of 563,960 shares | 3,565 direct; 25,570 via LMBRI (co‑owned with spouse); 46 options ($174.40), 5 & 4 warrants ($367.20, $152.00), 994 RSUs . |
| May 2, 2025 | 601 | <1% of 1,494,167 shares | 90 direct; 511 via LMBRI . |
- Outstanding equity awards (12/31/2024): None for Dey; 2022 option grant reduced below one share and not exercisable due to cumulative reverse splits aggregating 1‑for‑8,000 .
- Hedging/pledging: Insider trading policy prohibits short sales, hedging transactions, publicly traded options, holding in margin accounts, or pledging Company securities as collateral .
- Ownership guidelines: No executive or director stock ownership guidelines disclosed in the 2025 proxy; anti‑hedging policy reiterated .
Employment Terms
| Term | Detail |
|---|---|
| Agreement | Employment agreement (July 2021), amended Jan 2023 (“Dey Agreement”) . |
| Base Salary | $275,000 initial in agreement; may be adjusted by Compensation Committee . |
| Target Bonus | 50% of base; payable in cash/equity at Committee discretion . |
| Severance | If terminated other than “Cause”: cash severance equal to 12 months base salary plus pro‑rata portion of target annual bonus, plus accrued amounts . |
| Benefits | Participation in Company benefit plans available to executives . |
| Change‑in‑Control | Not specifically disclosed in extracted filings; no CIC multiple or triggers detailed in proxy excerpts . |
| Non‑Compete/Non‑Solicit | Not disclosed in proxy excerpts . |
| Clawback | Not disclosed in proxy excerpts; Code of Ethics referenced . |
Board Governance
- Board service: Director since company founding in 2015; re‑elected at the June 18, 2025 annual meeting (votes for/withheld: 82,356/150,134) .
- Committee roles: Compensation Committee comprises independent directors (Chase—Chair, Wurth, Gemignani; Zeidman to join post‑meeting); CEO does not participate in deliberations regarding his own compensation .
- Dual‑role implications: Dey serves as CEO and Director, and since March 29, 2024 also as principal financial and accounting officer; his spouse, Svetlana Dey, serves as a paid, non‑employee Director—raising potential independence optics though committees are comprised of independent directors per Nasdaq rules .
- Director compensation context: Non‑employee directors received cash retainers and RSUs in 2023; Svetlana Dey received $62,100 total (cash and stock) under the Director Compensation Policy .
Performance & Track Record
- Strategic manufacturing and commercialization: Expanded SanyoSeiko partnership to serve as contract manufacturing organization for Symphony analyzers, cartridges, labeling/packaging, QC, and support regulatory/quality functions; Dey cited strengthened supply chain resilience and commercialization readiness .
- Clinical/regulatory milestones: Initiated SYMON‑II pivotal clinical trial for Symphony IL‑6; on track for sample testing completion by end of 2026 and target 510(k) submission in 2027 per Q2 2025 update; Dey emphasized clinical, operational, and financing progress .
- Ecosystem/partners and financing: Amended Toray license and supply timelines; April 2025 warrant inducement raised ~$3.85M; company anticipates further capital needs through 2027 .
Related Party and Other Governance Items
- Related party/other arrangements: Company permits Laminar Pharma, Inc. (where Mr. and Ms. Dey serve as officers/directors) to use Bluejay’s main facility as its registered business address without payment; value deemed below reporting threshold for perquisites .
- Section 16 compliance: 2025 proxy states insiders complied during 2024; prior 2024 proxy noted certain late filings in 2023, including one grant and related sale by Mr. Dey .
Investment Implications
- Alignment and selling pressure: Dey’s beneficial ownership declined from 5.4% (2024) to <1% (2025) amid cumulative reverse splits (aggregate 1‑for‑8,000 impacting awards) and capital changes; as of year‑end 2024 he had no outstanding exercisable equity, reducing near‑term vesting‑driven selling pressure but also diminishing equity alignment .
- Pay‑for‑performance: With no bonuses paid in 2023–2024 and limited equity capacity, compensation is largely fixed salary with discretionary cash bonus potential; this structure may constrain incentive intensity unless equity capacity is restored or cash metrics are formalized .
- Retention risk and severance economics: Severance at 1x salary plus pro‑rata target bonus offers moderate protection; absence of disclosed CIC accelerants or equity overhang may limit retention levers versus peers that deploy PSUs/options with multi‑year vesting .
- Governance optics: CEO simultaneously serves as PEO, PFO and Director, and spouse serves as a paid Director; committees are independent and the CEO recuses from his pay decisions, partially mitigating independence concerns but related‑party optics persist .
- Execution catalysts: Expanded CMO partnership, SYMON‑II progress, amended Toray timelines, and ongoing financing efforts are the key operating levers under Dey’s leadership that could influence equity value and future incentive payouts if milestones translate into regulatory/market traction .
Appendix: Ownership and Awards Detail
| Outstanding Equity Awards (as of 12/31/2024) | Exercisable | Unexercisable | Exercise Price | Expiration |
|---|---|---|---|---|
| Neil Dey | — | — | — | — (2022 option reduced below one share; not exercisable after cumulative reverse splits aggregating 1‑for‑8,000) |