Aby Mathew
BIOLIFE SOLUTIONSAbout Aby Mathew
Aby J. Mathew, Ph.D. (age 53) is Executive Vice President and Chief Scientific Officer at BioLife Solutions (BLFS). He has been employed by BioLife since 2000 and has served as CSO since December 2019 following a prior tenure as Chief Technology Officer; he was part of the founding team, co-developed the HypoThermosol and CryoStor product platforms, and is a co-inventor on related preservation IP. He holds a Ph.D. in Biological Sciences from Binghamton University and a B.S. in Microbiology from Cornell University . Company performance context relevant to his role: in FY2024, revenue from continuing operations was $82 million (+8% YoY) and adjusted EBITDA was ~$15.6 million (19% margin; 21% margin excluding executive bonuses), with 2024 TSR rising to $160.44 on a $100 base; executive bonuses were tied to revenue, adjusted EBITDA margin, internal control remediation, and ERP implementation .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| BioLife Solutions | Chief Technology Officer | 2000–2019 | Founding team member; co-developed HypoThermosol and CryoStor; co-inventor on preservation IP |
| BioLife Solutions | Research/Technical leadership | 1994–present (research since 1994; employed since 2000) | Low-temperature biopreservation research underpinning BLFS product platforms and IP foundation |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Parent’s Guide to Cord Blood Foundation | Board of Directors and Advisory Panel member | — | Thought leadership and advocacy in cord blood preservation |
| Cord Blood Association | Founding Board member | — | Industry standard-setting and ecosystem development |
| RoosterBio Inc. | Business Advisory Board member | — | Advisory support in regenerative medicine tools |
| PanTHERA CryoSolutions, Inc. | Board member | Nov 2020–Apr 2025 | Cryobiology innovations; governance and strategic guidance |
| Professional societies (AABB, BEST, ISCT, ARM, TERMIS, Society for Cryobiology, ISBER, ASCB, SIVB) | Member/previously active | — | Technical expertise and industry engagement |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | 419,750 | 435,000 | 435,000 |
| All Other Compensation ($) | 12,200 | 13,200 | 14,723 |
| Total Fixed (Salary + Other) ($) | 431,950 | 448,200 | 449,723 |
Performance Compensation
| Component | Design | Weight | Target | Actual | Payout mechanics | 2024 Result |
|---|---|---|---|---|---|---|
| Annual Cash Incentive – Target (% of Salary) | Company objectives only | — | 45% | — | Earnout 0%–118% of Target based on objectives | 88% of Target; $172,260 (40% of salary) |
| Revenue | Company revenue | 30% | $76M | $82M | 39% of Target metric if ≥$81M; linear interpolation | Max payout on metric (39%) |
| Adjusted EBITDA Margin | Adjusted EBITDA/Revenue | 30% | 13% | 21% (excl. exec bonus) | 39% of Target metric if ≥16%; linear interpolation | Max payout on metric (39%) |
| Material Weakness Remediation | Internal controls | 20% | Remediate all; no new | Remediated all; one new MW in 2024 | Committee discretion; reduced payout if not fully remediated | 10% payout on metric |
| NetSuite MRP Module – Media | ERP implementation | 20% | Implement in 2024 | Not fully implemented | 0% payout if not implemented | 0% payout |
| Equity LTIs (granted Mar 8, 2024) | Type | Target/Granted (#) | Vesting/Performance Conditions |
|---|---|---|---|
| Service-vesting RSUs | Time-based | 25,470 | 25% at 1-year anniversary; remainder quarterly over 3 years |
| Market-based RSUs | TSR vs 20-company peer group | 25,470 (target) | 0%–200% earnout based on percentile (≥30th to 80th), two-year period Jan 1, 2024–Dec 31, 2025; linear interpolation |
| Historical Equity Vesting/Realization (2024) | Shares vested (#) | Value realized ($) | Notes |
|---|---|---|---|
| RSUs/RSAs vested (2024) | 43,706 | 783,860 | Value at vest dates |
| Options exercised (2024) | 50,000 | 1,066,876 | Realized value = mkt − strike |
Equity Ownership & Alignment
| Ownership snapshot (as of June 23, 2025) | Amount |
|---|---|
| Beneficially owned shares | 255,623 (incl. 1,309 RSAs vesting within 60 days) |
| % of shares outstanding | <1% (based on 47,835,214 outstanding) |
| Hedging/Pledging | Prohibited for executives (policy) |
| Outstanding Awards (12/31/2024) | Unvested Service RSAs/RSUs (#) | Market value at $25.96/sh ($) | Market-based RSAs/RSUs (Target #) | Market/Payout value at Target ($) |
|---|---|---|---|---|
| 2021 grant | 306 | 7,944 | — | — |
| 2022 grant | 6,572 | 170,609 | — | — |
| 2023 grant (service) | 11,779 | 305,783 | 20,940 (market-based) | 543,602 |
| 2024 grant (service) | 25,470 | 661,201 | 25,470 (market-based) | 661,201 |
| Upcoming vesting schedule notes (selected) | Detail |
|---|---|
| 2021 service RSAs | Vested Feb 8, 2025 (306 shares) |
| 2022 service RSAs | 1,314 vested Feb 24, 2025; remaining 5,258 vest quarterly in 4 equal increments |
| 2023 service RSAs | 1,309 vested Jan 3, 2025; remaining 10,470 vest quarterly in 8 equal increments |
| 2024 service RSUs | 25% vest at Mar 8, 2025 anniversary; remainder quarterly thereafter |
| 2023/2024 market RSAs/RSUs | Earnout 0%–200% based on TSR percentile over specified periods |
Compliance and trading signals:
- Late Section 16 filings in 2024 (April, September, December) including Aby Mathew; company has formal insider trading policy .
- Prohibition on hedging/pledging reduces misalignment risk .
- Quarterly service-based vesting cadence implies a predictable supply of potential insider sales post-vesting, though actual sell decisions are discretionary .
Employment Terms
| Term | Definition/Provision | Aby Mathew terms |
|---|---|---|
| Employment agreement | Effective Dec 1, 2020; amended Jan 1, 2023 and Aug 15, 2023 | Current CSO/EVP contract |
| Severance (no change-in-control) | Company terminates without “cause” or resigns for “good reason” | 12 months base salary; 12 months COBRA premiums plus tax gross-up; full vesting of all unvested equity |
| Severance (within 12 months of change-in-control; double-trigger) | Terminated without “cause” or resigns for “good reason” during CIC protection period | 12 months base salary; 100% of annual incentive opportunity for CIC year; 12 months COBRA plus tax gross-up; full vesting of all unvested equity |
| Change-in-control accelerations (plan-level) | 2023 Plan: double-trigger if awards assumed; full acceleration if not assumed; 2013 Plan: single-trigger acceleration | Plan mechanics per equity plan documents |
| “Good reason” summary | Material breach; significant diminution in authority; material pay reduction; failure to assume agreement; relocation >50 miles | As defined; applicable to NEOs |
Illustrative severance valuation (as of 12/31/2024):
| Scenario | Base Salary ($) | Annual Incentive ($) | Accelerated Equity ($) | COBRA ($) | Total ($) |
|---|---|---|---|---|---|
| Termination without cause/good reason (no CIC) | 435,000 | — | 2,350,341 | 11,570 | 2,796,911 |
| Termination within 12 months of CIC (double-trigger) | 435,000 | 172,260 | 2,350,341 | 11,570 | 2,969,171 |
Clawback policy:
- Dodd-Frank compliant clawback for incentive compensation tied to financial reporting measures (including stock price and TSR) for current/former executive officers for awards granted/earned/vested on or after Oct 2, 2023 .
Compensation Structure Analysis
- Shift to market-based RSUs tied to TSR and time-based RSUs for NEOs aligns pay with stock performance and retention; CEO also has performance-based RSUs tied to adjusted EBITDA targets, indicating tighter linkage at the CEO level .
- Annual bonus metrics emphasize revenue and adjusted EBITDA margin with defined thresholds and linear interpolation, reducing discretionary outcomes; internal control remediation adds governance discipline; ERP implementation adds operational execution accountability .
- Severance includes full equity acceleration and COBRA gross-up; change-in-control features (double-trigger under 2023 Plan; single-trigger under 2013 Plan) can be shareholder-sensitive, especially with large unvested equity value .
- Say-on-pay approval for 2023 was 82.4%, supporting compensation program design, with ongoing peer benchmarking targeting ~50th percentile .
Say-on-Pay & Shareholder Feedback
- 2023 say-on-pay approval: 82.4% of votes cast; program targets competitive pay (~50th percentile of updated peer group), with emphasis on market-based equity and performance-aligned bonuses .
Equity Peer Group (for benchmarking and TSR awards)
- 20-company peer group across bioprocessing/life sciences/biotech; 2024 updates reflected business realignment and market changes; TSR peer comparisons used for market-based RSUs .
Investment Implications
- Alignment: Mathew’s incentives are predominantly equity-based (service and TSR-conditioned RSUs) with annual cash tied to revenue and adjusted EBITDA margin, reinforcing operational and shareholder return focus .
- Retention and overhang: Full acceleration of unvested equity on severance and change-in-control, plus quarterly vesting of sizable service RSU grants, can create supply overhang and potential insider selling pressure post-vesting; however, hedging/pledging prohibitions mitigate misalignment risk .
- Governance: Internal control remediation tied to bonuses and a Dodd-Frank clawback strengthen accountability, though late Section 16 filings in 2024 are a compliance blemish to monitor for execution risk signals .
- Track record: Founder-level technical leadership and IP contributions underpin BLFS’s core media platforms; 2024 corporate performance improvements (revenue growth and adjusted EBITDA margin) support compensation outcomes and TSR-linked equity awards .