Stephen Bardin, MBA
About Stephen Bardin, MBA
Stephen Bardin (age 35) has served as Chief Financial Officer (principal financial and accounting officer) of CalciMedica (NASDAQ: CALC) since November 2024, after consulting for the company beginning April 2024 . He holds an MBA from Stanford Graduate School of Business and a B.S.E. in Biomedical Engineering from Duke University . CalciMedica is an emerging growth/smaller reporting company with no product revenue to date; management discloses ongoing net losses and reliance on external financing to fund operations . The company most recently guided that cash, cash equivalents and short-term investments of $14.1M as of September 30, 2025 are expected to fund operations into 2H 2026 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| atai Life Sciences N.V. (NASDAQ: ATAI) | Chief Financial Officer | Aug 16, 2022 – Feb 6, 2024 | Led finance, IR, BD and capital allocation; provided transition services through Mar 2024 |
| atai Life Sciences N.V. | Deputy CFO & CFO Designate | Jun 27, 2022 – Aug 15, 2022 | Transition into CFO role |
| BridgeBio Pharma, Inc. | SVP, Finance & Operations | Jan 2022 – Jun 2022 | Oversaw broad finance activities; experience raising over $2B at BridgeBio across roles |
| BridgeBio Pharma, Inc. | VP, Finance & Operations | Jul 2020 – Dec 2021 | Finance leadership across growth phase |
| BridgeBio Pharma, Inc. | Sr. Director, Finance & Operations | Oct 2019 – Jun 2020 | Built finance/ops capabilities |
| Myovant Sciences Ltd. | Director, Corporate Development | Jan 2019 – Oct 2019 | Corporate development execution |
| Myovant Sciences Ltd. | Associate Director, Corporate Development | Jul 2017 – Dec 2018 | Corporate development |
| Boston Consulting Group | Consultant | Aug 2011 – May 2014; Sep 2016 – Jul 2017 | Strategy consulting for life sciences clients |
External Roles
No current public or private board roles disclosed for Mr. Bardin in company filings .
Fixed Compensation
| Component | Terms |
|---|---|
| Base salary | $380,000 initial annual base salary (effective upon appointment) |
| Sign-on bonus | One-time $20,000, payable by January 15, 2025 |
| Target annual bonus | 40% of base salary (discretionary, performance-based; pro‑rated for partial year; paid only if employed through payment date) |
Performance Compensation
New-hire equity (Nov 7, 2024 grants)
| Award | Shares | Exercise/Grant Price | Vesting | Expiration/Notes |
|---|---|---|---|---|
| Stock Options | 100,000 | Exercise price equal to closing price on grant date (Nov 7, 2024) | 25% on Oct 1, 2025; remaining 75% vests in equal monthly installments over 36 months (1/48 monthly from vest start) | Per plan/option agreement (2023 EIP) |
| RSUs | 40,000 | N/A (full-value shares) | 25% on Oct 1, 2025; remaining 75% in equal quarterly installments (1/16 each quarter thereafter) | Per plan/RSU agreement (2023 EIP) |
Consulting equity (while contractor; agreement terminated Nov 7, 2024)
| Award | Shares | Exercise Price | Vesting | Notes |
|---|---|---|---|---|
| Stock Options | 5,000 | $5.45 | Fully vested as of Oct 22, 2024 | Granted under April 22, 2024 consulting agreement; consulting fees accrued $41,062.50; consulting terminated Nov 7, 2024 |
2025 Contingent Award (granted Mar 26, 2025, contingent on shareholder approval of Amended 2023 EIP)
| Award | Shares | Exercise Price | Vesting | Term/Notes |
|---|---|---|---|---|
| Stock Options | 20,000 | $1.53 per share | Fully vested as of grant; exercisable only upon stockholder approval of Amended 2023 EIP; forfeited if not approved | 10-year term |
Incentive plan design and clawbacks
- Equity vehicles include stock options and RSUs under the 2023 Equity Incentive Plan; options generally max 10-year term; vesting schedules include standard time-based schedules with acceleration mechanics per policy/agreements .
- Clawback policy adopted Nov 2023 mandates recovery of excess incentive compensation after financial restatements (Rule 10D‑1/Nasdaq 5608 compliant; 3-year lookback) .
Performance metric linkages
- Annual cash bonus is discretionary and tied to individual and company objectives set by the Board; target set at 40% of base salary; not guaranteed .
- Company maintains an Insider Trading Policy that prohibits hedging transactions and restricts pledging absent pre-approval, reinforcing alignment with shareholders .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | Not individually disclosed for CFO in March 31, 2025 beneficial ownership table (named executive officers and directors listed; CFO not enumerated) . |
| Vested vs unvested | As of grant terms: 5,000 options from consulting were fully vested (Oct 22, 2024) ; New-hire 100,000 options and 40,000 RSUs vest per schedules above; 20,000 contingent options were fully vested as of grant but exercisability contingent on plan approval . |
| Pledging/hedging | Company prohibits hedging and use/pledging of securities as collateral unless preapproved by compliance officer . |
| Ownership guidelines | No explicit executive stock ownership guidelines disclosed in the proxy; director compensation policy and equity plan terms disclosed . |
Employment Terms
| Term | Detail |
|---|---|
| Start date | Employment commenced Nov 7, 2024; appointed CFO effective one day after Q3 2024 10‑Q filing . |
| Severance (non‑CIC) | If terminated without cause or resigns for good reason: 9 months base salary paid over 9 months; prior year earned bonus if unpaid; up to 9 months COBRA premium reimbursement; 12‑month post‑termination exercise window for vested options (or remaining term if sooner); subject to release . |
| CIC eligibility | Eligible to participate in the Company’s Change in Control and Severance Policy (policy provides enhanced cash severance and equity vesting terms for covered executives upon qualifying termination following a change in control; specific CEO/other officer terms summarized in proxy) . |
| At‑will, other terms | Standard indemnification agreement for officers; equity granted under 2023 EIP . |
Performance & Track Record
- Appointment release highlighted his role advising CalciMedica for months and being “critical in executing [a] successful public financing” shortly before his appointment; prior experience includes raising over $2B across financing transactions while at BridgeBio .
- Under current management, the company guided cash runway into 2H 2026 and advanced key clinical catalysts (KOURAGE Phase 2 enrollment; positive FDA feedback on AP pivotal trial design), though these are company-level updates rather than individual performance attributions .
Risk Indicators & Governance
- Anti‑hedging/anti‑pledging policy for executives and directors is in place; pledging requires preapproval .
- Clawback policy compliant with SEC/Nasdaq rules (restatement-triggered recoupment) .
- As an emerging growth/smaller reporting company, the company is not required to hold say‑on‑pay votes; thus no say‑on‑pay history is provided .
Investment Implications
- Near-term insider selling pressure: Mr. Bardin’s equity grants are largely time‑based; the new‑hire options/RSUs begin vesting October 1, 2025, creating a predictable vesting supply; the 20,000 contingent options were fully vested at grant (exercise contingent on plan approval at the 2025 AGM), increasing potential selling flexibility if approved .
- Alignment: Compensation uses equity (options/RSUs) and prohibits hedging/pledging absent approval, supporting alignment with shareholders; clawback coverage adds downside accountability .
- Retention risk: Non‑CIC severance provides 9 months salary and benefits and extends option exercise to up to 12 months, while CIC eligibility under the policy adds protection—features that reduce abrupt departure risk during critical financing and clinical inflection points .
- Pay-for-performance: Bonus is discretionary and goal‑based; equity is time‑based rather than performance‑vested, which is typical for small-cap clinical-stage biopharma but offers fewer direct operating KPI linkages; however, vesting cadence and market-based option value provide indirect performance sensitivity .
- Signal value: The additional fully vested, contingent option grant in 2025 at a $1.53 strike linked to shareholder approval may modestly elevate exercise/sale flexibility if the plan amendment was approved, but reflects cash conservation (equity in lieu of cash) and board emphasis on retention and liquidity preservation .
Key sources: appointment and compensation terms (offer letter, equity grants, severance) ; executive bio ; anti‑hedging/pledging and clawback policies ; 2025 contingent grants and plan terms ; company revenue status and EGC/Smaller Reporting Company status ; company cash runway and clinical updates ; appointment press release comments on financing .