Greg Gocal
About Greg Gocal
Greg Gocal, Ph.D., age 56, is Chief Scientific Officer and Executive Vice President of Cibus. He co‑founded Cibus Global, joined its predecessor ValiGen in 2000 as lead molecular biologist, and has held senior R&D and leadership roles since 2010, including SVP R&D (2014–2016) and CSO & EVP (since 2016) . He earned undergraduate and graduate degrees from the University of Calgary, a Ph.D. in Plant Molecular Biology from the Australian National University while at CSIRO Plant Industry (Canberra), and completed postdoctoral research at the Salk Institute (La Jolla) . Operational context: Cibus’ revenue rose to $4.26m in FY2024 from $1.82m in FY2023, while EBITDA remained negative; company TSR (value of $100) fell to 2.61 in 2024 from 18.72 in 2023, and net loss was $282.7m in 2024, framing a high‑investment, loss‑making phase for execution .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Cibus Global / Cibus, Inc. | Chief Scientific Officer & EVP | 2016–present | Leads RTDS gene-editing platform and trait pipeline; co‑founder continuity |
| Cibus Global | SVP, R&D | 2014–2016 | Scaled R&D execution and productization of RTDS |
| Cibus Global | VP, Research | 2010–2014 | Built research programs underpinning RTDS applications |
| ValiGen (predecessor) | Lead Molecular Biologist | 2000–2010 | Early development of RTDS suite in plant/microbial systems |
External Roles
No current outside public company directorships or external roles disclosed for Dr. Gocal in company filings .
Fixed Compensation
| Year | Base Salary Rate ($/yr) | Salary Paid ($) | Target Bonus % | Actual Bonus ($) | Notes |
|---|---|---|---|---|---|
| 2023 | 455,021 | 266,012 | Not disclosed | 0 | Base salary rate per Employment Agreement disclosure; paid salary per SCT; no STIP paid for 2023 |
No 2024 NEO line item for Gocal (not an NEO in 2024). Cibus disclosed no annual cash bonuses were earned by NEOs for 2024 or 2023 .
Performance Compensation
Annual Cash Incentive (STIP)
| Year | Metric(s) | Weighting | Target | Actual | Payout ($) | Vesting |
|---|---|---|---|---|---|---|
| 2023 | Not disclosed | — | — | — | 0 | N/A (cash) |
Equity Awards (time‑based)
| Grant | Type | Unvested Shares (#) | Grant Date FV/Market Value ($) | Vesting Schedule | Status/Notes |
|---|---|---|---|---|---|
| 12/31/2022 | Restricted Stock Award | 28,662 | 562,922 | Vests monthly through 12/31/2026 | Converted from Cibus Global at merger; same vesting |
| 3/31/2021 | Restricted Stock Award | 27,337 | 536,899 | Vests monthly through 3/31/2025 | Converted from Cibus Global at merger; same vesting |
Awards were converted into Cibus Class A restricted stock at the merger and retained original vesting schedules .
Equity Award Change‑in‑Control Treatment
- RSU/option awards: 100% vest upon termination without cause or resignation for good reason within 12 months after a “triggering event” (double trigger). Restricted stock for NEOs also fully vests if a triggering event occurs and continued employment is not offered (no relocation or substantial duty change) .
Equity Ownership & Alignment
| As-of Date | Total Beneficial Ownership (sh) | % of Class | Vested vs. Unvested Detail | Pledging/Hedging | Notes |
|---|---|---|---|---|---|
| 4/2/2024 | 320,844 | 1.5% | Unvested awards at 12/31/2023: 28,662 (12/31/22 grant) and 27,337 (3/31/21 grant) | Hedging prohibited; pledging generally restricted; no pledges in 2024 | Insider policy bans hedging/short sales; no pledges reported |
- Section 16 compliance: two Form 4s for Greg Gocal (sales under a Rule 10b5‑1 plan) were filed late on July 15, 2024, indicating planned selling activity but late reporting—a minor governance blemish .
Employment Terms
| Term | Key Provision | Greg Gocal Specifics |
|---|---|---|
| Employment Term | Initial term; auto-renewal | Four years after effective date, then auto one‑year extensions unless notice (≥30 days prior) |
| Base/Bonus Eligibility | Base salary; bonus eligibility | Employment Agreements contemplated $327,000 base; FY2023 base rate disclosed as $455,021; eligible for annual bonus (percent not disclosed) |
| Restrictive Covenants | Competitive activity and solicitation | No competitive employment or conflicting business during term; may hold <5% in public competitors; 12‑month employee non‑solicit post‑termination |
| Severance (non‑CIC) | Cash and benefits | 12 months of base salary plus COBRA premiums if terminated without cause or resigns for good reason (subject to conditions) |
| Change-in-Control (CIC) | Cash, bonus, benefits | 18 months of base salary, lump‑sum target annual bonus, and COBRA premiums through CIC severance period upon qualifying termination; equity fully vests on such termination |
| Equity on CIC | Vesting | Double‑trigger acceleration for options/RSUs; special full vesting if not offered continued employment at triggering event for certain restricted shares |
| Clawback | Recovery of incentive comp | Nasdaq‑compliant clawback adopted May 31, 2023 for restatements; applies to incentive‑based compensation; no recoveries to date |
Performance & Track Record
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenue ($) | 1,817,000 | 4,262,000 |
| EBITDA ($) | -56,971,000* | -70,105,000* |
- Company TSR (value of $100): 18.72 (2023) → 2.61 (2024); Net loss: $(337.6)m (2023) → $(282.7)m (2024) .
- Strategic contributions: Long-tenured technical leader behind RTDS gene‑editing, central to Cibus’ platform and pipeline build‑out .
- Trading/optics: Two late Form 4s for pre‑planned sales under a 10b5‑1 plan (filed July 15, 2024) suggest ongoing programmed liquidity but minor reporting lapse .
Note: * Values retrieved from S&P Global.
Related Party & Alignment Considerations
- Warrant/royalty agreement: Under the 2014 Warrant Exchange Agreement assumed in the merger, certain insiders—including Dr. Gocal—are among investors entitled to a share of future “subject revenues” once a $50m trailing 12‑month threshold is reached; payments secured by an IP security interest and extend for up to 30+30 years . This creates potential alignment to revenue growth but represents a related‑party economic interest outside standard compensation.
Compensation Structure Analysis
- Cash vs equity mix: In 2023, Gocal’s reported SCT compensation was almost entirely salary with no cash bonus and no new equity grants disclosed in the year; outstanding time‑based restricted stock continues to vest monthly through 2025/2026 .
- At‑risk pay: Lack of STIP payouts in 2023–2024 indicates tight cash discipline; long‑dated time‑based equity moderates risk vs. performance‑based PSUs (none disclosed for Gocal) .
- Governance safeguards: Robust hedging/pledging restrictions and a formal clawback policy reduce adverse incentive risks .
- Red flags: Late Section 16 filings for insider sales (albeit under a 10b5‑1 plan) and related‑party royalty arrangements require monitoring for optics and potential conflicts .
Investment Implications
- Alignment/retention: Significant unvested, monthly‑vesting equity through 2025/2026 and double‑trigger CIC vesting support retention and alignment, while the royalty interest ties insiders to revenue milestones .
- Selling pressure: Documented 10b5‑1 sales indicate periodic supply; monitor new plans/amendments and cadence of Form 4s for signals .
- Execution risk: Despite revenue growth in 2024, EBITDA losses remain substantial and TSR deteriorated in 2024, highlighting the need for commercialization progress to translate R&D leadership (RTDS) into economic outcomes .
- Downside protection/governance: Prohibitions on hedging/pledging and an active clawback framework are investor‑friendly, mitigating headline risks from compensation structures .