David Wells
About David Wells
David R. Wells served as Chief Financial Officer of Envoy Medical, Inc. (Nasdaq: COCH) from the closing of Envoy’s business combination on September 29, 2023 until May 16, 2025; he is 62 years old with 30+ years of finance and operating experience across medtech and technology sectors, and holds an MBA from Pepperdine University and a BS in Finance and Entrepreneurship from Seattle Pacific University . His background includes taking ENDRA Life Sciences public and raising ~$55 million subsequently, indicating capital markets depth; no specific COCH TSR, revenue, or EBITDA performance metrics tied to his tenure were disclosed in the company documents .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Envoy Medical, Inc. (COCH) | Chief Financial Officer | Sep 29, 2023 – May 16, 2025 | Public-company CFO during early commercialization; tenure ended May 16, 2025 |
| ENDRA Life Sciences (NDRA) | Chief Financial Officer | Jun 2014 – Jun 2021 | Directed IPO and helped raise an additional $55 million across multiple transactions |
| GHS Investments, LLC | Chief Financial Officer | Jun 2021 – Sep 2022 | CFO of a privately held “super value” fund focused on small-to-mid caps |
| Atlas Bookkeeping, LLC | Founder | Jun 2021 – Present | Provides bookkeeping/reporting services to emerging-growth and small-cap public/private companies |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Heart Test Laboratories, Inc. (HSCS) | Director (public company) | Dec 2022 – Present | Board role at a cardiac diagnostics device developer |
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary ($) | 118,239 | 315,342 |
Notes:
- Wells’ employment agreement set his base salary at $315,000 with a three-year term and automatic one‑year renewals thereafter .
Performance Compensation
- The company states annual bonuses may be awarded at the Compensation Committee’s discretion; no specific performance metrics (e.g., revenue/EBITDA/TSR) were disclosed for Wells’ bonus .
Annual Cash Bonus
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Annual Bonus ($) | 0 | 39,875 |
Equity Awards (Grant-Date Fair Value)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Stock Option Awards ($) | 465,289 | 0 |
Equity Award Detail (Options)
| Grant date | Type | Shares granted | Exercise price | Expiration | Vesting | Status as of 12/31/2024 |
|---|---|---|---|---|---|---|
| Oct 15, 2023 | Nonqualified stock options | 293,250 | $2.40 | Oct 15, 2033 | 73,313 vested on Oct 15, 2024; remaining 219,937 vest pro rata monthly over 36 months | 85,531 exercisable; 207,719 unexercisable |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (Apr 10, 2025) | 189,391 shares; less than 1% of outstanding |
| Nature of ownership | Represents shares issuable upon exercise of stock options |
| Vested vs. unvested options (12/31/2024) | 85,531 exercisable; 207,719 unexercisable |
| Hedging/pledging policy | Executives and directors are prohibited from holding Envoy securities in margin accounts and from engaging in hedging/monetization transactions (e.g., prepaid forwards, swaps, collars) |
| Clawback | Awards are subject to any required clawback policy per exchange rules and applicable laws |
Employment Terms
| Term | Wells Employment Agreement (Aug 15, 2023) |
|---|---|
| Initial term | 3 years; auto‑renew for additional one‑year terms unless 90 days’ notice of non‑renewal |
| Base salary (agreement) | $315,000; may be increased; not to be decreased absent broad reductions and with consent |
| Incentive eligibility | Eligible for company incentive compensation plans |
| Severance (without cause / good reason) | Earned but unpaid salary/IC, benefits due as former employee, and continuation of base salary for one year paid monthly |
| Death/Disability | Lump-sum of earned/unpaid amounts; if disability, severance equal to one year of base salary |
| Change-of-control terms | No separate change-of-control severance terms disclosed in Wells’ agreement |
| Equity plan mechanics | Corporate transaction treatment/acceleration at plan administrator’s discretion; plan permits repricing with participant consent |
| Insider policy constraints | Hedging and margin use prohibited |
| CFO tenure end date | Wells ceased serving as CFO on May 16, 2025 |
Performance & Track Record
- Capital markets execution: At ENDRA Life Sciences, Wells directed the IPO and helped raise ~$55 million post‑IPO, evidencing capital markets capability applicable to development-stage medtech .
- Internal controls environment: As of September 30, 2025, Envoy disclosed material weaknesses in internal control over financial reporting; management nonetheless believed financial statements were fairly presented (note: this disclosure occurred after Wells’ CFO tenure ended) .
- Legal/controversies: Company filings state no directors or executive officers have been involved in reportable legal proceedings under Item 401(f) in the past ten years .
Investment Implications
- Pay-for-performance alignment: For 2024, Wells received a modest discretionary cash bonus ($39,875) with no disclosed performance metrics, and his equity is primarily time-vested options—less rigorous than PSU/TSR frameworks and offering limited direct alignment to specific operating targets . Plan-level clawback exists, and the equity plan allows repricing with participant consent, a shareholder‑unfriendly feature if ever used .
- Vesting and selling pressure: Wells’ 2023 option grant vests monthly after an initial cliff (73,313 vested on Oct 15, 2024), with 85,531 options exercisable and 207,719 unexercisable as of Dec 31, 2024—this creates a steady cadence of potential option liquidity but hedging and margin use are prohibited under policy, curbing derivative‑driven selling pressure .
- Ownership and retention: Beneficial ownership was <1% (primarily options), suggesting limited direct equity alignment; severance equals one year base salary with no explicit change‑of‑control protections, indicating limited retention economics for a CFO role at a development-stage medtech .
- Transition risk: Wells’ CFO tenure ended May 16, 2025 and an interim CFO was appointed thereafter; combined with disclosed material weaknesses in internal controls in Q3’25, this points to near‑term execution and reporting risk until the finance function stabilizes and remediation is completed .