Ronen Tchelet
About Ronen Tchelet
Ronen Tchelet, Ph.D. (age 67) is Vice President of Research and Business Development at Dyadic International (DYAI). He joined Dyadic in May 2014 and has served in his current role since January 2016 . He holds a Ph.D. in Molecular Microbiology and Biotechnology from Tel Aviv University (1993) and completed postdoctoral work as an EERO fellow at EAWAG, Switzerland . Prior experience includes founder/Managing Director of Codexis Laboratories Hungary kft. and Vice President at Codexis Inc. (2007–2014), plus biotechnology leadership roles at TEVA (2000–2006), including CTO of Biotechnology and Director of Quality Assurance for COPAXONE . Company revenues rose from FY 2021 to FY 2024 (see Performance & Track Record) while EBITDA is not disclosed in S&P data for the period (revenues from S&P Global)*.
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Codexis Inc. / Codexis Laboratories Hungary kft. (CLH) | Vice President, Codexis Inc.; Founder & Managing Director, CLH | 2007–2014 | Established state-of-the-art strain engineering/fermentation lab; led collaboration advancing C1 technology for biofuels/bio-industrial enzymes . |
| TEVA Pharmaceutical Industries (API Division) | CTO of Biotechnology; Head of Biotech R&D fermentation plant (Hungary) | Late 2000s–2006 | Led biotech operations and fermentation; oversaw R&D and manufacturing processes . |
| TEVA – COPAXONE | Director of Quality Assurance | 2000–2005 | QA leadership for flagship innovative drug COPAXONE . |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| EAWAG (Switzerland) | Postdoctoral Fellow (EERO fellow) | Post-1993 | Environmental science and technology research training . |
| Tel Aviv University | Ph.D., Molecular Microbiology & Biotechnology | 1993 | Advanced technical credentials supporting biopharma R&D leadership . |
Fixed Compensation
| Year | Base salary/consulting fee (currency) | Target bonus % | Actual bonus (currency) | Notes |
|---|---|---|---|---|
| 2018 | €180,000 | 40% | — | Annual increases aligned with employees; consulting agreement via Sky Blue Biotech kft . |
| 2019 | €185,400 | 40% | €37,080 | Discretionary bonus subject to specific performance targets . |
| 2020 | €190,962 | 40% | €34,373 | Discretionary bonus structure maintained . |
| 2021 | €196,118 | 40% | €19,612 | Annual increase consistent with broader employee increases . |
| 2022 | €200,040 | 40% | — | Annual increase consistent with broader employee increases . |
- Engagement structure: Consulting agreement with Sky Blue Biotech kft., one-year term auto-renewing; annual performance evaluation and fee adjustments at Company discretion .
- Additional cash economics: Commission up to 1% of up-front licensing revenue and up to 2.5% of R&D revenue on agreements sourced/developed by Tchelet; paid quarterly within 30 days of Company receipt .
Performance Compensation
Annual performance option grants
| Year (for performance) | Options granted (#) | Vesting | Term | Exercise price (if disclosed) |
|---|---|---|---|---|
| 2018 | 100,000 | Vest on 1-year anniversary | 10 years | $1.39 (2018 grant) . |
| 2019 | 75,000 | Vest on 1-year anniversary | 10 years | $1.63 (2017 grant reference), $1.39 (2018 grant); 2019 performance options consistent with 1-year vest . |
| 2020 | 75,000 | Vest on 1-year anniversary | 10 years | — (2020 perf grant disclosed; 1-year vest) . |
| 2021 | 37,500 | Vest on 1-year anniversary (granted in 2022) | 10 years | — . |
Other historical option grants
| Grant date | Options (#) | Vesting | Term | Exercise price |
|---|---|---|---|---|
| Jan 19, 2016 | 200,000 | 4 equal annual installments | 10 years | $1.57 . |
| Jan 3, 2017 | 50,000 | 1-year vest | 10 years | $1.63 . |
| Jan 2, 2018 | 60,000 | 1-year vest | 10 years | $1.39 . |
- Plan-level clawback and governance: Awards under the 2021 Equity Incentive Plan are subject to recoupment per any Company clawback policy and applicable law (Dodd-Frank/Nasdaq); no repricing without shareholder approval; one-year minimum vesting (with limited exceptions) .
- Director/NEO option valuation methodology references ASC 718; Dyadic discloses grant-date fair values (context for peers; not specific to Tchelet years after 2021) .
Bonus plan metrics and payouts
- Bonus target: Up to 40% of base consulting fee; awards were discretionary and contingent on specific performance targets (not itemized in proxies) .
- Commission structure: Designed to align incentives with out-licensing and R&D revenue generation (1%/2.5%) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership (individual) | Not individually disclosed in 2024–2025 proxies; Tchelet is included in “all current executive officers and directors as a group” ownership (29.5% as of Apr 24, 2025) . |
| Vested vs unvested breakdown | Not disclosed for Tchelet in 2024–2025 documents (historical grants shown above) . |
| Options exercisable/unexercisable | Not itemized for Tchelet in 2024–2025 tables; historical grants/terms disclosed (see above) . |
| Shares pledged as collateral | No pledging disclosure specific to Tchelet; no statement of pledging policy observed for executives . |
| Hedging policy | No specific corporate hedging policy adopted; Insider Trading Policy governs transactions and requires prior approval (2025 proxy) . |
| Stock ownership guidelines | Not disclosed for executives in reviewed proxies . |
Note: Beneficial ownership for Tchelet is not broken out in the 2024/2025 proxies; Form 4 data would be required to quantify current holdings and any recent trades (not provided in the reviewed filings) .
Employment Terms
- Form/term: Consulting agreement via Sky Blue Biotech kft. effective Jan 1, 2016; one-year term with automatic annual renewal unless non-renewal notice given any time after first anniversary, with at least 90 days’ notice .
- Compensation governance: Annual performance evaluation and potential fee adjustments at Company discretion .
- Commissions: Up to 1% of up-front licensing revenue and up to 2.5% of R&D revenue from agreements sourced and developed by Tchelet; paid quarterly .
- Restrictive covenants: Company ownership of work product; non-disclosure for five years from execution or three years after termination (whichever is later); non-solicitation for five years post-termination .
- Severance/CoC: No specific severance or change-in-control economics disclosed for Tchelet in the reviewed proxies (CEO/CFO/COO terms are disclosed, but not VP R&BD) .
Performance & Track Record
Company operating trend during tenure
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Revenues (USD) | $2,403,831* | $2,930,303* | $2,898,806* | $3,495,389* |
*Values retrieved from S&P Global (GetFinancials).
- Commentary: Revenues increased over FY 2021–FY 2024 per S&P Global; EBITDA data was not available in the S&P dataset for this period (GetFinancials).
Compensation Structure Analysis
- Increasing at-risk equity via options with predominantly one-year vesting for annual performance grants (2018–2021) lowers multi-year retention friction relative to RSUs with multi-year vesting; however, 10-year option terms mitigate near-term exercise pressure .
- Commission overlay directly ties incremental cash compensation to licensing/R&D monetization, aligning with business development priorities but potentially encouraging near-term deal flow over longer-cycle value creation if not balanced by qualitative metrics (commission terms disclosed; specific annual KPIs not) .
- Plan-level clawback, minimum vesting, and anti-repricing protections are positive governance safeguards .
- Absence of a specific hedging policy (notwithstanding Insider Trading Policy oversight) is a mild alignment gap relative to best practices .
Investment Implications
- Alignment: Tchelet’s pay design blends discretionary bonus, performance options (1-year vest), and a commission mechanic on licensing/R&D revenues—aligned with Dyadic’s partnering model and revenue generation focus .
- Retention risk: One-year vesting on many historical option grants reduces long-tail retention hooks; lack of individually disclosed ownership makes it difficult to assess true “skin in the game” today; Form 4s would clarify current holdings/selling pressure .
- Governance: Equity plan structure (clawback, minimum vesting, anti-repricing) is shareholder-friendly; however, no explicit hedging prohibition is a small red flag vs. peers adopting formal bans .
- Execution risk: Compensation emphasizes deal activity; sustained value creation will hinge on converting C1 platform partnerships into durable revenue. Revenues trended up FY 2021–FY 2024, but EBITDA not disclosed; continued monitoring of monetization milestones and any commission payouts is warranted (revenues from S&P Global)*.
Citations: