Gregory Burshtein
ENTXAbout Gregory Burshtein
Gregory Burshtein, PhD, is Chief of Research & Development (since May 2024) and has led R&D at Entera Bio since joining in September 2012. He specializes in oral delivery of peptides, holds 25 issued patents and 113 pending applications, and earned a PhD in Pharmaceutical Sciences, MSc in Clinical Pharmacy, and B.Pharm from the Hebrew University of Jerusalem. He is 49 years old per the 2025 proxy. Company performance disclosures show marked TSR improvement in 2024 and modest revenues with ongoing net losses.
Company performance context
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Value of $100 TSR (baseline 12/31/2022) | $82 | $312 |
| Revenues ($USD Thousands) | $0 | $181 |
| Net Loss ($USD Thousands) | $8,889 | $9,541 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Entera Bio Ltd. | Director of Pharmaceutical R&D | 2012–2024 | Led early development in oral peptide delivery; foundation for EB613/EB612 programs; extensive IP portfolio (25 issued, 113 pending) |
| Entera Bio Ltd. | Chief of Research & Development | May 2024–present | R&D leadership across oral peptide pipeline (EB613 osteoporosis; EB612 hypoparathyroidism; oral GLP‑1/Glucagon; oral GLP‑2) |
Fixed Compensation
| Component | 2024 | 2025 |
|---|---|---|
| Base Salary (USD) | $160,000 annual gross (pre‑revision) | $200,000 annual gross effective April 1, 2025 |
Notes:
- 2025 increase approved by Compensation Committee and Board (April 23/28, 2025), with shareholder ratification sought at the 2025 AGM, citing market benchmarking and retention needs.
Performance Compensation
RSUs (in lieu of 2024 cash bonus)
| Item | Detail |
|---|---|
| Grant | 26,316 RSUs (one-time, in lieu of 2024 cash bonus) |
| Vesting | 100% over one year in four substantially equal quarterly installments following April 28, 2025; fully vested by April 28, 2026 |
| Performance Conditions | None specified (grant explicitly in lieu of cash bonus) |
Stock Options
| Item | Detail |
|---|---|
| Grant | 200,000 options (one-time 2025 grant) |
| Exercise Price | $2.28 per share |
| Vesting | 3-year schedule: 1/3 vests at end of 12 months following April 28, 2025; remaining 2/3 vests in eight substantially equal quarterly installments over next two years; fully vested by April 28, 2028 |
| Expiration | Not specified for this grant in the filing |
Vesting timeline implications:
- RSUs add four quarterly vest events from Q2 2025 through Q2 2026. Options add a large cliff on April 28, 2026 and eight quarterly tranches thereafter through April 28, 2028. These cadences can influence potential insider selling windows as tranches vest.
Compensation governance context:
- Company policy ties annual cash bonuses to measurable KPIs (and up to 20% qualitative) but the above RSUs were specifically in lieu of cash bonus; no metric weightings were disclosed for Dr. Burshtein’s 2024 bonus.
Equity Ownership & Alignment
| Measure | Amount/Status |
|---|---|
| Beneficial Ownership (Total) | 281,276 securities (less than 1% of outstanding) |
| Ownership Breakdown | 50,000 Ordinary Shares; 25,126 RSUs; 206,150 options (aggregate figures per beneficial ownership table) |
| Hedging/Pledging | Prohibited for officers and directors under compensation policy and Insider Trading Policy (extends one year post‑service) |
| Equity Plan CIC Treatment | Under the 2018 Plan, the Compensation Committee has discretion upon a Change in Control to continue, assume, cash‑out, or accelerate awards (no automatic single policy; case‑by‑case) |
Notes:
- 2025 CEO grants included explicit CIC acceleration; Dr. Burshtein’s 2025 award description did not specify CIC acceleration, implying plan‑level discretion applies.
Employment Terms
- Compensation policy and practices (Israeli Companies Law compliant) set framework for fixed/variable pay, bonus metrics, equity limits, and severance maxima; officers may receive advance notice, severance and retirement/termination awards in defined circumstances (e.g., certain change‑of‑control cases or special contributions; subject to committee/board approval).
- Executive Officer Clawback Policy (adopted Nov 30, 2023) requires recovery of excess incentive compensation following an accounting restatement, covering the prior three years.
- No-hedging and no‑pledging policy for officers/directors.
Performance & Track Record
| Area | Highlights |
|---|---|
| R&D Execution (2024) | EB613 Phase 2 results published in JBMR; ASBMR editorial on EB613; comparative pharmacology vs Forteo presented at ASBMR 2024 |
| Pipeline Expansion | Oral GLP‑1/Glucagon (OXM) PK/PD topline; OPKO collaboration and license (2025) with 60/40 cost/ownership split; IND planned in 2025 |
| Oral GLP‑2 | Proof‑of‑concept systemic exposure in rodents; ~10x higher plasma levels vs therapeutic teduglutide levels; longer half-life signal in rats |
| EB612 (Hypoparathyroidism) | Phase 1 data presented at ENDO 2024 supporting Phase 2 BID tablet |
| Financial Profile (2024) | Revenues $181k; operating expenses $9.6M; net loss $9.541M |
Investment Implications
- Retention and alignment: 2025 package raises base salary from $160k to $200k and tilts toward equity via one‑time RSU/option grants, addressing below‑market pay and retention risk while reinforcing long‑term alignment.
- Vesting overhang: Quarterly RSU vesting through April 2026 and option cliff in April 2026 followed by eight quarterly tranches through April 2028 create identifiable windows that could contribute to incremental insider supply as awards deliver.
- Governance safeguards: Prohibitions on hedging/pledging and a formal clawback policy mitigate alignment and risk concerns; plan‑level CIC treatment is discretionary rather than automatic for Dr. Burshtein’s 2025 awards.
- Execution leverage: R&D progress across EB613, EB612, oral GLP‑1/Glucagon, and GLP‑2 programs underpins value creation potential; TSR disclosure shows significant rebound in 2024, but the company remains loss‑making, implying ongoing execution and financing risk typical of clinical‑stage biotech.
Citations:
- Biographical and role details:
- Compensation revisions and grants:
- Beneficial ownership:
- Hedging/pledging and clawback policies:
- Equity plan CIC provisions:
- Performance and financials:
- TSR disclosures: