Rui Avelar
About Rui Avelar
Rui Avelar, M.D., age 63, is Evolus’ Chief Medical Officer (since January 2014) and Head of Research & Development (since August 2018). He holds an M.D. from the University of Toronto and received sports medicine training accreditation from the Canadian Academy of Sports Medicine . 2024 corporate performance outcomes used for NEO bonuses included net revenue of $266.3M vs. a $260M target and non-GAAP operating income of $0.25M vs. a target non-GAAP operating loss of $6M, driving a 120% payout of target bonuses .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Evolus | Chief Medical Officer | 2014–present | Leads clinical development, safety, regulatory; appointed Head of R&D in 2018 to drive pipeline advancement including filler program (Evolysse) . |
| Evolus | Head of Research & Development | 2018–present | Oversees R&D strategy; 2024 special PRSU ties his incentives to FDA approvals for Evolysse collection in 2025–2027 . |
| Alphaeon Corporation | Chief Medical Officer | 2014–2018 | CMO responsibilities across clinical and regulatory matters . |
| Allergan Medical | Chief Medical Officer | 2011–2013 | Led clinical development, clinical operations, safety, biostatistics, medical writing, and regulatory . |
External Roles
No public company board or external directorships disclosed for Dr. Avelar in company filings .
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % | Bonus Paid ($) |
|---|---|---|---|
| 2024 | 519,400 | 45% | 280,500 (120% of target) |
| 2025 | 550,600 | 45% (policy unchanged) | — |
Performance Compensation
2024 Annual Cash Bonus – Metric Outcomes
| Metric | Weight | Target | Actual | Payout Contribution |
|---|---|---|---|---|
| Net Revenue | 35% | $260M | $266.3M | 40.5% |
| Non-GAAP Operating Loss/Income | 25% | ($6M) loss | $0.25M income | 31.7% |
| R&D/Regulatory Objectives (incl. Evolysse PMAs, CE mark) | 10% | Specified objectives | 100.0% | 10.0% |
| Medical education (HCP training) | 5% | Pre-set count | 115.6% | 5.8% |
| New customers & Evolus Rewards enrollments | 10% | Pre-set targets | 120.0% | 12.0% |
| Geographic expansion | 10% | Pre-set objectives | 100.0% | 10.0% |
| Talent (regrettable turnover) | 5% | Pre-set threshold | 200.0% | 10.0% |
| Total | 100% | — | — | 120.0% |
Notes: Non-GAAP operating income/loss adjusts GAAP operating results for revaluation of contingent royalties, stock-based compensation, depreciation and amortization .
2024 Equity Awards to Rui Avelar
| Grant Date | Award Type | Shares/Units | Strike ($) | Performance Basis | Vesting Terms |
|---|---|---|---|---|---|
| Feb 7, 2024 | RSU | 35,211 | — | Time-based | 25% annually over 4 years |
| Feb 7, 2024 | Stock Options | 47,337 | 13.15 | Time-based | 25% annually over 4 years; 10-year term |
| Feb 7, 2024 | PRSU | 17,606 (target) | — | 50% revenue, 50% non-GAAP op profit over 2024–2025; 0–200% payout | Earned shares, if any, settle 50% on Feb 5, 2026 and 50% on Feb 5, 2027 |
| Dec 12, 2024 | Special CMO PRSU | 79,052 (target) | — | FDA approval milestones for Evolysse products in 2025/2026/2027; max 100% | One-third vests for each approval by 12/31/2025, 12/31/2026, 12/31/2027 |
Equity Ownership & Alignment
- Beneficial ownership (Apr 18, 2025): 653,276 shares (≈1.0%); includes 407,580 options exercisable within 60 days and 6,558 PRSUs deliverable within 60 days .
- 2024 vesting/exercises: 82,104 shares acquired on vesting; no option exercises reported for Dr. Avelar in 2024; total value on vesting $969,104 .
- Anti-pledging/hedging: Company policy prohibits insiders from pledging or hedging Evolus shares, including margining, short sales, collars and forward sale contracts .
- Clawback: Executive compensation recovery policy compliant with SEC/Nasdaq, covering incentive awards tied to financial metrics over preceding three years in event of restatement .
- Section 16(a) compliance: Company reports all required insider filings were timely in 2024, except an inadvertent late filing for another director; no Avelar-specific delinquency noted .
Outstanding Equity at Fiscal Year-End 2024 (Rui Avelar)
| Award | Total Unexercised | Exercisable | Unexercisable | Strike | Notes |
|---|---|---|---|---|---|
| Options (1/6/2018) | 189,682 | 189,682 | — | 9.98 | Expires 1/6/2028 |
| Options (1/23/2019) | 60,000 | 60,000 | — | 16.19 | Expires 1/23/2029 |
| Options (1/23/2020) | 45,000 | 45,000 | — | 10.19 | Expires 1/23/2030 |
| Options (1/24/2022) | 77,640 | 38,820 | 38,820 | 5.46 | Expires 1/24/2032 |
| Options (1/25/2023) | 85,670 | 21,417 | 64,253 | 11.04 | Expires 1/25/2033 |
| Options (2/7/2024) | 47,337 | — | 47,337 | 13.15 | Expires 2/7/2034 |
| RSUs (unvested) | — | — | 22,500 (1/27/2021) | — | Time-based vesting |
| RSUs (unvested) | — | — | 26,786 (1/24/2022) | — | Time-based vesting |
| RSUs (unvested) | — | — | 73,232 (1/25/2023) | — | Time-based vesting |
| RSUs (unvested) | — | — | 35,211 (2/7/2024) | — | Time-based vesting |
| PRSUs (unearned) | — | — | 10,929 (1/27/2023) | — | Milestone-based 2023 award |
| PRSUs (unearned) | — | — | 17,606 (2/7/2024) | — | 2024–2025 performance cycle |
| RSUs (unvested) | — | — | 26,351 (12/12/2024) | — | Special CMO award; time-based |
| PRSUs (unearned) | — | — | 52,702 (12/12/2024) | — | Special CMO FDA approval milestones |
Employment Terms
| Scenario | Cash Severance | Bonus | COBRA | Equity | Outplacement |
|---|---|---|---|---|---|
| Termination without cause / resignation for good reason (non‑CoC) | 12 months base salary (lump sum) | Pro‑rated annual bonus for year of termination | 12 months (lump sum COBRA equivalent) | No acceleration disclosed | $15,000 |
| CoC termination (within 3 months prior to, upon, or within 12 months after CoC) | 18 months base salary (lump sum) | 100% of target bonus (lump sum) | 18 months (lump sum COBRA equivalent) | Accelerated vesting of time/service-based equity; performance-based per award terms | $15,000 |
| Death or Disability | — | — | — | Options fully exercisable; RSUs (excluding PRSUs) fully vested | — |
Notes: 280G best‑net treatment applies (cutback vs. pay‑in‑full) .
Governance, Peer Group, and Say‑on‑Pay
- Compensation consultant: Radford (Aon) engaged by the Compensation Committee; assessed market data and advised on peer group and equity strategy .
- 2024 peer group (examples): Revance, Glaukos, AVITA, Coherus, Establishment Labs, Beauty Health, Axogen, MiMedx, Cutera, Arcutis, Anika, Agenus, Harrow, Cara, Bioventus .
- Anti‑hedging/pledging and clawback policies are in place (see Ownership section) .
- Say‑on‑Pay results: At the 2024 annual meeting, about 91% of votes supported NEO compensation . At the 2025 annual meeting, advisory Say‑on‑Pay “For” votes were 35,679,157 vs. 1,232,290 “Against” (196,990 abstain; 11,441,970 broker non‑votes) .
Investment Implications
- Strong pay‑for‑performance linkage: Dr. Avelar’s 2024 bonus tied largely to revenue and non‑GAAP operating income and exceeded target due to outperformance on both metrics (net revenue and non‑GAAP operating income), signaling alignment with top‑line growth and operating leverage .
- Regulatory execution incentive: The special 79,052 PRSU grant vests only upon FDA approvals for Evolysse products over 2025–2027, creating clear catalysts and retention hooks through staged milestone vesting; however, large vesting events around approvals could incrementally add sellable shares upon settlement .
- Alignment and risk controls: Meaningful beneficial ownership (≈1.0%), anti‑pledging/hedging policy, and an SEC/Nasdaq‑compliant clawback reduce misalignment risk; CoC terms are standard (no excise tax gross‑ups disclosed) and include time‑based equity acceleration only on a qualifying CoC termination, limiting windfalls absent a transaction .
Data sources: Evolus DEF 14A (Apr 25, 2025) and DEF 14A (Apr 26, 2024), and 8‑K filings as cited inline.