Matthew Link
About Matthew Link
Matthew Link, age 50, is an independent Class II director of FibroBiologics (FBLG) who has served on the Board since April 2021. He brings 20+ years of medtech leadership, currently serving as Chief Commercial Officer at Sight Sciences; previously he was President at NuVasive, and held leadership roles at DePuy Orthopedics and DePuy Spine. He holds a BSEd in Physical Education and Sports Medicine from the University of Virginia . The Board affirms his independence under Nasdaq/SEC rules; FBLG has no lead independent director and independent directors may meet in executive session at every regular Board meeting .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| NuVasive, Inc. | Regional and executive leadership; President (oversaw spine, neurophysiology, orthopedics) | 2006–2021 | Commercial/operational leadership across global business units |
| Orion Healthcare Advisors, LLC | Managing Partner | 2021–2023 | Consulting services; healthcare focus |
| DePuy Orthopedics; DePuy Spine | Commercial leadership roles | Prior to 2006 | Commercial leadership in orthopedics/spine |
| Sight Sciences | Chief Commercial Officer (current) | Not disclosed (current as of proxy date) | Commercial leadership in ophthalmology technology |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Galen Robotics | Chairman of the Board | Not disclosed | Private company board role |
| Springbok Analytics | Director | Not disclosed | Private company board role |
| DinamicOR | Director | Not disclosed | Private company board role |
| Coulter Translational Research Endowment (UVA) | Board member | Not disclosed | Academic/Endowment board role |
Company disclosures list no other public company directorships for Mr. Link beyond FBLG; roles listed above are private/academic or an operating role (Sight Sciences CCO) .
Board Governance
- Committee assignments (2024): Compensation Committee Chair and Nominating Committee member; not on Audit . Appointment as Compensation Chair was formalized via 8-K on Oct 29, 2024 .
- Committee membership/meeting cadence (2024):
| Name | Audit | Compensation | Governance and Nominating | Meetings in 2024 (#) |
|---|---|---|---|---|
| Matthew Link | — | Chair | X | Board = 10 ; Audit = 5; Compensation = 6; Nominating = 4 |
- Independence: Board determined all directors other than the CEO (Pete O’Heeron) and the Interim CFO/Director (Robert Hoffman) are independent (includes Link) .
- Attendance: Board met ten times in 2024; except for Dr. Niklas, each director attended at least 75% of aggregate Board and committee meetings for which they served (indicates Link ≥75%) .
- Annual meeting attendance: 2024 annual meeting was attended by O’Heeron, Cilento, and Coen (others not listed by name) .
Fixed Compensation
| Year | Component | Amount ($) |
|---|---|---|
| 2024 | Fees Earned or Paid in Cash | 50,236 |
| 2024 | Director cash policy reference (Board retainer) | 35,000 |
| 2024 | Director cash policy reference (Committee retainers) | Audit Member 8,000; Audit Chair 10,000; Compensation Member 6,000; Compensation Chair 10,000; Nominating Member 5,000; Nominating Chair 10,000 |
| 2023 | Fees Earned or Paid in Cash | 46,000 |
Policy notes (in force across 2024–2025 proxies): non-employee directors receive cash retainers per role; no per-meeting fees are disclosed .
Performance Compensation
| Year | Award Type | Grant Date | Shares/Options | Exercise Price ($) | Grant Date Fair Value ($) | Vesting | Expiration/Other |
|---|---|---|---|---|---|---|---|
| 2024 | Stock Options | Aug 2024 | 5,000 | 1.73 | 6,800 | Annual director grant vests in full on earlier of 1 year or next annual meeting; vesting ceases on resignation; 12-month post-service exercise for vested options | |
| 2023 | Stock Options | Feb 2023 | 185,300 (per director) | 2.28 | 333,540 | Company-wide options vesting terms referenced in 10-K; director annual grant policy applies prospectively | |
| As of 12/31/2024 | Aggregate unexercised options held (Director) | — | 195,300 | — | — | — | Aggregate count per director |
Performance metrics: No performance-based metrics (e.g., revenue/EBITDA/TSR) are disclosed for non-employee director compensation; director equity grants are service-based under the policy .
Compensation structure analysis:
- Mix shifted materially from 2023 to 2024: option grant accounting value fell from $333,540 in 2023 to $6,800 in 2024, reflecting move from a one-time large grant to ongoing 5,000 option annual grants; cash fees modestly higher in 2024 due to chair/membership roles .
- Policy is standard for small-cap biotech: modest cash retainers plus annual option grant with time-based vesting; no discretionary director bonuses disclosed .
Other Directorships & Interlocks
| Company/Entity | Type | Role | Potential Interlock/Conflict Noted |
|---|---|---|---|
| Galen Robotics | Private | Chairman | No related-party transaction with FBLG disclosed |
| Springbok Analytics | Private | Director | No related-party transaction with FBLG disclosed |
| DinamicOR | Private | Director | No related-party transaction with FBLG disclosed |
| Coulter Translational Research Endowment (UVA) | Academic/Endowment | Board member | Not a commercial counterparty; no related-party issues disclosed |
| Sight Sciences | Public (operating role) | Chief Commercial Officer | No FBLG related-party transaction with Sight Sciences disclosed |
Expertise & Qualifications
- Medtech operating leadership (President, NuVasive; commercial leadership at DePuy) and current ophthalmology device commercialization (Sight Sciences CCO) .
- Board leadership as Compensation Committee Chair at FBLG since Oct 2024 ; member, Nominating Committee .
- Academic credential: BSEd, University of Virginia .
Equity Ownership
| As of | Beneficial Ownership (Common) | Percent of Common | Series C Preferred | Voting Power % |
|---|---|---|---|---|
| April 21, 2025 | 119,452 shares | * (less than 1%) | — | * (less than 1%) |
Notes:
- Beneficial ownership includes securities exercisable/settleable within 60 days; table based on 38,262,586 common shares outstanding and 2,500 Series C Preferred outstanding (each Series C has 13,000 votes) .
- Anti-hedging/anti-pledging: FBLG policy prohibits trading derivatives, pledges, or hedging of company equity by directors, officers, employees (mitigates alignment risk) .
- As of 12/31/2024, Link held 195,300 unexercised options; additional breakdown (vested/unvested, in-the-money) not disclosed .
Board Governance Signals
- Independence and roles: Independent director; Compensation Committee Chair (heightened independence requirements affirmed); also Nominating Committee member .
- Attendance: Met the ≥75% attendance threshold in 2024; Board met 10 times (good cadence for clinical-stage biotech) .
- Structural voting risk context: CEO holds all Series C super-voting shares subject to an irrevocable proxy in favor of the Board (47–55% of voting power applied by Board per proxy); while this mitigates unilateral control by the CEO, it concentrates voting power at the Board level, increasing responsibility of independent directors (including Link) in stewardship .
Related-Party and Conflicts Review
- Related-person transactions disclosed involve FibroGenesis (loans, ROFN agreement) and Series C issuance to CEO; no transactions identified involving Matthew Link .
- Code of Ethics expressly prohibits loans to directors and requires Board approval for director conflicts; no exceptions disclosed .
- Delinquent Section 16(a) reports: Administrative late Form 3 filings upon the Direct Listing, including for Matthew Link (process error) .
Governance Assessment
- Positives: Independent status; chairs Compensation Committee with clear remit over CEO pay and equity plans; solid attendance; meaningful medtech operating experience relevant to FBLG’s commercialization path .
- Alignment: Holds equity via options and common; anti-hedging/anti-pledging policy reduces misalignment risk; ongoing annual option grants maintain at-risk exposure .
- Watch items / RED FLAGS:
- Administrative lapse: Late initial Form 3 (with several other insiders) at direct listing—process control issue, though subsequently addressed .
- Concentrated voting structure (Series C super-votes cast by the Board) places heightened accountability on independent directors to act in minority shareholders’ interests; investors may scrutinize Compensation Committee decisions given this voting dynamic .
Overall, Link’s committee leadership and sector experience support Board effectiveness; no personal related-party conflicts are disclosed. Monitoring of Compensation Committee decisions and ongoing equity grant practices is warranted given the Board-level voting concentration and early-stage capital needs .