Dov Elefant
About Dov Elefant
Femasys Inc.’s Chief Financial Officer since February 2022, Dov Elefant is a 57-year-old finance executive with prior CFO roles at Cellectar Biosciences (2019–2022), Akari Therapeutics (2012–2019), and Althera Medical. He holds a B.S. in Accounting from Yeshiva University’s Sy Syms School of Business . As CFO, he signed Femasys’ SEC certifications and serves as principal financial and accounting officer .
Company performance context (during Elefant’s tenure):
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenue (USD) | $1,206,218 | $1,071,970 | $1,629,108 |
| EBITDA (USD) | -$11,039,031* | -$14,024,934* | -$17,488,487* |
| Net Income (USD) | -$11,394,170* | -$14,247,124* | -$18,816,628* |
*Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Cellectar Biosciences | Vice President & CFO | 2019–2022 | Late-stage biotech finance leadership (capital markets, reporting) |
| Akari Therapeutics, Plc | CFO | 2012–2019 | U.S.-listed biopharma CFO; public-company finance and controls |
| Althera Medical Ltd. | CFO | Prior to 2012 | Private medtech finance leadership |
External Roles
- None disclosed (no public company directorships or external executive roles noted for Elefant) .
Fixed Compensation
| Year | Base salary ($) | Bonus paid ($) | All other comp ($) | Notes |
|---|---|---|---|---|
| 2024 | 432,600 | 40,067 | 76,137 | Includes $34,175 relocation reimbursement . |
| 2023 | 420,000 | 151,200 | 23,940 | — . |
- Target bonus %: Not disclosed; employment agreement states eligibility for discretionary performance-based annual bonuses .
- Clawback policy: Company has a Dodd-Frank/Nasdaq-compliant clawback covering cash and equity incentives tied to financial reporting; applies regardless of misconduct .
Performance Compensation
Annual bonus (cash):
- Structure: Discretionary/performance-based; specific metrics, weighting, and targets not disclosed .
- Actual payout (2024): $40,067 .
Equity awards (options):
| Grant date | Type | Shares | Exercise price | Vesting | Expiration |
|---|---|---|---|---|---|
| 02/28/2022 | Stock options | 100,000 (50,000 ex / 50,000 unex as of 12/31/24) | $2.97 | 25% annually (time-based) | 02/28/2032 |
| 07/03/2023 | Stock options | 105,200 (26,300 ex / 78,900 unex as of 12/31/24) | $0.49 | 25% annually (time-based) | 07/03/2033 |
| 07/03/2023 | Stock options | 204,700 (fully vested on grant) | $0.49 | 100% vested at grant | 07/03/2033 |
| 02/01/2024 | Stock options | 84,000 (unex as of 12/31/24) | $0.80 | 25% annually (time-based) | 02/01/2034 |
Grant-date fair value recognized in SCT:
| Year | Equity awards FV ($) |
|---|---|
| 2024 | 57,032 |
| 2023 | 121,084 |
Notes:
- The 2021 Equity Incentive Plan permits performance goals (e.g., TSR, revenue, EBITDA, regulatory milestones), but Elefant’s disclosed awards are time-based options and one immediate-vest grant; no Elefant PSUs/PS awards disclosed .
- Options are not repriced without shareholder approval; double-trigger change-in-control handling described in Plan .
Equity Ownership & Alignment
| Holder | Beneficial ownership (#) | % of O/S | Composition/details |
|---|---|---|---|
| Dov Elefant | 399,045 | 1.44% | Options exercisable within 60 days (all vested as of record date) . |
Vested vs. unvested (as of 12/31/24):
- Exercisable: 50,000 (2022 grant) + 26,300 (2023 time-based) + 204,700 (immediate vest) = 281,000 .
- Unexercisable: 50,000 (2022 grant) + 78,900 (2023 time-based) + 84,000 (2024 time-based) = 212,900 .
Pledging/hedging:
- Hedging: Company states no standalone anti-hedging policy (i.e., hedging prohibitions are not separately articulated) .
- Pledging: No specific pledging policy disclosure identified in proxy .
Ownership guidelines:
- Executive stock ownership guidelines (multiples) not disclosed; compliance status not disclosed .
Insider selling pressure:
- Upcoming vesting from time-based options (2022, 2023, 2024 grants) may add to exercisable supply; Form 4 transaction patterns not disclosed in proxy materials .
Employment Terms
- Start date/tenure: CFO since February 2022 .
- Term: At-will employment .
- Severance (without CoC): 12 months base salary + prorated target bonus; 12 months subsidized COBRA .
- Change-of-control (double trigger within 12 months post-CoC): 18 months base salary + target bonus; 18 months subsidized COBRA; full acceleration of outstanding equity granted on/after the IPO registration effective date .
- Non-compete/non-solicit: Not specified for Elefant in the proxy summaries (CEO non-compete is disclosed separately) .
- Clawback: Recovery of incentive compensation upon financial restatement as per Dodd-Frank/Nasdaq policy .
Additional Governance and Context
- Elefant signs SOX 302/906 certifications (principal financial officer) on quarterly reports .
- Femasys shareholders approved a 3,000,000 share increase to the 2021 Equity Incentive Plan in June 2025, which can influence future equity award capacity and dilution dynamics .
- Beneficial holders include PharmaCyte Biotech (board nomination right previously), Dauntless Investment Group, and Jorey Chernett; these investors may shape capital structure and governance .
Investment Implications
- Pay-for-performance alignment: Elefant’s equity is predominantly in stock options (time-based with market-based upside), with modest recent grant-date fair values; 2024 total comp decreased year-over-year, suggesting restrained equity usage amid ongoing losses .
- Retention risk: Double-trigger CoC protection (18 months salary + target bonus + full acceleration) is competitive for a small-cap medtech CFO, reducing involuntary turnover risk during strategic events .
- Selling pressure: Significant unexercisable options scheduled to vest (2022/2023/2024 grants) could incrementally increase exercisable over the next 1–3 years; monitor Form 4s for exercises/sales around vest dates and news flow .
- Alignment red flags: Absence of a standalone anti-hedging policy and lack of explicit pledging restrictions reduces alignment safeguards vs larger-cap peers .
- Execution track record context: While revenues rose in 2024 vs 2023, losses widened; however, the company achieved major regulatory milestones in 2025 (CE mark for FemBloc system), which could alter forward cash needs and capital strategy under Elefant’s financial leadership .
Citations: Executive bio and roles ; Compensation tables ; Outstanding equity awards and vesting ; Ownership ; Clawback/hedging ; Employment/severance ; Plan amendment approval ; SOX certifications ; FemBloc CE milestones .