Joseph Damasio
About Joseph Damasio
Joseph L. Damasio, Jr. has served as Chief Financial Officer of Harvard Apparatus Regenerative Technology (HRGN) since August 8, 2022. He holds a BS in Accounting (University of Massachusetts), an MBA and MS in Finance (Boston College), and is a Massachusetts-licensed CPA; prior roles include VP Finance at Inhibikase Therapeutics, Controller at Cue Biopharma and XL Fleet, and CFO at Pressure BioSciences . At appointment he was 47 years old . Company “pay versus performance” shows year-end value of a $100 investment of 274 (2022), 296 (2023), and 130 (2024), alongside net losses of $6.3M, $9.0M, and $7.7M, respectively .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Inhibikase Therapeutics | VP Finance | Oct 2021–Aug 2022 | Finance leadership at publicly-traded clinical-stage biotech |
| Cue Biopharma | Controller | Jun 2020–Oct 2021 | Controller responsibilities at biotech issuer |
| XL Fleet | Controller | Feb 2019–Jun 2020 | Controller for electrification/transport firm |
| Pressure BioSciences, Inc. | Chief Financial Officer | Apr 2017–Feb 2019 | CFO for small-cap life sciences tools company |
| PriceWaterhouseCoopers | Auditor | Not disclosed | Former auditor; foundational public accounting experience |
| U.S. Navy | Service | Not disclosed | Prior military service |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $86,538 | $252,404 | $255,000 |
| Stock Awards ($) | — | — | — |
| Option Awards (grant-date fair value, $) | $513,491 | — | — |
| All Other Compensation ($) | $1,782 | $13,639 | $13,769 |
| Total Compensation ($) | $601,811 | $266,043 | $268,769 |
- 2024 “All Other” includes $12,750 401(k) match and $1,019 life insurance premium .
- Base salary initially $250,000 (per employment agreement), increased to $255,000 effective July 1, 2023 .
Bonus terms (target vs actual):
- 2022: Target cash bonus $25,000 contingent on milestones, payable by March 15, 2023; actual payout not disclosed in proxy filings . 2023–2024: No annual cash bonus disclosed for CFO; Board reviewed compensation, and no option grants were made to NEOs in 2024 .
Performance Compensation
Equity Awards & Vesting
| Grant Date | Type | Shares/Options | Exercise Price | Expiration | Vesting |
|---|---|---|---|---|---|
| Aug 8, 2022 | Nonqualified Stock Option | 116,156 | $5.00 | Aug 8, 2032 | 25% on each Aug 8, 2023–2026 (time-based) |
Outstanding at fiscal year-end 2024:
- Exercisable options: 58,078
- Unexercisable options: 58,078
Performance-linked incentives:
- 2022 bonus contingent on milestone achievement (targets not disclosed; weighting/payout not provided) .
- CFO options are time-based; HRGN’s plan provides for full option vesting upon a Sale Event/Change of Control for NEOs (single-trigger equity acceleration at plan level) .
Equity Ownership & Alignment
| As of | Beneficial Ownership (shares) | Percent of O/S | Exercisable within 60 days | Unexercisable | Pledging | Hedging/Derivatives |
|---|---|---|---|---|---|---|
| Apr 21, 2025 | 58,078 | <1% | 58,078 | 58,078 (not counted in beneficial figure) | No pledging policy disclosed in proxy/insider policy | Explicit anti-hedging and short-sale prohibitions; options/derivatives trading barred |
- Total shares outstanding: 15,918,979 (record date for 2025 annual meeting) .
- Insider trading policy: mandates pre-clearance, blackout periods, and permits 10b5-1 plans established outside blackout periods with prior approval .
Employment Terms
| Term | Details |
|---|---|
| Start date | August 8, 2022 (appointment as CFO) |
| Contract term | At-will; agreement continues until terminated by either party |
| Severance (without cause or for Good Reason) | Cash severance equal to 3 months of base salary; acceleration of unvested equity that would vest within 12 months post-termination, subject to a release |
| Non-compete | 12 months; Company pays 50% of highest annualized base salary during non-compete period; waived if terminated without cause |
| Non-solicit | 12 months |
| Change-of-control | Company equity plan provides for full option vesting upon Sale Event/Change of Control |
| Clawback/recoupment | Subject to compensation recovery policies adopted under Dodd-Frank (recoupment language in agreement) |
| Pre-clearance/Trading plans | Insider trading policy requires pre-approval; permits 10b5-1 plans with advance approval; prohibits hedging, short sales, and margin purchases |
Performance & Track Record
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Shareholder Return (value of $100 investment at year-end) | 274 | 296 | 130 |
| Net Income (Loss), $ thousands | (6,253) | (9,022) | (7,732) |
Investment Implications
- Pay-for-performance alignment: CFO compensation is predominantly fixed cash (salary) with time-based stock options from 2022 and no new NEO option grants in 2024; there are no disclosed PSUs or explicit operating/TSR targets tied to CFO pay, suggesting limited variable pay linkage to near-term performance for the CFO role .
- Vesting cadence and potential selling pressure: Annual vesting dates occur on August 8 (2023–2026) for the 2022 grant; however, trading is subject to blackout periods and pre-clearance under HRGN’s insider trading policy, and 10b5-1 plans must be pre-approved, which can mitigate opportunistic sales and signal planning discipline .
- Alignment and “skin in the game”: Beneficial ownership is <1% with 58,078 options currently exercisable; ownership guidelines are not disclosed, and anti-hedging is enforced, but no pledging policy is stated, leaving some alignment elements (e.g., minimum ownership multiples, pledging restrictions) undefined for investors .
- Retention and change-of-control economics: Modest cash severance (3 months) plus acceleration of equity vesting for only the next 12 months upon qualifying separation balances retention with cost control; company-wide equity acceleration on change-of-control can align incentives toward strategic alternatives, but may reduce post-transaction vesting retention mechanisms .
- Governance and risk controls: Contract includes recoupment provisions; insider trading controls are stringent; no related-party transactions involving the CFO were disclosed; Section 16 compliance is broadly monitored (late filings noted for other insiders), supporting governance hygiene .