Andrew Boll
About Andrew Boll
Andrew R. Boll is Harrow’s founder-level finance executive, serving as Chief Financial Officer and Corporate Secretary since February 2015; he has worked with Harrow since December 2011 and is a CFA charterholder and Certified Management Accountant with a B.S. in Corporate and Public Finance from Huron University (summa cum laude) . As of April 21, 2025, he is 42; on October 6, 2025 he signed SEC filings as President and Chief Financial Officer, evidencing expanded enterprise responsibilities . Harrow’s multi-year performance under his finance tenure shows strong top-line and EBITDA expansion (see tables below) alongside cumulative TSR materially above biotech peers in 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Investment company and its series of funds | Oversaw fund accounting, financial analysis, reporting; involved in portfolio company financial operations | 2007–2011 | Built finance rigor across public/private holdings; supported scaling and reporting |
| Welsh Companies, LLC (commercial real estate) | Various accounting roles across company, fund and subsidiaries | Prior to 2007 | Grounded in multi-entity accounting operations |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Eton Pharmaceuticals | Co-founder | Not disclosed | Created ophthalmic-focused pharma platform later spun out |
| Surface Ophthalmics | Co-founder | Not disclosed | Seeded clinical-stage ophthalmic assets |
| Melt Pharmaceuticals | Co-founder | Not disclosed | Launched anesthesia-adjacent assets; later corporate transactions with Harrow |
| ImprimisRx | Co-founder | Not disclosed | Built 503B outsourcing ophthalmic compounding leader; later a Harrow subsidiary |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $459,900 | $491,920 |
| Target Bonus % of Salary | 50% | 50% |
| Actual Bonus Paid ($) | $236,500 | $342,930 |
| Actual Bonus % of Salary | Not disclosed | 71% |
| All Other Compensation ($) | $1,817 | $14,351 |
Performance Compensation
Annual Cash Incentive Design and Payouts
| Element | Weighting | Metrics | Target | Actual/Payout |
|---|---|---|---|---|
| 2024 Annual Bonus | 100% corporate | Revenue, adjusted EBITDA, revenue from certain products, stock price performance | 50% of salary | 71% of salary for CFO |
| 2023 Annual Bonus | 100% corporate | Revenue, adjusted EBITDA, revenue from certain products, stock price performance | 50% of salary | $236,500 paid |
2023 PSUs – Market-Based Multi-Year Awards (granted April 2023)
| Tranche | Shares (Boll) | Target Share Price | Vesting Conditions | Status |
|---|---|---|---|---|
| Tranche 1 | 49,500 | $25.00 | Achieve and maintain target for 10 consecutive trading days within five-year term; minimum 2-year service | All 2023 PSUs vested in full on April 3, 2025 |
| Tranche 2 | 74,250 | $35.00 | Same as above | Vested April 3, 2025 |
| Tranche 3 | 99,000 | $45.00 | Same as above | Vested April 3, 2025 |
| Tranche 4 | 123,750 | $50.00 | Same as above | Vested April 3, 2025 |
Outstanding and Historical Option Awards (Boll)
| Options Exercisable | Strike ($) | Expiration |
|---|---|---|
| 60,000 | 3.95 | 4/1/2026 |
| 55,000 | 2.23 | 2/1/2027 |
| 50,000 | 1.73 | 1/2/2028 |
| 50,000 | 6.30 | 2/19/2029 |
| 57,000 | 7.30 | 1/2/2030 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 1,049,844 shares; 2.84% of outstanding as of April 21, 2025 |
| Near-term Exercisable Options | 272,000 shares exercisable within 60 days of April 21, 2025 |
| Unvested PSUs at FY-end | 346,500 PSUs unvested at Dec 31, 2024; $11,625,075 market value at $33.55 per share |
| PSU Vesting Event | All 2023 PSUs vested in full on April 3, 2025 |
| Hedging/Pledging | Directors and officers prohibited from pledging or holding in margin accounts; hedging strongly discouraged and subject to compliance approval |
| Equity Plan Governance | No option repricing without stockholder approval; options must be at/above fair market value; independent comp committee |
Employment Terms
| Provision | Terms |
|---|---|
| Employment Agreement | At-will; Boll Agreement dated April 25, 2016; target annual incentive bonus 50% of base salary |
| Severance – Involuntary Termination (no CIC) | Cash severance equal to six months base salary plus the greater of prior-year annual bonus or target annual bonus; pro-rated annual bonus based on actual results for year of termination; up to six months COBRA; 12-month additional service credit for option vesting; vested option exercise extended up to 12 months (but not beyond original expiry) |
| Severance – Change-in-Control (double-trigger) | If Involuntary Termination within one month prior to or 12 months following a CIC: 12 months base salary plus greater of prior-year annual bonus or target annual bonus; pro-rated annual bonus based on actual results; up to 12 months COBRA; any unvested options fully vest |
Performance & Track Record
Financial Trajectory (Annual)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | 83,524,000 [*] | 117,447,000 [*] | 198,619,000 [*] |
| EBITDA ($) | 4,750,000* | 11,948,000* | 22,127,000* |
| Values retrieved from S&P Global.* |
Pay vs Performance – TSR and Peer TSR
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Company TSR – $100 initial investment value | $171 | $130 | $388 |
| Peer Group TSR – Nasdaq Biotechnology Index | $89 | $92 | $91 |
| Net Loss ($) | $14,086,000 | $24,411,000 | $17,481,000 |
Say-on-Pay & Shareholder Feedback
| Proposal | For | Against | Abstain | Broker Non-Vote |
|---|---|---|---|---|
| Advisory vote on NEO compensation (2025 Annual Meeting) | 22,496,427 | 971,206 | 448,777 | 7,355,304 |
Compensation Peer Group (2023 framework; updated with Mercer engagement)
- Agios Pharmaceuticals; Anika Therapeutics; Enanta Pharmaceuticals; Eyepoint Pharmaceuticals; Glaukos Corporation; Heron Therapeutics; Karyopharm Therapeutics; Kodiak Sciences; Nektar Therapeutics; Ocular Therapeutix; Rigel Pharmaceuticals; STAAR Surgical Company; Travere Therapeutics; IVERIC bio (acquired July 2023); RVL Pharmaceuticals (winding up Feb 2024); Revance Therapeutics (acquired Feb 2025) .
- Compensation consultant: Mercer; engaged for design benchmarking and peer updates; no conflicts of interest identified .
Investment Implications
- Pay-for-performance alignment is strong: 2023 PSUs exclusively vest on sustained share-price targets with multi-year service, and all tranches vested on April 3, 2025—indicating significant realized equity for Boll and potential incremental selling pressure post-vesting event; note pledging is prohibited, tempering leverage-related sell risk .
- Cash severance is moderate (6 months base + bonus; CIC double-trigger at 12 months), with option acceleration features; this reduces near-term retention risk while avoiding outsized golden parachute optics .
- Annual bonus design (100% corporate metrics tied to revenue, adjusted EBITDA, product revenue, and stock price) produced above-target payout for CFO in 2024 (71% of salary), reinforcing direct linkage to operating and market outcomes .
- Ownership is meaningful (2.84%), including 272,000 options immediately exercisable, and market-based governance (no option repricing; independent committee) supports alignment; say-on-pay passed with strong support, signaling investor acceptance of the framework .