Sean Mackay
About Sean Mackay
Sean Mackay, 42, is Chief Business Officer at Standard BioTools (LAB), appointed May 20, 2024. He brings operating, investing, and banking experience: co-founded IsoPlexis (IPO and sale in March 2023), operating partner at Casdin Capital (2023–2024), and earlier founded a Lazard Frères debt advisory practice (2008–2012). He holds an MBA from Yale School of Management and a BS in Economics from Wharton. During 2024, the company delivered pro forma combined revenue of $175.1M, improved non-GAAP operating expenses by 22%, and increased adjusted EBITDA by 33%, with $295M in cash and no material debt at year-end, framing the operating context for his tenure .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| IsoPlexis Corporation (Nasdaq: ISO) | Co-Founder & CEO | 2012–2023 | Built team, product development, commercialization, led IPO; eventual sale in March 2023 |
| Casdin Capital, LLC | Operating Partner | Aug 2023–Apr 2024 | Portfolio operating support in life sciences tools and therapeutics |
| Lazard Frères | Co-Founder & Senior Associate, Debt Advisory Practice | 2008–2012 | Advised public companies on debt restructuring, capital structuring, financing for M&A/divestitures |
External Roles
| Organization | Role | Years |
|---|---|---|
| Abbratech Inc. | Director (co-founder) | Jun 2021–Present |
Fixed Compensation
| Metric | 2023 | 2024 | 2025 (effective Apr 1) |
|---|---|---|---|
| Base Salary | N/A | $475,000 | $489,250 |
| Target Bonus (%) | N/A | 60% | 60% |
| Target Bonus ($) | N/A | $285,000 | N/A |
| Actual Bonus Paid ($) | N/A | $122,979 (prorated; 70% funding) | N/A |
Performance Compensation
Annual Cash Incentive Program (2024)
| Metric | Target | Actual | Payout Impact |
|---|---|---|---|
| Revenue growth (company-level) | Not disclosed | Program focused on incentivizing revenue growth | Final funding at 70% of target; Mackay paid $122,979 (prorated) |
| Annualized cost synergies (company-level) | Not disclosed | Program focused on incentivizing cost synergies | Final funding at 70% of target; Mackay paid $122,979 (prorated) |
Equity Awards Granted in 2024
| Grant Date | Award Type | Shares | Exercise Price | Grant Date Fair Value | Vesting Schedule |
|---|---|---|---|---|---|
| May 20, 2024 | RSUs | 600,000 | — | Included in $1,548,000 stock awards total for 2024 | 1/16 vested Aug 20, 2024; remaining vests in equal quarterly installments over four years |
| May 20, 2024 | Stock Options | 600,000 | $2.58/sh | Included in $1,212,600 option awards total for 2024 | 1/16 vested Aug 20, 2024; remaining vests in equal quarterly installments over four years |
Note: Offer letter narrative describes Mackay-specific vesting cadence where 25% vests at first anniversary and remaining vests quarterly thereafter; outstanding award table confirms options at $2.58 expiring 5/19/2034 and RSUs with first tranche vesting 5/20/2025 followed by quarterly vesting .
Equity Ownership & Alignment
Beneficial Ownership (as of April 15, 2025)
| Holder | Common Stock Beneficially Owned | % of Shares Outstanding |
|---|---|---|
| Sean Mackay | 344,010 | <1% (company total shares outstanding 379,793,631) |
Breakdown (near-term and year-end detail)
| Component | Amount | Detail |
|---|---|---|
| Options exercisable as of 4/15/2025 or within 60 days | 176,406 | Within 60-day window post 4/15/2025 |
| RSUs vesting within 60 days of 4/15/2025 | 167,604 | Near-term settlement window |
| Unexercisable options at 12/31/2024 | 600,000 @ $2.58; exp 5/19/2034 | Vest: 25% on 5/20/2025; then 12 equal quarterly installments |
| RSUs unvested at 12/31/2024 | 392,168 (MV $686,294) | RSUs: 1/4 vests 5/20/2025; then 12 equal quarterly installments |
| RSUs unvested at 12/31/2024 | 207,832 (MV $363,706) | RSUs: 1/4 vests 5/20/2025; then 12 equal quarterly installments |
Alignment Policies
- Executive stock ownership guideline: minimum 1× base salary (CEO 3×); includes shares owned and vested in-the-money options; 5-year compliance window; maintain 50% of net shares from vest/exercise until compliant .
- Anti-hedging and anti-pledging policy; pre-clearance and blackout schedule under Insider Trading Policy .
Employment Terms
Offer Letter & Participation
- Appointed Chief Business Officer on May 20, 2024; at-will; 2024 base salary $475,000 (increased to $489,250 effective April 1, 2025); target bonus 60% of base .
Severance and Change-in-Control Economics (Non-CEO Executives; 2024 Severance Plan)
| Scenario | Cash Severance | Bonus Treatment | Health (COBRA) | Equity Acceleration | Notes |
|---|---|---|---|---|---|
| Termination without cause or for good reason (outside CoC period) | Continued payments totaling 100% of annual base salary over 12 months | None specified beyond earned prior-year amounts | Up to 12 months reimbursement | 100% vesting acceleration of number of unvested shares underlying outstanding unvested equity awards; performance awards vest at target unless otherwise specified | Outplacement services provided |
| Termination without cause or for good reason (within CoC period: 3 months before to 12 months after CoC) | Lump-sum 150% of (base salary + greater of target bonus or 3-year average bonus) | Pro-rated target bonus (greater of pre-CoC or termination rate) | Up to 18 months reimbursement | 100% vesting acceleration; performance awards vest at target unless otherwise specified | Double-trigger structure |
| Plan Term | Initial 3-year term ending Aug 4, 2026 (2024 plan) | 280G cutback to optimize net after-tax benefit | — | — | — |
Quantified Termination Benefits (as of 12/31/2024 valuation)
| Component | Change in Control & Involuntary Termination ($) | Involuntary Termination Without Cause or for Good Reason ($) | Death or Disability ($) |
|---|---|---|---|
| Base Salary | 997,500 | 475,000 | 997,500 |
| Bonus | 285,000 | 285,000 | 285,000 |
| Stock option and RSU acceleration | 1,050,000 | 1,050,000 | 1,050,000 |
| COBRA benefits | 65,552.94 | 43,701.96 | — |
| Total | 2,398,052.94 | 1,853,701.96 | 2,332,500 |
Clawback and Governance
- Clawback policy adopted Oct 2023; recovery of excess incentive compensation in restatement scenarios, regardless of fault .
- Equity plan governance: no evergreen, no discounting; stock ownership guidelines; no 280G/4999 tax gross-ups under equity plan .
Investment Implications
- Alignment: A significant portion of Mackay’s 2024 compensation is equity-based (600K RSUs and 600K options), with multi-year vesting tied to continued service; combined with executive ownership guidelines and anti-hedging/pledging, this supports shareholder alignment and reduces misalignment risk .
- Retention: Large unvested RSU/option balances and 2024 Severance Plan benefits (salary continuation and double-trigger CoC acceleration) provide retention hooks; the first major vesting date (May 20, 2025) and quarterly vest cadence thereafter suggest predictable near-term supply but limited immediate selling pressure due to blackout windows and pre-clearance requirements .
- Event-driven risk: Double-trigger 100% equity acceleration and 1.5× cash severance under a change in control can create short-term selling supply post-transaction, though 280G cutback mitigates excise-tax inefficiency .
- Ownership: Beneficial ownership (<1%) indicates limited personal capital-at-risk versus major holders; however, the company’s pay mix emphasizes variable pay over fixed, and say-on-pay support (87.15% in 2024) suggests investor acceptance of the program’s pay-for-performance design .