Marvin Slosman
InspireMDAbout Marvin Slosman
Marvin Slosman (age 61) is President, CEO, and Director of InspireMD (NSPR) since January 1, 2020, bringing senior leadership experience across medtech commercialization and operations . During his tenure, NSPR secured FDA PMA approval for CGuard Prime in June 2025, a pivotal commercial inflection point, and began building a direct U.S. sales org following HQ relocation to Miami in 2024 . Recent performance context: revenues grew from $5.17m (FY22) to $7.01m (FY24), while TSR declined from $55 to $52 during 2023–2024 and net loss widened to $32.0m in 2024, underscoring a transition from clinical to commercial scale-up .
Revenues (USD)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenue ($) | $5.171m | $6.205m | $7.009m |
TSR and Profitability context
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Value of $100 TSR (year-end) | $17 | $55 | $52 |
| Net Loss (000s) | $(18,491) | $(19,916) | $(32,005) |
| EBITDA ($) | $(18.5)m* | $(20.9)m* | $(33.2)m* |
*Values retrieved from S&P Global.
Major achievements under Slosman:
- FDA PMA approval for CGuard Prime (June 24, 2025); company initiating an “immediate and aggressive” U.S. launch, with warrant milestone tranche potentially adding $17.9m gross proceeds if fully exercised .
- U.S. commercialization groundwork: global HQ established in Miami (Oct 2024) and direct U.S. sales build-out .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| MEDCURA Inc. | Chief Operating Officer | May 2019–Dec 2019 | Operational leadership at a medtech innovator |
| Integra Life Sciences | Business Consultant (Intl. commercial strategy & market development) | Sep 2017–Sep 2019 | Oversaw international commercial strategy and market development |
| Itamar Medical, Inc. | President | 2010–2014 | Led U.S. subsidiary in cardiovascular and sleep diagnostics |
| Ovalum Vascular Ltd. | Chief Executive Officer | 2008–2010 | CEO of vascular device company |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| InspireMD, Inc. | Director (Class 3) | 2020–present | Director since Jan 1, 2020; executive director (not independent) |
| Other public company boards | — | — | None disclosed in proxy |
Board service & dual-role implications: Slosman is CEO and a director; board leadership is separated with an independent, non-executive Chair (Paul Stuka), which mitigates combined CEO/Chair control risks and supports independent oversight .
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % | Other Compensation ($) |
|---|---|---|---|
| 2024 | 550,000 | Up to 75% of base | 22,648 (benefits) |
| 2023 | 470,000 | Up to 75% of base | 49,531 (benefits) |
Performance Compensation
Annual cash bonus (paid following year approval)
| Year | Actual Bonus ($) | Approval Timing | Notes |
|---|---|---|---|
| 2024 | 391,875 | Approved Jan 2025 | Metrics not itemized in proxy; determined by compensation committee |
| 2023 | 324,300 | Approved Jan 2024 | Metrics not itemized in proxy |
Equity grant values (grant-date fair value, FASB ASC 718)
| Year | Stock Awards ($) | Option Awards ($) |
|---|---|---|
| 2024 | 1,769,387 | 566,852 |
| 2023 | 1,839,464 | 536,026 |
Outstanding equity and vesting schedule (as of 12/31/2024)
| Grant / Instrument | Exercisable / Unexercisable (#) | Exercise Price | Expiration | Unvested Stock Awards (#) | Vesting Schedule |
|---|---|---|---|---|---|
| Legacy Options | 4,053 (exer) | $16.50 | 1/2/2030 | — | — |
| Legacy Options | 26,118 (exer) | $5.85 | 8/31/2030 | — | — |
| Legacy Options | 40,000 (exer) | $6.90 | 4/19/2031 | — | — |
| Legacy Options | 48,855 (exer) | $4.12 | 10/13/2031 | — | — |
| 5/17/2023 Options | 116,127 (exer) / 232,253 (unexer) | $1.76 | 5/17/2033 | 696,767 | Two remaining vests: May 17, 2025 and May 17, 2026 |
| 1/23/2024 Options | 0 (exer) / 215,405 (unexer) | $3.14 | 1/23/2034 | 563,499 | One-third vests each: Jan 23, 2025, Jan 23, 2026, Jan 23, 2027 |
Performance metric design: Company states objectives include increased sales/profitability and clinical milestones; specific annual metric weightings/targets were not disclosed .
Equity Ownership & Alignment
Total beneficial ownership and composition (as of April 15, 2025)
| Item | Amount |
|---|---|
| Total beneficial ownership (shares) | 1,556,199 |
| Ownership (% of outstanding) | 4.84% |
| Common shares | 6,392 |
| RSUs granted outside plan | 12,159 |
| RSUs under 2013 plan | 78,352 |
| RSUs under 2021 plan | 1,031,167 |
| Options (exercisable or within 60 days) | 423,081 |
| Warrants (exercisable) | 5,048 |
Unvested shares (as of 12/31/2024) and potential vesting-related supply
- Unvested stock awards outstanding: 696,767 and 563,499 shares with scheduled vests through 2027, which may create periodic selling pressure as tranches vest .
- Company policy prohibits short sales, hedging, and pledging/margin of company stock, reducing alignment risks from hedging/pledging strategies .
- Insider trading policy requires pre-clearance, sets quarterly blackout windows, and governs 10b5-1 plans with waiting periods and single-plan limits .
Stock ownership guidelines: Not disclosed in the proxy .
Employment Terms
| Term | Key Provision |
|---|---|
| Role and start date | CEO and President effective Jan 1, 2020; also Class 3 director |
| Base salary | $550,000 as of Jan 1, 2024; reviewed annually |
| Target annual bonus | Up to 75% of base, based on performance criteria/financial results |
| Term/renewal | Initial 3-year term with automatic one-year renewals thereafter (amended to remove definitive end date) |
| Termination (without cause / for good reason) | Cash severance equal to 12 months base salary; full unpaid bonus for any completed year; pro-rata target bonus for year of termination; 50% vesting acceleration on unvested equity; option/SAR exercise window extended up to earlier of original expiry or 2 years |
| Change-in-control (double-trigger) | If termination without cause or non-renewal occurs within 3 months before or 12 months after a change in control: 24 months base salary; 2x prior-year bonus; pro-rata current-year bonus; option/SAR exercise window up to earlier of original expiry or 2 years; continuation of health/dental/vision/life benefits up to 24 months |
| Plan-level CoC equity acceleration | Company’s award agreements under 2021 plan provide that any unvested awards become immediately vested upon a change in control |
| Clawback | Executive Officer Clawback Policy adopted per Nasdaq Rule 10D-1 (restatement-based recoupment) |
| Hedging/pledging | Short sales, hedging/monetization, and pledging/margin are prohibited; 10b5-1 plans permitted under strict guidelines |
| Insider trading windows | Pre-clearance required; quarter-end blackout until after earnings release; event-driven blackout periods possible |
Board Governance
- Structure and independence: Independent, non-executive Chair (Paul Stuka); CEO and Chair roles are separated; board cites this as reinforcing independent oversight of management .
- Committees (independent members):
- Audit (Kester – Chair; Berman; Stuka); 6 meetings in 2024 .
- Compensation (Stuka – Chair; Kester; Arnold); 12 meetings in 2024 .
- Nominating & Governance (Berman – Chair; Stuka; Arnold); 3 meetings in 2024 .
- Attendance: Board held 12 meetings in 2024; each director attended 100% of applicable meetings .
- Compensation process: No compensation consultant retained in 2024; committee administers equity plans and executive/director pay .
- Director pay framework (2024): $75k cash stipend to Chair, $40k to other directors; committee chair fees (Audit $20k; Comp $15k; N&G and R&D $10k); committee member fees (Audit $10k; Comp $7.5k; N&G and R&D $5k) .
- Policies: Code of Ethics and dedicated insider trading policy; Clawback policy adopted per listing standards –.
Performance & Track Record
- FDA PMA approval for CGuard Prime (June 24, 2025), positioning the company for U.S. launch; milestone warrant tranche linked to approval could add $17.9m gross if fully exercised, supporting launch and pipeline initiatives .
- Strategic repositioning: Established global headquarters in Miami (Oct 2024) to support anticipated U.S. commercialization; built direct sales infrastructure (15 U.S. sales/clinical personnel by Mar 12, 2025) .
- Clinical evidence: C-GUARDIANS pivotal trial recorded low 30-day DSMI (0.95%) and 1-year primary endpoint of 1.93%/1.95%, cited by investigators as best-in-class in carotid revascularization studies to date, underpinning PMA .
- Financial backdrop: Revenue growth FY22→FY24 (+35%) alongside increased operating investment and widened net loss in 2024 as commercialization ramps .
Investment Implications
- Alignment: Slosman’s 4.84% beneficial ownership plus meaningful unvested equity (scheduled vesting through 2027) create strong equity alignment; hedging/pledging prohibitions further support alignment .
- Vesting and supply dynamics: Large unvested stock awards (696,767 and 563,499 shares) vest across 2025–2027; expect periodic supply overhang as tranches settle; blackout/10b5-1 frameworks can moderate timing –.
- Pay-for-performance visibility: Bonuses paid ($392k for 2024) but specific annual metrics/weights not disclosed; investors should engage for clearer KPI alignment (revenue growth, U.S. launch milestones, gross margin, cash burn) .
- Retention and M&A readiness: Double-trigger CoC terms (24 months base + 2x bonus + full plan-level equity vesting) are competitive for small-cap medtech and can stabilize leadership through strategic transactions—note potential dilution from change-in-control vesting .
- Execution risk vs. upside: PMA approval de-risks U.S. regulatory pathway; near-term focus shifts to launch execution, reimbursement utilization (CMS NCD expands coverage), manufacturing scale-up (Aptyx transfer), and capital sufficiency (warrant proceeds possible) .
Net: Governance structure (independent Chair, active comp/audit oversight), clawback, and trading policy are positives. Key watch items are commercialization KPIs post-PMA, cadence of insider 10b5-1 sales around vesting, and capital runway versus launch investment needs.
Sources
- InspireMD 2025 DEF 14A (April 15, 2025): board structure, committees, attendance, compensation, ownership, exec agreements, clawback – – –.
- InspireMD 2024 Form 10-K (March 12, 2025): insider trading policy, HQ relocation, commercialization build-out, industry/clinical context – – .
- Press release: FDA PMA approval of CGuard Prime (June 24, 2025) –.
- Financials: Revenues FY22–FY24 from company filings via S&P Global; EBITDA values retrieved from S&P Global.