Steven Weber
Vice President, Accounting and Global Corporate Controller (Principal Accounting Officer) at PULSE BIOSCIENCES
Executive
About Steven Weber
Steven T. Weber is Vice President of Accounting and Global Corporate Controller at Pulse Biosciences, appointed July 14, 2025, and serves as the company’s principal accounting officer . He is a CPA in Texas with B.B.A. and M.P.A. degrees from the McCombs School of Business at the University of Texas at Austin and brings more than 25 years of finance and accounting experience, including senior accounting leadership at IGM Biosciences and Aeglea Biotherapeutics, and an early career at PricewaterhouseCoopers . Company context: Pulse Biosciences reported a 2024 net loss of $53.6 million and cumulative TSR values of $72.97 (2024), $51.30 (2023), and $11.61 (2022) based on an initial fixed $100 investment, indicating significant volatility in shareholder returns over recent years .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| IGM Biosciences (Nasdaq: IGM) | SVP, Corporate Controller & Principal Accounting Officer | Mar 2022–Jul 2025 | Led corporate accounting and served as principal accounting officer for a public biopharma, overseeing financial reporting and controls . |
| Aeglea Biotherapeutics | VP & Principal Accounting Officer | Feb 2021–Mar 2022 | Principal accounting officer accountable for SEC reporting and accounting operations . |
| Aeglea Biotherapeutics | Senior Director & Corporate Controller | Jul 2015–Jan 2021 | Built and scaled controllership functions during growth phase . |
| Aeglea Biotherapeutics | Director & Corporate Controller | 2014–2015 | Established core accounting processes and systems . |
| PricewaterhouseCoopers LLP | Audit/Assurance (early career) | Not disclosed | Foundation in public accounting; life sciences/venture experience inferred from career trajectory . |
External Roles
| Board/Organization | Role | Years | Notes |
|---|---|---|---|
| None disclosed in PLSE filings | — | — | No public company directorships or external governance roles disclosed for Weber in the July 14, 2025 8‑K and 2025 DEF 14A . |
Fixed Compensation
| Component | 2025 Terms | Notes |
|---|---|---|
| Base Salary | Not disclosed | Employment Agreement states compensation is consistent with normal VP practices; no numeric base disclosed . |
| Target Bonus % | Not disclosed | Described as consistent with VP practices; no specific % disclosed . |
| Benefits | Eligible for standard executive benefit plans | Broad eligibility; specifics not itemized . |
Performance Compensation
| Incentive Type | Metric | Weighting | Target/Trigger | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Inducement Stock Option (Start Date Option) | Time-based | 50% | 27,500 options vest over 4 years: 25% on first anniversary of start date, then 25% annually for 3 years | Not disclosed | 6,875 options vest at first anniversary; subsequent annual tranches, subject to continued service . |
| Inducement Stock Option (Start Date Option) | Market cap + duration hurdles | 50% | 6,875 options vest at each hurdle: ≥$1.5B for 270 consecutive days (or 12/31/2026, later); ≥$2.25B for 270 days (or 12/31/2027, later); ≥$3.0B for 270 days (or 12/31/2028, later); ≥$4.0B for 270 days (or 12/31/2029, later) | Not disclosed | Four 6,875-share tranches contingent on achieving specified market-cap and timing criteria . |
| Option Exercise Price | — | — | $16.03 per share (grant-date close on 7/11/2025) | — | 55,000 total options granted under Amended & Restated 2017 Inducement Plan . |
Equity Ownership & Alignment
- Beneficial ownership: Weber is not listed in the Oct 22, 2025 beneficial ownership table; executives and directors listed exclude Weber, implying no beneficial ownership reportable within 60 days of the record date .
- Vested vs unvested: As of grant, all 55,000 options are unvested; first time-based tranche vests at the first anniversary of start date; performance tranches depend on multi-year market-cap hurdles .
- Pledging/Hedging: No pledging or hedging by Weber disclosed; the company’s insider trading/compliance program references prohibitions against insider trading and a comprehensive compliance program overseen by the Audit Committee .
- Ownership guidelines: No executive stock ownership guideline disclosures specific to Weber; director compensation policies are disclosed but not executive ownership requirements .
- Clawback: Company adopted an Incentive-Based Compensation Clawback Policy in 2023 applicable to covered individuals, including NEOs, for restatements after Oct 2, 2023 .
Employment Terms
| Term | Detail |
|---|---|
| Start Date | July 14, 2025 (appointment effective; Employment Agreement dated July 11, 2025) . |
| Role | VP of Accounting & Global Corporate Controller; Principal Accounting Officer . |
| Employment Type | At-will; no specific term . |
| Equity Grant | Option to purchase 55,000 shares at $16.03; 50% time-based, 50% performance-based vesting; under Inducement Plan . |
| Accelerated Vesting | Options “subject to certain accelerated vesting provisions” (not itemized for Weber in filings) . |
| Agreements | Standard inventions assignment, confidentiality, non-competition, and indemnification agreements . |
| Severance/CoC | Not disclosed for Weber; no severance or change-of-control terms specified in filings reviewed . |
Company Performance Context (for alignment assessment)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Net Loss ($ thousands) | $(58,505) | $(42,210) | $(53,585) |
| Cumulative TSR (Value of $100) | $11.61 | $51.30 | $72.97 |
Risk Indicators & Governance Considerations
- Audit Committee composition: Since Jan 9, 2025, Audit Committee had two members (below Nasdaq’s minimum of three); the Board is seeking to regain compliance within the Nasdaq cure period, highlighting listing-compliance risk .
- Equity award timing and MNPI: Company discloses a practice of not granting equity during trading blackout periods and not timing MNPI to affect award values, mitigating grant-timing risk .
- Insider trading controls: Insider trading policy filed and comprehensive compliance program overseen by Audit Committee (cybersecurity, privacy, anti-kickback, insider trading) reduces misconduct risk .
- Section 16 filings: Filings reviewed list 2024 late reports for other insiders; Weber joined in 2025 and is not named in 2024 late reports, with no Form 4 activity for Weber disclosed in the 8‑K and proxy .
Compensation Structure Analysis
- High at-risk equity mix: Weber’s inducement grant is 100% stock options with 50% tied to multi-year market capitalization and duration hurdles, linking payout to long-term value creation rather than near-term cash metrics .
- Performance rigor: Market-cap hurdles escalate from $1.5B to $4.0B with 270 consecutive-day requirements, creating durable performance gates and potential retention via staged vesting .
- Cash comp transparency: Base salary and target bonus are not disclosed (only “consistent with VP practices”), limiting pay-for-performance benchmarking vs peers .
- Clawback coverage: Company’s 2023 clawback policy applies to incentive-based compensation following restatements, aligning with investor expectations on recoupment .
Investment Implications
- Alignment: The 50% performance-based vesting in Weber’s grant, tied to sustained market-cap thresholds, creates strong linkage to long-term shareholder value and discourages short-termism .
- Retention and selling pressure: Multi-year time-based vesting plus stringent performance hurdles should support retention; absence of disclosed cash severance and no reported Form 4 transactions for Weber reduce near-term selling pressure signals, albeit current in-the-money status cannot be assessed without a live price .
- Governance risk monitor: Audit Committee non-compliance with Nasdaq composition rules is a company-level governance risk to monitor; remediation within cure period is expected but delisting risk exists if not resolved .
- Transparency gap: Lack of disclosed base salary/bonus specifics limits peer benchmarking and pay-for-performance calibration; investors should seek clarification on cash compensation structure in future filings .