Matt Schuster
About Matt Schuster
Matt Schuster (age 44) is Chief Operating Officer of Picard Medical, Inc. (PMI) and was appointed in November 2023 after leading SynCardia’s R&D from May–Nov 2023; prior roles include systems engineering at Roche and SynCardia’s manufacturing leadership. He holds a B.S. in Mechanical Engineering from Northern Arizona University . PMI’s recent operating profile shows declining revenue and continued losses, underscoring execution risk amid product upgrade/indication expansion plans .
PMI performance snapshot:
| Metric | FY 2023 | FY 2024 | Q1 2024 | Q1 2025 |
|---|---|---|---|---|
| Revenue ($000s) | 5,043 | 4,391 | 1,980 | 620 |
| Loss from Operations ($000s) | (15,502) | (13,712) | (1,872) | (3,246) |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| SynCardia (PMI subsidiary) | Director, R&D | May 2023–Nov 2023 | Led next-gen driver and 50cc TAH development initiatives |
| Roche | Engineering Contractor; Staff Mechanical Engineer; Systems Development Lead | Jan 2021–May 2023 | Systems engineering leadership in regulated medtech environments |
| SynCardia | Director of Manufacturing & Facilities | Apr 2018–Jan 2021 | Built manufacturing and facilities capability for implant and driver lines |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Roche | Systems Development Lead (and prior engineering roles) | 2021–2023 | Strengthened systems development rigor applicable to SynCardia programs |
Fixed Compensation
| Component | FY 2024 Amount | Notes |
|---|---|---|
| Base Salary | $220,000 | Set commensurate with duties and market levels |
| Target Bonus % | 15% of base ($33,000) | Based on annual financial/operating metrics |
| Actual Bonus Paid | $0 | No cash bonus shown in FY 2024 summary table |
| Benefits | Standard executive benefits via ADP programs | No employer 401(k) contributions currently |
Performance Compensation
Stock options are the primary performance-linked, at-risk pay. Annual cash bonuses are tied to undisclosed financial and operating metrics but were not paid for FY 2024.
- Annual Cash Bonus (FY 2024): Target $33,000; metrics: “financial and operating performance” (specifics not disclosed); payout $0 .
Option awards and vesting details:
| Grant (Vesting Commencement) | Type | Shares Granted | Strike | Vesting | Expiration |
|---|---|---|---|---|---|
| May 29, 2023 | ISO Options | 102,239 | $0.71 | 25% cliff on May 29, 2024; remainder monthly over 36 months | May 26, 2033 |
| Nov 27, 2023 | ISO Options | 408,956 | $0.71 | 25% cliff on Nov 27, 2024; remainder monthly over 36 months | Nov 24, 2033 |
| May 29, 2023 | ISO Options | 68,608 | $0.71 | 25% cliff on May 29, 2024; remainder monthly over 36 months | May 26, 2033 |
Outstanding as of March 31, 2025:
| Status | Shares | Notes |
|---|---|---|
| Exercisable | 214,620 | In-the-money vs $4.00 IPO price (implied leverage) |
| Unexercisable | 365,183 | Continued monthly vesting through 2027 |
| Total outstanding options (plan count) | 579,803 | “Dollar value” $5,044,286 at $8.70 mkt. price 9/26/25 (illustrative) |
Plan mechanics relevant to payouts/vesting:
- Change-of-control: Administrator may assume/substitute, accelerate, cancel or cash-settle awards; actions are discretionary and may differ by participant and vesting status .
- Clawback: Awards subject to Dodd-Frank/listing-standard clawback policy .
- 280G: “Best net” cut or full-pay approach to excise tax, with ordered reductions if needed .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Common shares beneficially owned (9/26/25) | 0 shares; 0.00% |
| Options owned | 579,803 total granted (plan table) ; 214,620 exercisable and 365,183 unexercisable (3/31/25) |
| Ownership guidelines | Not disclosed |
| Pledging/Hedging | Plan imposes transfer restrictions; legends state shares may not be sold or pledged; stop-transfer and market standoff provisions apply |
| Lock-up | 180-day lock-up post-IPO for company and D&Os; releases must be press-released; lock-up terms also summarized in S-1 |
Insider selling pressure indicators:
- Lock-up expiry approximately 180 days post Sept 2, 2025 IPO (around March 2026), potentially enabling sales subject to release and company restrictions .
- Options have low $0.71 strike relative to $4.00 IPO price, creating incentive to exercise/sell once vested and windows permit .
Employment Terms
| Provision | Status |
|---|---|
| Employment agreement | Not disclosed for Schuster (agreement detail provided only for CTO) |
| Severance (termination for any reason) | None for NEOs (no termination benefits) |
| Change-of-control cash benefits | None for NEOs; equity subject to plan admin discretion |
| Non-compete / Non-solicit | Not disclosed |
| Garden leave / Consulting post-termination | Not disclosed |
| Clawback | Company to adopt clawback per listing standards/Dodd-Frank |
| Tax gross-ups | No gross-up; plan uses 280G best-net or cut-to-avoid approach |
Investment Implications
- Pay-for-performance mix: Heavy equity via options with a low strike aligns upside with shareholder returns; lack of guaranteed severance or CoC cash benefits indicates high at-risk pay and disciplined cash comp .
- Retention risk: Multi-year monthly vesting through 2027 creates retention hooks; absence of severance reduces exit friction, but PMI’s going-concern risk and loss profile increase turnover risk if equity value underperforms .
- Selling overhang: 180-day lock-up expiry in early 2026 and ongoing option vesting may introduce incremental supply; monitoring potential lock-up waivers/releases is prudent .
- Alignment/controls: Strong transfer/pledging limits, clawback, and discretionary CoC treatment reduce governance red flags; no disclosed ownership guidelines or direct share ownership for Schuster slightly weaken alignment optics .