Matthew Gage
PrecipioAbout Matthew Gage
Matthew Gage (age 58) is Precipio’s Chief Financial Officer; he became Interim CFO on March 21, 2022 and was promoted to CFO on July 1, 2023 with no change to compensation structure. He joined Precipio in 2017 after Transgenomic’s acquisition and previously served as Director of Financial Reporting & Analysis at both firms; he holds a BS in Business Administration from Bryant University . Company performance during his tenure improved: revenues rose from $9.4M in FY2022 to $18.5M in FY2024, net loss narrowed from -$12.2M to -$4.3M, and EBITDA improved from -$11.5M to -$2.9M, while company TSR (initial $100 basis) moved from $26.64 (2022) to $17.53 (2024) ; revenue and net income data below are cited, EBITDA values carry S&P Global disclaimer via GetFinancials.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Precipio, Inc. | Chief Financial Officer | 2023–present | Principal financial and accounting officer for a public diagnostics company |
| Precipio, Inc. | Interim CFO | 2022–2023 | Led finance during transition to permanent CFO |
| Precipio, Inc. | Director, Financial Reporting & Analysis | 2017–2022 | Public-company reporting leadership post-merger integration |
| Transgenomic, Inc. | Director, Financial Reporting & Analysis | 2014–2017 | SEC reporting and analysis for a public company |
Fixed Compensation
No CFO-specific base salary, target bonus, or perquisites are disclosed in the latest proxy for smaller reporting companies (NEO disclosure covers CEO, COO, CTO; CFO not included) .
Performance Compensation
2025 Performance-Based Option Grant (Senior Management program)
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Stock price performance (10-day VWAP) | 100% | Exceeds $30.30 (5x $6.06 exercise) | Not disclosed | Options vest only upon target; otherwise no vest | No time-based vesting; options vest if 10-day VWAP > $30.30; expires 1/14/2035 |
CFO 2025 Grant Details
| Grant Date | Options (#) | Exercise Price ($/sh) | Vesting Condition | Expiration |
|---|---|---|---|---|
| 1/14/2025 | 4,000 | $6.06 | 10-day VWAP > $30.30 | 1/14/2035 |
2024 Option Repricing (Retention Program)
| Total Outstanding Options | Relevant Options Repriced (#) | New Exercise Price | Retention Period Term | Options Not Repriced (#) | Original Exercise Price Range |
|---|---|---|---|---|---|
| 11,574 | 3,824 | $6.56 | Original exercise price applies to exercises within 1 year unless terminated without cause | 7,750 | $30.80–$213.00 |
- The board approved a one-time repricing for eligible pre-2023 options to $6.56; repricing was not subject to stockholder approval under the plan .
- Compensation policy states clawback for incentive awards (Nasdaq listing rule adoption, June 21, 2023) and prohibits hedging/short sales; pledging not explicitly disclosed .
Equity Ownership & Alignment
- Options footprint: CFO had 11,574 total outstanding options as of the 8/31/2024 repricing; 3,824 were repriced to $6.56 and 7,750 remained at original prices subject to a one-year retention clause .
- 2025 grant adds 4,000 performance-based options that vest only upon a 5x price hurdle, aligning pay with shareholder returns .
- Insider trading policy bans short sales and hedging instruments; no disclosure of share pledging by CFO .
- Section 16 note: CFO was listed among Form 4s associated with the option repricing administrative updates .
Employment Terms
- CFO employment agreement terms (e.g., severance, change-of-control) are not detailed in the 2025 proxy; a “Payroll and Position Change Notice dated March 21, 2022” exists as an exhibit reference, but terms are not summarized in the proxy .
Company Performance Context
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($USD) | $9,412,000 | $15,197,000 | $18,532,000 |
| EBITDA ($USD) | -$11,464,000* | -$6,312,000* | -$2,920,000* |
| Net Income ($USD) | -$12,203,000 | -$5,853,000 | -$4,290,000 |
Values with an asterisk were retrieved from S&P Global via GetFinancials.
| TSR Value of Initial $100 Investment | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Company TSR ($) | $26.64 | $15.70 | $17.53 |
Additional Insider Filings (CFO)
| Filing Type | Date | Summary/Link |
|---|---|---|
| Form 4 | 06/25/2024 | Statement of changes in beneficial ownership: Matthew Gage |
| Form 4 | 09/06/2024 | Statement of changes in beneficial ownership: Matthew Gage |
Investment Implications
- Alignment improved: The 2025 performance-based option grant requires a 5x price hurdle (10-day VWAP > $30.30) before vesting, signaling management confidence and tightening pay-for-performance alignment; no time-based vesting reduces “pay regardless” risk .
- Repricing red flag vs retention: The Aug-2024 option repricing lowered exercise prices to $6.56 on legacy grants (including CFO) and imposes a one-year retention feature; repricing can be shareholder-unfriendly, but it may mitigate retention risk for key leaders during a turnaround .
- Clawback and anti-hedging policies: Company-wide clawback and hedging prohibitions support alignment and governance; absence of disclosed pledging reduces risk of forced selling under pressure .
- Performance trajectory: Revenue growth and improving EBITDA/net loss provide fundamental support, but TSR remains depressed; the high vesting hurdle may cap near-term realizable comp, which can lessen insider selling pressure until performance inflects .