Les Funtleyder
About Les Funtleyder
Independent director of Reviva Pharmaceuticals Holdings, Inc. (RVPH) since December 2020; Audit Committee Chair and audit committee financial expert. Age 56 (2025 proxy), B.A. Tulane University; M.P.H. Columbia University. Healthcare investor/operator: portfolio manager at E Squared (on sabbatical), senior external advisor at McKinsey; former Director of Strategic Investments at OPKO Health; currently serves on the board and is Interim CEO/CFO of Applied Therapeutics (APLT), signaling deep capital markets and healthcare operating expertise .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| OPKO Health (NASDAQ: OPK) | Director of Strategic Investments & Comms | Apr 2014–Jun 2016 | Strategic investments; public company experience . |
| Bluecloud Health (PE fund) | Consulting Partner | Dec 2013–Apr 2020 | Emerging markets healthcare investing . |
| E Squared Capital Management | Healthcare Portfolio Manager | Since Jan 2014 (sabbatical noted by APLT) | Public equities; capital allocation . |
| Columbia Univ. | Adjunct Professor (Healthcare Investing/Public Health) | Ongoing | Academic governance perspective . |
External Roles
| Company | Role | Since | Committee Roles |
|---|---|---|---|
| Applied Therapeutics (NASDAQ: APLT) | Director (since 2016); CFO (since Nov 2023); Interim CEO (Dec 2024) | 2016/2023/2024 | Board committees at APLT are disclosed; active executive service indicates significant time commitment . |
| Private healthcare companies/foundations | Director | Various | Not specified (private) . |
Interlocks: No disclosed interlocks with RVPH competitors, suppliers, or customers. External executive role at APLT (public biotech) could create time/attention constraints but no disclosed related-party transactions with RVPH involving Mr. Funtleyder .
Board Governance
- Independence: Board determined Mr. Funtleyder is independent under NASDAQ and SEC rules .
- Committees and Chair roles (2024 activity):
- Audit Committee: Chair; 6 meetings in 2024; designated audit committee financial expert; oversees auditor appointment, financial reporting, and related-party approvals .
- Nominating & Corporate Governance Committee: Member; 1 meeting in 2024 .
- Compensation Committee: Not a member (Comp: Patel—Chair, Margolin, Saxena; 5 meetings in 2024) .
- Attendance: Board met 19 times in 2024; each director attended at least 75% of Board and committee meetings; all directors attended the 2024 annual meeting .
- Years of service on RVPH board: Since December 2020 .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Annual cash fees (base + committees) | $51,250 | $51,250 |
| Committee chair/member fee structure (policy) | Base $32,500; Audit Chair $15,000; Governance member $3,750; no meeting fees | Base $32,500; Audit Chair $15,000; Governance member $3,750; no meeting fees |
| Total cash (reported) | $51,250 | $51,250 |
Non-Employee Director Compensation Policy (current): fixed cash retainers as above; equity grants are fixed-share option awards (see Performance Compensation) .
Performance Compensation
| Element | 2023 | 2024 | Vesting / Structure |
|---|---|---|---|
| Annual nonqualified stock option grant (director policy) | 8,200 options (fixed-share policy) | 8,200 options (fixed-share policy) | Annual grant vests cliff after 1 year; initial director grants vest 33% per year over 3 years . |
| Reported option grant fair value | $36,760 | $17,109 | ASC 718 grant-date fair value methodology . |
Performance metrics: None disclosed for director equity; grants are time-based options per policy (no TSR/EBITDA targets for directors) .
Other Directorships & Interlocks
| Company | Exchange | Role | Potential Conflict Consideration |
|---|---|---|---|
| Applied Therapeutics (APLT) | Nasdaq | Director; CFO; Interim CEO | Time/attention risk due to dual executive/board roles; no RVPH-related transactions disclosed involving Mr. Funtleyder . |
Expertise & Qualifications
- Audit Committee Financial Expert (SEC/NASDAQ designation) .
- Deep healthcare investing and operating background (E Squared portfolio manager; OPKO strategic investments; adjunct academic roles) .
- Regulatory/financial oversight evidenced by signing the Audit Committee Report and leading auditor oversight; audit report recommended inclusion of audited financials in 10-K .
Equity Ownership
| Date (Record Date) | Beneficial Ownership (Shares) | % of Class | Exercisable within 60 days | Not exercisable within 60 days | Notes |
|---|---|---|---|---|---|
| Oct 9, 2024 | 13,200 | <1% | 13,200 options | 8,200 options excluded from beneficial (<60-day) | Based on 33,441,199 shares outstanding . |
| Oct 21, 2025 | 21,400 | <1% | 21,400 options | 8,200 options excluded from beneficial (<60-day) | Based on 114,078,619 shares outstanding . |
- Anti-hedging: Company prohibits hedging/monetization transactions by directors (e.g., collars, forwards) .
- Pledging: No pledging disclosure specific to RVPH; policy text provided addresses hedging; no director pledges disclosed for Mr. Funtleyder in proxies .
Director Compensation (Detail)
| Component | 2023 | 2024 |
|---|---|---|
| Fees earned/paid in cash | $51,250 | $51,250 |
| Option awards (grant-date fair value) | $36,760 | $17,109 |
| Total | $88,010 | $68,359 |
| Options outstanding at year-end (count) | 8,200 (12/31/2023) | 29,600 (12/31/2024) |
Insider Trades (Form 4 – RVPH)
| Transaction Date | Filing Date | Type | Security | Quantity | Price | Post-Transaction Ownership | Source (SEC) |
|---|---|---|---|---|---|---|---|
| 2023-11-13 | 2023-11-14 | A (Award) | Stock Option (right to buy) | 8,200 | $6.04 | 8,200 | |
| 2024-12-10 | 2024-12-12 | A (Award) | Stock Option (right to buy) | 8,200 | $2.52 | 8,200 |
Governance Assessment
-
Strengths
- Independent director; Audit Chair and designated financial expert; active committee cadence (Audit 6x in 2024) .
- Audit Committee Report signed; oversaw auditor transition to Baker Tilly (via Moss Adams merger) and maintained independence oversight .
- Solid engagement: Board met 19x in 2024 with ≥75% attendance by all directors; all attended 2024 annual meeting .
- Clear anti-hedging policy; Audit Committee reviews and approves related-party transactions, bolstering conflict oversight .
-
Watch items
- Low direct economic alignment: holds options only and <1% ownership; however, director pay level and option counts are modest, limiting misalignment risk .
- External commitments: Concurrent APLT executive/board roles (Interim CEO/CFO) could constrain bandwidth; monitor RVPH attendance and committee output; attendance thresholds were met in 2024 .
- Board-level related parties: Transactions involve the Chair’s affiliated funds and CEO’s family members (not involving Mr. Funtleyder). As Audit Chair, he must ensure robust recusals and arms’-length validation for such items .
-
RED FLAGS
- None disclosed specific to Mr. Funtleyder (no related-party dealings, pledging, or attendance shortfalls). Maintain oversight on potential time-commitment risk given APLT interim CEO/CFO duties .
Appendix: Reference Committee Structure (2024)
| Committee | Members | Chair | 2024 Meetings | Key Mandate |
|---|---|---|---|---|
| Audit | Funtleyder, Patel, Margolin | Les Funtleyder | 6 | Financial reporting, auditor oversight, related-party approvals . |
| Compensation | Patel, Margolin, Saxena | Purav Patel | 5 | Exec/director comp, equity plans, consultant oversight . |
| Nominating & Corporate Governance | Saxena, Funtleyder, Patel | Parag Saxena | 1 | Board composition, nominations . |