Alison Bauerlein
Chief Operating Officer at SGHT
Executive
About Alison Bauerlein
Alison (“Ali”) Bauerlein, age 43, is Chief Operating Officer (since Nov 5, 2025) and previously Chief Financial Officer & Treasurer (since Apr 3, 2023) at Sight Sciences (SGHT). She co-founded Inogen and served as CFO there (2009–2021). She holds a B.A. in Economics/Mathematics (with high honors) from UC Santa Barbara . Company performance context: SGHT revenues were $71.3M (FY22), $81.1M (FY23), $79.9M (FY24); EBITDA losses narrowed from -$83.2M (FY22) to -$49.8M (FY24)* ; EBITDA -$83.244M*] ; EBITDA -$56.660M*] ; EBITDA -$49.820M*]. In 2024, management achieved Medicare LCD resolutions preserving OMNI coverage and won a $34.0M jury verdict vs. Alcon, both tied to incentive “kickers” .
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($USD) | $71,331,000 | $81,056,000 | $79,866,000 |
| EBITDA ($USD) | -$83,244,000* | -$56,660,000* | -$49,820,000* |
| *Values retrieved from S&P Global. |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Inogen, Inc. (Nasdaq: INGN) | Co‑founder; CFO; EVP Finance; Corporate Treasurer/Secretary | CFO 2009–2021; EVP Finance 2014–2021; Treasurer 2002–2021; Secretary 2002–2021 | Scaled medtech from start‑up to >$350M sales; led finance, reporting, IR, BD |
| Inogen, Inc. | Executive Advisor | Dec 2021–Apr 2022 | Transitional advisory to executive team |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Koya Medical, Inc. | Director | Since Mar 2021 | Private medtech; governance and audit expertise |
| Balance Ophthalmics, Inc. | Director | Since 2024 | Private ophthalmic device; industry network |
| Pear Therapeutics, Inc. | Director | Dec 2021–May 2024 | Digital therapeutics oversight through restructuring |
| Gelesis Holdings, Inc. | Director | Jan 2022–Oct 2023 | Biotherapeutics governance during transition |
| Equinox Ophthalmic, Inc. | Director | Jun 2020–Mar 2023 | Ophthalmic device audit member |
Fixed Compensation
| Component | 2024 | 2025 (CFO) | 2025 (COO, effective Nov 5, 2025) |
|---|---|---|---|
| Base Salary ($) | $450,000 | $473,000 | $485,000 |
| Target Bonus (% of base) | 80% | 60% | 65% |
| RSU Annual Grants (value) | $1,350,000 grant value (FY24) | Committee adhered to 6% burn-rate cap; exec grants ~60% of typical value | Promotion RSU grant $150,000, vesting quarterly over 16 quarters |
Notes:
- Compensation philosophy targets base and bonus at ~50th percentile of peer group; equity up to 75th percentile, with burn-rate discipline (~6% of shares) reducing 2025 grant values .
- Shift from options to RSUs since 2021; 2024 grants moved to quarterly vesting to support retention .
Performance Compensation
| Metric | Weight | 2024 Target | 2024 Actual | Achievement/Payout |
|---|---|---|---|---|
| Total Revenue | 30% | ≥$85M target; max ≥$105M; min ≥$70M | $79.9M | 87.2% of target |
| Adjusted Operating Expenses | 30% | ≤$107M target; max ≤$100M; min ≤$115M | $101.3M (adjusted) | 143.0% of target |
| Market Access – Payor Wins | 10% | ≥4 wins target; max 6; min 1 | 3 wins | 75.0% of target |
| Market Access – Avg TearCare Payment | 10% | Thresholds undisclosed; linear payout | Target exceeded | 112.8% of target |
| Clinical – SAHARA 12‑mo Submission | 5% | Submit by Mar 31, 2024; max by Feb 28 | Submitted Feb 2024 | 125% of target |
| Clinical – Standalone 36‑mo Submission | 5% | Submit by Sep 30, 2024; max by Aug 31 | Submitted Sep 2024 | 100% of target |
| R&D – Helix 6‑mo Animal Study | 5% | Complete by Oct 31, 2024; max by Sep 30 | Completed Sep 2024 | 125% of target |
| R&D – TearCare Label Expansion | 5% | Signs/symptoms label expansion by Dec 31, 2024 | Not met | 0% of target |
| Kicker – OMNI Coverage LCDs Effective | 10% | Final LCDs confirming coverage | Achieved Nov 2024 | 100% of target |
| Kicker – Alcon Litigation Outcome | 5% | Trial win or settlement ≥ threshold | $34.0M jury verdict Apr 2024 | 100% of target |
- 2024 corporate bonus payout: 120.4% of target; Ali’s 2024 cash bonus paid was $433,368 .
- 2025 cash incentive program reduced targets to reflect Multiple MIGS Exclusion and expense discipline; exec targets: CEO 75%, CFO 60%, others at lower levels .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (Apr 9, 2025) | 151,353 shares; less than 1% of outstanding (51,695,688 shares) |
| RSUs Unvested (Dec 31, 2024) | 77,250 RSUs (25% annual on each Apr 3 anniversary, 2024–2027) (8); 236,566 RSUs (quarterly vesting; 16 equal quarters from Jan 1, 2024–Dec 31, 2027) (6) |
| 2024 Aggregate RSU Awards (granted) | 315,421 RSUs (quarterly vest; Mar 31, 2024–Dec 31, 2027) |
| Options Outstanding (Dec 31, 2024) | 29,820 exercisable; 41,980 unexercisable at $10.10 strike; expire 5/9/2033; vest 25% at Apr 3, 2024 then monthly for 36 months (7) |
| Ownership Guidelines | Executives must hold ≥1× annual base salary; compliance window 5 years from appointment/effective date |
| Hedging/Pledging | Prohibited for all insiders (hedging, short sales, margin/pledges), except pledges pre‑IPO |
Vesting cadence implies continuing quarterly/annual RSU settlements through end‑2027, which can create periodic liquidity events subject to trading windows and 10b5‑1 plans .
Employment Terms
| Provision | CFO Agreement (Proxy, applies to named execs) | COO A&R Agreement (Nov 5, 2025) |
|---|---|---|
| Termination without Cause / Resignation for Good Reason | 12 months base salary; prior‑year unpaid bonus; COBRA premium reimbursement up to 12 months | 12 months base salary; prior‑year unpaid bonus; COBRA premium reimbursement up to 12 months; “cause” and “good reason” defined (duties, pay, relocation >35 miles, successor assumption, material breach) |
| Change‑in‑Control (within 12 months of CIC) | 18 months base salary; 1.5× target bonus; COBRA up to 18 months; 100% acceleration of time‑based equity | CIC terms not detailed in 8‑K; full A&R agreement to be filed with 2025 10‑K |
| Clawback Policy | Mandatory recovery of incentive‑based pay upon financial restatement within 3 years; misconduct not required | |
| Anti‑Hedging / Anti‑Pledging | Company‑wide prohibition (see above) |
Compensation Structure Analysis
- Cash vs. equity mix: 2024 elevated bonus targets (Ali 80%) to offset industry reimbursement dislocation and lower option retentive value; 2025 targets reset lower (Ali 60%) as LCD uncertainty resolved but Multiple MIGS Exclusion reduced MIGS volume .
- Shift from options to RSUs: RSUs emphasized since 2021; all 2024–2025 equity grants were RSUs with quarterly vesting, enhancing retention and reducing share burn vs. options .
- Burn‑rate discipline: Committee limited 2025 grants under ~6% aggregate burn rate, implying ~40% reduction vs. unconstrained values .
- Performance linkage: 2024 bonuses paid at 120.4% driven by expense control, LCD outcome, and litigation success despite revenue shortfall .
Competency, Peer Group, and Governance
- Peer group for benchmarking: 2024 peer group (19 medtech/biotech names); 2025 updated peer group (19 names). Targets: base and bonus ~50th percentile; equity up to 75th percentile .
- Compensation Committee & consultant: Committee chaired by Erica Rogers with members Brenda Becker and Donald Zurbay; independent consultant Compensia engaged; no conflicts identified .
Investment Implications
- Alignment: Ownership guidelines and clawback, plus prohibition on hedging/pledging, support shareholder alignment; RSU quarterly vesting through 2027 indicates ongoing potential supply from settlements .
- Retention risk: Reduced 2025 bonus targets and burn‑rate constrained equity may pressure retention, offset by promotion to COO with adjusted base ($485k) and 65% target bonus, plus new RSU grant [$150k] .
- Performance signals: 2024 bonus overachievement (120.4%) hinged on controllable levers (opex discipline) and strategic outcomes (LCDs, litigation), while revenue underperformed targets—monitor 2025 execution under Multiple MIGS Exclusion and TearCare reimbursement access .
- Governance quality: No severance tax gross‑ups; clear CIC terms (as CFO); independent committee and advisor; strong anti‑hedging/pledging policy .