Manohar Raheja
About Manohar Raheja
Manohar Raheja, age 66, is Executive Vice President of Research & Development at Sight Sciences (SGHT), appointed in November 2024. He holds a Ph.D. from the University of Massachusetts and an Executive MBA from Boston University; he has 35+ years in ophthalmology medical device innovation and oversight of global R&D organizations credited with bringing over 70 ophthalmic innovations to market . Company performance context for incentive alignment: 2024 revenue was $79.9 million (down 1% YoY) and adjusted operating expenses fell to $101.3 million from $110.3 million, reflecting a disciplined cost program in response to Medicare LCD dynamics .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Johnson & Johnson Vision | Global Head, Surgical Vision R&D | 2009–Apr 2023 | Led global ophthalmic surgical R&D; stewardship of pipeline and clinical evidence generation |
| CIBA Vision (Novartis) | Chief Technology Officer | Not disclosed | Enterprise-wide ophthalmic technology leadership |
| Hill Top Research, Inc. | President & Chief Operating Officer | Not disclosed | Led PE-backed clinical research organization operations |
| Bausch & Lomb | VP, Research Development & Engineering | Not disclosed | Advanced ophthalmic product R&D and engineering |
| Advisor (various) | Advisor to emerging ophthalmic companies and nonprofit entrepreneurial institutions | May 2023–Nov 2024 | Strategic guidance across ophthalmic innovation pre-SGHT appointment |
External Roles
No current public company directorships or committee roles disclosed for Dr. Raheja; prior roles listed above were operating and advisory positions .
Fixed Compensation
Not disclosed for Dr. Raheja. SGHT’s compensation philosophy targets base salary and target bonus at ~50th percentile of the peer group, with equity up to ~75th percentile, subject to discretion given market and burn-rate constraints . SGHT’s 2024 named executive officer base salaries and increases are provided for context, but no NEO-level disclosure exists for Raheja .
Performance Compensation
SGHT ties senior executive cash bonuses 100% to pre-determined corporate objectives. For 2024, objectives and weightings were revenue (30%), adjusted operating expenses (30%), market access (20% split across payor wins and TearCare payment), clinical (10%), R&D (10%), plus “kickers” for OMNI LCD coverage (10%) and litigation outcome (5%). Bonus payout for 2024 was 120.4% of target, reflecting strong execution on opex discipline and strategic milestones .
| Metric | Weight | Target | Actual | Payout |
|---|---|---|---|---|
| Total Revenue | 30% | ≥$85.0m (Target), linear payouts between Min $70.0m and Max $105.0m | $79.9m | 87.2% of target |
| Adjusted Operating Expenses | 30% | ≤$107.0m (Target), linear payouts between Min ≤$115.0m and Max ≤$100.0m | $101.3m | 143.0% of target |
| Market Access (Payor Wins) | 10% | ≥4 positive determinations | 3 achieved | 75.0% of target |
| Market Access (Avg TearCare Payment) | 10% | Dollar thresholds undisclosed | Target exceeded | 112.8% of target |
| Clinical (SAHARA 12-mo submission timing) | 5% | Submit by Mar 31, 2024 | Submitted Feb 2024 | 125% of target |
| Clinical (36-mo standalone study submission) | 5% | Submit by Sep 30, 2024 | Submitted Sep 2024 | 100% of target |
| R&D (Helix 6-mo animal implantation) | 5% | Complete by Oct 31, 2024 | Completed Sep 2024 | 125% of target |
| R&D (TearCare label expansion) | 5% | Signs/symptoms expansion by Dec 31, 2024 | Not met | 0% of target |
| Kicker: OMNI LCD coverage | 10% | New LCDs preserving coverage | Final LCDs effective Nov 2024 | 100% of target |
| Kicker: Litigation outcome | 5% | Trial win or settlement above threshold | Jury verdict of $34.0m Apr 2024 | 100% of target |
2025 program resets target bonus levels lower (relative to 2024 elevation) and remains tied to revenue, adjusted opex, market access, clinical/R&D, and commercial launch milestones; specific targets for executives were disclosed for CEO/CFO/CCO, not for Raheja . Committee plans to introduce performance-based equity vesting beginning in the 2026 grant cycle, enhancing pay-for-performance linkage .
Equity Ownership & Alignment
- Stock ownership guidelines: Other executive officers must hold stock equal to 1x annual base salary, with a five-year compliance window (later of guideline effective date or five years after appointment) .
- Hedging/pledging: Company policy prohibits hedging, short sales, margin purchases, and pledging of SGHT securities (except pre-IPO pledges); also restricts trading when in possession of MNPI .
- Equity vehicles and vesting norms: SGHT has emphasized RSUs since 2021; 2024–2025 grants are RSUs with time-based vesting. Annual cycle RSUs vest in equal quarterly installments over four years; new executive hires typically vest 25% annually over four years . No stock options were granted in 2024; options are not anticipated near term, though the committee retains discretion .
- Personal ownership: No beneficial ownership or Form 4 data disclosed for Dr. Raheja in the proxy’s security ownership table (table lists directors and named executive officers only) .
Employment Terms
- Appointment: Executive Vice President, Research & Development since November 2024 .
- Contract terms: Severance, change-in-control, non-compete/solicit, and garden leave provisions for Dr. Raheja are not disclosed. SGHT maintains an executive clawback (recoupment) policy for incentive compensation in the event of an accounting restatement within three years of the original filing .
- Governance: Anti-hedging/pledging; insider trading policy; equity grant practices designed to avoid MNPI timing and adhere to burn-rate limits (~6% of outstanding shares) .
Company Performance Context (for incentive linkage)
| Metric | 2023 | 2024 |
|---|---|---|
| Total Operating Expenses ($USD Millions) | $126.4 | $118.8 |
| Adjusted Operating Expenses ($USD Millions) | $110.3 | $101.3 |
- Revenue 2024: $79.9 million; YoY change: -1% vs 2023, impacted by Medicare LCDs and competitive trialing by ECPs .
Performance & Track Record
- 35+ years in ophthalmic device innovation; accountable for delivering over 70 ophthalmic innovations to market across J&J Vision, Bausch & Lomb, CIBA Vision, and Hill Top Research .
- Role relevance at SGHT: R&D leadership directly tied to clinical evidence generation and label expansion (e.g., TearCare), which are explicit components in SGHT’s bonus metrics (clinical and R&D objectives) .
Investment Implications
- Alignment: Strong governance—no hedging/pledging, ownership guidelines, and a planned shift to performance-vested equity in 2026—supports pay-for-performance culture; Raheja’s remit aligns with bonus metrics (clinical/R&D, market access) .
- Retention: As a November 2024 hire with no publicly disclosed severance/change-in-control terms, individual retention economics are opaque; however, time-based RSU vesting over four years provides standard retentive value in SGHT’s program .
- Execution signals: 2024 bonus payout above target (120.4%) was driven by opex discipline and strategic milestones rather than revenue growth; Raheja’s success will be visible via clinical/R&D milestones and TearCare label progress—areas that directly affect payout metrics and mid-term valuation drivers .
- Near-term pressures: Medicare Final LCDs preserved OMNI coverage but implemented a “Multiple MIGS Exclusion,” constraining market volumes; R&D prioritization under cost discipline heightens focus on milestones with clear reimbursement/value impact .