Steven Pfanstiel
NeuroneticsAbout Steven Pfanstiel
Steven E. Pfanstiel, age 52, is Executive Vice President, Chief Financial Officer and Treasurer of Neuronetics (STIM), appointed July 15, 2025; he serves as Principal Financial and Accounting Officer per Q3 2025 filings . He holds a B.A. in Physics (Wabash College), an M.S. in Environmental Systems Engineering (Clemson University), and an MBA in Finance (Indiana University Kelley School of Business) . STIM’s recent operating profile shows sequential revenue growth through 2025 as the company integrates Greenbrook, with EBITDA losses narrowing, framing his pay-for-performance context.
| Metric | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|
| Revenue ($USD) | $22,493,000 | $31,975,000 | $38,108,000 | $37,297,000 |
| EBITDA ($USD) | -$10,516,000* | -$10,103,000* | -$7,157,000* | -$6,435,000* |
*Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Marinus Pharmaceuticals | CFO & COO | Apr 2023–Mar 2025 | Led commercial scaling; played key role in launch of Ztalmy; company later acquired by Immedica in Feb 2025 . |
| Marinus Pharmaceuticals | CFO | Apr 2021–Mar 2023 | Built finance ops and reporting for rare disease commercial stage company . |
| LifeScan, Inc. | VP, Finance | Jan 2020–Mar 2021 | Supported global commercial and development orgs; FP&A and treasury responsibilities for diabetes-focused medtech . |
| OptiNose, Inc. | Senior Director, FP&A | Feb 2018–Jan 2020 | Led FP&A at publicly traded specialty pharma; ENT/allergy focus . |
| DePuy Synthes (J&J) | Senior Director supporting Global Strategic Marketing | Jul 2016–Feb 2018 | Finance leadership across orthopedics/neurosurgery franchise . |
| Johnson & Johnson divisions (Janssen R&D, LifeScan, Ethicon Endo-Surgery) | Various finance roles | Earlier career | Progressive finance roles across pharma/devices . |
External Roles
No public-company board roles or external directorships disclosed in STIM filings for Pfanstiel .
Fixed Compensation
| Component | Detail |
|---|---|
| Base Salary | $480,000 annual (semi-monthly $20,000) . |
| Target Bonus % | 50% of actual salary earned in 2025; discretionary, based on corporate/department/personal goals; must be employed at payout . |
| Sign-on Bonus | $10,000, payable July 31, 2025; clawback if voluntary termination before July 31, 2026 . |
| Benefits | Standard medical, dental, vision, life, disability; 401(k) eligibility; benefits start first day of month after 60 days . |
| Employment Status | At-will; outside activities restricted without written consent . |
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual/Payout | Vesting/Payment |
|---|---|---|---|---|---|
| Annual Cash Bonus (Company’s 2024 policy for CFO role) | Revenue | 50% | $82.2M revenue | Threshold $74.0M not met; no payout on revenue metric | |
| EBIT (adjusted) | 30% | $(20.4)M EBIT | Adjusted EBIT $(22.661)M → 77.5% of target | ||
| Individual goals (CFO) | 20% | Qualitative | Met at 100% (Furlong reference) | ||
| RSUs (Inducement Grant) | Time-based | n/a | 400,000 RSUs | Grant approved by Compensation Committee per NASDAQ 5635(c)(4) | 200,000 vest in equal installments on 1st/2nd/3rd anniversaries; 200,000 vest on 2nd/3rd/4th anniversaries; continuous employment required . |
Notes:
- Pfanstiel’s 2025 bonus metrics will be defined jointly with CEO per offer letter; company historically emphasizes revenue and EBIT with individual components for non-CEO NEOs .
- No options were disclosed for Pfanstiel at hire; the inducement package is solely RSUs .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Inducement RSUs | 400,000 RSUs with multi-year time-based vesting; approved as material inducement under NASDAQ Listing Rule 5635(c)(4) . |
| Outstanding Beneficial Ownership | Not disclosed in 2025 proxy; Form 4 retrieval encountered authorization error; latest company filings do not show a beneficial share count for Pfanstiel . |
| Stock Ownership Guidelines | For NEOs: hold the lesser of 150,000 shares or shares equal to base salary within 5 years of later of Nov 2024 guideline adoption or appointment date; for Pfanstiel, compliance deadline is 5 years from July 15, 2025 . |
| Hedging/Pledging | Hedging, short sales, transactions in put/call options, margin accounts, or speculative transactions prohibited by compliance & ethics manual; pre-clearance and limited trading window required . |
Employment Terms
| Provision | Detail |
|---|---|
| Start Date / Role | Appointed EVP, CFO & Treasurer on July 15, 2025; Principal Financial & Accounting Officer . |
| Severance | If terminated without cause or resigns for good reason: 12 months salary, prorated target bonus, and continued health coverage (subject to signing company’s standard executive severance agreement) . |
| Change-of-Control | Not specifically disclosed for Pfanstiel in 8-K; legacy CFO agreements included 100% target bonus and accelerated vesting upon CIC; Pfanstiel entered company’s standard executive restrictive covenant and severance agreements, but CIC specifics for him are not itemized in filings . |
| Clawback | Company clawback policy adopted Dec 1, 2023 for incentive-based compensation upon accounting restatement . |
| Indemnification & Restrictive Covenants | Executed executive indemnification agreement; restrictive covenant and invention assignment agreements; confidential information agreement . |
| Trading Controls | Pre-clearance required; limited trading window opens after two full trading days post-earnings release and closes on 15th day of last month of each quarter . |
Compensation Committee & Shareholder Feedback
- Compensation Committee members: Cascella, Muir, Conley (Chair), Rosengarten; independent per Nasdaq .
- Consultant: Alpine Rewards engaged since 2020; peer benchmarking used in decisions .
- 2024 Say-on-Pay approval: 68.45%; committee added performance RSUs with cash-flow breakeven and cash-balance growth targets for senior leadership in Dec 2024 and Feb 2025 to strengthen performance alignment .
Investment Implications
- Alignment and retention: Large 400,000 RSU inducement with staggered vesting across years 1–4 supports retention; upcoming tranche vestings may create localized selling pressure around anniversaries, though pre-clearance and trading-window policies temper opportunistic sales .
- Pay-for-performance: While Pfanstiel’s 2025 bonus goals will be set with the CEO, historical CFO incentive structure weighted toward revenue and EBIT suggests tight linkage to operational execution and integration synergies post-Greenbrook .
- Severance/CIC economics: Standard 12-month severance with prorated bonus and benefits points to moderate retention assurance; absence of disclosed CIC multiples for Pfanstiel reduces windfall risk but leaves acceleration terms unspecified, warranting monitoring of any future agreement filings .
- Ownership requirements: NEO stock ownership guideline (≤150,000 shares or salary-equivalent within 5 years) increases long-term alignment; compliance due by July 2030 for Pfanstiel .
- Performance backdrop: Revenues are rising sequentially in 2025 while EBITDA losses narrow, providing a constructive setup for achieving bonus targets tied to profitability and cash metrics; sustained progress should enhance realized value of RSUs and potential PRSU frameworks adopted company-wide .
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