Antony Koblish
About Antony Koblish
Antony Koblish is TELA BIO’s co‑founder, President and Chief Executive Officer and has served on the Board since April 2012; he is 59 years old and holds an M.S.E. in Mechanical Engineering and Applied Mechanics from the University of Pennsylvania and a B.S. in Mechanical Engineering from Worcester Polytechnic Institute . Under his tenure, TELA reported 2024 revenue of $69.3 million, up 19% year over year, while net income was a loss of $37.8 million in 2024 and $46.7 million in 2023; cumulative TSR for a fixed $100 investment was $26.26 in 2024 and $57.57 in 2023 . Governance structure separates CEO and Chairman roles, with an independent Chairman (Doug Evans), and Koblish is not deemed independent under Nasdaq rules .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Orthovita, Inc. | President & CEO | Not disclosed | Led a publicly traded orthobiologics and biosurgery medical device company |
External Roles
| Organization | Role | Years | Strategic Impact / Time Commitment |
|---|---|---|---|
| Onkos Surgical, Inc. | Chairman of the Board | Not disclosed | Surgical oncology; ongoing oversight as Chair |
| 1315 Capital | Operating Partner | Not disclosed | Growth capital across medtech/pharma/services; attends 1–2 meetings per quarter |
| Cerapedics Inc. | Director | Not disclosed | Ortho‑biologics company; attends one board meeting per quarter |
| Spineology, Inc. | Board Observer | Not disclosed | Private spine company; attends one board meeting per quarter |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % | Actual Bonus ($) | Actual Payout % of Target |
|---|---|---|---|---|
| 2024 | 617,800 | 75% of base salary earned | 389,215 | 84% |
| 2023 | 595,383 | — | 433,141 | — |
- 2024 salary rate set at $600,300, increased to $621,300 effective March 1, 2024 (ordinary ~3.5% increase) .
- Annual bonus for 2024 was targeted at 75% of base; payout was approved at 84% of target and paid in March 2025 .
Performance Compensation
| Incentive | Metric(s) | Weighting | Target | Actual/Payout | Vesting/Timing |
|---|---|---|---|---|---|
| Annual Cash Bonus (2024) | Corporate and individual goals: revenue and sales targets, cost control, manufacturing capabilities, education programs, capital/liquidity communication | Not disclosed | 75% of base salary earned | 84% of target; $389,215 paid Mar 2025 | Cash paid after year‑end |
| PSUs (granted 3/2/2023) | Annual revenue and gross margin goals | Not disclosed | Threshold units outstanding | 85,772 threshold units unearned at 12/31/24; market value $259,031 | Vest upon achievement by the earlier of 12/31/2026 or a change in control; vests at target upon change in control |
- Stock options to NEOs vest 25% on first anniversary of grant, then 75% in equal monthly installments over 36 months; RSUs vest in four equal annual installments starting on the first anniversary of grant .
Equity Ownership & Alignment
| Category | Amount | Notes |
|---|---|---|
| Total beneficial ownership | 1,025,526 shares; 2.5% of outstanding common stock | Based on 39,551,098 shares outstanding at 4/1/2025 |
| Direct/common shares | 339,785 | — |
| Warrants | 436 | Exercisable within 60 days of 4/1/2025 |
| Options (exercisable within 60 days) | 685,305 | — |
Unvested/Unexercisable equity (as of 12/31/2024):
| Grant Date | Instrument | Unvested/Unexercisable | Exercise Price | Expiration | Notes |
|---|---|---|---|---|---|
| 2/23/2024 | Options | 113,200 | $7.07 | 2/23/2034 | 25% cliff at 1 year, then monthly for 36 months |
| 2/23/2024 | RSUs | 77,500 | — | — | Four annual installments |
| 2/23/2023 | Options | 52,055 | $10.50 | 2/23/2033 | Standard vesting |
| 2/23/2023 | RSUs | 45,900 | — | — | Standard vesting |
| 3/2/2023 | PSUs (threshold) | 85,772 | — | — | Vests on revenue and gross margin; target on change in control |
| 2/24/2022 | Options | 23,188 | $11.98 | 2/24/2032 | Standard vesting |
| 2/24/2022 | RSUs | 23,250 | — | — | Standard vesting |
| 2/24/2021 | Options | 2,650 | $16.99 | 2/24/2031 | Standard vesting |
| 2/24/2021 | RSUs | 8,725 | — | — | Standard vesting |
| 3/31/2021 | RSUs | 1,359 | — | — | Standard vesting |
Policies supporting alignment:
- Hedging, pledging, short sales, and holding company securities on margin are prohibited for directors and officers .
- Clawback policy compliant with SEC/Nasdaq rules applies to current/former executive officers for three years prior to a restatement, recovering incentive compensation in excess of restated amounts .
Capital markets participation:
- Participated in October 2024 public offering, purchasing 88,888 shares for $199,998, alongside other executives, signaling alignment with equity holders .
Employment Terms
| Scenario | Cash Severance | Benefits Continuation | Bonus Treatment | Equity Vesting | Trigger Type |
|---|---|---|---|---|---|
| Termination without cause or for good reason (no change of control) | 12 months base salary continuation | 12 months health/dental/vision | Prior‑year accrued unpaid bonus; current‑year pro‑rata not specified | No acceleration specified (CoC acceleration terms apply) | Single trigger (termination) |
| Termination within 12 months after change of control | 18 months base salary continuation | 18 months health/dental/vision | 150% of then‑current target bonus paid in installments over 18 months; pro‑rated current‑year bonus based on actual performance | Full acceleration of service‑vesting; performance‑vesting remains based on actual performance; RSUs accelerate | Double trigger (CoC + termination) |
Definitions: “Cause,” “Good Reason,” and “Change of Control” as defined in the employment agreements (felony/ethical breaches, material reductions/breaches, sale/transaction changing voting power ≤50%) .
Board Governance
- Director since 2012; currently CEO and director with no committee memberships; other directors are largely independent, with an independent Chairman (Doug Evans) and fully independent Audit, Compensation, and Nominating & Corporate Governance committees .
- Board meeting attendance: in 2024, Board met 13 times; each director attended at least 75% of Board and committee meetings .
- Employee directors receive no separate director compensation; non‑employee director compensation policy outlines cash retainers and equity awards, but Koblish as an employee director receives none .
- Independent directors regularly hold executive sessions without management .
Performance & Track Record
| Metric | 2023 | 2024 |
|---|---|---|
| Cumulative TSR value of fixed $100 investment | $57.57 | $26.26 |
| Net Income ($ millions) | (46.7) | (37.8) |
- Company highlights under leadership include 2024 revenue of $69.3 million (+19% YoY), launch of OviTex IHR for laparoscopic/robotic inguinal hernia repair with over 1,200 units sold since mid‑April 2024, and sequential OpEx reduction into Q4 to keep 2025 OpEx at 2024 levels .
Employment & Contractual Protections
- Insider Trading Policy prohibits trading on MNPI and limits equity grant timing relative to earnings disclosures; NEO grants avoided trading windows around quarterly/annual filings in 2024 .
- Indemnification agreements for directors and officers cover legal expenses and liabilities arising from service .
Investment Implications
- Pay‑for‑performance levers: Annual bonuses tied to revenue/gross margin and operational milestones, with PSUs explicitly linked to revenue and gross margin goals, create measurable alignment; double‑trigger CoC acceleration protects executives in a sale while preserving performance hurdles on PSUs, tempering windfall risk .
- Vesting and potential supply: Material unvested RSUs and unexercisable options (e.g., 77,500 RSUs and 113,200 options from 2/23/2024) suggest periodic equity deliveries that can create mechanical selling pressure if shares are sold to cover taxes or liquidity needs; hedging/pledging prohibitions reduce misalignment risks .
- Ownership alignment: 2.5% beneficial ownership with direct share purchases in the 2024 offering supports alignment; meaningful in‑the‑money status cannot be assessed here, but multiple long‑dated grants align incentives with multi‑year value creation .
- Governance: Separation of Chair/CEO and independent committees mitigate dual‑role concerns; Koblish’s extensive external medtech experience adds strategic value but entails time commitments monitored by the Board .
- Performance context: TSR volatility and sustained net losses underscore execution risk; revenue growth and product launches are positives, but pay outcomes (84% of target bonus) reflect partial goal achievement, warranting continued scrutiny of revenue/margin delivery against PSU conditions through 2026 .