Richard Marshak
About Richard Marshak
Richard B. Marshak, VMD, MBA, is Chief Commercial Officer at TriSalus Life Sciences (promoted January 6, 2025) and previously served as SVP, Corporate Development, Strategy and Marketing (June 2022–January 2025). He is 66, holds a VMD and BA from the University of Pennsylvania and an MBA from the University of Chicago, with prior senior commercial roles at Abbott culminating as Head of Global Strategic Pricing; he has board roles at Nephraegis Therapeutics (co‑founder, CBO) and Torcept Therapeutics . Company performance under his tenure includes FY2024 revenue of $29.4M (+59% YoY) and gross margin of 86%; management reaffirmed 2025 guidance for >50% revenue growth, positive EBITDA, and positive H2 2025 cash flow .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| TriSalus Life Sciences | SVP, Corporate Development, Strategy & Marketing | 2012–2025 (June 2022–Jan 2025 at TriSalus) | Led commercial strategy pre‑CCO; positioned device/immunotherapy platform |
| Abbott Laboratories | Head of Global Strategic Pricing; prior progressive leadership | 1999–2013 | Global pricing leadership including Humira; commercial optimization |
| Mount Tam Biotechnologies | Chief Executive Officer | 2016–2019 | Led biotech operations; board service |
| LF Consulting | Managing Principal | 2013–2022 | Advised biotechnology companies on strategy |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nephraegis Therapeutics | Co‑founder; Chief Business Officer; Director | Since Sept 2018 (board since Aug 2018) | Business development for nephrology pipeline |
| Torcept Therapeutics | Director | Since 2019 | Governance and strategic guidance |
| Mount Tam Biotechnologies | Director | 2016–2019 | Board oversight during CEO tenure |
Fixed Compensation
- Specific base salary, target bonus %, and actual bonus paid for Marshak are not disclosed in the latest proxy or 8‑K filings; TriSalus is an Emerging Growth Company (EGC) and exempt from certain executive compensation disclosures like say‑on‑pay .
- Salary Investment Program adopted January 4, 2025 allowed executive officers to convert 2025 salary into RSUs vesting 12.5% on grant, 25% on May 15, Aug 15, Nov 15, 2025, and remainder Feb 13, 2026; aggregate irrevocable elections totaled $515,052 as of Dec 31, 2024 (participant names not disclosed) .
Performance Compensation
- Company-wide equity design includes RSUs and PSUs; PSUs used for revenue‑linked goals (e.g., CEO PSUs vest if $50M revenue achieved over any 12 consecutive months by Feb 28, 2027). Marshak‑specific PSU/RSU grants, weightings, targets, and payouts are not disclosed .
Equity Ownership & Alignment
- Historical personal investment pre‑public listing: Marshak purchased 1,674 Series B‑2 preferred shares and warrants for 6,698 Series B‑3 shares (aggregate $23,710), and later exercised to purchase 3,166 Series B‑3 shares for $6,406 in July 2023—demonstrating skin‑in‑the‑game prior to the SPAC combination .
- Hedging/pledging: Company Insider Trading Policy prohibits executives from hedging and pledging company stock, enhancing alignment and reducing collateralization risk .
- Individual current beneficial ownership for Marshak is not itemized in the 2025 proxy’s security ownership table (the table lists CEO, certain directors, and NEOs), though executive officers as a group held 8,876,337 shares (27.5%) at March 31, 2025 .
Employment Terms
- Marshak’s individual executive employment agreement terms (severance, change‑of‑control, non‑compete) are not disclosed in filed documents reviewed. Compensation Committee responsibilities include administering equity plans, approving executive employment/severance/change‑in‑control protections, and maintaining/approving clawback policies to recoup improper compensation .
Company Performance Snapshot (context for CCO remit)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenue ($USD Thousands) | $18,511 | $29,431 |
| Gross Margin (%) | 86% (derived from FY 2024: $25,328/$29,431; FY 2023 GM not separately provided) | 86% |
| EBITDA Guidance (2025) | — | Positive for full year 2025 (guidance) |
| Cash Flow Guidance (2025) | — | Positive in H2 2025 (guidance) |
| Metric | Q4 2023 | Q4 2024 |
|---|---|---|
| Revenue ($USD Thousands) | $5,721 | $8,261 |
| Gross Margin (%) | — | 85% |
Related Party Transactions (Marshak-specific)
| Date/Facility | Security | Quantity/Terms | Cash Paid |
|---|---|---|---|
| Oct 2022 (Series B‑2/B‑3) | Series B‑2 + warrants | 1,674 B‑2 shares; warrants to buy 6,698 B‑3 shares | $23,710 |
| Jul 2023 (Warrant exercise) | Series B‑3 | 3,166 shares at $2.03 | $6,406 |
Risk Indicators & Governance Signals
- Insider trading/ownership alignment: No hedging or pledging permitted by policy; clawback framework overseen by Compensation Committee .
- Management continuity: Leadership changes in finance through 2025 (CFO transition) do not directly implicate Marshak but may influence commercial resource allocation; the CCO role is central to meeting revenue‑linked guidance .
Investment Implications
- Alignment: Marshak’s historic personal capital in preferred rounds and policy prohibitions on hedging/pledging support shareholder alignment; however, lack of disclosure on his current individual equity holdings and award metrics limits precision on pay‑for‑performance levers .
- Execution: FY2024 growth and 2025 guidance place commercial execution at the core of value creation; his Abbott pricing background and prior strategy leadership are positive for revenue scale and margin preservation amid device portfolio expansion (TriNav LV, TriGuide) and DELIVER program .
- Watch items: Absent Marshak‑specific vesting schedules or severance economics, monitor future proxies/8‑Ks for CCO award structures (PSUs vs RSUs), participation in salary‑to‑RSU programs, and any Form 4 activity to assess potential insider selling pressure around vesting dates .