ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
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(State or Other Jurisdiction of incorporation or Organization)
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(I.R.S. Employer Identification No.)
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(Address of principal executive offices)
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(Zip code)
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Title of Each Class
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Trading Symbol(s)
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Name Of Each Exchange On Which Registered
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The
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Large accelerated filer ☐ | Accelerated filer ☐ | Smaller reporting company |
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Emerging growth company |
Page
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PART III |
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Item 10
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Directors, Executive Officers and Corporate Governance |
3
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Item 11
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9
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Item 12
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17
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Item 13
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18
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Item 14
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18
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Item 10. |
Directors, Executive Officers and Corporate Governance
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Name
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Position |
Age
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Dr. Uri Geiger
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Chairman of the Board
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57
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Dr. Dolev Rafaeli
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President, Chief Executive Officer and Vice Chairman of the Board
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61
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Christina Allgeier(1)(2)
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Director |
52
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Shmuel (Samuel) Rubinstein(1)(2)
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Director |
84
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Dr. Irit Yaniv(1)(2)
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Director |
59
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(1) |
Member of the Audit Committee. Ms. Allgeier serves as Chair of the Audit Committee.
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(2) |
Member of the Compensation/Nominating and Corporate Governance Committee. Mr. Rubinstein serves as Chair of the Compensation/Nominating and Corporate Governance Committee.
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Name
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Position |
Age
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Dr. Dolev Rafaeli
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President, Chief Executive Officer and Vice Chairman of the Board
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61
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John Gillings
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Chief Accounting Officer
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49
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Shmuel Gov
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Chief Operating Officer
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66
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• |
appointing, evaluating and determining the compensation of our independent auditors;
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reviewing and approving the scope of the annual audit, the audit fee and the financial statements;
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reviewing disclosure controls and procedures, internal control over financial reporting, any internal audit function and corporate policies with respect to financial information;
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reviewing other risks that may have a significant impact on our financial statements;
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preparing the Audit Committee report for inclusion in the annual proxy statement;
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establishing procedures for the receipt, retention and treatment of complaints regarding accounting and auditing matters;
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approving all related person transactions, as defined by applicable SEC Rules, to which we are a party; and
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evaluating annually the Audit Committee charter.
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reviewing and approving objectives relevant to executive officer compensation;
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evaluating performance and recommending to the Board of Directors the compensation, including any incentive compensation, of the Chief Executive Officer and other executive officers in accordance
with such objectives;
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reviewing employment agreements for executive officers;
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recommending to the Board of Directors the compensation for our directors;
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administering our equity compensation plans and other employee benefit plans;
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evaluating human resources and compensation strategies, as needed;
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identifying and recommending to the Board of Directors individuals qualified to become members of the Board of Directors;
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recommending to the Board of Directors the director nominees for the next annual meeting of stockholders;
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recommending to the Board of Directors director committee assignments;
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reviewing and evaluating succession planning for the Chief Executive Officer and other executive officers;
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monitoring the independence of the directors;
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developing and overseeing the corporate governance principles applicable to members of the Board of Directors, officers and employees;
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reviewing and approving director compensation and administering the Non-Employee Director Plan;
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Overseeing the Company’s cybersecurity programs;
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monitoring the continuing education for our directors; and
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evaluating annually the Compensation and Nominating/Governance Committee charter.
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a representation that the stockholder is a holder of record of our capital stock;
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the name and address, as they appear on our books, of the stockholder sending such communication; and
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the class and number of shares of our capital stock that are beneficially owned by such stockholder.
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Item 11. |
Executive Compensation
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Dolev Rafaeli, President and Chief Executive Officer (beginning October 30, 2023)
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Christopher Lesovitz, former Chief Financial Officer (through August 14, 2024)
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John Gillings, Chief Accounting Officer (beginning August 5, 2024)
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Shmuel Gov, Chief Operating Officer
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Name and
Principal Position
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Year |
Salary
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Non-Equity
Incentive Plan
Compensation
($)(1)
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Options
(2)
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All Other
Compensation
(3)
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Total
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Robert Moccia*
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2024 |
0
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0
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00
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322,775
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322,775
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Former Director, President and Chief
Executive Officer
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2023 |
461,113
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284,537
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102,225
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201,338
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1,049,213
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Chris Lesovitz,**
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2024
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189,635
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71,250
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0
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16,270
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277,155
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Chief Financial Officer
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2023
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282,308
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187,500
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208,700
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23,378
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701,886
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Shmuel Gov
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2024
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324,877
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120,000
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0
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25,800
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470,677
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Chief Operating Officer
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2023
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303,819
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135,240
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219,530
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25,200
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683,789
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Dolev Rafaeli
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2024
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508,882
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63,699
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0
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28,800
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601,381
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President, Chief Executive Officer and Vice-
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2023
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67,308
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0
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590,002
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4,858
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662,168
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Chairman of the Board***
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John Gillings
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2024
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82,212
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0
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56,460
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5,000
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143,672
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Chief Accounting Officer
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2023
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0
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0
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0
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0
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0
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*
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Mr. Moccia resigned effective October 30, 2023. All Other Compensation for Mr. Moccia includes $70,287 in severance payments in 2023 and $322,775 of severance payments in
2024.
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** |
Mr. Lesovitz resigned effective August 14, 2024, 2024.
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***
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Dr. Rafaeli joined the Company effective October 30, 2023. As an inducement material to Dr. Rafaeli entering into an employment agreement with the Company and commencing employment as its Vice-Chairman, Chief Executive Officer and President. Dr. Rafaeli received an equity-based award of a stock option to purchase 1,754,569 shares of the Company’s common stock, with a strike price of $0.53 per share, vesting over a three year period, with 145,465 options vesting on January 31, 2024 and 145,464 options vesting every three months thereafter, provided in general that Dr. Rafaeli remains in the Company’s employ through each applicable vesting date and subject to the terms and conditions of the applicable award agreement. The figure stated represents the vested portions of the grant. |
(1) |
Represents annual bonus amounts paid to the named individuals under the bonus plans in their respective employment agreements.
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(2) |
These amounts are equal to the aggregate grant-date fair value with respect to the awards made in the respective year, computed in accordance with FASB ASC Topic 718, before
amortization and without giving effect to estimated forfeitures.
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(3) |
“All Other Compensation” includes a includes a car allowance in 2023 for Mr. Moccia of $12,500. In 2024 Mr. Moccia’s All Other Compensation consists of severance payments. Mr.
Lesovitz received a car allowance in 2023 and 2024 respectively of $12,000 and $8,000, respectively, for Mr. Gov of $12,000 and $12,000, respectively, and for Dr. Rafaeli for 2023 of $2,500 and _$15,000 Mr. Moccia received a 401(k) match
in 2023 and 2024 for $13,200 and $12,277 , respectively, for Mr. Lesovitz of $10,474 and $8270.00, respectively, for Mr. Gov of $13,200 in 2023 and $13,800 in 2024, respectively, and for Dr. Rafaeli for 2023 of $2,358 and $13,800 . Mr.
Gillings received a car allowance of $5000 and 401(k) match of $0 in 2024.
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Option Awards | ||||||||||||||||
Name
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Grant Date
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Number of
Securities
Underlying
Unexercised
Options (#)
Exercisable(1)
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Equity Incentive
Plan Awards
Number of
Securities
Underlying
Unexercised
Unvested
Options
(#)
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Option
Exercise
Price
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Option Expiration
Date
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Dolev Rafaeli
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10/30/2023
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87,279
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87,278
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$ |
5.30
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10/30/2033
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Christopher Lesovitz 2)
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10/18/2021
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0
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0
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$ |
18.80
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8/14/2024
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3/30/2022 |
0
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0
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$ |
14.50
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8/14/2024
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4/4/2023
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0
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0
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$ |
10.60
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8/14/2024
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11/22/2023
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0
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0
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$ |
5.00 |
8/14/2024
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Shmuel Gov
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6/7/2016
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1,500
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0
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$ |
37.50
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6/7/2026
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6/4/2018 |
20,000
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0
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$ |
19.30
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6/4/2028
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11/22/2019
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10,000
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0
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$ |
24.60 |
11/22/2029
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11/13/2020
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10,000
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0
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$ |
14.60
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11/13/2030
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3/30/2022
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5,250
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1,750,000
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$ |
14.50
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3/30/2032
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4/3/2023
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3,500
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3,500
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$ |
10.60
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4/3/2033
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11/21/2023
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10,406
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31,219
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$ |
5.00
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11/22/2033
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John Gillings (3)
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8/13/2024
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0
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30,000
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2.71
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8/13/2034
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(1) |
Options granted were under the 2016 Omnibus Incentive Plan.
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(2) |
Mr. Lesovitz left the Company in August 2024.
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(3) |
Mr. Gillings joined the Company in August 2024.
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Base Board Fee
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Member
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$40,250
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Chair*
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$70,250
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*Board chair does not serve on any committees
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Audit Committee*
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*Additional fees to base fee.
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Member
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$8,000
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Chair
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$16,000
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Compensation/Nominating Corporate Governance
Committee*
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*Additional fees to base fee.
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Member
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$6,000
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Chair
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$15,000
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Name*
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Fees Earned
($) |
Stock
Awards
($) |
All Other
Compensation
($)
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Total ($)
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Uri Geiger(1)
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$
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72,687
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$
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0
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—
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$
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72,687
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Samuel Rubinstein
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$
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59,937
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$
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0
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—
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$
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59,937
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Wayne Cafran(2)
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$
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7,083
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$
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0
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__
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$
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14,283
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Christina Allgeier (3)
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$
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15,562
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0
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$
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15,562
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Irit Yaniv
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$
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52,770
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$
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0
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__
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$
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52,770
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(1) |
Fees paid on behalf of Dr. Geiger were paid to Accelmed as a result of the fact that Accelmed’s partnership agreement precludes the receipt of any equity.
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(2) |
Left the Board in December 2024.
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(3) |
Joined the Board in November 2024.
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Name and Address of Beneficial Owner(1)
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Number of
Shares
Beneficially
Owned
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Percentage of
Shares
Beneficially
Owned(1)
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Uri Geiger(3)
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1,441,835
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34.55
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%
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Dolev Rafaeli(6)
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143,156
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3.95
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%
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Irit Yaniv(7)
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2,000
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*
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Shmuel Rubinstein(8)
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19,860
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*
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Shmuel Gov(2)
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99,125
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*
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John Gillings
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0
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*
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All directors and officers as a group (seven persons)
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40.92
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%
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Accelmed Partners LP(3)
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351,699
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34.55
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%
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Nantahala Capital Management, LLC(4)
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40,392
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9.68
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%
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22NW Fund, LP(5)
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536,995
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15.32
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%
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* |
Less than 1%.
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(1) |
Beneficial ownership is determined in accordance with the rules of the Commission. Shares of common stock subject to delivery, or subject to options or warrants currently
exercisable, or exercisable within 60 days of March 31, 2025 are deemed outstanding for computing the percentage ownership of the stockholder holding the options or warrants, but are not deemed outstanding for computing the percentage
ownership of any other stockholder.
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(2) |
Shmuel Gov became the Company’s Chief Operating Officer, on April 1. 2022. Holdings include exercisable options to purchase common stock.
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(3) |
Dr. Gieger is a managing partner at Accelmed. The business address of Accelmed Partners L.P. (“Accelmed Partners”) is 848 Brickell Avenue, 9th Floor, Miami, FL 33131.
Accelmed Partners GP (“Accelmed GP”), the General Partner of Accelmed Partners, and Uri Geiger, the Managing Director of Accelmed Management Ltd., which is the management company of Accelmed Partners, each have voting and investment
control of the securities held by Accelmed. Dr. Geiger is the Co-Founder and Managing Partner of Accelmed Partners. Each of Accelmed Partners and Uri Geiger disclaim beneficial ownership over the securities owned by Accelmed Partners
except to the extent of their respective pecuniary interest therein. Accelmed Partners holds 1,441,836 shares of common stock. Dr. Geiger disclaims beneficial ownership of the 1,441,836 shares owned by Accelmed Partners.
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(4) |
The business address of Nantahala Capital Management, LLC (“Nantahala”) is 130 Main Street, 2nd Floor, New Canaan, CT 06840. Nantahala may be deemed to be the
beneficial owner of 4,393,685 shares of common stock held by funds and separately managed accounts under its control, and as the managing members of Nantahala, each of Wilmot B. Harkey and Daniel Mack may be deemed to be a beneficial
owner of those shares. The foregoing has been derived from a Schedule 13G/A filed by Nantahala on February 14, 2023.
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(5) |
The business address of 22NW Fund, LP (“22NW Fund”) is 1455 NW Leary Way, Suite 400, Seattle, WA 98107. 22NW, LP (“22NW”) serves as the investment manager of 22NW Fund. 22NW Fund
GP, LLC (“22NW GP”) serves as the general partner of 22NW. Aron R. English is the portfolio manager of 22NW, manager of 22NW GP and president and sole shareholder of 22NW GP, Inc. By virtue of these relationships, 22NW, 22NW GP, 22NW GP,
Inc. and Mr. English may be deemed to beneficially own these shares. The foregoing has been derived from a Schedule 13G/A filed by 22NW Fund on February 13, 2023.
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(6) |
Includes vested common stock options.
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(7) |
Comprised of vested common stock options.
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(8) |
Includes vested restricted stock units and common stock options.
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Item 13. |
Certain Relationships and Related Transactions, Director Independence
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2023
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2024
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Audit Fees(1)
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$
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379,555
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$
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535,765
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Audit-Related Fees(2)
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—
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—
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Tax Fees(3)
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—
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—
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All Other Fees(4)
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—
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—
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Total
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$
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379,555
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$
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535,765
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(1) |
Consists of fees paid for the audit of our annual financial statements, review of financial statements included in our Quarterly Reports on Form 10-Q and services that are normally provided by the
auditors in connection with statutory and regulatory filings or engagements.
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(2) |
Consists of assurance and related services that are reasonably related to the performance of the audit and reviews of our financial statements and are not included in “audit fees” in this table.
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(3) |
Consists of all tax related services.
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(4) |
There were no other fees paid to Marcum LLP for the years ended December 31, 2023, and 2024.
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First, once a year when the base audit engagement is reviewed and approved, management will identify all other services (including fee ranges) for which management knows it will engage Marcum LLP
for the next 12 months. Those services typically include quarterly reviews, specified tax matters, certifications to the lenders as required by financing documents, consultation on new accounting and disclosure standards and, in future
years, reporting on management’s internal controls assessment.
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Second, if any new “unlisted” proposed engagement arises during the year, the engagement will require approval of the Audit Committee.
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Rule 13a-14(a) Certificate of Chief Executive Officer
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Rule 13a-14(a) Certificate of Chief Financial Officer
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101.INS
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Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded
within the Inline XBRL document)
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101.SCH
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Inline XBRL Taxonomy Extension Schema Document
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101.LAB
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Inline XBRL Taxonomy Extension Label Linkbase Document
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101.PRE
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Inline XBRL Taxonomy Extension Presentation Linkbase Document
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104 |
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
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STRATA SKIN SCIENCES, INC.
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Date: April 30, 2025
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By:
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/s/ John Gillings
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John Gillings
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Chief Accounting Officer
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