| | Important Notice Regarding the Availability of Proxy Materials for the Stockholders’ Meeting to Be Held on The proxy statement and annual report to stockholders are available at http://www.astproxyportal.com/ast/ | | |
| | You are cordially invited to attend the meeting in person. Whether or not you expect to attend the meeting, please complete, date, sign and return the enclosed proxy, or vote over the telephone or the internet as instructed in these materials, as promptly as possible in order to ensure your representation at the meeting. Even if you have voted by proxy, you may still vote in person if you attend the meeting. Please note, however, that if your shares are held of record by a broker, bank or other nominee and you wish to vote at the meeting, you must obtain a proxy issued in your name from that record holder. | | |
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| | | | A-1 | ||||
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| | Internet proxy voting may be provided to allow you to vote your shares online, with procedures designed to ensure the authenticity and correctness of your proxy vote instructions. However, please be aware that you must bear any costs associated with your internet access, such as usage charges from internet access providers and telephone companies. | | |
Proposal Number | | | Proposal Description | | | Vote Required for Approval | | | Effect of Abstentions | | | Effect of Broker Non-Votes | |
1 | | | Election of Class | | | Nominees receiving the most “For” votes | | | Withheld votes will have no effect | | | None | |
2 | | | | | “For” votes from | | | Against | | | Against | |
3 | | | | | “For” votes from the holders of a majority of the voting power of the common shares present in person or represented by proxy and entitled to vote on the subject matter | | | Against | | | None | | |
4 | | | MTTR Principal Share Issuance Proposal | | | “For” votes from the holders of a majority of the voting power of the shares present in person or represented by proxy and entitled to vote on the subject matter | | | Against | | | None | |
| | Senior Secured Notes Conversion Share Issuance Proposal | | | “For” votes from the holders of a majority of the voting power of the shares present in person or represented by proxy and entitled to vote on the subject matter | | | Against | | | None | | |
6 | | | Ratification of KPMG LLP as Independent Registered Public Accounting Firm for fiscal year | | | “For” votes from the holders of a majority of the voting power of the shares present in person or represented by proxy and entitled to vote on the subject matter | | | Against | | | None | |
NAME | | | AGE(1) | | | Principal Occupation/Position Held With the Company | | ||||
| | | | Director, Class | | ||||||
| | | | Director, Class | | ||||||
| | | | Director, Class | |
NAME | | | AGE(1) | | | Principal Occupation/Position Held With the Company, Class | |
Lawrence A. Kenyon | | | 54 | | | Director, Class II, Chief Executive Officer, President, Chief Financial Officer, Treasurer and Secretary | |
Ralph H. “Randy” Thurman | | | 70 | | | Executive Chairman, Class III | |
| | | | Name | | | Audit | | | Compensation | | | Nominating and Corporate Governance | | |||||||||
| | | | Pankaj Mohan, Ph.D.(1) | | | | | | | | | | | | | | | | | | | |
| | | | Todd C. Brady, M.D., Ph.D.(2) | | | | | X | | | | | | | | | | | | X | | |
| | | | Scott Canute(3) | | | | | | | | | | | X* | | | | | | | | |
| | | | Albert D. Dyrness(2) | | | | | | | | | | | X | | | | | | X | | |
| | | | Donald J. Griffith(4) | | | | | | | | | | | | | | | | | | | |
| | | | Kurt J. Hilzinger | | | | | X* | | | | | | X | | | | | | | | |
| | | | Robin Smith Hoke(4) | | | | | X | | | | | | | | | | | | X* | | |
| | | | Faisal G. Sukhtian(5) | | | | | X | | | | | | | | | | | | X* | | |
| | | | Joe Thomas(5) | | | | | | | | | | | | | | | | | X | | |
| | | | Total meetings in fiscal year 2017 | | | | | 4 | | | | | | 2 | | | | | | 0 | | |
Name | | | Audit | | | Compensation | | | Nominating and Corporate Governance | | |||||||||
Lawrence A. Kenyon | | | | | | | | | | | | | | | | | | | |
Kurt J. Hilzinger | | | | | X* | | | | | | X | | | | | | | | |
Faisal G. Sukhtian | | | | | X | | | | | | | | | | | | X* | | |
Joe Thomas(1) | | | | | X | | | | | | | | | | | | | | |
Joerg Windisch, Ph.D.(2) | | | | | | | | | | | X | | | | | | | | |
Ralph “Randy” H. Thurman | | | | | | | | | | | X* | | | | | | X | | |
Yezan Haddadin(3) | | | | | X | | | | | | X | | | | | | X | | |
Total meetings in fiscal year 2019 | | | | | 4 | | | | | | 2 | | | | | | 1 | | |
Status | | | Number of shares of Common Stock Authorized | | | Number of shares of Common Stock Issued and Outstanding | | | Number of shares of Common Stock Reserved for Future Issuance | | | Number of shares of Common Stock Authorized but Unreserved and Unissued | | ||||||||||||
Pre-reverse stock split | | | | | 200,000,000 | | | | | | 72,198,468 | | | | | | 54,688,979 | | | | | | 73,112,553 | | |
Post-reverse stock split 1-for-2 | | | | | 200,000,000 | | | | | | 36,099,234 | | | | | | 27,344,489 | | | | | | 136,556,277 | | |
Post-reverse stock split 1-for-6 | | | | | 200,000,000 | | | | | | 12,033,078 | | | | | | 9,114,829 | | | | | | 178,852,093 | | |
Post-reverse stock split 1-for-10 | | | | | 200,000,000 | | | | | | 7,219,846 | | | | | | 5,468,897 | | | | | | 187,311,257 | | |
| | | As of August 1, 2018 | | |||
Total shares subject to outstanding stock options | | | | | 1,534,454 | | |
Total shares subject to outstanding restricted stock unit awards | | | | | 83,821 | | |
Total shares subject to outstanding performance stock unit awards under the 2011 Stock Incentive Plan | | | | | 149,326 | | |
Weighted-average exercise price per share of outstanding stock options | | | | $ | 0.93 | | |
Weighted-average remaining term of outstanding stock options | | | | | 9.86 | | |
Total shares available for grant under the 2015 Plan | | | | | 367,377 | | |
Total shares available for grant under other equity plans | | | | | 289,855(1) | | |
Represents shares issuable pursuant to our 2016 Employee Stock Purchase Plan | | | | | | | |
| | | As of July 24, 2018 (Record Date) | | |||
Total common stock outstanding | | | | | 72,198,468 | | |
Total Series A-1 preferred stock on an as converted basis | | | | | 8,879,780 | | |
Closing price of common stock as reported on the Nasdaq Capital Market | | | | $ | 0.862 | | |
| | | | Key Equity Metrics | | | 2015 | | | 2016(4) | | | 2017 | | |||||||||
| | | | Equity Run Rate(1) | | | | | 0.00% | | | | | | 4.10% | | | | | | 2.56% | | |
| | | | Overhang(2) | | | | | 7.04% | | | | | | 12.65% | | | | | | 9.70% | | |
| | | | Dilution(3) | | | | | 7.28% | | | | | | 5.88% | | | | | | 4.47% | | |
Plan Category | | | Number of securities to be issued upon exercise of outstanding options, warrants and rights | | | Weighted- average exercise price of outstanding options, warrants and rights ($) | | | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (#) | | |||||||||
| | | (a) | | | (b) | | | (c) | | |||||||||
Equity compensation plans approved by security holders: | | | | | | | | | | | | | | | | | | | |
2011 Stock Incentive Plan | | | | | 175,530 | | | | | | 6.27(1) | | | | | | —(2) | | |
2015 Equity Incentive Plan | | | | | 939,879 | | | | | | 18.78(3) | | | | | | 1,214,309(4) | | |
2016 Employee Stock Purchase Plan | | | | | — | | | | | | — | | | | | | 289,855(5) | | |
Equity compensation plans not approved by security holders: | | | | | | | | | | | | | | | | | | | |
None | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | | 1,115,409 | | | | | | | | | | | | 1,504,164 | | |
|
| | Fiscal Year Ended | | | Fiscal Year Ended | | ||||||||||||||||||||
| | 2017 | | 2016 | | | 2019 | | 2018 | | ||||||||||||||||
Audit Fees | | | $ | 350,000 | | | | $ | 350,000 | | | | | $ | 300,000 | | | | $ | 350,000 | | | ||||
Audit-related Fees | | | | 27,500 | | | | | 815,000 | | | | | | 130,000 | | | | | 32,500 | | | ||||
Tax Fees | | | | 31,504 | | | | | 87,000 | | | | | | 80,809 | | | | | 139,986 | | | ||||
Total Fees | | | $ | 409,004 | | | | $ | 1,252,000 | | | | | $ | 510,809 | | | | $ | 522,486 | | |
| | | Common Stock | | | Series A-1 Preferred | | ||||||||||||||||||||||||
Name of Beneficial Owner | | | Number of Shares Beneficially Owned | | | % of Class | | | Number of Shares Beneficially Owned | | | % of Class | | | % of Total Voting Power | | |||||||||||||||
Five Percent Stockholders (other than directors and officers): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
GMS Tenshi Holdings Pte. Limited(1) | | | | | 90,469,983 | | | | | | 76.4% | | | | | | 58,735 | | | | | | 100.0% | | | | | | 76.4% | | |
Sabby Management, LLC(2) | | | | | 4,794,455 | | | | | | 6.5% | | | | | | — | | | | | | — | | | | | | 5.8% | | |
Named Executive Officers and Directors: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lawrence A. Kenyon, Director, Chief Executive Officer, President, Chief Financial Officer, Treasurer and Corporate Secretary(3) | | | | | 45,574 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
Kenneth M. Bahrt, Chief Medical Officer | | | | | 40,327 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
Stephen McAndrew, Ph.D., Senior Vice President, Business Strategy & Development | | | | | 50,899 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
Randy Thurman, Executive Chairman of the Board | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Yezan Haddadin, Director | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Kurt J. Hilzinger, Director | | | | | 35,385 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
Pankaj Mohan, Ph.D., Director(4) | | | | | 8,097,372 | | | | | | 11.2% | | | | | | — | | | | | | — | | | | | | 10.0% | | |
Faisal G. Sukhtian, Director | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Joe Thomas, Director | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Joerg Windisch, Director | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
All executive officers and directors as a group (10 persons) | | | | | 8,269,557 | | | | | | 11.5% | | | | | | — | | | | | | — | | | | | | 10.2% | | |
| | | Common Stock | | | Series A-1 Preferred | | | | | | | | ||||||||||||||||||
Name of Beneficial Owner | | | Number of Shares Beneficially Owned | | | % | | | Number of Shares Beneficially Owned | | | % | | | % of Total Voting Power | | |||||||||||||||
Five Percent Stockholders (other than directors and officers): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BioLexis Pte. Ltd.(1) | | | | | 22,893,615 | | | | | | 51.6% | | | | | | 68,112 | | | | | | 100.0% | | | | | | 51.6% | | |
Named Executive Officers and Directors: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lawrence A. Kenyon, Director, Chief Executive Officer, Chief Financial Officer, Treasurer and Corporate Secretary(2) | | | | | 49,551 | | | | | | * | | | | | | — | | | | | | — | | | | | | † | | |
Ralph H. “Randy” Thurman, Executive Chairman(3) | | | | | 183,415 | | | | | | * | | | | | | — | | | | | | — | | | | | | † | | |
Yezan Haddadin, Director(4) | | | | | 42,081 | | | | | | * | | | | | | — | | | | | | — | | | | | | — | | |
Kurt J. Hilzinger, Director(5) | | | | | 82,785 | | | | | | * | | | | | | — | | | | | | — | | | | | | † | | |
Faisal G. Sukhtian, Director(6) | | | | | 43,386 | | | | | | * | | | | | | — | | | | | | — | | | | | | — | | |
Kenneth Bahrt, M.D. former Chief Medical Officer(7) | | | | | 5,110 | | | | | | * | | | | | | — | | | | | | — | | | | | | † | | |
Stephen McAndrew, Ph.D. former SVP Business Strategy & Development | | | | | — | | | | | | * | | | | | | — | | | | | | — | | | | | | † | | |
Jeff Evanson, Chief Commercial Officer | | | | | — | | | | | | * | | | | | | — | | | | | | — | | | | | | — | | |
Terry Dagnon, Chief Operating Officer | | | | | — | | | | | | * | | | | | | — | | | | | | — | | | | | | — | | |
All executive officers and directors as a group (7 persons) | | | | | 401,218 | | | | | | * | | | | | | — | | | | | | — | | | | | | † | | |
Name | | | Age | | | Position(s) | | ||||
Lawrence A. Kenyon | | | | | Director, Chief Executive Officer, President, Chief Financial Officer, Treasurer and Corporate Secretary | | |||||
| | | | Chief | | ||||||
| | | | |
Name and Principal Position | | Year | | Salary ($) | | Bonus ($) | | Equity Plan Awards ($)(3) | | All Other Compensation ($)(4) | | Total ($) | | | Year | | Salary ($) | | Bonus ($)(1) | | Option Awards ($)(2) | | Other Compensation ($)(3) | | Total ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||
Pankaj Mohan, Ph.D.(1) Director, former Chairman, President and former Chief Executive Officer | | | | | 2017 | | | | | 490,000 | | | | | — | | | | | 555,942 | | | | | 31,610 | | | | | 1,077,551 | | | ||||||||||||||||||||||||||||||||||||||||||
| | | 2016 | | | | | 369,926 | | | | | 990,000 | | | | | 11,787,997 | | | | | 26,658 | | | | | 13,174,581 | | | ||||||||||||||||||||||||||||||||||||||||||||
Lawrence A. Kenyon(2) Director, Chief Executive Officer, President, Chief Financial Officer, Treasurer and Corporate Secretary | | | | | 2017 | | | | | 350,000 | | | | | 100,000 | | | | | 128,065 | | | | | 16,940 | | | | | 595,005 | | | ||||||||||||||||||||||||||||||||||||||||||
| | | 2016 | | | | | 309,359 | | | | | — | | | | | 1,262,992 | | | | | 17,727 | | | | | 1,590,078 | | | ||||||||||||||||||||||||||||||||||||||||||||
Kenneth M. Bahrt, M.D. Chief Medical Officer | | | | | 2017 | | | | | 400,000 | | | | | 100,000 | | | | | 108,209 | | | | | 21,469 | | | | | 629,678 | | | ||||||||||||||||||||||||||||||||||||||||||
| | | 2016 | | | | | 310,202 | | | | | — | | | | | 80,040 | | | | | 22,174 | | | | | 412,416 | | | ||||||||||||||||||||||||||||||||||||||||||||
Lawrence A. Kenyon(4) Director, Chief Executive Officer, President, Chief Financial Officer, Treasurer and Corporate Secretary | | | | | 2019 | | | | | 425,000 | | | | | — | | | | | 1,419,880 | | | | | 19,021 | | | | | 1,863,901 | | | ||||||||||||||||||||||||||||||||||||||||||
| | | 2018 | | | | | 371,635 | | | | | — | | | | | 326,192 | | | | | 18,305 | | | | | 716,132 | | | ||||||||||||||||||||||||||||||||||||||||||||
Kenneth M. Bahrt, M.D.(5) Former Chief Medical Officer | | | | | 2019 | | | | | 240,000 | | | | | — | | | | | 911,427 | | | | | 473,823 | | | | | 1,625,250 | | | ||||||||||||||||||||||||||||||||||||||||||
| | | 2018 | | | | | 400,000 | | | | | — | | | | | — | | | | | 29,082 | | | | | 429,082 | | | ||||||||||||||||||||||||||||||||||||||||||||
Terry Dagnon(6) Chief Operating Officer | | | | | 2019 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||
| | | 2018 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||
Jeff Evanson(6) Chief Commercial Officer | | | | | 2019 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||
| | | 2018 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||
Stephen J. McAndrew, Ph.D.(7) Former Senior Vice President, Business Strategy & Development | | | | | 2019 | | | | | 34,615 | | | | | | | | | | 135,838 | | | | | 244,095 | | | | | 414,548 | | | ||||||||||||||||||||||||||||||||||||||||||
| | | 2018 | | | | | 300,000 | | | | | — | | | | | 14,060 | | | | | 12,011 | | | | | 326,071 | | |
| | | | | | | Option awards(1) | | ||||||||||||||||||||||||||||||||||||||||||||||||
Name | | Grant date | | Number of securities underlying unexercised options (#) exercisable | | Number of securities underlying unexercised options (#) unexercisable | | Equity incentive plan awards: Number of securities underlying unexercised unearned options (#) | | Option exercise price ($) | | Option expiration date | | |||||||||||||||||||||||||||||||||||||||||||
Lawrence A. Kenyon | | | | 8/1/2018 | | | | | 15,625 | | | | | 46,875(2) | | | | | — | | | | | 6.88 | | | | | 8/1/2028 | | | |||||||||||||||||||||||||
| | | | | Stock Awards(1) | | | | | 2/19/2019 | | | | | — | | | | | 100,000(3) | | | | | — | | | | | 10.56 | | | | | 2/19/2029 | | | |||||||||||||||||||
| | Grant Date | | Number of Share or Units of Stock That Have Not Vested (#) | | Market Value of Shares or Units of Stock That Have Not Vested ($) | | | | | 9/12/2019 | | | | | — | | | | | 450,000(4) | | | | | — | | | | | 1.75 | | | | | 9/12/2029 | | | ||||||||||||||||||
Pankaj Mohan, Ph.D. | | | | 12/31/2015 | | | | | 202,899 | | | | $ | 277,972 | | | ||||||||||||||||||||||||||||||||||||||||
Lawrence A. Kenyon | | | | 12/31/2015 | | | | | 43,478(2) | | | | | 59,565 | | | ||||||||||||||||||||||||||||||||||||||||
Lawrence A. Kenyon | | | | 12/21/2016 | | | | | 50,000(3) | | | | | 68,500 | | | ||||||||||||||||||||||||||||||||||||||||
Kenneth M. Bahrt M.D. | | | | 6/22/2015 | | | | | 28,985(4) | | | | | 39,709 | | | ||||||||||||||||||||||||||||||||||||||||
Kenneth M. Bahrt M.D. | | | | 12/21/2016 | | | | | 50,000(3) | | | | | 68,500 | | |
| | | | Name | | | Fees Earned or Paid in Cash(1) ($) | | | Total ($) | | ||||||
| | | | Todd C. Brady, M.D., Ph.D.(3) | | | | | 57,596 | | | | | | 57,596 | | |
| | | | Scott Canute | | | | | 50,000 | | | | | | 50,000 | | |
| | | | Albert Dyrness(3) | | | | | 51,500 | | | | | | 51,500 | | |
| | | | Donald J. Griffith(2) | | | | | 33,193 | | | | | | 33,193 | | |
| | | | Kurt Hilzinger | | | | | 62,500 | | | | | | 62,500 | | |
| | | | Robin Smith Hoke(2) | | | | | 44,573 | | | | | | 44,573 | | |
| | | | Faisal G. Sukhtian(4) | | | | | — | | | | | | — | | |
| | | | Joe Thomas(4) | | | | | — | | | | | | — | | |
Name | | | Fees Earned or Paid in Cash(1) ($) | | | Option Awards(2) ($) | | | All Other Compensation ($) | | | Total ($) | | ||||||||||||
Randy Thurman(3) | | | | | — | | | | | | 348,000 | | | | | | — | | | | | | 348,000 | | |
Kurt Hilzinger | | | | | — | | | | | | 125,000 | | | | | | — | | | | | | 125,000 | | |
Yezan Haddadin(4) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Faisal G. Sukhtian(4) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Joe Thomas(4)(5) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Pankaj Mohan, Ph.D.(6) | | | | | — | | | | | | 70,000 | | | | | | — | | | | | | 70,000 | | |
Joerg Windisch, Ph.D.(7) | | | | | — | | | | | | 80,000 | | | | | | — | | | | | | 80,000 | | |
| | | Option awards | | ||||||||||||||||||||||||||||||
Name | | | Grant date | | | Number of securities underlying unexercised options (#) exercisable | | | Grant date fair value ($)(1) | | | Number of securities underlying unexercised options (#) unexercisable | | | Equity incentive plan awards: Number of securities underlying unexercised unearned options (#) | | | Option exercise price ($) | | | Option expiration date | | ||||||||||||
Randy Thurman | | | 11/09/2018 | | | | | 70,940 | | | | | | 348,000 | | | | | | — | | | | — | | | 7.12 | | | | | 11/09/2028 | | |
Kurt Hilzinger | | | 11/09/2018 | | | | | 25,481 | | | | | | 125,000 | | | | | | — | | | | — | | | 7.12 | | | | | 11/09/2028 | | |
Joerg Windisch, Ph.D.(2) | | | 11/09/2018 | | | | | 16,308 | | | | | | 80,000 | | | | | | — | | | | — | | | 7.12 | | | | | 11/09/2028 | | |
Pankaj Mohan, Ph.D.(3) | | | 11/09/2018 | | | | | 14,269 | | | | | | 70,000 | | | | | | — | | | | — | | | 7.12 | | | | | 11/09/2028 | | |
Board Committee | | | Chairperson Fee | | | Member Fee | | ||||||
Audit Committee | | | | $ | 15,000 | | | | | $ | 7,500 | | |
Compensation Committee | | | | | 10,000 | | | | | | 5,000 | | |
Nominating and Corporate Governance Committee | | | | | 8,000 | | | | | | 4,000 | | |
Board Committee | | | Chairperson Fee ($) | | | Member Fee ($) | | ||||||
Audit Committee | | | | | 15,000 | | | | | | 7,500 | | |
Compensation Committee | | | | | 10,000 | | | | | | 5,000 | | |
Nominating and Corporate Governance Committee | | | | | 8,000 | | | | | | 4,000 | | |
Board Committee | | | Chairperson Fee | | | Member Fee | | ||||||
Audit Committee | | | | $ | 15,000 | | | | | $ | 7,500 | | |
Compensation Committee | | | | | 10,000 | | | | | | 5,000 | | |
Nominating and Corporate Governance Committee | | | | | 8,000 | | | | | | 4,000 | | |
Executive Committee | | | | | — | | | | | | 30,000 | | |