•Annual Performance-Based Incentive Compensation. Performance-based cash bonuses promote short-term performance objectives and reward named executive officers for their contributions toward achieving those key corporate goals and individual objectives determined by the Compensation Committee and Board of Directors; and
•Equity-Based Long-Term Incentive Compensation. Equity compensation, provided in the form of performance-based options, time-based RSUs which vest over a three year period with continued service, and stock options, which vest over a four year period, to align the interests of named executive officers with our stockholders’ interests and emphasize long-term financial performance and retention.
In addition, our named executive officers are eligible to participate in our health and welfare programs, including group term life insurance and long-term disability benefits, and our 401(k) plan on the same basis as our other employees. These benefits are described in more detail below.
Fiscal Year Base Salaries
In 2025, the initial annual base salary was $703,000 for Dr. Duker, $532,800 for Mr. Elston and $511,675 for Dr. Ribeiro. For the fiscal year ending December 31, 2026, the Compensation Committee approved salary increases of 4% for Dr. Duker, 4% for Mr. Elston and 5% for Dr. Ribeiro, with effect from January 1, 2026. The resulting annual base salaries are as follows: $731,100 for Dr. Duker, $554,112 for Mr. Elston, $537,259 for Dr. Ribeiro.
2025 Fiscal Year Non-Equity Incentive Plan Compensation and Bonuses
Each of our executive officers is eligible to receive an annual performance bonus based on the achievement of corporate goals, as determined by our Board of Directors, and individual performance goals, as recommended by our Chief Executive Officer, for executives other than himself, and approved by the Compensation Committee. The performance bonus for our Chief Executive Officer is weighted 100% for achievement of our corporate goals, whereas the performance bonus for our other Named Executive Officers is weighted 75% for corporate goal achievement and 25% for individual goal achievement. The annual target bonus as a percentage of base salary was established at 60% for Dr. Duker (effective July 10, 2024 as CEO, 55% prior to such date), 45% for Mr. Elston and 45% for Dr. Ribeiro.
The corporate goals were pre-established by the Compensation Committee and the full Board of Directors for the year ended December 31, 2025 and the Board considers these corporate performance goals rigorous but achievable with a substantial amount of effort by the management team.
The corporate goals for 2025 consisted of goals surrounding aggressive advancement of the wet AMD pivotal trial as well as achieving certain technology enhancements and manufacturing thresholds within the year. The Compensation Committee approved a corporate performance score of 150% for the year ended December 31, 2025, as recommended by our Chief Executive Officer and approved by the Compensation Committee.
Mr. Elston and Dr. Ribeiro were given individual performance scores of 138% and 175%, respectively. Actual bonus amounts earned with respect to the total 150% corporate goal achievement and the individual performance scores (as applicable) for the year ended December 31, 2025 are reflected in the “Non-Equity Incentive Plan Compensation” column.
2024 and 2025 Fiscal Year Equity Award Grants
On December 31, 2024, the Compensation Committee approved the following annual 2025 option grants to our Named Executive Officers: 390,000 options to Dr. Duker, 117,000 options to Mr. Elston and 117,000 options to Dr. Ribeiro. The grants were made on January 3, 2025 with an exercise price of $8.26 per share, the closing price of the Company’s common stock on the date of grant, and the options will vest as to 25% of the shares subject to the option after one year and then ratably over 36 months thereafter. In addition, on December 11, 2024, the Compensation Committee approved the grant of the following RSUs to be granted on January 3, 2025, to our Named Executive Officers: 195,000 RSUs to Dr. Duker, 59,000 RSUs to Mr. Elston, and 59,000 RSUs to Dr. Ribeiro, all with pro rata annual vesting over three years.
On December 18, 2025, the Compensation Committee approved the following annual 2026 option grants to our Named Executive Officers: 331,000 options to Dr. Duker, 126,000 options to Mr. Elston and 171,400 options to Dr. Ribeiro. The grants were made on January 2, 2026 with an exercise price of $17.48 per share, the closing price of the Company’s common stock on the date of grant, and the options will vest as to 25% of the shares subject to the option after one year and then ratably over 36 months thereafter. In addition, on December 18, 2025, the Compensation Committee approved the grant of the following performance options to be granted on January 2, 2026, to our Named Executive Officers: performance options to Dr. Duker to purchase up to 225,000 shares of the Company's common stock, performance options to Mr. Elston to purchase up to 113,000 shares of the Company's common stock, and performance options to Dr. Ribeiro to purchase up to 113,000 shares of the Company's common stock, which are earned and become eligible to vest based upon both the retained employment of the grantees and the achievement of certain performance based milestones related to the development and ultimate FDA approval of DURAVYU with 50% of the maximum award amount attributable to