Business Context and Reporting Period
This Form 8-K is a current report filed by Oncocyte Corporation (not Insight Molecular Diagnostics Inc.) on September 20, 2022. The filing discloses the appointment of a new executive officer and associated compensatory arrangements.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation details.
Material Changes
The primary material change reported is the appointment of James Liu as Controller & Principal Accounting Officer, effective September 20, 2022. Mr. Liu previously served as the Company's Interim Controller since July 2022.
Management Commentary and Compensation Details
As part of his appointment, Mr. Liu's compensation package includes:
- Base Salary: $175,000 annually.
- Annual Bonus: Discretionary bonus with a target of 30% of the annual base salary.
- Stock Options: A one-time award of 75,000 stock options under the Oncocyte 2018 Equity Incentive Plan.
- Vesting Schedule: 25% vests upon completion of one year of service; the remaining 75% vests in 36 equal monthly installments thereafter.
- Exercise Price: Fair market value of Oncocyte common stock on the grant date.
- Expiration: Options expire ten years from the grant date.
The filing states there are no family relationships between Mr. Liu and other directors or officers, and no related party transactions requiring disclosure.
Investor Verification Checklist
- Verify the correct registrant name is Oncocyte Corporation (Ticker: OCX), not Insight Molecular Diagnostics Inc.
- Confirm the vesting schedule and exercise price of the 75,000 stock options granted to the new Controller.
- Review the Oncocyte 2018 Equity Incentive Plan for specific terms regarding the stock options.
- Note that this filing contains no financial results; refer to the most recent 10-Q or 10-K for financial metrics.