Thelander-PitchBook 2017 · PDF fileDesigner – Product . Designer – Visual . Document Control Clerk. Document Control Specialist. Drafter . Engineer . Engineer - Database

Thelander-PitchBook 2017P R I V A T E C O M P A N Y

C O M P E N S A T I O N R E P O R TP i t c h B o o k E x c l u s i v e

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J. Thelander Consulting

Legal Notice: The Thelander 2017 Private Company Compensation Report isprovided to its subscribers on a paid-only or participation-only basis, and isintended solely for the use of those subscribers and not for sharing or distribution.© Copyright 2017, J.Thelander Consulting All Rights Reserved

TABLE OF CONTENTS

Purchase Information

List of Positions in Full Report

Compensation Report

Background of Companies

Partial List of Participants

PitchBook Private Company Trends

J.Thelander Consulting Company Info

PURCHASE INFORMATION

Subscription Levels:

Private Company

Gold:$2,995

Private Company Platinum:

$4,995

Venture FirmGold:$4,500

Venture Firm

Platinum:$6,500

Unlimited online access to private company compensation reports for 150+ positions

Unlimited custom reports by industry

Thelander private company job descriptions

Non-investor board compensation

Unlimited custom reports by financing, location and revenue

Thelander Change of Control & Severance Report

Thelander M&A Financing Private Company Report

Thelander Year-End Salary Increase & Option Pool Refresh Report

Thelander 2017 Private Company Compensation Subscriptions

LIST OF POSITIONS IN FULL REPORT

CEO CBO CFO COO Chief Commercial OfficerChief Digital OfficerChief Marketing OfficerChief Medical Officer Chief Product OfficerChief Scientific Officer Chief Security OfficerChief Technology Officer

General CounselVP Business Development VP Client ServicesVP Clinical DevelopmentVP Drug Discovery &

Development VP Engineering VP Client Services VP Finance VP Human Resources VP Intellectual PropertyVP IoTVP Manufacturing VP Marketing VP Medical Affairs

VP Operations VP ProductVP Quality VP R&D VP Regulatory VP Sales VP Sales - Regional VP Sales - Global/International VP Sales - National VP Technology

Controller Director Business Development Director Clinical Trials Director Engineering Director Finance Director Human Resources Director Manufacturing Director Marketing Director of Quality Control Director of Software/IT Director Operations Director ProductDirector Regulatory Director R&D Director Sales Director Sales - NationalDirector Sales - Regional

Director Technology Director UX

Accountant - SrAccountant - Staff Assay Development Manager Assembler Assistant - Administrative Assistant - Executive Biostatistician Business Development Manager

Buyer/Planner ChemistChemist – Quality ControlClinical Field Specialist Clinical Project ManagerClinical Research Associate Clinical Research Coordinator Clinical Research Manager CNC Machinist Compliance Officer Computer Operators/

Data EntryCustomer Service Manager Customer Service

Representative

Job Titles by Position:

6

Designer Designer – Interaction/UX Designer – Product Designer – Visual Document Control ClerkDocument Control SpecialistDrafter

Engineer Engineer - Database Engineer - Electrical/

Electronics Engineer - Facilities Engineer - Junior Engineer - Manufacturing Engineer - Mechanical Engineer - Network Engineer - Quality Engineer - Reliability Engineer - Research and

DevelopmentEngineer - Senior Engineer - Software Engineer - Systems Design Engineer - Test

Engineering Manager Engineering Specialist Engineering Technician

Event/Trade Show Coordinator

Event/Trade Show Manager Field Service Manager Field Service Technician Financial Analyst General Office Clerk HR Manager In-Process Inspector Inventory Control Coordinator IoT ArchitectIT Manager Laboratory Technician Machinist Manufacturing Laborer Manufacturing Technician Marcom Manager Marketing Analyst Marketing Assistant Marketing Communications

CoordinatorMarketing Manager Senior

Marketing Manager Marketing Manager - Group

Product Marketing Manager - Product Marketing Specialist Master Scheduler Office Management Operations Manager Pricing and Contracts

Manager Process Development

Manager Programmer/Analyst Project Manager Quality Control ManagerQuality Technician Receiving Inspector Receptionists and

Information Clerk Regulatory Affairs Manager Regulatory Affairs Specialist Reimbursement Manager Reimbursement Specialists Relationship Management

Specialist


7

Research and Development Technician

Research Assistant Research Scientist Research Technician Sales Account Manager Sales Account Senior

Manager Sales Administration

Analyst

Sales Manager Sales Manager - National Sales Manager - Regional Sales Rep - Outside Sales Rep - Inside Sales Support Sales Training Manager Shipping and Receiving Clerk Systems Administrator

Systems Programmer Technical Support Technical Trainer Technical Writer Test Technician Training and Education Coordinator UX Manager UX Researcher


8

COMPENSATION REPORT

CEO No. of Co's Reporting Average Minimum 25th %ile Median 75th %ile Maximum

2017 Base $ 149 $308,576 $95,000 $250,000 $325,000 $366,134 $600,000

2016 Bonus $ 73 $80,649 $10,000 $45,000 $75,000 $100,000 $200,000

2016 Bonus % of Base $ 73 24.35% 4.32% 14.25% 23.38% 30.00% 64.36%

2016 Total Cash Compensation 149 $348,088 $100,000 $270,000 $360,000 $422,250 $671,000

2017 Projected Bonus $ 88 $104,179 $12,000 $60,000 $100,000 $125,425 $375,000

2017 Projected Bonus % of Base $ 88 31.82% 6.78% 20.63% 30.00% 39.08% 93.75%

% of Fully Diluted Shares- Non-Founder 74 4.6508% 1.0000% 3.4120% 5.0000% 5.7450% 10.0000%

% of Fully Diluted Shares- Founder 55 13.9004% 0.1500% 3.8850% 10.0000% 23.5000% 48.0000%

% of Fully Diluted Shares- Founder for Current Job 23 4.7257% 1.5700% 3.5000% 4.9300% 5.0000% 14.3000%

Thelander 2017 Private Company Compensation Report - Full Report Excerpt CEO

Medical Devices

J. Thelander Consulting, © Copyright 2017

CFO No. of Co's Reporting Average Minimum 25th %ile Median 75th %ile Maximum

2017 Base $ 363 $232,379 $80,000 $195,000 $239,200 $275,000 $448,000

2016 Bonus $ 193 $60,658 $5,000 $28,420 $50,000 $77,250 $268,320

2016 Bonus % of Base $ 193 24.69% 3.33% 14.15% 20.34% 31.67% 100.00%


2017 Projected Bonus $ 207 $71,199 $10,000 $43,375 $65,000 $93,327 $265,000





Thelander 2017 Private Company Compensation Report - Full Report Excerpt CFO

All Reported Data


Chief Scientific Officer No. of Co's Reporting Average Minimum 25th %ile Median 75th %ile Maximum

2017 Base $ 61 $262,931 $115,000 $200,000 $264,000 $319,562 $368,000

2016 Bonus $ 38 $66,202 $15,000 $50,500 $60,500 $86,979 $145,000

2016 Bonus % of Base $ 38 24.13% 4.76% 19.40% 22.47% 26.36% 66.67%


2017 Projected Bonus $ 37 $72,520 $15,000 $56,000 $75,000 $90,000 $126,000





Biotech

Thelander 2017 Private Company Compensation Report - Full Report Excerpt Chief Scientific Officer


Chief Technology Officer No. of Co's Reporting Average Minimum 25th %ile Median 75th %ile Maximum

2017 Base $ 210 $195,071 $85,000 $150,000 $196,417 $230,000 $300,000

2016 Bonus $ 78 $52,353 $5,000 $20,000 $43,494 $75,000 $225,000

2016 Bonus % of Base $ 78 23.23% 2.00% 11.27% 20.00% 30.94% 97.83%


2017 Projected Bonus $ 83 $62,646 $12,500 $40,000 $50,000 $83,000 $150,000





Thelander 2017 Private Company Compensation Report - Full Report Excerpt Chief Technology Officer

Tech


BACKGROUND OF COMPANIES

1.2% 2.4% 4.9%0.2% 0.4% 0.6%

89.7%

Asia Canada Europe India Israel Latin America United States

Primary Location of Companies - Internationaln = 902

15

Northeast16%

Mid West12%

Mid Atlantic4%

Southeast4%

Northern CA40%

Pacific Northwest8%

Southern CA10%

Southwest6%

Primary Location of Companies – United Statesn = 809

16

Biotech, 22%

Medical Device, 19%

Tech, 53%

Cleantech, 6%

Industryn = 891

17

26%

18%

15% 15%

9%

6% 6%

3%1% 1%

Under $5Million

$5-$14.9Million

$15-$29.9Million

$30-$49.9Million

$50-$69.9Million

$70-$89.9Million

$90 - $109.9Million

$110 -$149.9Million

$150 -$199.9Million

$200 Million+

Total Financing Raised to Daten = 898

18

21%

26%

20%

14%

9%10%

Seed Series A Series B Series C Series D Series E orlater

Most Recent Series of Fundingn = 898

19

20%18%

9% 8%6% 5% 5%

7%

22%

$5-$9.9Million

$10-$19.9Million

$20-$29.9Million

$30-$39.9Million

$40-$49.9Million

$50-$59.9Million

$60-$69.9Million

$70-$89.9Million

$90 Millionplus

Post-Money Valuationn = 897

20

DEMOGRAPHICS

91%

80% 81%89%

77%

9%

20% 19%11%

23%

CEO Chief BusinessOfficer

Chief FinancialOfficer

Chief OperationsOfficer

Chief CommercialOfficer

Male Female

Chief Executive Demographics

22

Hispanic, 3%Asian, 11%

American Indian, 2%

Black or African American, 1%

White, 83%

Male CEO Ethnicity

23

Asian, 10%

Black or African American, 2%

Hispanic, 3%

White, 85%

Female CEO Ethnicity

24

PARTIAL LIST OF PARTICIPANTS

2017 Thelander Private Company Compensation Survey©Partial List of Investment and Sponsor Firms (A-S)

5am VenturesABB Technology VenturesAberdareAbingworth BioventuresAlloyAllsop-LouieAmex VenturesAmgen VenturesApplied VenturesAscension Health VenturesAtlas VenturesATV CapitalAvalon VenturesBaxter HealthcareBay City CapitalBMV Direct II LPBVPCambia HealthCanaan PartnersClarus VenturesCleveland ClinicComcast Ventures

DBL InvestorsDCMDocomo CapitalDomain VenturesDSM Venturing BVElement PartnersEssex Woodlands Health VenturesFidelity BiosciencesFlagship VenturesFlintForesight CapitalFoundry GroupFrazier HealthcareGE VenturesGoogle VenturesHealthboxHearst Health Venture FirmHLM Venture PartnersIntel CapitalInterwest VenturesInvenergy LLCKaiser Permanente

Latteral Venture PartnersLightstone VenturesLilly VenturesLongitude CapitalLongworthMedtech WomenMerckMobius Venture CapitalMorgenthalerNEA VenturesNew Leaf VenturesNovartis VenturesNovo VenturesNRG EnergyOnset VenturesOrbimedPfizer VenturesPTV SciencesQuaker PartnersRevolution GrowthRoche VenturesRock Health

26

2017 Thelander Private Company Compensation Survey©Partial List of Investment and Sponsor Firms (S-Z)

Salesforce VenturesSamsung VenturesSandboxSanderling VenturesSequoia CapitalSiemens Financial Services, Inc.SingTel Innov8 VenturesSKT VenturesSkylineSofinnovaSpring Rock VenturesSR One

Sustainable Conversion VenturesSV AngelSyngentaTakeda VenturesTelstraTELUS VenturesTPGUPMCVersant VenturesWSGRYamaha Motor Ventures &

Laboratory, SV

27

10X Genomics38 Advisors38 Zeros3Scan3v Biosciences3VR Security, Inc.500 Startups5D Strategies71 Pounds, Inc.A La Mode Inc.AbravoAcacia PharmaAccelerator CorporationAcelera PartnersACellAchieve Life SciencesAchieversAcrow BridgeAcuFocus, Inc.AcumenAdAgilityAdaptive ComputingAddapp

AdherialAdpayAdvanced Cardiac TherapeuticsAdvanced ICU CareAdvanced Microgrid SolutionsAdvanced Sterilization ProductsAEGEA Medical Inc.Aeglea BioTherapeuticsAerendir Mobile Inc.Aerogen PharmaAerospikeAethlon MedicalAffigenAfterCollege, Inc.AgathosAggregate Shopping Corp.Agrible, Inc.Airtime MediaAist GroupAlastin Skincare, Inc.Albireo Pharma Inc.Alexo TherapeuticsAlgolia

Alkami TechnologyAllakos Inc.Allconnect Inc.Alliance Global ServicesAllied MindsAlterG, Inc.Altitude Co.Altor BioScience CorporationAlveoAlvine Pharmaceuticals, Inc.Ambrx, Inc.Amphora Medical, Inc.Anagin Inc.Analogix Semiconductor,Inc.Analyte HealthAnaptysBioAnDaptAnnexon BiosciencesAnotoAntiTrust Consultores & AbogadosAperioApervita, Inc.Aplos Software

2017 Thelander Private Company Compensation Survey©Partial List of Participant Companies (A)

28

Apnicure Inc.Apollo EndosurgeryApollo IncubatorAppDetexApperian, Inc.Apple Tree PartnersApplied MicrostructuresApplied Silver, Inc.Apprion, Inc.ApptentiveApptimizeAppZenApropose, Inc.APTAptus HealthAqueduct Critical Care, Inc.Aquion EnergyArava Power CompanyArbor Education PartnersArcticSandArmaGenArrayentArvinasAscendify

Ascending Technologies GmbHAsclepius Laboratories, Inc.ASPN SolutionsAsuragenAternity, Inc.AtheerAtlas PrepAtterocorAttuneAudentes TherapeuticsAudience ScienceAudysseyAugmedixAuris MedicalAuthor-it Software CorporationAutolistAutonomic TechnologiesAvalon VenturesAvatrends Inc.AvegantAver, Inc.Awake CorporationAxikin Pharmaceuticals, Inc.Axonics Modulation Technologies Inc.

Axonify Inc.AxurAyar Labs, Inc.B2U Editora SABacula Systems SABairdBandpageBAROnova, Inc.BedditBedlyBell BioBench Accounting Inc.Bexion PharmaceuticalsBidtellectBig Switch NetworksBigfoot BiomedicalBikantaBio2MedicalBioceptive, Inc.BioClin Therapeutics Inc.Biodesy, Inc.BioLumicBioMagnetic Solutions,Biome Analytics

2017 Thelander Private Company Compensation Survey©Partial List of Participant Companies (A-B)

29

BioMotivBioVentrix, Inc.BiSNBitglassBivarus, Inc.Black Duck SoftwareBlackArch PartnersBlackLineBlade Therapeutics, Inc.Blaze BioscienceBlazent Inc.Blispay Inc.Bloom Energy CorporationblooomBlue ApronBlue BloodhoundBlue Box GroupBluegrass Vascular TechnologiesBody LabsBoku, Inc.Bonsai AI, Inc.boo-box Aplicativos Para InternetBookingBug

BoxCBracket ComputingBrandProjectBreathe TechnologiesBright Health Plan, Inc.Bright Lifecare PvtBrightEdgeBrightSource EnergyBrightSpecBriteseedBroadlyBroadSpot Imaging CorporationBrocadeBromium, Inc.Bruin BiometricsBulldog SolutionsCafeX Communications Inc.CAGCairn BiosciencesCala HealthCaldera MedicalCalysta, Inc.Cambium Networks

Camp NativeCanadian Innovation CentreCandesant BiomedicalCanopy Tax, Inc.Canvas Solutions, Inc.Caprea CapitalCaptoraCarbonCardeas Pharma CorpCardfreeCardiAQ Valve TechnologiesCardinal HealthCardioDxCardiokinetixCardionomic Inc.Cardiva Medical, Inc.Care InnovationsCareCloudCarena, Inc.Caribou Biosciences, Inc.Carmell TherapeuticsCarnival MobileCarticept Medical, Inc.

2017 Thelander Private Company Compensation Survey©Partial List of Participant Companies (B-C)

30

Cartiva, Inc.Castle Biosciences Inc.Catalina Labs Inc.Catalyst DevWorksCater2.meCavion, Inc.CB Technologies, Inc.Cedexis, Inc.CellAegis Devices Inc.CentogeneCerephex CorpCereveCeterix Orthopaedics, Inc.Champion Technology Company, Inc.Channel MedsystemsChartwell FinancialChatbox Inc.Checkmate Pharmaceuticals, Inc.Cheddar UpChipsbank TechnologiesCHO Plus, Inc.Choose Energy, Inc.ChromatinChrono Therapeutics, Inc.

Chrontel, Inc.Cianna Medical, Inc.CirrocitigroupCivicHealthClaret MedicalClarity Medical SystemsClarusClassifiedCleandroneCleanSlateUVClear Ballot Group, Inc.ClearCare Online Inc.ClearFlow, Inc.Cleave BiosciencesClick DiagnosticsClick Security, Inc.ClipCard Inc.Cloud Break AdvisorsCloud DirectCloudian Holdings Inc.CloudPassageCloudPhysicsCloudStrategies

Cm lCode42CodiscopeColonaryConceptsComentisCoMetricsCommerce SyncCompany.comConnective Magic, Inc.Contego MedicalConteXtreamConventus Orthopaedics, Inc.Coolfire SolutionsCoolPlanetCoreOSCorInnova, Inc.Cotera Inc.CoventorCoveoCoverMyMedsCRE SimpleCrinetics Pharmaceuticals, Inc.CristcotCrossject

2017 Thelander Private Company Compensation Survey©Partial List of Participant Companies (C)

31

CrowdspanCrystal Genetics, Inc.C-SATS, Inc.Cube Hydro PartnersCubresaCue BallCuralate, Inc.CurbsideMD LiveCyber adAPTCyphortCytomX TherapeuticsCytoValeDailyPay, Inc.DashBid Media Inc.DatanyzeDataRobot, Inc.DaticalDecisiv, Inc.Deep 6Deep Forest MediaDelphinus Medical TechnologiesDenim.LA, Inc.DermTech Inc.DICOM Grid

Digabit, Inc.DigiSight Technologies, Inc.Digital Specialty Chemicals LimitedDigiTx PartnersDirect Flow MedicalDispatchdivvyDOSEDNAe Group HoldingsDNAtrixDomoDotProductDoubleDutchdoxo, Inc.Drais Pharmaceuticals, Inc.Drawbridge HealthDriveScale, Inc.DruvaDSTDSterling AssociatesDuo Security, Inc.DwellabeDysonicsEarlensEbullient, Inc.

Echelon Creative Inc.Echogen Power SystemsEchoPixelEcologic Brands, Inc.EdeniQ, Inc.EdgeEdupathEduSourced, Inc.Effector TherapeuticsEGeen International CorporationElanceElement Science, Inc.Elements Behavioral HealthElevance Renewable SciencesEmbodied Inc.EMBR LabsEmefcyEmerge Diagnostics Inc.EmissaryEmission Monitoring Service, Inc.EmotienteMotorWerksEmpirical Spine, Inc.EmployeeChannel

2017 Thelander Private Company Compensation Survey©Partial List of Participant Companies (C-E)

32

Enbala Power NetworksEncore Dermatology, Inc.EndochoiceEndoGastric SolutionsEndologix, Inc.ENDRA Life SciencesEnergy FoundryenGeneEngine Yard, Inc.EnigmaEnlibriumEnovixEnsemble Therapeutics, Inc.Entangled Media Corp.Entrinsic Health SolutionsEpiEP, Inc.Epirus BioPharmaEpstein Becker GreenE-Scape BioEuclidEvelo Biosciences, Inc.Everly Well, Inc.Evidation HealtheVolution NetworksEvolve Biosystems

EVPExaganExela PharmSci, Inc.Exer More Than Urgent CareExpereoExtrahop NetworksEye Tech CareEyefluenceFabFitFun Inc.FalkonryFallLine SecuritiesFanSaved Inc.Ferric, Inc.Fibocom Wireless, Inc.Fiddlehead Technology Inc.FIGSFirecracker, Inc.First Aid Beverages, Inc.Flatiron HealthFlexe, Inc.FLG PartnersFlipp CorpFlite Inc.FloDesign Wind TurbineFlow Forward Medical

FlowPlayFollozeForeScoutForsight Vision5, Inc.FortemediaFovioFoxit Software Inc.FP CompleteFractal SystemsFractyl Laboratories, Inc.Framed DataFrazier HealthcareFrequency Therapeutics, Inc.FSAStore.comFugue, Inc.FWG&W LabsGainSpanGalen RoboticsGalera Therapeutics, Inc.Galleon Pharmaceuticals, Inc.Gastro HealthGemini Interventional TechnologiesGeneral Assembly Inc.Genomatica, Inc.

2017 Thelander Private Company Compensation Survey©Partial List of Participant Companies (E-G)

33

GenospaceGEO SemiconductorGeofusionGigaIOGigyaGladly Inc.Global Analytics Holdings Inc.GlookogoBaltoGolden State Medical Supply, Inc.GoodData CorporationGP Equity FundGradalis Inc.GraftWorxGreatPoint EnergyGreen Bits Inc.Green Earth Institute Co.Grey Wall SoftwareGridstoreGroundfloor Finance Inc.GroundWork Open Source, Inc.GSMSG-Tech MedicalGuardant Health, Inc.GuideSpark

Gynesonics, Inc.H2bid, Inc.Hawthorne Effect Inc.HeadSense MedicalHeadwaters MBHealth CatalystHealth123HealthcareTTUHealthFusionHealthNEXTHeartFlow Inc.HeartVistaHeartWorksHeatlhTellHelpshiftHicor Technologies, Inc.High FidelityHIL Applied MedicalHolaira, Inc.HomDNAHomeSphereHomology Medicines Inc.Host AnalyticsHPOneHTG Molecular

HungamaHydra Biosceinces Inc.Hyperloop OneHyTrust, Inc.IcertisIDCheckerIdeflex Ltd.Identify3d.comiDroneiGroup of CompaniesIGXBio, Inc.IllustrisIM TherapeuticsImaginAb, Inc.ImATHLETEImmunGeneImmunoScienceImpact StampingImpel NeuroPharmaImpossible FoodsInari Medical, Inc.IncellDxInception SciencesInceptus MedicalIncoming Media

2017 Thelander Private Company Compensation Survey©Partial List of Participant Companies (G-I)

34

Indata TechnologiesIndigoIndixIndoTraqInfacare Pharmaceutical CorpInnovation TechnologiesInnurvation Inc.Inpria CorporationInrix, Inc.Inscopix, Inc.InsomniSolv, Inc.InSpa CorporationinStream Media, Inc.Intacct CorporationIntact Vascular, Inc.Intarcia Therapeutics Inc.Intelligent Digital Avatars, Inc.IntelliparkUS, Inc.Interana, Inc.Intervisual Corp.IntiguaIntimaIntradiemIntrinsic Therapeutics

IntuiTap MedicalIntuity Medical, Inc.iobeamIora HealthIota Security Inc.iovation, Inc.IP CommerceIP Group plcISI TechnologyJello Labs dba SpringJH PartnersJibo, Inc.Jiff Inc.Jordan Valley SemiconductorsJounce TherapeuticsJRG Health Sector AnalysisKallyopeKalturaKalVistaKaMMCOKantum DxKapteyn-Murnane Laboratories Inc.Karus TherapeuticsKCAP

Kedalion Therapeutics, Inc.Kenandy Inc.Kimbia Inc.Kinestral Technologies, Inc.KITEKPMGCIkWantera, Inc.KynderMedLaaSerLabcyte Inc.LanzatechLateLazardLeEcoLeft Shift and OrsonLemonade Factory, Inc.Lentigen CorporationLeToteLewa MobileLifeWave Biomedical, Inc.LIFNanoLightbendLineagenLisnr

2017 Thelander Private Company Compensation Survey©Partial List of Participant Companies (I-L)

35

Litbit, Co.LiveQoSLombard Medical Inc.LongWater OpportunitiesLST Energy Co.LucidLucid Holdings Inc.Lumiata, Inc.Luminate Wireless, Inc.Lumos PharmaLung Therapeutics, Inc.LuvocracyLyceraLynxcare Collaberative CareMaana, Inc.Macrolide PharmaceuticalsMacromolecular, Inc.Magnolia Medical Technologies, Inc.Mainstream Data, Inc.Mainstream InvestmentsMalibu IQMapR TechnologiesMariaDB Corporation AbMarketBridge

Matrixx SoftwareMatroid Inc.MatterMcCann FitzGeraldMD RevolutionMDRejuvena, Inc.MeasureOneMedAwareMedCisionMedicalisMedley GenomicsMedtronicMercator MedSystemsMercatus, Inc.Meridian CapitalMersana Therapeutics, Inc.MetaCommunications, Inc.Metal NetworksMetaswitch NetworksMetavention, Inc.MiartechMicrodermisMidori USA, Inc.MiMecore Therapeutics

MiMedia Inc.Minerva Surgical Inc.MiraMirabilis MedicaMiramar Labs, Inc.Mirna TherapeuticsMassachusetts Institute of TechnologyMixbookMobileIron Inc.Mobilion Systems Inc.MocanaMolecular AssembliesMolecular Stethoscope, Inc.Monte NidoMosaic Health SolutionsMovable InkMoximed, Inc.MuralMuse Biotechnology, Inc.myoscience, Inc.N12 Technologies, Inc.N8 MedicalNaked BiomeNalu Medical, Inc.

2017 Thelander Private Company Compensation Survey©Partial List of Participant Companies (L-N)

36

Nano4Nanomix, Inc.NateraNaurexNavitaNeoTractNetsertiveNetSpeed SystemsNeuralieve, Inc.Neuronetics, Inc.Neurotech Pharmaceuticals, Inc.New Bridge PharmaceuticalsNew Rubber TechnologiesNewCoNews RepublicNewsGator Technologies, Inc.NexmatixNexmoNextdoor.com, Inc.Nextremity Solutions Inc.Nginx Software, Inc.Ninebot Inc.NinePoint MedicalNirmidas Biotech, Inc.Nomi Corporation

NominumNoRedInkNorthFace VenturesNovae Corp.NovaScanNovasomNovastone MediaNovinda Holdings, Inc.NoviraNovomerNowRxNuCana BioMedNuelleNuGEN TechnologiesNuGeneNumeracy, Inc.Nurture Life, Inc.NuvolosonVision Medical CorpNxtGen Datacenter & Cloud TechnologyNxThera, Inc.Nymgo S.A.Oasys WaterOB MedicalObsEva SA

ODGOginOktaOLSETOlympEX MedicalOmada HealthOmiciaOmnitracsOne Billion Cooks, Inc.One SpotOnefinestayOnShiftOnzoOppenheimerOptiScan Biomedical Corp.OptomecOraMetrix, Inc.Oraya TherapeuticsOrbital InsightOrbus Therapeutics, Inc.Origin Bancorp, Inc.Orion Labs, Inc.Orphazyme ApSOrteqOrthogenRx, Inc.

2017 Thelander Private Company Compensation Survey©Partial List of Participant Companies (N-O)

37

OrthoTrophix, Inc.Osel Inc.Ossia, Inc.OtoNexus Medical Technologies, Inc.OtoSense, Inc.OurdataOutcomes, Inc.Overture NetworksOvia HealthPacket DesignPagPop Mobile PaymentsPanasasPanOptica, Inc.ParallelsPasteurization Technology GroupPatientPopPavlov MediaPaxVaxPbworksPelagic GroupPeloton TechnologyPelvalon, Inc.Pemco Mutual Insurance CompanyPenta News Corporation

PeptilogicsPerceptimedPerfect CompanyPerfect LoopPerformance LabPersonalisPerspecsysPFPharmAkeaPhaseBio Pharmaceuticals, Inc.PhaseRxPhoton etc.PhotoniCarePhreesiaPhyscient, Inc.Pingmd, Inc.Pinnacle Transplant TechnologiesPivot BioPivot3, Inc.Pixeon Medical SystemsPlantResponse BiotechPlaybuzzPlessey SemiconductorsPluribus Networks, Inc.

Pogo PlugPokitDokPolicybazaar.comPopHealthCarePortal InstrumentsPortrait Displays, Inc.PositscienePowerVisionPQ Bypass Inc.Practice FusionPreceptis MedicalPrecision NanoSystems Inc.PrecisionHawkPrecyse SolutionsPredixion SoftwarePrelert, Inc.PrEP BiopharmPrescient SurgicalPrevtec MicrobiaPrilockPrimaeva Medical, Inc.Primus PowerPrincipiaPrism Skylabs

2017 Thelander Private Company Compensation Survey©Partial List of Participant Companies (O-P)

38

PristinePrivate Access, Inc.PrivitarProcept BioRobotics CorpProcore TechnologiesProfi.ruProGloveProgresslyProlifiq SoftwareProLink Solutions, Inc.Prometheus Energy GroupProspaProsper Marketplace, Inc.Proteus Digital HealthProvadeProveris Scientific CorporationProviviPsiKickPulmonxPulsar VascularPunchbowl, Inc.PunchtabPursuit Vascular., Inc.Push Wellness Solutions, Inc.

PyzeQotientQSpex Technologies, Inc.QualisystemsQuantified CommunicationsQuantum BiosciencesQuantum Health, Inc.QuantumScape CorporationQumulo, Inc.Quorum Consulting, Inc.RainDance Technologies Inc.Rainforest QARancardRapid Micro BiosystemsRavel Law, Inc.RBM TechnologiesRDCRE360Real Image Media Technologies Reata PharmaceuticalsRecursion PharmaceuticalsRedBrick HealthRefocus GroupRegenMed

Reich & TangRelievant Medsystems Inc.RennoviaRenovoRxReset TherapeuticsResin.ioResolve BioResonateRespicardia, Inc.Restoration RoboticsRetail Solutions, Inc.Rethink Robotics, Inc.Return PathRev.comReVENT MedicslReverbReVision OpticsRevolution MedicinesRF Code, Inc.rFactr, Inc.Rheonix, Inc.RheoxtechRhizaRichardson Oliver Law Group

2017 Thelander Private Company Compensation Survey©Partial List of Participant Companies (P-R)

39

Richter Law OfficesRideRimidiRimini StreetRipple LabsRive TechnologyRobin TechnologiesRomax Technology LimitedRoundtable AnalyticsRover.comROX Medical, Inc.RTSRuby Ribbon Inc.RuiYi, Inc.Sample6, Inc.Sand 9, Inc.SanJet Technology Corp.Sanosavioke, Inc.SAY MediaSBA Materials Inc.ScalingDataSchoologyScienceLogicScientific Revenue

Sebacia, Inc.SecureKeySecurityScorecard, Inc.Seek Thermal, Inc.Segetis, Inc.Seidman & Co. LimitedSeismosSemma TherapeuticsSemnur PharmaSensity Systems Inc.Sensydia CorporationSentient Energy, Inc.SentreHEARTsequenceBioSequent Medical, Inc.Seredigm CorporationSerendipity LabsSeroba LifesciencesServizitaliaSetpoint Medical CorpSFJ PharmaceuticalsShanghai Ailiao Information TechnologyShangPharma Innovation Inc.Shape Medical SystemsShape Memory Medical

SharespostShelfShields Meneley PartnersSI-BONE, Inc.Silicon Valley BiosystemsSilk Road Medical, Inc.Siluria TechnologiesSilver Spring Holdings, Inc.Silvergate PharmaceuticalsSingulexSinuSys CorporationSiris MedicalSitecore CorpSkinSpirit Skincare Clinic & SpaSkyCrossSkyhigh NetworksSkyland Analytics, Inc.Skytap, Inc.Slack Technologies, Inc.SlipChip CorporationSmart SchedulingSmartDrive Systems, Inc.Smoke Customer Care SolutionsSocial TablesSoft Robotics Inc.

2017 Thelander Private Company Compensation Survey©Partial List of Participant Companies (R-S)

40

Sojern, Inc.Solace Therapeutics, Inc.Solar Junction CorporationSolar Universe, Inc.Solarflare Communications Inc.Solidify Security, Inc.Sonendo Inc.Sonex HealthSotera Wireless, Inc.Southern Farm Bureau Life

Insurance CompanySpare5, Inc.SpeakInConfidenceSpero TherapeuticsSpinal Motion, Inc.Spine Wave, Inc.SpinifexSpiracur, Inc.SPIWaySplashSplice MachineSprout Medical, Inc.Sprout SocialSS8

StanfordS-TARgetStartup Compass Inc.SteamaCoSteel VenturesStemStoreFrontStravaStreamSets, Inc.Studio 9+SugarCRMSunrun Inc.SureWerxSutro Biopharma, Inc.SutroVax Inc.SVCSweetLabs, Inc.Swift NavigationSwitch.coSwrveSyapseSymbiotic Health Inc.SymphogenSympoz (Craftsy)

Synchroneuron Inc.Tactivos Inc (DBA Mural.ly)Taifatech Inc.TamrTarget2sellTARIS BiomedicalTCR2, Inc.Technical Communities, Inc.TecTotalTelluride Medical PartnersTelstraTempero PharmaceuticalsTendril NetworksTervela, Inc.TethisTetra Discovery Partners Inc.TeVido BioTexas Central PartnersThe Mackenzie Consulting GroupThe Motley Fool Holdings, Inc.The Orange Chef Co.The RealReal, Inc.The Riverside CompanyThe Virtual Reality Company

2017 Thelander Private Company Compensation Survey©Partial List of Participant Companies (S-T)

41

Themis Solutions Inc.TheranosTheranovaTherOx, Inc.Thesan Pharmaceuticals, Inc.ThetaRayThinkHR CorporationThinking Phone Networks, Inc.Thrasos InnovationThreatStreamThree Point GroupThumbtackTicketFlyTigercat Pharma, Inc.TinderBoxTioma Therapeutics, Inc.Top Flight Technologies, Inc.Topera, Inc.Tora Trading ServicesTraceTransactisTranscend Medical, Inc.TransifexTransVixTrapeze

TribalcoTrigemina, Inc.Trigence SemiconductorTrilliant Networks Inc.Trinity PartnersTrovita Health ScienceTrue North Therapeutics, Inc.TruemotionTrunomiTRUSTeTTTech Computertechnik AGTubular LabsTueo HealthTuition.ioTula Technology, Inc.Tusker Medical Inc.TVA Medical, Inc.Twelve Twist BioscienceU.S. Commercial ServiceUIEvolution, Inc.Unchained LabsUndecidable LabsUnify Square, Inc.United Orthopedic Group Inc.

UpdoxUptake medical Corp.Uptown NetworkUrban AirshipUrban TIllUrbanSitter, Inc.Utility Associates, Inc.Valence HealthValentine & Cautreels, Inc.ValisureValtechVantage Oncology, Inc.Vantix DiagnosticsVaporeVapotherm, Inc.Vasona Networks, Inc.Vaxart, Inc.VehiTrustVelano VascularVelocity Pharmaceutical DevelopmentVelocloud Networks, Inc.VennliVenus ConceptVeracityVeran Medical Technologies

2017 Thelander Private Company Compensation Survey©Partial List of Participant Companies (T-V)

42

VeratoVeriflow SystemsVeritone MediaViaCyte, Inc.Videon Central, Inc.View, Inc.ViridityVirobayVisible Measures Corp.VisionCare Ophthalmic

Technologies Inc.VisionOSSVital ConnectVitalCred Meios de Pagamento SAVizantV-Sync Co.VUV AnalyticsWalkabout CollaborativeWaste to EnergyWatershipBlueWaterSmartWavefront, Inc.

WebLink InternationalWebPT, Inc.Webscale SystemsWegoWise Inc.Weird Science LabWellaprtner, Inc.Wenzel Spine Inc.Western DigitalWheelhouse.ioWhiteHat SecurityWhoKnowsWideOrbitWild ThingsWildcat Discovery Technologies, Inc.Wildflower HealthWilsonart InternationalWincWind River SystemsWine.com Inc.WiTricity CorporationWords UWorkFlex Solutions

Working Machines CorporationWynd Technologies, Inc.XagenicXicatoXirrus, Inc.XometryYaptaYrooYummly, Inc.Yuzu LabsZamplusZapprovedZenflowZephyrus BiosciencesZeroCaterZiliftZirMedZIVO Bioscience, Inc.Zoom Video Communications, Inc.ZumobiZuoraZyga Technology

2017 Thelander Private Company Compensation Survey©Partial List of Participant Companies (V-Z)

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PITCHBOOKPRIVATE COMPANY TRENDS

2017 Private Company Trends

Test drive [email protected]

THE PITCHBOOK PLATFORMThe financial information technology trusted by leading investors,

companies and advisors

23,150LPs

108,069Commitments

210,482GPs/Investors

37,618Funds

633,926Performance

Data Lines

911,705Portfolio

Companies

705,384Transactions

156,645Valuations

35,045Advisory Firms

1,459,065People

2015 sees VC act iv ity drop off, large dealsst i l l draw lots of capita l

U . S . V C d e a l f l o w

*Through 3/31/2017

1,348 1,413

1,641

1,650

2,114

2,0361,929

2,3412,382

2,697

2,604

2,669

2,595

2,7232,607

2,3802,383

2,161

2,027

1,808

0

500

1,000

1,500

2,000

2,500

3,000

$0

$5

$10

$15

$20

$25

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

2010 2011 2012 2013 2014 2015 2016 2017

Deal Value ($B) # of Deals Closed Angel/Seed Early VC Later VC

Valuat ions continue to c l imb at a l l stagesM e d i a n p r e - m o n e y v a l u a t i o n ( $ M ) b y s t a g e & y e a r

*Through 3/31/2017

Early stage Late stage

$2.6 $1.5$3.3 $2.7 $3.2

$4.0 $4.0 $4.8 $4.9 $5.5 $6.0 $6.1

$7.0 $7.5 $7.0 $6.3 $6.7 $7.3 $8.0$9.0

$11.6$13.3

$14.7$16.9

$19

$21$20

$17$19

$20 $21

$25

$32

$39$37 $38

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

Seed Series A Series B

$38$44 $41

$30$38

$48 $50$55 $58

$74$80 $78

$70$78 $80

$50

$66

$83

$94

$99

$135

$161

$150$153

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

Series C Series D+

PitchBook VC valuat ionsU . S . V C v a l u a t i o n c o u n t b y y e a r

*Through 3/31/2017

Seed valuat ions have r isen across industr iesM e d i a n s e e d s t a g e p r e - m o n e y v a l u a t i o n ( $ M ) b y s e c t o r

*Through 3/31/2017

Increased activity at the seed stage, with more activity from seed funds, and accelerators, has driven seed valuations up across sectors. Seed stage is the new series A.

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

2010 2011 2012 2013 2014 2015 2016 2017*

All Software Commercial Services Healthcare (non-pharma)

• Late stage valuations inthe Bay Area rose by36%, from 2014 levels.

• Seattle had many fewerhigh-valued late stagedeals, with the mediandropping from $130million, to under $60million.

• Welltok drove the latestage valuation jump inthe Denver/Boulderregion, pushing themedian up by 29%.

Late stage pre-valuat ionsby geography (2016)

$48.8

$95.9

$59.8

$47.0

$36.0

$63.4

$79.4

$50.0

Austin

Bay Area

Boston

Chicago

Denver/Boulder

LA

NYC

Seattle

US +1 206.623.1986

UK +44 207.190.9809

Test drive [email protected]

mailto:[email protected]?subject=PitchBook Demo

mailto:[email protected]?subject=PitchBook Demo

J.THELANDER CONSULTINGCOMPANY INFORMATION

J.Thelander Consulting is headed by Jody K. Thelander, a compensation executive with more than twenty years ofprofessional experience. Jody has a keen understanding of business through a diversified background incompensation, sales and customer service. The Thelander Surveys and Reports have become a well-respectedand highly desired tool for compensation decision-makers in the private business sector.

Jody speaks publicly on executive compensation, investment firm and corporate venture compensation topics,including events hosted by BayBio, BioHouston, Global Corporate Venturing, IBF, National Venture CapitalAssociation, JPMorgan, Private Equity International and Stanford.

Jody earned a Bachelor of Science degree in Consumer Studies at the University of Vermont and a MastersDegree in Human Resources at Marymount University. Her career began in the fashion retailing industry withBritish Vogue, Ralph Lauren Womenswear, Bonwit Teller and Garfinkels in London, New York and Washington,DC. Jody also spent ten years in human resources with TRW Space and Defense both in Washington DC, and SanFrancisco, before starting her own firm.

Jody serves as a sustaining member of the Auxiliary Board for the San Francisco Ballet and the Modern Art Councilof the San Francisco Museum of Modern Art. She is the past chair of the Silicon Valley Leadership Committee forthe American Diabetes Association.

Jody K. Thelander

54

Elyse provides expertise in the collection, inspection and cleaning of data for the Thelander Surveys. Herproficiency in data analysis, visualization and statistical interpretation is a key component supporting decision-making for Thelander Consulting. Elyse received her Bachelor of Science degree in Psychology at EmoryUniversity. She continued her academic studies at the University of Miami, earning both a master’s and doctoraldegrees there. During her doctoral training she specialized in epidemiology and statistics and also worked incollaboration with the Centers for Disease Control and Prevention. In addition to her work for Thelander Consulting,Elyse teaches at the University of Miami.

Elyse Hurtado

Colin Turek

Colin Turek heads client relations and business development. He has more than 10 years of experience withprivate companies in both San Francisco and New York. Colin expertise is in organizational operations, strategicgrowth, and human resource management. He has spent much of his career in private healthcare administration,serving most recently as the VP of Operations and Client Relations for a Bay Area based startup. In addition to hiswork at J. Thelander Consulting, Colin directs institutional advancement and development for YMA FashionScholarship Fund, a national non-profit dedicated to the fashion arts. He has been named “Top 40 Under 40” by theNorth Bay Business Journal, volunteers at Maitri AIDS Hospice, and is a current member of the New York CityBallet Young Patrons Circle. Colin earned a Bachelor of Arts in Social Justice and is currently obtaining his MBA atthe State University of New York.

55

We customize data and offer trend analysis for your specific needs.

We offer consulting services tailored to your specific needs. We are readily available to consultand personally meet with you, your executive team and board of directors.

The intelligence gathered in our compensation surveys can be sliced by position, industry,funding level, financing, revenue or a combination of factors for your customized analysis andreports. Our services include, but are not limited to:

J. Thelander Consulting Services

• Executive/Investment Professional Compensation: conduct a competitiveanalysis for salary, bonus and other incentives using comparators within peergroups. We work with both the executives, investment professionals, HRand/or the compensation committee to present strategic and near-termcompensation issues.

• Equity/Carried Interest Programs: conduct a market analysis for seniorexecutives, and design a program with the competitive mix between cash andequity or carried interest.

• Employee Compensation: design salary ranges and grade level descriptorswith matching equity and/or carried interest percentages below the executivelevel.

56

Private Company Compensation Report includes current compensation data on base pay,bonus and equity compensation for positions within biotech, cleantech, healthcare services,medical device and tech companies, including:

• Executives, directors, managers, non-investor board members• More than 70 staff positions• In-depth clinical, engineering, research and admin areas

Private Company Merger & Acquisition Report includes information on carve-out plans,milestone incentives, bonus programs, liquidation preferences and anti-dilution clauses.

Private Company Change of Control, Severance & 409A Report includes information onchange of control agreements, severance programs, single/double trigger acceleration.

Private Company Year End Salary & Option Refresh Report includes information on salaryincreases, bonuses and refresh programs.

Thelander Reports and Surveys

57

The Thelander CVC Compensation Report includes information on corporate venture firms, covering base pay, bonus and carried interest for positions including:

• CVC unit leader senior investment professionals, CFO, legal counsel, investment/programmanager, and analyst/associate• Specifics on board members and observer seats

The CVC Bonus Report includes information on bonus amounts, bonus factors, carried interest and board positions.

The Thelander-PitchBook Investment Firm Compensation Report includes information on buyout, hedge-fund, private equity and venture capital firms and covers salary, carried interest, capital structures and succession planning for positions including:

• Investment professionals, operating partners, finance and operations

Thelander Reports and Surveys

58

1595 Union Street, Suite 214San Francisco, CA 94123

[email protected]

+1 415.525.4133

J. Thelander Consulting

© Copyright 2017, J.Thelander Consulting All Rights Reserved

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