How Davis was paid
$11.5M in total for 2025, as reported in the Summary Compensation Table. Equity awards are valued at grant, not at what they turned out to be worth.
Named executive officers
| Executive | Salary | Stock | Options | Incentive | Other | Total |
|---|---|---|---|---|---|---|
| Todd C. DavisChief Executive Officer | $724,500 | $5,520,493 | $4,441,120 | $764,400 | $21,582 | $11,472,095 |
| Tavo EspinozaChief Financial Officer | $522,825 | $1,932,219 | $1,554,411 | $357,750 | $14,943 | $4,382,148 |
| Andrew ReardonChief Legal Officer and Secretary | $476,675 | $1,656,171 | $1,332,345 | $268,800 | $13,291 | $3,747,282 |
What changed and why
- 48%Royalty revenue increased by approximately 48% over 2024 to drive strong financial results.
- $165.1MAdjusted net income for 2025 reached $165.1 million compared to $108.5 million in 2024.
- $11.5MChief Executive Officer Todd C. Davis received total compensation of $11,472,095 for fiscal year 2025.
- 92.6%Stockholders overwhelmingly approved the 2025 say-on-pay resolution with approximately 92.6% support.
- 94%Variable or at-risk compensation constituted 94% of total target direct compensation for our CEO.
About this page
Figures are automated and can be wrong; check the filing for the exact numbers. Totals follow SEC rules, which value stock and option awards at grant. Read the DEF 14A proxy statement for footnotes and the compensation committee's full reasoning.