STRATA Skin Sciences, Inc. Files Amendment No. 1 to Annual Report on Form 10-K

TL;DR

<b>STRATA Skin Sciences, Inc. has filed an amendment to its 2023 annual report, providing updated information.</b>

AI Summary

STRATA Skin Sciences, Inc. (SSKN) filed a Amended Annual Report (10-K/A) with the SEC on April 29, 2024. STRATA Skin Sciences, Inc. filed an amendment (10-K/A) to its annual report for the fiscal year ended December 31, 2023. The company's common stock trades under the symbol SSKN on The Nasdaq Stock Market LLC. STRATA Skin Sciences, Inc. was formerly known as MELA SCIENCES, INC. and ELECTRO OPTICAL SCIENCES INC. The company is incorporated in Delaware and its principal executive offices are located in Horsham, Pennsylvania. STRATA Skin Sciences, Inc. has confirmed it has filed all required reports for the preceding 12 months and has been subject to filing requirements for the past 90 days.

Why It Matters

For investors and stakeholders tracking STRATA Skin Sciences, Inc., this filing contains several important signals. This amendment indicates that the company is providing updated or corrected information for its fiscal year 2023, which could impact investors' understanding of its financial and operational status. As a non-accelerated filer, this filing provides insight into the company's reporting status and compliance with SEC regulations.

Risk Assessment

Risk Level: low — STRATA Skin Sciences, Inc. shows low risk based on this filing. The filing is an amendment to a 10-K, suggesting it's for clarification or correction rather than a new material event, thus posing a low immediate risk.

Analyst Insight

Review the specific changes made in Amendment No. 1 to the 10-K filing to understand any updated financial or operational details for STRATA Skin Sciences, Inc.

Key Numbers

• 2023-12-31 — Fiscal Year End (Fiscal year ended December 31, 2023)
• 2024-04-29 — Filing Date (Date the 10-K/A was filed)
• 0-11635 — Commission File Number (STRATA Skin Sciences, Inc.'s SEC commission file number)
• 13-3986004 — IRS Employer Identification No. (STRATA Skin Sciences, Inc.'s IRS EIN)

Key Players & Entities

• STRATA Skin Sciences, Inc. (company) — Registrant name
• MELA SCIENCES, INC. (company) — Former company name
• ELECTRO OPTICAL SCIENCES INC (company) — Former company name
• SSKN (company) — Trading symbol
• The Nasdaq Stock Market LLC (company) — Exchange where SSKN is traded
• Delaware (jurisdiction) — State of incorporation
• Horsham, Pennsylvania (location) — Principal executive offices

FAQ

Risk Factors

• Reporting Compliance [low — regulatory]: The company has confirmed it has filed all required reports for the preceding 12 months and has been subject to such filing requirements for the past 90 days.

Industry Context

STRATA Skin Sciences, Inc. operates in the medical devices sector, specifically focusing on skin treatments.

Regulatory Implications

The filing is a 10-K/A (Amendment No. 1) to the annual report, indicating compliance with SEC reporting requirements under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the specific amendments made in this 10-K/A filing.
2. Verify the company's compliance status and reporting history.
3. Monitor future filings for any significant changes or updates.

Key Dates

• 2023-12-31: Fiscal Year End — The period covered by the annual report.
• 2024-04-29: Filing Date — Date of the 10-K/A filing.

Year-Over-Year Comparison

This is an amendment to the previously filed 10-K for the fiscal year ended December 31, 2023, suggesting updates or corrections to the original filing.

Key Financial Figures

• $0.001 — nge On Which Registered Common Stock, $0.001 Par Value SSKN The Nasdaq Stock Mar
• $0.95 — eference to the closing market price of $0.95 of the common stock as of June 30, 2023
• $19 million — hotoMedex, he oversaw sales growth from $19 million to over $300 million, driven by increas
• $300 m — w sales growth from $19 million to over $300 million, driven by increases in brand por
• $250,000 — ndred and Eighty-Five Thousand Dollars ($250,000) per annum (the " Base Salary "), and
• $142,500 — orty Two Thousand Five Hundred dollars ($142,500). The bonus was paid half on signing wi
• $294,000 — ndred and Ninety Four thousand dollars ($294,000) which was increased in April 2024 to T
• $307,800 — d Seven Thousand Eight Hundred dollars ($307,800). 10 Table of Contents SUMMARY COM
• $70,287 — er Compensation for Mr. Moccia includes $70,287 in severance payments. ** Dr. Rafael
• $0.53 — 's common stock, with a strike price of $0.53 per share, vesting over a three year pe

Filing Documents

• ef20027845_10ka.htm (10-K/A) — 354KB
• ef20027845_ex31-1.htm (EX-31.1) — 5KB
• ef20027845_ex31-2.htm (EX-31.2) — 6KB
• 0001140361-24-023024.txt (&nbsp;) — 596KB
• sskn-20231231.xsd (EX-101.SCH) — 4KB
• sskn-20231231_lab.xml (EX-101.LAB) — 28KB
• sskn-20231231_pre.xml (EX-101.PRE) — 21KB
• ef20027845_10ka_htm.xml (XML) — 7KB

Executive Compensation

Executive Compensation 9 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 17 Item 13 Certain Relationships and Related Transactions, and Director Independence 18 Item 14 Principal Accountant Fees and Services 18 2 Table of Contents Item 10. Directors, Executive Officers and Corporate Governance Board of Directors The table below sets forth our current directors. We have also included below a summary of the business experience, including a discussion of the qualifications, attributes and skills that led our Board of Directors to the conclusion that each of our directors should serve as a director of the Company. Name Position Age Dr. Uri Geiger Chairman of the Board 56 Dr. Dolev Rafaeli President, Chief Executive Officer and Vice Chairman of the Board 60 Wayne Cafran (1)(2) Director 63 Shmuel (Samuel) Rubinstein (1)(2) Director 84 Dr. Irit Yaniv (1)(2) Director 59 (1) Member of the Audit Committee. Mr. Cafran serves as Chair of the Audit Committee. (2) Member of the Compensation/Nominating and Corporate Governance Committee. Mr. Rubinstein serves as Chair of the Compensation/Nominating and Corporate Governance Committee. Below is a biography of each of the directors, other that Dr. Rafaeli, whose biography can be found under Executive Officers. Dr. Uri Geiger has served as our Chairman of the Board since 2018. He has served as Managing Partner of Accelmed, a private equity investment firm he co-founded in 2009 focused on medical device companies. Prior to founding Accelmed, Dr. Geiger served as the CEO of Exalenz Bioscience Ltd., a medical technology company, from May 2006 until December 2008. Prior to that, Dr. Geiger co-founded and was the CEO of GalayOr Networks, a developer of optical components from 2001 until 2003. Dr. Geiger was also the founding partner of Dragon Variation Fund in 2000, one of Israel's first hedge funds, which was sold to Migdal in 2007. Dr. Geiger worked on Wall Street duri

Executive Compensation

Executive Compensation Executive Officers During the year ended December 31, 2023, our named executive officers were: Dolev Rafaeli, President and Chief Executive Officer (beginning October 30, 2023) Robert Moccia, former President and Chief Executive Officer (through October 30, 2023) Christopher Lesovitz, Chief Financial Officer Shmuel Gov, Chief Operating Officer 9 Table of Contents Components of Executive Compensation during 2023 Mr. Lesovitz receives a base salary at the rate of Two Hundred and Eighty-Five Thousand Dollars ($250,000) per annum (the " Base Salary "), and is entitled to receive a bonus based upon the performance of the Company's business during the relevant quarters of each fiscal year ("FY") and other goals to be proposed by the CEO and approved by the Compensation Committee of the Board (the "Compensation Committee"). Upon appointment to the CFO position Mr. Lesovitz was awarded 250,000 options under the Company's 2016 Amended and Restated Omnibus Incentive Plan (the "Plan") granted at the fair market value on the closing of the market on the date of his appointment, October 15, 2021. The Options vest in four equal installments on each of the following dates corresponding with the anniversary of the first business day after the date of his appointment: on October 18, 2022; October 18, 2023; October 18, 2024; and on October 18, 2025. The options were awarded under the terms of the Company's Stock Option Agreement, whose terms together with those of the Plan shall govern. In connection with the change regarding the departure of Robert Moccia and the appointment of Dr. Rafaeli as CEO, on October 26, 2023, Mr. Lesovitz and the Company entered into a retention agreement pursuant to which he was given a retention bonus of One Hundred and Forty Two Thousand Five Hundred dollars ($142,500). The bonus was paid half on signing with the other half due upon the filing of the Company's Form 10-K for the year ended December 31, 2023. Mr. Gov'

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