The Ledger ResearchPrivate

The Front Office

Scouting report · NTRA

Matthew Rabinowitz, Ph.D.

  • Executive Chairman and Co-Founder, NTRA since 2019-01src

Co-founded Natera; CEO to January 2019, Executive Chairman since

—thin record

Not ranked yet

Scouting sheet

as of 24 Sep 2026
Delivers guidance—no promises on the record yet
Answers the question—no call reviewed yet
Capital allocation—company not reviewed yet
Pay design5548% performance-conditioned · revenue, margin, fcf, time only · 98% for · company lost money
Skin in the game—no holding or price on file
Age
52src
In the role
8 yr
Promises scored
0
Hit rate
—
Dodges / 100 answers
—
Airtime on calls
—
Every promise, oldest firstno scored promises yet

What to weigh

Red flag 1

  • Related-party exposure: Natera holds about 19.1% of MyOme, which he founded and chairs and owns about 19.4% of. Natera bought another $10m of MyOme preferred in January 2026 and pays it royalties under a collaboration (immaterial in 2025). Sheena, his brother and a Sequoia affiliate (Lead Director Botha) are also connected. An independent board committee oversees the relationshipsrc

Watch 4

  • Family on the payroll: his brother is Chief Legal Officer and was paid $4.5m in 2025src
  • Personal defendant in a certified securities class action (class period 2020-02-26 to 2022-03-14). The complaint alleges he, Chapman and Brophy sold stock while holding material non-public information. Allegations, not findingssrc
  • Heavy seller: about $124m of stock sold in the last 12 months, including 200,000 shares under a plan adopted 2025-12-11, after exercising 300,000 options at $9.59 in March-April 2026src
  • Non-independent executive chair. The pay formula is fixed by contract (salary 50% of the CEO's, bonus target 85% of salary on company metrics, equity 80% of the CEO's). The proxy says the next chairman will be independentsrc

In their favour 1

  • Still the largest insider holder at 3.39%, and he bought shares in the open market in 2022src

Career

  1. 2019 – now
    Naterasrc
    Executive Chairman
    Stepped down as CEO and President effective 2019-01-02 (8K-2019-01-08)
  2. 2015 – 2019
    Naterasrc
    Chairman of the board (and CEO)
    Chairman from May 2015
  3. 2005 – 2019
    Naterasrc
    Co-founder, Chief Executive Officer; director since 2005
    Took the company public in July 2015
  4. 2018 – 2019
    Harvard University, Department of Geneticssrc
    Visiting faculty
  5. 2004 – 2012
    Stanford Universitysrc
    Consulting professor
  6. 2003 – 2007
    Rosum Corporationsrc
    Chief Technology Officer
  7. 2000 – 2003
    Rosum Corporationsrc
    Chief Executive Officer
    Location-services technology company

Achievements

  • Co-founded Natera and ran it as CEO from 2005 through the 2015 IPO to January 2019, then handed over to an internal successorsrc
  • Author of over 100 patents and publications in signal processing, machine learning, bioinformatics and high-throughput genetic testingsrc
  • Named R&D Leader of the Year 2024 by R&D World and a Precision Medicine World Congress Luminary for 2025; two companies he founded won World Economic Forum Technology Pioneer awardssrc
  • Largest individual insider: 4,817,009 shares beneficially owned (3.39%), over half of it options and RSUs exercisable within 60 dayssrc

Education

  • Stanford University, BS Engineering and Physicssrc
  • Stanford University, MS Electrical Engineeringsrc
  • Stanford University, PhD Electrical Engineeringsrc

Background

  • Family His brother Daniel Rabinowitz is Natera's Secretary and Chief Legal Officer, employed since July 2004; 2025 total compensation $4,524,992. This is the only family relationship among directors and officerssrc
  • Founder Co-founded Natera with director Jonathan Sheena. Also founder and board chairman of MyOme, Inc., in which he holds about 19.4% fully diluted as of 2026-03-31src
  • Boards Director or advisory-board member of several private technology companies (the proxy does not name them)src
  • Investing In 2022 he and his family trust bought about 470,000 Natera shares, through open-market purchases and option exercises (over $10m in two months), per the company's releasesrc
  • Personal Has said publicly that a family experience with prenatal diagnosis led him to start the companysrc
  • Legal Named as a defendant, with Natera, Chapman and Brophy, in the securities class action in the Western District of Texas (filed April 2022). The motion to dismiss was granted in part; the class is certifiedsrc

The promise ledger

No promise on the record yet: the research routine has not scored this company's guidance.

Sources

11
  1. Filing Natera DEF 14A for the 2026-06-11 annual meeting (accession 0001104659-26-047770) · 2026-04-23
  2. Filing Natera 8-K Item 5.02, Rabinowitz resigns as CEO and President; Chapman appointed (0001104659-19-001251) · 2019-01-08
  3. Filing Natera 8-K Item 5.02, amended and restated employment agreement with Executive Chairman Rabinowitz, effective 2024-11-01 (0001104659-24-126348) · 2024-12-06
  4. Filing Natera 8-K Items 5.02/5.07, 2026 annual meeting results (0001604821-26-000003) · 2026-06-16
  5. Filing Natera 10-K for FY2025 (0001104659-26-020881): key-person risk factor, Item 9B 10b5-1 plan disclosures, Legal Proceedings note · 2026-02-27
  6. Filing SEC XBRL companyconcept us-gaap/NetIncomeLoss, CIK 1604821 (FY2025 10-K, 0001104659-26-020881) · 2026-02-27
  7. Filing Form 4, Matthew Rabinowitz (reporting CIK 1646382), 10b5-1 sales of 2026-09-14/15 (0001646382-26-000021); window totals summed over all 15 of his Form 4s filed 2025-10-22 to 2026-09-16 · 2026-09-16
  8. Filing Form 4, Matthew Rabinowitz, option exercises at $9.59 and 10b5-1 sales of 2026-03-12 to 03-16 (0001646382-26-000002) · 2026-03-16
  9. Web search result WebSearch: Kessler Topaz case page and amended complaint, Natera securities class action (W.D. Tex. 1:22-cv-00398); names Natera, Steve Chapman, Michael Brophy, Matthew Rabinowitz among defendants · 2026-09-24
  10. Web search result WebSearch: PR Newswire, 'Matthew Rabinowitz, Natera Co-Founder and Executive Chairman of the Board, Makes Additional Investment in Natera' (May 2022) · 2026-09-24
  11. Web search result WebSearch: Sequoia Capital 'Crucible Moments' podcast episode on Natera with Matthew Rabinowitz · 2026-09-24