I'm taking on a strategic partner to be the medical advisor and possible future COO. He will be working for equity until the company is profitable. How do determine a fair equity equation over the next 3 to 4 years?
Kind of tough to answer based on limited info. But it will be a significant percentage of the business.
I would expect he should end up with 75% of the ownership you have. (i.e. you have 1MM shares he would have 750K), but at the end of the day it is whatever the two of you negotiate.