I agree with your statement that new management can sometimes correct the errors of the old one. But I feel Gerald has done far more good for the long-term outlook of the company than any mistakes he's made. I believe given time that would prove to be an accurate statement.

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Only reason why Gerald hasn't been fired yet is because it's a small biotech that he and his father run.

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I can't agree here. This is your opinion only, and certainly not shared by everyone. I suppose then the 8 other management employees, the 5 other directors (4 are independent), the 4 other corporate advisors, the 5 other scientific advisors are just there for the paycheck and have no involvement in the running of the company? And the 5 partner companies have no input into decisions made by the CEO?

The board of directors has the responsibility of removing Gerald from office if he mismanages the company. They are investors as well. Or they could resign and distance themselves from the company. None of this has happened.