Christopher Lee
About Christopher Lee
Christopher Hsin-Liang Lee (age 54) has served as Ainos’ Chief Financial Officer since March 2024; he holds a BS in Accounting from Ohio State University and an MS in Business Taxation from Golden Gate University, and is a licensed CPA in the United States . His appointment was formalized via an employment agreement dated March 18, 2024; board disclosures also note his appointment in March 2024 . During his tenure, Ainos’ AI Nose commercialization drove Q1 2025 revenue up 412% year over year to $106,207, with gross profit of $87,974; Q2 management commentary cited improved gross margin and 26% lower operating cash outflows year over year; in Q3, SG&A fell 22% YoY and total operating expenses declined 8% YoY . Company pay-versus-performance disclosures show a cumulative value of an initial $100 TSR investment of 96 in 2024, 84 in 2023, and 76 in 2022, reflecting the overall multi-year shareholder return profile during this period .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nasdaq-listed company (name not disclosed) | Chief Financial Officer | ~10 years | Led finance, US GAAP and SEC reporting experience |
| KEDP CPA Group | Partner | Aug 2009 – Jun 2011 | Audit/tax practice leadership |
| Self-employed practice | Accountant | Jul 2011 – Aug 2014 | Independent accounting and advisory |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Aixin Life International Inc. | Director | Since Feb 2021 | Board oversight; public company governance experience |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus (%) | Actual Bonus ($) | Stock Awards ($) | Options Awards ($) | All Other ($) | Total ($) |
|---|---|---|---|---|---|---|---|
| 2024 | 79,927 | Not disclosed | 0 | 13,696 | 0 | 0 | 93,623 |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting/Instrument |
|---|---|---|---|---|---|
| Non-financial milestones (clinical progress, commercialization) | Not disclosed | Not disclosed | Not disclosed | Not disclosed | RSUs under 2023 Stock Incentive Plan; special stock award sign-on |
The company discloses it does not currently use financial performance measures to link executive compensation actually paid to performance; non-financial measures are utilized .
Equity Ownership & Alignment
| Date | Total Beneficial Ownership (Shares) | % of Shares Outstanding | Vested vs Unvested | Options (Exercisable/Unexercisable) | Pledged Shares |
|---|---|---|---|---|---|
| Mar 7, 2025 | 26,376 | Less than 1% | Not disclosed at date | None outstanding as of 12/31/24 for NEOs | None disclosed; company not aware of pledges leading to change in control |
| Nov 26, 2024 (Form 4 reference) | 22,376 RSUs referenced in filing | N/A | RSUs; detailed tranche schedule not disclosed | N/A | N/A |
- Hedging policy prohibits speculative/hedging transactions (collars, contingent forwards, short sales); no stock ownership guidelines are in place .
- Special stock awards are administered outside the 2023 Stock Incentive Plan to align personnel with shareholder interests; up to 950,000 shares reserved subject to shareholder approval .
- Company-level ownership context shows controlling influence by TCNT via equity issuances and voting agreements, relevant for alignment considerations .
Employment Terms
| Term | Detail |
|---|---|
| Appointment date | March 2024; employment agreement dated March 18, 2024 |
| Monthly salary | NT$200,000 (approx. $6,200) initially; increased to NT$364,150 (approx. $11,500) effective Sep 1, 2024 |
| Year-end bonus | Two months’ salary, subject to compliance and tenure conditions |
| Benefits | Labor Insurance and National Health Insurance; other benefits per company policy |
| Equity | RSUs under 2023 Stock Incentive Plan; special stock award sign-on after shareholder approvals |
| Severance | Mandate Agreement states CFO is a “mandate manager” not subject to Labor Standards Law; Company may terminate at any time without statutory severance payment |
| Change-of-control | Not disclosed for CFO |
| Exclusivity | Full-time exclusive service; outside employment requires written permission |
| Non-compete / Non-solicit | Not disclosed |
| Indemnification & D&O Insurance | Company provides standard indemnification agreements and maintains D&O insurance |
| Stock ownership policy | None; hedging/short sales prohibited |
Operating Performance Under Tenure
| Metric | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|
| Revenues ($) | 106,207 | 110,870 | 113,037 |
| Gross Profit ($) | 87,974 | 91,700 | 93,390 |
| SG&A ($) | 1,526,761 | 3,364,374 | 4,159,627 |
| Total Operating Expenses ($) | 3,250,845 | 7,000,258 | 9,786,141 |
| Net Loss ($) | (3,286,022) | (7,371,012) | (10,302,714) |
- CFO commentary emphasized capital discipline and cost control, including 26% YoY reduction in first-half operating cash outflows and strategic financing via ATM proceeds; Q3 remarks highlighted a 22% YoY decline in SG&A and 8% reduction in total operating expenses .
- Reverse splits and compliance actions (1-for-5 in Dec 2023; regained Nasdaq compliance in 2025) formed part of capital structure efforts cited by management .
Compensation Committee & Governance Context
| Committee | Members | Chair | Independence Status | Key Responsibilities |
|---|---|---|---|---|
| Compensation Committee | Wen-Han Chang; Pao-Sheng Wei | Wen-Han Chang | Both independent under SEC/Nasdaq rules | Approves CEO compensation; sets performance goals; oversees plans and structure |
| Hedging/Ownership Policies | N/A | N/A | Hedging and short sales prohibited; no stock ownership guidelines | Insider trading, ethical standards |
Related Party & Capital Structure Considerations
- Patent license with TCNT (controlling shareholder) exchanged 5.5 million shares for perpetual IP license on VOC/POCT patents; working capital advances and convertible notes illustrate ongoing strategic financing with affiliates and partners (ASE) .
- Outstanding equity awards for NEOs were disclosed as none at 12/31/2024, which affects immediate insider selling pressure assessment at that date .
Investment Implications
- Pay-for-performance linkage appears limited to non-financial milestones; absence of disclosed financial metrics, severance multiples, or change-of-control protections suggests compensation is modest and structurally at-risk, but without traditional golden parachutes—reducing cash burn yet offering fewer retention guarantees .
- Equity alignment exists through RSUs and special stock awards; beneficial ownership is sub-1%, hedging prohibited, and no ownership guidelines—creating potential for sell pressure upon future vesting, but with no options outstanding as of 12/31/24 and no pledging disclosure, near-term selling constraints are moderate .
- Execution risk remains in scaling AI Nose commercialization; CFO-led cost control and capital actions (ATM, reverse split, compliance regain) support runway, but continuing net losses and reliance on strategic partners/affiliates (TCNT, ASE) are key watch items for governance and related-party exposure .
- Trading signals: monitor insider Form 4 filings for RSU vesting/awards and any emergent selling programs; recent filings confirm RSU activity and awards to CFO (e.g., references to 22,376 RSUs; March 2025 Form 4 index) .
