David Jin
About David Jin
David Jin, M.D., Ph.D., served as Chief Executive Officer, President, and director of Avalon GloboCare since September 14, 2016; he is 57 and notified the board of his resignation effective November 30, 2025 due to a personal health issue . He trained at SUNY Downstate and completed clinical training at New York-Presbyterian in internal medicine, hematology, and clinical oncology; he previously served as Chief Medical Officer at BioTime, Inc. (NYSE American: BTX) from 2009–2017 and has authored or co-authored over 80 scientific works . Company pay-versus-performance disclosures show TSR declining from $9 to $4 for a hypothetical $100 investment between 2023 and 2024, with compensation actually paid driven principally by fixed cash pay and not tied to TSR or net loss metrics .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Avalon GloboCare Corp. | Chief Executive Officer, President, Director | 2016–2025 | Led operations and strategy; announced resignation effective Nov 30, 2025 due to health issue . |
| BioTime, Inc. (NYSE American: BTX) | Chief Medical Officer | 2009–2017 | Oversaw pluripotent stem cell technology programs and clinical development . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Howard Hughes Medical Institute / Ansary Stem Cell Center at Weill Cornell | Senior translational clinician-scientist | Not disclosed | Led translational research efforts; principal investigator on 15+ pre-clinical/clinical trials . |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % | Actual Bonus ($) | Stock Awards ($) | Option Awards ($) |
|---|---|---|---|---|---|
| 2024 | 180,000 | Not disclosed | — | — | — |
| 2023 | 330,000 | Not disclosed | — | — | — |
Notes:
- Employment agreement increased base salary to $360,000 effective Jan 1, 2019, later reduced as part of cost measures reflected in 2023–2024 .
- Compensation actually paid is primarily fixed cash; TSR and net loss were not used as compensation plan metrics in the periods reported .
Performance Compensation
- The company states compensation actually paid was principally fixed cash, and for the reported periods it did not use TSR or net loss as measures in executive compensation plans . No specific performance metrics, targets, weightings, or payouts tied to Dr. Jin are disclosed for 2023–2024 .
Equity Ownership & Alignment
| Item | Value | Detail |
|---|---|---|
| Total beneficial ownership | 105,667 shares | 103,000 common shares + 2,667 options exercisable within 60 days as of Oct 31, 2025 . |
| Ownership % of outstanding | 2.5% | Based on 4,252,009 shares outstanding at record date . |
| Options – exercisable | 2,667 | Strike $228.00; expiry 2/18/2030 . |
| Options – unexercisable | — | No unexercisable options disclosed . |
| RSUs / unvested stock | — | No RSUs or unvested stock disclosed for Dr. Jin . |
| Hedging / pledging | Hedging prohibited; pledging not disclosed | Company anti-hedging policy bars hedging/monetization transactions; no explicit pledging policy disclosure . |
| Ownership guidelines | Not disclosed | No director/executive stock ownership guideline disclosure found . |
Insider activity context:
- No options exercised and no stock vested for executive officers during 2024 .
Employment Terms
| Provision | Term |
|---|---|
| Initial employment agreement | Executed Dec 1, 2016; role as CEO/President; extended by letter on Feb 20, 2020 for 3 years . |
| Current status | At-will continuation under same terms, with salary reductions in 2023–2024 for cost measures . |
| Base salary history | Increased to $360,000 effective Jan 1, 2019; reduced to $330,000 in 2023 and $180,000 in 2024 . |
| Severance (termination without cause or resignation for good reason) | Accrued salary and bonuses, expense reimbursements, plus one year of salary . |
| Severance (with cause, voluntary w/o good reason, death, disability) | Accrued salary and bonuses and expense reimbursements; no additional severance . |
| Change-of-control treatment | Not specifically provided for Dr. Jin (CFO’s agreement includes CoC terms; not applicable here) . |
| Non-compete / non-solicit / confidentiality | Applicable under agreement . |
| Clawback policy | Company-wide clawback policy adopted Nov 16, 2023 applies to awards under the Amended & Restated 2020 Plan . |
| Anti-hedging | Hedging/monetization transactions prohibited for officers/directors/employees and related parties . |
Options Detail (Outstanding at FY 2024 Year-End)
| Number Exercisable | Strike Price ($) | Expiration | Equity Incentive Plan Awards |
|---|---|---|---|
| 2,667 | 228.00 | 2/18/2030 | No RSUs/unearned shares for Dr. Jin |
Pay Versus Performance
| Year | CEO (PEO) SCT Total ($) | Compensation Actually Paid ($) | TSR Value of $100 Investment ($) | Net Loss ($) |
|---|---|---|---|---|
| 2024 | 180,000 | 180,000 | 4 | (7,903,394) |
| 2023 | 330,000 | 330,000 | 9 | (16,707,010) |
Board Governance (Director Role and Committees)
- Board service: Director since 2016; announced resignation effective Nov 30, 2025 .
- Independence: Board determined four directors (Sanders, Felix, Stilley, Troy) are independent; Dr. Jin is not listed among independents and, as CEO, is treated as non-independent .
- Committee memberships: Audit (Stilley-Chair, Sanders, Troy), Compensation (Felix-Chair, Sanders, Troy), Nominating & Corporate Governance (Sanders-Chair, Stilley, Troy); Dr. Jin is not listed as a member of these committees .
- Attendance: Board met five times in 2024; all directors attended at least 75% of board and committee meetings where they served .
- Leadership structure: Chair and CEO roles separated; Chair is Wenzhao “Daniel” Lu; board cites enhanced independent oversight from this structure .
- Say-on-Pay and frequency: 2023 say-on-pay approved (For 5,517,897; Against 32,782; Abstain 6,770); stockholders selected annual frequency for advisory votes on executive compensation .
Company Performance Context
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenues ($) | 1,255,681 | 1,333,403 [Values retrieved from S&P Global]* |
| EBITDA ($) | (15,541,963)* | (4,749,815)* [Values retrieved from S&P Global]* |
- Values retrieved from S&P Global.
Compensation Structure Analysis
- Shift toward lower cash compensation: Base salary reduced from $330k (2023) to $180k (2024) reflecting cost reduction measures .
- Limited at-risk pay: No disclosed annual bonuses, RSUs, or PSUs for Dr. Jin in 2023–2024; option overhang is minimal (2,667 shares at a high strike), reducing variable pay exposure .
- Clawback and anti-hedging protections: Clawback policy adopted in Nov 2023 covers awards; hedging barred, aligning with governance best practices .
- No option repricing disclosed; no pension or deferred compensation plans for executives .
Related Party and Governance Risk Indicators
- Delisting risk managed through governance actions (reverse split proposals and approvals during 2024; Nasdaq minimum bid notifications) per proxy; board maintains separate Chair/CEO roles and committee independence .
- Section 16 compliance: Company states directors and officers timely filed required reports for FY 2024 .
Investment Implications
- Alignment: Dr. Jin’s equity stake (2.5% of outstanding as of Oct 31, 2025) and small, deeply structured option position suggest moderate ownership alignment but limited incentive via equity vesting/PSUs in recent periods .
- Selling pressure: No options exercised and no stock vested for executives in 2024, indicating limited forced selling from vesting events; hedging prohibited, and no pledging policy disclosure found .
- Retention risk: Severance provides one-year salary on termination without cause/good reason; no disclosed change-of-control protection for Dr. Jin, potentially lower retention economics versus peers with richer CoC terms .
- Governance: Separation of Chair/CEO and independent committees are positives; Dr. Jin’s non-independent director role is typical for CEOs, but committee non-membership limits potential independence conflicts in compensation and audit oversight .