David House
Armata PharmaceuticalsAbout David House
David D. House, age 41, serves as Senior Vice President, Finance and Principal Financial Officer (PFO) of Armata Pharmaceuticals, appointed effective August 16, 2024. He previously held senior accounting leadership roles at ZO Skin Health (Corporate Controller and VP Accounting, October 2018–May 2024), with earlier roles at Peregrine Pharmaceuticals and Avid Bioservices; he holds a BA in Business Administration (Accounting) from California State University, Fullerton, and an inactive California CPA obtained January 5, 2011 . As PFO, he signed Armata’s SOX 302/906 certifications for the FY2024 10-K and Q3 2025 10-Q, evidencing responsibility over disclosure controls and financial reporting . Company context: the auditor’s FY2024 report included a going‑concern explanatory paragraph; Q3’25 year‑to‑date net loss was $49.5 million with net cash used in operations of $19.1 million; 2025 say‑on‑pay passed with 30,180,386 votes for vs. 75,804 against .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| ZO Skin Health, Inc. | Corporate Controller; VP Accounting | Oct 2018 – May 2024 | Led global accounting and reporting; key role in Blackstone acquisition; established international subsidiaries; oversaw M&A financial integration |
| Avid Bioservices, Inc. (CDMO) | Controller | Not disclosed | Implemented ASC 606; managed technical accounting and SEC reporting |
| Peregrine Pharmaceuticals, Inc. | Financial leadership roles | Not disclosed | Clinical-stage biotech finance leadership (reporting/technical accounting) |
| Viant, Inc.; Sourcing Solutions, LLC; Apria Healthcare | Accounting/finance roles | Not disclosed | Various accounting and financial management roles |
| Windes (public accounting firm) | Senior Auditor | Early career (not disclosed) | Managed audits for public/private/non‑profit clients; contributed to SEC filings and internal control evaluations |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| None disclosed in proxy biography | — | — | No public‑company board or external directorships disclosed for Mr. House |
Fixed Compensation
| Item | 2024 | Notes |
|---|---|---|
| Base salary rate | $350,000 | Initial annual base per employment agreement dated July 29, 2024 |
| Salary paid (SCT) | $131,250 | Partial‑year from Aug 16, 2024 start |
| Target annual bonus | 40% of base | Per employment agreement |
| Actual bonus paid | — | No 2024 bonus paid per SCT |
| All other compensation | $3,500 | 401(k) company match attribution for Mr. House |
Performance Compensation
Annual Cash Incentive (STI)
- Structure: Target 40% of base salary; tied to Company achievement of performance objectives. Specific 2024 performance metrics, weightings, targets, and payout formulae for Mr. House were not disclosed .
| Metric | Weight | Target | Actual | Payout | Notes |
|---|---|---|---|---|---|
| Not disclosed | — | — | — | — | STI exists (40% of base); no 2024 payout disclosed for Mr. House |
Equity Awards (LTI)
| Grant type | Grant date | Shares/options | Exercise/strike | Expiration | Vesting | Status at 12/31/2024 |
|---|---|---|---|---|---|---|
| Stock options | Oct 2, 2024 | 75,000 | $2.32 | Oct 2, 2034 | 25% on Aug 16 of 2025, 2026, 2027, 2028 (service‑based); acceleration on CIC upon qualifying termination (see Employment Terms) | 75,000 unexercisable |
- Valuation/moneyness context: Company closing price on 12/31/2024 was $1.85; this left the $2.32 strike options out‑of‑the‑money by $0.47 per share at year‑end 2024 . Company closing price on 9/30/2025 was $2.98 (used for aggregate intrinsic value disclosure), implying per‑share intrinsic value of $0.66 for this grant if vested/exercisable at that date; full‑grant intrinsic value would have been ~$49,500 at that price (75,000 × ($2.98−$2.32)) .
Equity Ownership & Alignment
| Ownership metric (as of record date Apr 17, 2025, unless noted) | Value |
|---|---|
| Beneficial ownership (shares) | 0 (shown as “—” in table; only Dr. Birx and Dr. Kyme among current officers/directors shown with beneficial ownership) |
| Ownership as % of outstanding | <1% (none) |
| Options – unexercisable | 75,000 (grant 10/2/2024; strike $2.32; vests 2025–2028) |
| RSUs – unvested | 0 (none listed for Mr. House at FY‑end 2024) |
| Shares pledged as collateral | Not disclosed (no pledging disclosure for Mr. House found) |
| Hedging/derivatives policy | Insider Trading Policy requires CEO or PFO pre‑clearance for hedging/monetization transactions |
Alignment takeaways: As of the 2025 record date, Mr. House had no share ownership and held only unvested stock options vesting ratably 2025–2028, creating forward‑looking equity exposure without near‑term selling pressure from vesting RSUs. The grant was OTM at 12/31/2024 ($1.85 vs. $2.32 strike) but ITM at 9/30/2025 ($2.98), increasing retention value if price performance is sustained .
Employment Terms
| Term | Detail |
|---|---|
| Title | Senior Vice President, Finance and Principal Financial Officer |
| Start/appointment date | Appointed PFO effective August 16, 2024 |
| Employment agreement | Dated July 29, 2024 |
| Initial base salary | $350,000 |
| Target bonus | 40% of base salary |
| Severance (non‑CIC) | If terminated without cause or resigns for good reason (with release): 6 months of continued base salary |
| Severance (CIC) | If such termination/resignation occurs in connection with a change in control: an additional 6 months base (total 12 months) + 12 months COBRA premiums (subject to timely election) |
| Equity acceleration | For NEOs other than the CEO, if within 1 month prior to or 12 months after a change in control the NEO is terminated due to an involuntary termination (other than death/disability), all unvested stock options vest in full (double‑trigger CIC acceleration) |
Governance, Compensation Process, and Shareholder Feedback
- Compensation process: Compensation Committee sets compensation and performance objectives, may retain independent compensation consultants, and reviews market practices; timing of most significant adjustments typically late prior year/early current year .
- Say‑on‑pay (2025 AGM): 30,180,386 For; 75,804 Against; 31,922 Abstain; 1,190,014 broker non‑votes. Approval rate ≈ 99.6% of votes cast For/Against/Abstain (30,180,386 ÷ 30,288,112) .
- Code/insider policy: Code of Business Conduct covers executives; Insider Trading Policy requires pre‑clearance of hedging/monetization transactions by CEO or PFO .
Company Performance Context (relevant to pay‑for‑performance)
| Metric | Period | Value |
|---|---|---|
| Net loss | Nine months ended Sep 30, 2025 | $(49.501) million |
| Net cash used in operating activities | Nine months ended Sep 30, 2025 | $(19.089) million |
| Auditor going‑concern emphasis | FY2024 audit | Substantial doubt noted by Ernst & Young regarding ability to continue as a going concern |
Investment Implications
- Alignment and retention: Mr. House’s compensation skews toward at‑risk equity via options with a four‑year vest and double‑trigger CIC acceleration—supportive of retention and potential deal alignment; however, lack of current share ownership reduces immediate “skin‑in‑the‑game” optics .
- Selling pressure: No RSUs outstanding and options vest annually on August 16 through 2028, implying limited near‑term forced selling from tax withholding on RSU releases; vesting cadence does not create predictable RSU supply overhang .
- Incentive sensitivity: Option grant was OTM at FY‑end 2024 ($1.85 vs. $2.32) but ITM by Q3‑end 2025 ($2.98), increasing motivational value tied to share price performance and potentially raising exercise‑related liquidity events as tranches vest .
- Downside risk: Company’s going‑concern emphasis and substantial losses highlight execution and financing risks that may pressure long‑term incentive realizability; governance support was strong with overwhelming 2025 say‑on‑pay approval, reducing immediate compensation‑related overhang .