David Hoffman
About David Hoffman
David Hoffman is General Counsel, Chief Compliance Officer, and Corporate Secretary at Delcath Systems, Inc. (DCTH). He is 55 and joined Delcath in January 2022, bringing more than 20 years of biotech legal and compliance experience; he holds a B.S. in Civil Engineering and an M.S. in Environmental Engineering (Clemson University) and a J.D. (Georgia State University) . Company performance during his tenure shows cumulative TSR rising from $45.69 (value of initial fixed $100) in 2022 to $152.79 in 2024, while net loss narrowed to $26.386M in 2024 after a commercial launch of HEPZATO KIT in January 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Vericel Corporation | Associate General Counsel and Chief Compliance Officer | — | Led legal and compliance; supported launch and growth of advanced cell therapy and biologics products |
External Roles
No public company board roles or external directorships disclosed in the proxy for David Hoffman .
Fixed Compensation
Not disclosed. Hoffman was not a named executive officer in 2024; NEOs were the CEO, CMO, and COO (and different non-PEO NEOs in prior years) .
Performance Compensation
Not disclosed for Hoffman. Company AIP for 2024 paid out at 100% based on corporate objectives in Clinical Trials, Regulatory, Commercial, Manufacturing, and Finance; this applied to NEOs and illustrates company-wide performance focus .
Equity Ownership & Alignment
| Metric | As of Mar 20, 2025 |
|---|---|
| Total Beneficial Ownership (Common Shares) | 267,103 |
| Ownership % of Common | <1% |
| Directly Owned Shares | 83,587 |
| Options Exercisable within 60 Days | 183,516 |
| Shares Pledged as Collateral | Prohibited by company policy |
| Hedging of Company Stock | Prohibited |
| Clawback Policy Applicability | Company has Dodd-Frank/Nasdaq-compliant clawback covering executives |
Equity Grants, Options, and Vesting
| Grant Type | Grant Date | Shares | Exercise Price | Expiration | Vesting Schedule |
|---|---|---|---|---|---|
| Stock Option (Right to Buy) | Jan 25, 2022 | 50,000 | $6.61 | Jan 25, 2032 | 4/36ths vested at grant; remaining 32/36ths vest in equal monthly installments starting Feb 1, 2022, over 32 months, contingent on continued employment |
Note: As of March 20, 2025 Hoffman had 183,516 options exercisable within 60 days; specific grant-level details beyond the above 2022 award are not detailed in the proxy footnotes .
Employment Terms
- Role and tenure: Joined Delcath in January 2022 as General Counsel, Chief Compliance Officer, and Corporate Secretary .
- Company-wide policies:
- Anti-hedging and anti-pledging for employees, executive officers, directors, certain consultants/contractors .
- Executive incentive compensation clawback policy compliant with SEC/Nasdaq rules (three-year lookback on restatements) .
- Specific employment agreement, severance, non-compete, and change-of-control terms for Hoffman are not disclosed in the proxy; change-of-control mechanics under the 2020 Omnibus Equity Incentive Plan include potential acceleration if awards are not assumed and the executive is terminated without cause within 12 months post-CIC (plan-wide, not individual) .
Performance & Track Record
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Cumulative TSR – Value of $100 Investment | $45.69 | $52.79 | $152.79 |
| Net Income (Loss) | $(36,508,000) | $(47,678,000) | $(26,386,000) |
Context:
- HEPZATO KIT commercially launched January 2024, marking a strategic shift to commercialization .
Risk Indicators & Red Flags
- Hedging and pledging of company stock are prohibited, reducing alignment risks related to collateralized holdings .
- Company-wide clawback policy mitigates incentive misalignment risk tied to restatements .
- No related-party transactions involving Hoffman disclosed; private placements referenced involve CEO and certain directors/investors, not Hoffman .
Investment Implications
- Alignment: Hoffman holds 267,103 beneficial shares with 183,516 options exercisable within 60 days, indicating meaningful exposure but <1% ownership—alignment supported further by anti-hedging/pledging and clawback policies .
- Selling pressure: The 2022 option fully vested by late 2024 based on disclosed schedule; current exercisable options represent potential supply, but no Form 4 selling data is available in the search results to indicate active disposition .
- Retention/contract risk: Absence of disclosed individual severance/CIC terms limits visibility; however, plan-level CIC acceleration and company policies provide baseline protections and potential retention signals .
- Performance linkage: Company AIP used operational metrics; although Hoffman’s specific payouts are undisclosed, the framework emphasizes corporate execution (important for legal/compliance leadership during commercialization) .
- Overall: Governance policies and commercialization progress improve confidence in alignment; lack of granular compensation/severance detail for Hoffman is a minor diligence gap.