David Jin
Fortress BiotechAbout David Jin
David Jin is Chief Financial Officer and Head of Corporate Development at Fortress Biotech (FBIO), age 35, serving as CFO since August 16, 2022 and as Head of Corporate Development since May 2020; he holds a B.S. in Industrial Engineering & Management Sciences with a double-major in Mathematical Methods in the Social Sciences from Northwestern University . He signed SOX 302/906 certifications for FBIO’s Q3 2025 10‑Q, confirming responsibility for disclosure controls and that the report fairly presents financial condition and results of operations . Company pay-versus-performance disclosure shows CAP vs TSR and net income, with 2024 TSR value of $5 on an initial $100 and net loss of $121 million, reflecting the R&D-stage profile; the company notes it has not historically used net income (loss) as a compensation performance measure .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Barings (Private Equity & Real Assets) | Investment team member | Not disclosed | Control equity and asset-based investments in pharma/biotech |
| Sorrento Therapeutics | Director of Corporate Development | Not disclosed | Corporate development leadership |
| FBR & Co. | Vice President, Healthcare Investment Banking | Not disclosed | Capital markets and advisory in healthcare |
| IMS Health (now IQVIA) | Management consulting | Not disclosed | Early career analytics/consulting |
External Roles
| Organization | Role | Years |
|---|---|---|
| Avenue Therapeutics (OTC: ATXI) | Interim Chief Financial Officer and Chief Operating Officer; Corporate Secretary (2024 awards context) | Not disclosed |
| Mustang Bio (Nasdaq: MBIO) | Director | Not disclosed |
| Fortress private subs (Cyprium, Urica, Helocyte, Cellvation) | Treasurer (since Aug 2022 for private subs; Urica options awards 2023) | Not disclosed |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % | Actual Bonus ($) | All Other Compensation ($) | Notes |
|---|---|---|---|---|---|
| 2024 | 420,000 | Not disclosed | — (Company paid no annual bonuses for 2024) | 14,467 (401(k) match) | |
| 2023 | 400,000 | Not disclosed | 160,000 (discretionary bonus awarded Jan 2025 for 2023 services) | 7,333 | Bonus disclosed as 2023-related but granted in 2025 |
Performance Compensation
Stock Awards (RSUs/Restricted Stock)
| Year | Instrument | Company | Grant Size (Shares) | Grant Date | Grant-Date Fair Value ($) | Vesting |
|---|---|---|---|---|---|---|
| 2024 | RSU | FBIO | 1,000,000 | Not disclosed | 1,899,900 (aggregate stock awards) | Deferred RSUs vest in tranches through 2026–2028 (see schedules below) |
| 2024 | RSU | Avenue | 65,000 | Not disclosed | Included in 2024 stock awards | Vest in equal installments on 9/23/2025 and 9/23/2026 |
| 2023 | RSU | FBIO | 140,000 | Not disclosed | Included in 2023 stock awards (330,400) | Some awards vest monthly/quarterly per plan documents |
Option Awards
| Grant Year | Company | Size (Options) | Exercise Price ($) | Expiration | Vesting |
|---|---|---|---|---|---|
| 2023 | Avenue | 250,000 | 1.14 | 6/30/2033 | Equal installments on 8/1 of 2023–2026 |
| 2023 | Urica | 250,000 | 1.29 | 10/10/2033 | Equal installments on 10/10 of 2023–2026 |
Detailed Vesting Schedules (FBIO and subsidiaries)
| Instrument | Company | Quantity | Vesting Detail |
|---|---|---|---|
| Deferred RSUs | FBIO | 1,000,000 | Vest in 16 equal quarterly installments through 12/31/2028 |
| Deferred RSUs | FBIO | 105,000 | Vest in 12 equal quarterly installments through 12/31/2027 |
| Deferred RSUs | FBIO | 41,250 | Vest in 22 equal monthly installments through 10/31/2026 |
| RSUs | Journey | 10,000 | Vest in equal installments on 7/21/2025 and 7/21/2026 |
| RSUs | Avenue | 32,500 | Vest in equal installments on 9/23/2025 and 9/23/2026 |
| Options | Avenue | 125,000 exercisable / 125,000 unexercisable | $1.14 strike; expire 6/30/2033; vest in equal installments on 8/1 of 2023–2026 |
| Options | Urica | 62,500 exercisable / 187,500 unexercisable | $1.29 strike; expire 10/10/2033; vest in equal installments on 10/10 of 2023–2026 |
The company indicates it has shifted toward RSUs/restricted stock over options for executives; RSUs generally vest over several years to align with long-term performance .
Equity Ownership & Alignment
| Date | Shares Owned | Options/RSUs within 60 days | Total Beneficially Owned | Ownership % |
|---|---|---|---|---|
| March 27, 2024 | 5,916 | 44,375 | 50,291 | Less than 1% |
| April 17, 2025 | 10,893 | 164,375 (deferred RSUs) | 175,268 | Less than 1% |
- No pledging or hedging disclosures specific to David Jin were identified; related-person transactions disclosure did not attribute transactions to Jin .
- Section 16 reporting was timely for 2024 per proxy statement .
Employment Terms
- Employment Agreements: FBIO has not entered into employment agreements with Mr. Jin; no severance or change-in-control multiples are disclosed for him .
- Clawback: Nasdaq-compliant clawback policy applies to executive officers, enabling recoupment of erroneously awarded incentive compensation for the last three fiscal years in case of a required restatement .
- Non-compete/Non-solicit: Not disclosed for Jin in proxy filings reviewed.
- Equity Plans: Awards issued under the 2013 Stock Incentive Plan; timing of grants is not manipulated around MNPI per company policy .
Investment Implications
- Alignment: Jin’s compensation is heavily equity-based, with substantial time-based FBIO deferred RSUs vesting through 2026–2028 and additional subsidiary awards (Avenue, Urica, Journey), tying his upside to long-term share appreciation across Fortress and partner entities .
- Selling Pressure: The scheduled quarterly/monthly vesting of large FBIO RSU tranches may increase the cadence of potential Form 4 share deliveries over 2026–2028; monitor Section 16 filings for sales/hold behavior .
- Retention Risk: Absence of an employment agreement and severance/change-of-control protections suggests limited contractual retention levers; retention is primarily driven by ongoing equity vesting and roles across partner companies .
- Performance Linkage: Company states net income is not used as a compensation performance metric; executive pay relies on equity with long-dated vesting rather than annual bonus metrics, aligning with an R&D-centric model but reducing near-term pay-for-performance signals based on financial outcomes .