Jason D. Davis
About Jason D. Davis
Jason D. Davis, CPA, is Chief Financial Officer of FibroBiologics (FBLG), appointed effective June 9, 2025; he is 53 years old and holds a B.B.A. in Accounting from the University of Houston and has been a Texas-licensed CPA since 2004 . He brings >20 years of public company finance and capital markets experience, including leading IPOs and multi-round capital raising, with notable value creation at Hyperdynamics (market cap expansion from ~$20M to >$700M and ~$200M raised) . During his tenure, he has executed CFO certifications on the company’s 10-Qs, reflecting principal financial officer responsibilities and control oversight . FBLG is a clinical-stage, pre-commercial company with negative EBITDA, underscoring a capital-intensive profile where CFO execution and financing strategy are critical .
FBLG EBITDA trend (last 8 quarters):
| Metric | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|---|---|---|---|
| EBITDA ($USD) | -2,449,000* | -3,415,000* | -3,187,000* | -3,314,000* | -3,665,000* | -4,478,000* | -4,430,000* | -4,973,000* |
FBLG EBITDA (annual):
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| EBITDA ($USD) | -8,842,000* | -13,580,000* |
*Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Virax Biolabs | Chief Financial Officer | Mar 2022 – Jun 2025 | Led IPO and multiple capital raises; oversaw SEC reporting and governance best practices . |
| Durango Midstream LLC | Vice President of Finance | Dec 2019 – Dec 2021 | Corporate finance leadership in energy infrastructure . |
| Yuma Energy, Inc. | Interim Chief Financial Officer (consulting) | Feb 2017 – Nov 2019 | Turnaround and finance leadership roles in upstream energy . |
| Hyperdynamics Corporation | Vice President of Finance & Treasurer (consulting period) | Feb 2017 – Nov 2019 | Increased market cap from ~$20M to >$700M; raised >$200M via U.S./EU capital markets . |
| Casa Exploration, LLC | Chief Financial Officer | Jun 2015 – Jan 2017 | Finance leadership in exploration & production . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not disclosed | — | — | No public company directorships disclosed in company filings . |
Fixed Compensation
| Pay Element | Amount | Effective/Grant Date | Notes |
|---|---|---|---|
| Base Salary | $350,000 | Jun 9, 2025 | Annualized base for CFO role . |
| Signing Bonus | $15,000 | Jun 9, 2025 | One-time commencement bonus . |
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual Cash Bonus | Company/individual performance goals set by CEO | Not disclosed | Up to 40% of base salary | Not disclosed | Not disclosed | N/A . |
| Stock Options | Equity-based retention and alignment | N/A | 450,000 options | Granted | N/A | 25% at 1st anniversary, then 1/48 monthly over next 36 months; strike = FMV at grant . |
| Change-in-Control Equity | Acceleration condition | N/A | 100% acceleration of unvested Base Option upon qualifying termination in CIC window | N/A | N/A | If terminated without cause or resigns for good reason within 3 months prior or 13 months post CIC, unvested Base Option vests fully upon Release . |
Equity Ownership & Alignment
- Initial grant: 450,000 stock options under the 2022 Stock Plan; vesting 25% at first anniversary (Jun 9, 2026), then 1/48 monthly for 36 months; exercise price equals fair market value at grant date per Plan .
- Clawback: Company-wide clawback policy compliant with Section 10D and Nasdaq; enables recovery of erroneously awarded incentive compensation following accounting restatement (lookback 3 completed fiscal years) .
- Hedging/pledging: Insider trading policy prohibits trading derivatives, hedging, or pledging of company equity securities by directors, executive officers, and employees—reducing misalignment and collateralization risk .
- Indemnification: Standard form indemnification agreement in place covering liabilities arising from service as an officer .
Employment Terms
| Term | Detail |
|---|---|
| Employment type | At-will; terminable by Company at any time or by CFO with 30 days’ notice . |
| Location | Houston HQ; travel as needed . |
| Non-compete | Prohibits competition while employed; Board consent required for exceptions . |
| Non-solicit | 1 year post-termination restriction on recruiting/inducing Company employees/consultants . |
| Severance (no CIC) | If terminated without cause or resigns for good reason (with Release): 9 months’ base salary paid as payroll installments plus up to 9 months COBRA premium reimbursement . |
| Severance (CIC window) | If terminated without cause or resigns for good reason within 3 months prior or 13 months post CIC (with Release): same cash/COBRA as above, plus 100% acceleration of unvested Base Option . |
| “Cause” | Defined (fraud/dishonesty; intentional material violation; gross insubordination/incompetence/neglect with cure rights) . |
| “Good Reason” | Defined (material diminution of function; material base salary reduction beyond broad program; >50-mile relocation absent consistency) with notice and cure requirements . |
| 280G cutback | Parachute payments reduced to avoid Excise Tax under Sections 280G/4999; methodology selects greatest after-tax outcome (cutback or full) . |
| 409A compliance | Structuring to satisfy exemptions (short-term deferral/involuntary separation pay); specified employee delay if applicable; payment conditioned on Release effectiveness . |
| Arbitration | JAMS employment arbitration in Houston; company pays filing/arbitrator fees; injunctive relief carve-out for trade secrets/IP . |
| PIIAA/IP | Proprietary Information and Inventions Assignment remains in force; assignment of inventions; publication consent procedures . |
Investment Implications
- Alignment and retention: Compensation combines moderate cash (base $350k; bonus up to 40%) with a sizable option grant vesting over 4 years, supporting retention and shareholder alignment; double-trigger equity acceleration and 9-month cash severance are standard for emerging biotech CFOs .
- Risk controls: Robust clawback and hedging/pledging prohibitions mitigate misalignment and reputational risk tied to executive trading or collateralization .
- Financing execution: Davis’ record in IPOs and multi-round capital raising is well-matched to FBLG’s capital intensity and current financing structures (e.g., SEPA-funded note conversions), where ongoing access and terms directly affect dilution and runway .
- Operating context: Continued negative EBITDA underscores cash burn and the importance of disciplined financing and cost control under Davis’ oversight; as principal financial officer, Davis has certified internal controls in quarterly filings .