David Briones
About David Briones
David Briones (age 49) has served as Chief Financial Officer of Hoth Therapeutics since March 2019, with 25+ years of public accounting and executive experience; he holds a B.S. in accounting from Fairfield University . He founded and manages Brio Financial Group (since 2010) and has held CFO roles at multiple public companies and SPACs (e.g., Larkspur Healthcare Acquisition Corp.), with earlier audit roles at PricewaterhouseCoopers and Bartolomei Pucciarelli . During his tenure, Hoth has remained pre‑revenue and recorded recurring losses; the company disclosed a material weakness and a restatement of 2023–2024 periods, indicating internal control and reporting execution risk under his oversight .
Stock performance and financial outcomes:
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Value of $100 Investment Based on TSR | $13.16 | $2.43 | $1.26 |
| Net Loss | $(11,371,953) | $(7,845,390) | $(7,786,842) |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Brio Financial Group, LLC | Managing Member & Founder | 2010–present | Led financial reporting, internal controls, budgeting for >75 companies |
| Larkspur Healthcare Acquisition Corp. (Nasdaq: LSPR) | CFO, Treasurer, Secretary; Director | 2021–2022 | SPAC finance leadership; public markets execution |
| Zovis Pharmaceuticals | Executive Chair | 2018–2021 | Oversight of pharma development operations |
| Petro River Oil Corp. | CFO | 2013–2020 | Upstream energy finance leadership |
| AdiTx Therapeutics, Inc. (Nasdaq: ADTX) | Interim CFO | 2018–2020 | Pre-IPO operating finance and controls |
| Bartolomei Pucciarelli, LLC; PwC | Auditor | Prior to 2010 | Assurance, GAAP/SEC reporting foundation |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Unique Logistics International Inc. (OTC Pink: UNQL) | Director | 2020–present | Governance and oversight for logistics company |
Fixed Compensation
| Component | Terms | Source |
|---|---|---|
| Base Salary | $60,000 per year (as of 2019 contract; subject to increases) | Employment Agreement, Mar 6, 2019 |
| Target Annual Bonus | Up to $30,000; criteria set annually by Compensation Committee | Employment Agreement |
| Indemnification & D&O Insurance | Company to provide indemnification agreement and maintain D&O insurance during term and 6 years thereafter | Employment Agreement |
Notes:
- Current CFO compensation figures (salary/bonus/equity) are not disclosed in recent proxies; Hoth, as a smaller reporting company, only reports CEO compensation .
Performance Compensation
| Incentive Type | Grant/Metric | Vesting | Payout/Terms | Source |
|---|---|---|---|---|
| Stock Options | 50,000 options at $5.88 (granted on appointment); vested in full upon grant | Immediate | N/A (value depends on stock price) | 8‑K 2019 |
| Annual Bonus | Committee‑determined metrics (not disclosed) | N/A | Up to $30,000 | Employment Agreement |
| Clawback Policy | Recoupment of incentive comp for restatements (Section 10D) | N/A | Discretionary recoupment over prior 3 fiscal years | 2022 Plan |
Equity Ownership & Alignment
- Beneficial ownership: Not reported for Briones in the 2025 proxy’s named executive officer/director table (CEO and directors only) .
- Pledging/Hedging: Company policy prohibits short sales, hedging, and pledging (unless pre‑cleared); as of Dec 31, 2024, no directors or executive officers had pledged shares .
- Ownership Guidelines: Not disclosed in proxy; insider trading policy enforced .
Employment Terms
| Term | Details | Source |
|---|---|---|
| Start Date & Role | Appointed CFO on March 6, 2019 | 8‑K 2019 |
| Contract Length | 1‑year term; auto‑renews unless non‑renewal notice given ≥6 months before expiration | Employment Agreement |
| Termination (Company) | With or without Cause (60 days’ notice if without); death; disability | Employment Agreement |
| Termination (Executive) | For any reason with 60 days’ notice | Employment Agreement |
| Payments on Termination | Accrued base salary, unreimbursed expenses, accrued benefits; no severance multiples disclosed | Employment Agreement |
| Confidentiality | Restrictive confidentiality covenants; injunctive relief available | Employment Agreement |
Governance and Shareholder Feedback
- Compensation Committee: Wayne Linsley (Chair), Jeff Pavell, Chris Camarra; responsible for executive compensation, equity plans, and Clawback policy administration .
- Say‑on‑Pay (2025, advisory): For 1,098,368; Against 265,965; Abstain 92,091; Broker Non‑Votes 4,056,315 .
- Say‑on‑Frequency (2025): 1‑Year 969,766; 2‑Years 48,892; 3‑Years 409,400; Abstain 28,366 (1‑Year preference) .
| Proposal | For | Against | Abstain | Broker Non-Votes |
|---|---|---|---|---|
| 2025 Say‑on‑Pay | 1,098,368 | 265,965 | 92,091 | 4,056,315 |
| Frequency Option | Votes |
|---|---|
| 1 Year | 969,766 |
| 2 Years | 48,892 |
| 3 Years | 409,400 |
| Abstain | 28,366 |
Risk Indicators & Red Flags
- Financial Reporting: Hoth restated 2023–2024 quarterly/annual financials due to material errors in prepaid R&D and timing of R&D expense; management identified a material weakness and is remediating controls—heightened oversight risk for CFO .
- Pre‑Revenue Profile: No revenues reported; recurring operating losses (Q3 2025 net revenues $0; nine‑month 2025 net loss ~$9.78M) .
- Equity Dilution: Equity plan share reserve expanded to 3,091,317 in 2025; persistent ATM issuances and warrant exercises signal ongoing capital needs and dilution risk .
- Insider Policy: Hedging/pledging prohibited; none pledged as of Dec 31, 2024, reducing misalignment risk .
Investment Implications
- Compensation alignment: CFO’s disclosed equity award (2019 options, immediate vest) provides limited retention leverage; lack of current CFO pay disclosure reduces transparency on pay‑for‑performance today .
- Reporting execution risk: The 2025 restatement and material weakness increase governance and operational risk under CFO oversight; monitor remediation progress and future control assessments .
- Capital structure pressure: Expanded equity plan capacity, ATM usage, and warrant exercises suggest continued reliance on equity financing amid pre‑revenue status, diluting existing holders; weigh against pipeline milestones .
- Policy safeguards: Anti‑hedging/pledging and an adopted clawback mitigate some misalignment risks; continue tracking any future incentive grants and clawback disclosures tied to financial outcomes .
Data caveats: Hoth’s proxies disclose CEO compensation only; CFO’s current salary, bonus paid, and recent equity awards are not reported. The 2019 CFO employment agreement provides baseline terms, but amendments since then (if any) are not disclosed in recent filings .