W. Matthew Cox
About W. Matthew Cox
W. Matthew Cox, age 41, is Chief Financial Officer and Secretary of International Isotopes Inc. (INIS) since September 2019, after joining as Controller in April 2019; he holds a BS in Accounting (BYU–Idaho), an MBA (University of Illinois Urbana-Champaign), and is a licensed Idaho CPA . Under his tenure, INIS’s 2024 total shareholder return (TSR) value of a $100 investment was $33 and net income was $8,574, while year-to-date through Q3 2025 revenue rose 2% with a net loss of $477,080, reflecting mixed operating performance amid supply interruptions and FDA remediation efforts . He co-certifies SEC filings and internal controls as principal financial officer, signaling ownership of financial reporting and control processes .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| INIS | Controller | Apr 2019–Sep 2019 | Transitioned to CFO; continuity in finance leadership . |
| DL Beck Inc. (commercial general contractor) | Controller | Aug 2016–Mar 2019 | Oversaw construction finance controls and reporting . |
| Riverbend Ranch (registered Angus ranch) | Ranch Analyst | Dec 2013–Aug 2016 | Operational analytics in agriculture supply chain . |
| Kingston Companies / John & John PLLC | Accounting roles | Oct 2008–Dec 2013 | Broad accounting experience across conglomerate and public accounting . |
External Roles
- None disclosed for public company directorships or external board roles .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 138,483 | 147,445 |
| Cash Bonus ($) | 7,580 | 379 |
| Stock Awards ($, grant-date fair value) | — | — |
| Option Awards ($, grant-date fair value) | 13,083 | 712 |
| All Other Compensation ($) | 107 (life insurance) | 118 (life insurance) |
| Total ($) | 159,253 | 148,654 |
The Compensation Committee uses no external consultants; non‑employee directors approve CEO pay, and the full Board (including CEO) approves CFO pay .
Performance Compensation
- Annual cash incentive: The company does not disclose explicit performance metrics or targets for the CFO’s annual bonus; actual bonuses paid were $7,580 (2023) and $379 (2024) .
- Equity incentives (options): Awards, pricing, vesting, and expirations below.
| Grant Date | Instrument | Number | Exercise Price | Expiration | Vesting Schedule |
|---|---|---|---|---|---|
| 4/22/2019 | Stock Options | 187,500 (all exercisable as of 12/31/24) | $0.04 | 4/22/2029 | Historical; fully vested by 2024 . |
| 8/19/2021 | Stock Options | 120,000 ex / 80,000 unex at 12/31/24 | $0.04 | 8/19/2031 | Five equal annual installments beginning first anniversary . |
| 2/21/2022 | Stock Options | 750,000 ex / 250,000 unex at 12/31/24 | $0.04 | 2/21/2032 | Five equal annual installments beginning grant date . |
| 3/03/2023 | Stock Options | 200,000 ex / 300,000 unex at 12/31/24 | $0.04 | 3/03/2033 | Five equal annual installments beginning grant date . |
| 4/22/2024 | Stock Options | 0 ex / 25,000 unex at 12/31/24 | $0.04 | 4/22/2034 | Five equal annual installments beginning first anniversary; 5‑year service award . |
No RSUs are shown for Mr. Cox in 2023–2024; the CEO received RSUs separately .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 2,721,573 shares (<1% of outstanding) as of May 19, 2025 . |
| Options exercisable within 60 days | 1,612,500 options (included in beneficial ownership calculation) . |
| Options outstanding (12/31/24) | 1,257,500 exercisable / 655,000 unexercisable across grants shown above . |
| Option strike price context | All listed grants at $0.04; INIS stock closed at $0.06 on Sept 30, 2025, indicating in‑the‑money status at that date . |
| Pledging/hedging | Company “discourages” hedging and pledging; no pledges disclosed for Cox . |
| Ownership guidelines | No executive stock ownership guideline disclosure identified for INIS executives . |
Reverse split note: If executed, all options and reserved shares would be adjusted proportionately; no change to proportional ownership or economic rights, except for rounding up fractional post‑split shares .
Employment Terms
- Appointment and initial pay: Promoted to CFO and Secretary effective Sept 30, 2019; initial base salary $117,000; participates in standard benefits and bonus programs; no special equity grant upon promotion .
- Severance/change‑in‑control: No individual CFO severance terms disclosed; however, under INIS’s Amended and Restated 2015 Incentive Plan, upon a merger/dissolution/asset transfer, outstanding options become fully exercisable and may be cashed out; based on $0.03/share on 12/31/24, Cox would not have been entitled to a cash‑out for unvested options (plan mechanics apply company‑wide) .
- Compensation governance: The Compensation Committee recommends officer compensation; full Board approves CFO compensation; no external comp consultant used .
- Trading arrangements: No director or officer adopted/terminated Rule 10b5‑1 or non‑Rule 10b5‑1 trading plans in Q3 2025 .
Performance & Track Record
| Metric | 2022 | 2023 | 2024 | 2025 YTD (Q3) |
|---|---|---|---|---|
| TSR value of $100 investment | $33 | $44 | $33 | — |
| Net income (loss) ($) | 303,238 | (869,016) | 8,574 | (477,080) |
| Revenue growth (YoY) | — | — | — | +2% (nine months) |
Operating context: 2025 YTD performance affected by isotope supply outages, global shortages (e.g., Gd‑153), and an April 2025 FDA inspection resulting in an OAI; remediation is underway with continued manufacturing during corrective actions .
Compensation Committee Analysis
- Committee composition: Christopher Grosso (Chair) and Dr. Robert Atcher; small board, no written charter for Compensation Committee .
- Process/consultants: No compensation consultants used; CEO compensation approved by non‑employee directors; CFO compensation approved by full Board .
- Say‑on‑pay: Most recent prior vote (2022) had ~98% approval; 2025 proxy seeks triennial frequency .
Related Party Transactions (Company-level context)
- The company uses related‑party financing, including 2013, 2018, and 2019 promissory notes with current/former executives and major shareholders; maturities were extended to March 31, 2028; interest accrues at 4–6%; certain notes permit settlement in common stock based on 20‑day averages .
Investment Implications
- Alignment and retention: Cox’s pay is modest and increasingly equity‑oriented via multi‑year options at $0.04 strikes; with the stock at $0.06 on 9/30/25, his options are in‑the‑money, creating alignment but also potential exercise/sale cadence as tranches vest annually through 2034 .
- Selling pressure/overhang: Upcoming annual option vests (especially 2021–2024 grants) could introduce intermittent insider selling pressure; the proposed reverse split would proportionally adjust awards without altering economic value, but could increase post‑split price optics and liquidity dynamics .
- Governance/risk: Anti‑hedging/pledging is discouraged (not prohibited), reducing but not eliminating hedging/pledging risk; no pledging disclosures for Cox were noted; company‑level related‑party debt and FDA OAI remediation represent governance and regulatory risk factors to monitor .
- Performance linkage: The proxy does not disclose CFO‑specific performance metrics or weightings for bonuses; observed bonuses appear discretionary and small, limiting pay‑for‑performance signaling for the CFO role; however, strong 2022 say‑on‑pay support suggests limited shareholder concern historically .