Richard Fang
About Richard Fang
Former acting CEO of Picard Medical, Inc. (PMI) who served until Patrick NJ Schnegelsberg joined as CEO on July 5, 2023; currently a non-employee director. PMI disclosed that non-employee directors (including Dr. Fang) did not receive director compensation in fiscal 2023, and the post-IPO director pay program was not yet determined at that time . Beneficial ownership recorded for Dr. Fang was 0% as of September 26, 2025; PMI notes Hunniwell’s “rule of two” structure means neither partner (including Fang) is deemed a beneficial owner despite potential pecuniary interests .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Picard Medical, Inc. | Acting Chief Executive Officer | Until July 5, 2023 | Served as acting CEO; transitioned to non-employee director |
| Picard Medical, Inc. | Director (non-employee) | 2023–present (as disclosed) | Committee assignments not disclosed; no director compensation in FY2023 |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Fang Family Fund, LLC (Series II) | Affiliated entity; lender to PMI | Multiple notes in Oct–Nov 2024 | Provided secured notes to PMI: $700,000 (10/16/2024), $480,000 (11/13/2024), $400,000 (11/25/2024) |
| Hunniwell Picard I, LLC (manager-managed fund) | Partner alongside Chris Hsieh; fund controls major PMI stake | As of Sept 26, 2025 | Holds 54.8% via Hunniwell; “rule of two” means neither partner is deemed a beneficial owner |
Board Governance
- Independence and status: PMI identifies Fang as a non-employee director; formal independence designation under exchange rules not stated .
- Committee memberships and chair roles: Not disclosed in available filings .
- Attendance and engagement: Not disclosed .
- Tenure: On the board at least since 2023; continues as of latest filings .
- Executive sessions and lead independent roles: Not disclosed .
Fixed Compensation
| Year | Annual Retainer (Cash) | Committee Membership Fees | Committee Chair Fees | Meeting Fees |
|---|---|---|---|---|
| 2023 | $0 | Not determined post-IPO | Not determined post-IPO | Not disclosed |
PMI stated that, following the IPO, non-employee directors will receive compensation, but the amount and form were not yet determined at the time of the DRS disclosures .
Performance Compensation
| Category | Detail |
|---|---|
| Equity Awards (RSUs/PSUs/Options/Warrants) | PMI’s Amended 2021 Equity Incentive Plan permits RSUs, restricted stock, stock options, warrants, SARs, performance-based awards, and other stock- or cash-based awards . |
| Plan Performance Metrics (eligible measures for awards) | Earnings/EPS; EBITDA; TSR; ROE/ROA; stock price; margins; revenue growth; operating income/cash flow; market share; capex; debt reduction; regulatory milestones; governance/ESG impact; individual goals, etc. . |
| Change-of-control treatment | Plan administrator may accelerate vesting, assume/substitute awards, lapse repurchase rights, cancel for cash, or pay intrinsic value at change-of-control; actions can differ across participants . |
| Clawback | All awards subject to clawback per listing standards and Dodd-Frank Section 10D-1 . |
No director-specific equity grants or vesting schedules for Fang were disclosed; FY2023 director compensation was $0 as a non-employee director .
Other Directorships & Interlocks
| Company | Role | Status |
|---|---|---|
| Not disclosed | — | PMI filings do not list other public company boards or interlocks for Fang . |
Expertise & Qualifications
- Executive experience: Acting CEO of PMI until July 2023; now non-employee director .
- Education/age/technical credentials: Not disclosed beyond “Dr.” honorific .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding | Notes |
|---|---|---|---|
| Richard Fang | 0 | 0.00% | PMI cites Hunniwell’s “rule of two” structure—neither Fang nor Hsieh is deemed a beneficial owner despite fund control, thus Fang shows 0% beneficial ownership . |
| Hunniwell | 39,618,919 | 54.8% | Manager-managed venture fund; dispositive decisions require unanimous vote of Fang and Hsieh . |
Related Party Transactions
| Date | Lender/Party | Amount | Terms |
|---|---|---|---|
| Jun 26, 2023 | Richard Fang (individual) | $90,000 | Interest-free; repayable upon $2M additional funding |
| Aug 3, 2023 | Richard Fang (individual) | $350,000 | Interest-free; repayable upon $3.5M additional funding |
| Sep 25, 2023 | LP in Hunniwell | $300,000 | 6% interest; 2-year maturity; automatic conversion to PMI common at $7.0414 per share at maturity or prior to listing |
| Oct 1, 2023 | Fang Family Fund, LLC | $1,000,000 | LIBOR+2% compounding; repayable after 1 year or upon listing; later aggregated at 6% interest |
| Nov 1, 2023 | Fang Family Fund, LLC | $400,000 | Interest-free; repayable after six months or upon $2M external funding |
| Nov 14, 2023 | Fang Family Fund, LLC | $1,200,000 | Interest-free; repayable upon $2M external funding |
| Dec 20, 2023 | Fang Family Fund, LLC | $1,000,000 | Interest-free; repayable after six months or upon $5M external funding |
| Jan 11, 2024 | Fang Family Fund, LLC | $1,000,000 | Interest-free; repayable after six months or upon $5M external funding |
| Feb 6, 2024 | Fang Family Fund, LLC | $450,000 | Interest-free; repaid on Feb 8, 2024 |
| Oct 16, 2024 | Fang Family Fund, LLC – Series II | $700,000 | Secured note; signature: /s/ Richard Fang |
| Nov 13, 2024 | Fang Family Fund, LLC – Series II | $480,000 | Secured note; signature: /s/ Richard Fang |
| Nov 25, 2024 | Fang Family Fund, LLC – Series II | $400,000 | Secured note; signature: /s/ Richard Fang |
Multiple related-party financings were extended to PMI by Fang personally and via affiliated entities (Fang Family Fund and Hunniwell); several loans were interest-free and tied to external fundraising triggers, with later secured notes in late 2024 .
Governance Assessment
- RED FLAGS: Extensive related-party loans from Fang personally and affiliated entities (Fang Family Fund, Hunniwell), including multiple interest-free loans and secured notes; conversion features and repayment terms tied to funding/listing events elevate conflict risk and investor scrutiny .
- Alignment concern: Recorded beneficial ownership for Fang is 0% as of Sept 26, 2025, due to Hunniwell’s “rule of two” construct; this reduces direct “skin-in-the-game” optics despite fund control of a majority stake .
- Compensation/committee transparency: No disclosure of committee assignments, chair roles, attendance, or director compensation structure post-IPO; FY2023 director pay was $0 as non-employee director pending policy determination .
- Structural mitigants: The Amended 2021 Equity Incentive Plan includes a clawback provision under Dodd-Frank and listing standards, change-of-control safeguards, and transfer/market standoff restrictions, which are positive governance features for incentive awards administration .
Overall, while Fang’s executive experience may support board effectiveness, the breadth and cadence of related-party financing with PMI constitute a meaningful governance risk that investors will weigh against the lack of disclosed board committee roles, attendance, and ownership alignment .