Josh Blacher
Chief Financial Officer at POAI
Executive
About Josh Blacher
Josh Blacher is Predictive Oncology’s Chief Financial Officer (age 53), appointed interim CFO effective September 30, 2023 and named CFO effective October 14, 2025. He holds a BA from Yeshiva University and an MBA from Columbia Business School, with prior finance and operating roles at Galmed Pharmaceuticals (CFO, Oct 2014–Mar 2017), Therapix Biosciences (CFO, Apr 2017–Apr 2018), and InMed Pharmaceuticals (Chief Business Officer, Apr 2018–Aug 2019). Since Aug 2019 he has been Managing Partner at Columbus Circle Capital and has provided CFO services through Danforth Advisors since Sept 2022 . Company performance context: cumulative TSR fell from 32 (2022) to 17 (2023) to 4 (2024) per “Pay vs Performance” disclosure ; revenues were roughly flat FY22–FY24 at ~$1.5–1.6M*, and EBITDA losses improved modestly FY22–FY24*, before a large derivative loss in Q3 2025 tied to the digital asset treasury strategy .
* Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Galmed Pharmaceuticals (Nasdaq: GLMD) | Chief Financial Officer | Oct 2014 – Mar 2017 | Led finance for a clinical-stage pharma; public-company reporting and capital markets experience . |
| Therapix Biosciences (Nasdaq: TRPX) | Chief Financial Officer | Apr 2017 – Apr 2018 | Oversaw finance and SEC reporting; supported development-stage biotech operations . |
| InMed Pharmaceuticals (Nasdaq: INM) | Chief Business Officer | Apr 2018 – Aug 2019 | Led BD and commercialization planning; cross-functional operating role . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Columbus Circle Capital LLC | Managing Partner | Aug 2019 – Present | Provides CFO and strategic finance services to public/private companies; transaction and capital markets advisory . |
| Danforth Advisors, LLC | Consultant | Sept 2022 – Present | Delivered interim CFO services to POAI under a consulting agreement . |
Fixed Compensation
| Component | 2023 | 2024 | Notes |
|---|---|---|---|
| Base Salary (USD) | $0 | $0 | Served via Danforth Advisors consulting arrangement (non-employee) . |
| All Other Compensation (Consulting Fees/Expenses) | $170,100 | $453,940 | Fees/expenses paid to Danforth at negotiated hourly rate . |
| Cash Bonus (Paid) | $0 | $0 | Committee did not pay bonuses to NEOs for 2023 or 2024 . |
Performance Compensation
| Metric/Instrument | Weighting | Target | Actual/Payout | Vesting | Notes |
|---|---|---|---|---|---|
| RSUs (time-based) | N/A | Service condition through vest date | 97,000 RSUs granted 9/9/2025; subject to 1-for-15 reverse split → 6,467 RSUs; vested 10/31/2025; one share per RSU | Vested in full 10/31/2025; settlement within 30 days | Granted under 2024 Plan; time-based RSUs only (no performance metrics) . |
Reverse split: one-for-fifteen effective 9/30/2025 (explains 97,000 pre-split vs 6,467 post-split RSU counts) .
No stock options or SARs were granted to Named Executive Officers in 2023–2024; none were outstanding for NEOs at FY2024 year-end .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 6,467 shares (RSUs vesting within 60 days of 10/24/2025 record date) . |
| Ownership as % of outstanding | Less than 1% . |
| Vested vs unvested | RSUs vested in full 10/31/2025; settlement required within 30 days . |
| Options (exercisable/unexercisable) | None disclosed for Blacher; no NEO option awards outstanding at FY2024 year-end . |
| Pledging/hedging | No pledging disclosed; company has an Insider Trading policy to avoid insider trading . |
| Stock ownership guidelines | Not disclosed for executives in proxy; company-wide equity plan governance summarized below . |
Employment Terms
| Term | Detail |
|---|---|
| Status & start dates | Interim CFO effective 9/30/2023; CFO effective 10/14/2025 . |
| Contract type | Consulting agreement with Danforth Advisors established Aug 2023; Blacher provided CFO services under this arrangement . |
| Severance / change-of-control economics | Executive-specific severance for CFO not disclosed; awards under 2024 Plan accelerate vesting upon change in control unless otherwise specified . |
| Non-compete / non-solicit | Not disclosed for CFO; CEO agreement includes 12-month post-termination non-compete/non-solicit (CFO terms not provided) . |
| Benefits eligibility | Company’s 401(k) plan applies to employees “except for Josh Blacher who is not an employee” (during consulting period) . |
| Clawback | Company adopted a clawback policy compliant with Nasdaq Rule 5608 and SEC Rule 10D-1 (applies to current/former executive officers) . |
Compensation Committee & Plan Governance
- Compensation Committee: Chuck Nuzum (Chair), Gregory S. St. Clair, and Matthew J. Hawryluk; all independent, with authority over executive pay and administration of equity plans .
- 2024 Equity Incentive Plan: Share reserve increased proposal to 1,066,667 shares (from 66,667); features include no evergreen, no discounted options/SARs, prohibition on repricing, no tax gross-ups, independent administration, and clawback applicability .
- Change in control: Awards generally vest and restrictions lapse upon change in control unless an award agreement specifies otherwise .
- Overhang analysis (pre-Amendment vs post): Overhang ~1.5% as of 10/13/2025; would increase to ~24% if share reserve is raised to 1,066,667 (prior to potential pre-funded warrant share issuance) .
Performance & Track Record
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues (USD) | $1,505,459* | $1,627,697* | $1,623,817 |
| EBITDA (USD) | $(13,954,640)* | $(11,872,948)* | $(10,777,391)* |
| Net Income (USD) | $(25,737,634)* | $(13,983,967)* | $(12,664,388)* |
| TSR – value of $100 investment | $32 | $17 | $4 |
| Sources | TSR values: | ||
| * Values retrieved from S&P Global. |
Recent quarterly context and Q3 2025 derivative impact:
| Metric | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenues (USD) | $319,595* | $4,858* | $67,255 | $345,686 | $611,585* | $110,310 | $2,682 | $3,618 |
| EBITDA (USD) | $(2,984,780)* | $(3,548,085)* | $(2,431,428)* | $(2,273,303)* | $(2,083,588)* | $(2,254,436)* | $(2,627,257)* | $(3,247,252)* |
| Net Income (USD) | $(3,475,347)* | $(4,218,843)* | $(3,181,261)* | $(3,094,690)* | $(2,169,594)* | $(2,442,873)* | $(2,070,462)* | $(77,651,843)* |
| * Values retrieved from S&P Global. | ||||||||
| Note: Q3 2025 included a $74.4M loss on derivative instruments related to the initiation of the digital asset treasury strategy (ATH token), materially impacting net loss . |
Additional CFO-specific certifications: Blacher signed SOX 302 and 906 certifications for the Q3 2025 Form 10-Q, indicating responsibility for disclosure controls and ICFR .
Related Party Transactions and Risk Indicators
- Related-party transactions: None requiring disclosure since the beginning of fiscal 2024 .
- Section 16(a) compliance: Blacher’s initial Form 3 was filed late due to administrative oversight .
- Policy landscape: Insider Trading Policy in place; Clawback policy adopted and applies to executive incentive compensation .
- Equity award governance: No repricing allowed; no tax gross-ups under 2024 Plan .
Investment Implications
- Alignment and retention: Blacher’s 2025 RSU grant is time-based (no explicit performance metrics), vesting quickly (10/31/2025), which improves short-term retention but offers limited pay-for-performance alignment; accelerated vesting upon change-in-control may reduce retention leverage in a sale scenario .
- Selling pressure risk: Full vesting and required settlement within 30 days could contribute to near-term float increases if shares are sold; beneficial ownership remains <1% (limited direct insider supply) .
- Governance signals: Late Form 3 filing is a minor process red flag; clawback and anti-repricing provisions are positive governance features .
- Execution risk: Company’s revenue base is small and losses persist; Q3 2025 derivative loss from the digital asset strategy adds volatility and complexity to financials, heightening CFO execution risk around controls, valuation, and disclosures .
- Committee posture: Independent Compensation Committee and equity plan design (no evergreen, no tax gross-ups) are constructive; however, reliance on time-based RSUs and consulting fee structure historically (2023–2024) indicates limited performance-tied compensation for the CFO to date .