Kevin Richardson II
QLGNAbout Kevin A. Richardson II
Kevin A. Richardson II was appointed Interim Chief Executive Officer and Interim Chief Financial Officer of Qualigen Therapeutics, Inc. on September 26, 2024, with a consulting fee of $4,500 per week; he later signed the October 20, 2025 Special Meeting proxy as Co‑Chief Executive Officer . Prior track record includes leading Sanuwave Health Inc., where he took the company “from a fledgling operation to $20mm in revenue” . Company operating performance under his tenure shows a Q3 2025 net loss of $2.04 million and nine‑month 2025 net loss of $6.37 million alongside substantial financing inflows that lifted cash to $38.78 million by September 30, 2025 .
Past Roles
| Organization | Role/Title | Dates | Strategic Impact |
|---|---|---|---|
| Qualigen Therapeutics, Inc. | Interim Chief Executive Officer; Interim Chief Financial Officer | Appointed September 26, 2024 | Signed multiple SEC filings and director agreements as Interim CEO; led management transition during a period of financing and governance actions |
| Qualigen Therapeutics, Inc. | Co‑Chief Executive Officer | As of October 20, 2025 (Special Meeting proxy signatory) | Advanced the 2025 Equity Incentive Plan and special meeting proposals; included in beneficial ownership disclosure |
External Roles
| Organization | Role/Title | Years | Strategic Impact |
|---|---|---|---|
| Sanuwave Health Inc. | Chief Executive Officer | Not disclosed | Led a turnaround, scaling revenue to $20 million |
Fixed Compensation
| Component | Detail | Effective Date |
|---|---|---|
| Consulting fee (weekly) | $4,500 per week | September 26, 2024 |
| Annualized equivalent (illustrative) | $234,000 (4,500 × 52 weeks)* | Derived from weekly rate |
| Role coverage | Interim CEO & Interim CFO | September 26, 2024 |
*Derived solely for comparability; actual paid amounts depend on service duration and any subsequent revisions .
Performance Compensation
The company’s equity plans govern potential executive performance pay. Specific 2024–2025 performance metrics, targets, and payouts tied to Mr. Richardson are not disclosed in the filings cited. Key plan features:
| Feature | Plan Detail |
|---|---|
| Award types | Options (ISOs/NQSOs), SARs, Restricted Stock, RSUs, Other Stock Awards, and Performance Awards |
| Administration | Compensation Committee selects participants and determines award form, amount, timing, terms; can accelerate vesting or deem performance satisfied |
| Evergreen share increase | Annual automatic increase of 10% of common shares outstanding each January 1 through 2046, unless reduced by the Board |
| Repricing | Committee may reduce option/SAR prices or exchange/cancel underwater awards without stockholder approval |
| Dividend equivalents | Not permitted for options or SARs |
| Change‑in‑control (2020 Plan) | If awards are not assumed/substituted/cashed out, unassumed awards accelerate and expire immediately before the transaction; awards may be assumed, substituted, or cashed out by a successor |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | Listed in Security Ownership table as less than 1% of common stock outstanding as of September 22, 2025 |
| Hedging policy | Employees and directors prohibited from hedging or offsetting company equity |
| Clawback policy | Formal clawback to recover incentive compensation based on misstated financial measures |
| 5% holders | None reported in the 2025 special meeting proxy ownership table |
Employment Terms
| Term | Detail |
|---|---|
| Appointment | Interim CEO and Interim CFO; Board appointment effective September 26, 2024 |
| Compensation form | Consulting arrangement; fee $4,500 per week |
| Title update | Signed October 20, 2025 special meeting proxy as Co‑Chief Executive Officer |
| Severance/COC (individual) | Not disclosed for Mr. Richardson in cited filings |
| Equity plan COC treatment (general) | See plan treatment of awards under change‑in‑control and acceleration if not assumed |
| Equity plan design risk | Evergreen 10% annual share increase and discretionary repricing authority |
Performance & Track Record
- Financing execution: Net cash provided by financing activities of $44.24 million in the nine months ended September 30, 2025; includes a private placement net total of $37.70 million in September 2025 and $4.26 million in July 2025 .
- Liquidity: Cash and cash equivalents of $38.78 million as of September 30, 2025 .
- Operating results: Q3 2025 net loss of $2.04 million; nine‑month 2025 net loss of $6.37 million; R&D expenses reduced materially year‑over‑year .
- Strategic allocation: Company disclosed that a substantial portion of September 2025 equity proceeds will fund cryptocurrency treasury operations, limiting immediate availability for operations .
Compensation Committee Analysis
| Committee | Members | Responsibilities |
|---|---|---|
| Compensation Committee | Campbell Becher (Chair), Matthew Korenberg, Robert Lim (all independent) | Determines and approves CEO and executive compensation; administers incentive/equity plans; reviews employment and severance arrangements; reviews director compensation |
Investment Implications
- Alignment: Beneficial ownership under 1% suggests limited direct “skin in the game” for Richardson; hedging is prohibited and a clawback policy exists, which modestly supports alignment .
- Governance risk: The 2025 Equity Incentive Plan includes a 10% evergreen annual share increase and permits repricing without stockholder approval—both are dilution and pay‑design red flags that can weaken pay‑for‑performance rigor and increase insider selling pressure if large grants are made .
- Contract certainty: Richardson’s compensation is structured as a weekly consulting fee; absence of disclosed severance or change‑of‑control terms for him introduces retention and negotiation variability versus standard executive employment agreements .
- Execution profile: He has turnaround experience (Sanuwave to $20mm revenue) and oversaw a period of material capital raising at QLGN; near‑term operating performance is loss‑making with R&D downshifts and a strategic allocation toward crypto treasury operations—investors should weigh financing strength against operational and strategic execution risk .