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Hoth Therapeutics , Inc. (NASDAQ:HOTH), a micro-cap biotech company with a market value of $17.11 million and showing strong momentum with a 72.44% gain year-to-date, announced Friday that it has entered into a new employment agreement with Robb Knie, who will continue to serve as Chief Executive Officer and President. The contract, approved by the board of directors on Thursday and executed Friday, has an initial term of three years with automatic one-year renewals unless either party provides six months’ notice of non-renewal.
Under the agreement, Mr. Knie will receive an annual base salary of $550,000 and is eligible for an annual bonus of up to $550,000, subject to company and individual performance targets set by the compensation committee. He is also eligible to participate in the company’s benefit plans and receive equity incentives. The company will provide directors’ and officers’ liability insurance during his employment and for six years after termination.
The agreement includes provisions for a one-time transaction bonus if the company enters into a qualifying transaction while Mr. Knie is employed, as well as severance and accelerated equity vesting under certain termination scenarios. Terms include non-competition, non-solicitation, non-disparagement, confidentiality, and assignment of inventions provisions.
On Thursday, the compensation committee approved a grant of 800,000 shares of Hoth Therapeutics common stock to Mr. Knie under the company’s Amended and Restated 2022 Omnibus Equity Incentive Plan. The shares will vest in full on August 27, 2025.
Additionally, on Wednesday, Hoth Therapeutics filed a Patent Cooperation Treaty patent application with the United States Patent and Trademark Office for HT-001, a topical formulation intended to treat side effects from cancer therapies. The application claims priority to two previously filed U.S. provisional patent applications. With analysts setting a $5.00 price target and InvestingPro analysis suggesting the stock is undervalued, investors seeking detailed insights can access additional ProTips and comprehensive financial metrics through an InvestingPro subscription.
This information is based on a statement in a press release and a filing with the Securities and Exchange Commission.
In other recent news, Hoth Therapeutics announced positive results from its Phase 2a clinical trial for HT-001, which is being evaluated for treating skin toxicities caused by cancer drugs. The investigational candidate met the primary efficacy endpoint in all enrolled patients, showcasing promising results. Additionally, Hoth Therapeutics is expanding its Phase II trial for HT-001 into European Union countries, seeking regulatory approval from three EU nations. In a move to advance obesity treatment, Hoth Therapeutics has partnered with the U.S. Department of Veterans Affairs to evaluate GDNF as a potential therapy for obesity and fatty liver disease. This study will be conducted at the Atlanta VA Medical (TASE:BLWV) Center, comparing GDNF injections against semaglutide. Furthermore, Hoth Therapeutics and Silo Pharma have formed a joint venture to develop an obesity treatment based on technology licensed from the VA. This therapeutic platform, which includes glial cell line-derived neurotrophic factor (GDNF), has shown anti-obesity effects in preclinical models. These developments reflect Hoth Therapeutics’ ongoing efforts in various therapeutic areas.
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