Ex-CEO Wallace stays advisor at BridgeBio Oncology (BBOT)

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What did BridgeBio Oncology Therapeutics (BBOT) announce about Eli Wallace?

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How is Eli Wallace compensated under the BridgeBio Oncology (BBOT) consulting agreement?

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BridgeBio Oncology Therapeutics, Inc. outlined new arrangements with former President, Chief Executive Officer and director Eli Wallace, Ph.D. The company entered into a Consulting Agreement effective retroactively from April 21, 2026, under which he will advise on research and development programs for 12 months unless ended earlier.

His compensation will be limited to continued vesting of equity awards outstanding as of the effective date, contingent on providing services through each vesting date. Vested stock options may be exercised for up to two years after his service ends or until their original expiration, whichever comes first. Under the company’s Executive Severance Plan and a Separation Agreement and Release, Wallace will also receive Tier 1 officer severance benefits tied to a termination by the company other than for cause.

Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers

1 item

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance

Key personnel changes including departures, elections, or appointments of directors and executive officers.

Consulting effective date: April 21, 2026 Consulting term length: 12 months Option exercise window: 2 years +2 more

5 metrics

Consulting effective date April 21, 2026 Start of consulting term for Eli Wallace

Consulting term length 12 months Duration of Wallace’s advisory services unless terminated earlier

Option exercise window 2 years Maximum period after service ends to exercise vested options

Executive Severance Plan adoption date August 11, 2025 Plan under which Tier 1 benefits are provided

Separation Agreement date April 27, 2026 Date Wallace entered into Separation Agreement and Release

Consulting Agreement, Executive Severance Plan, Separation Agreement and Release, equity incentive plans, +1 more

5 terms

Consulting Agreement financial

"the Company entered into a consulting agreement (the “Consulting Agreement”) with Dr. Wallace"

Executive Severance Plan financial

"pursuant to the Company’s Executive Severance Plan adopted as of August 11, 2025"

Separation Agreement and Release financial

"and a Separation Agreement and Release entered into on April 27, 2026"

equity incentive plans financial

"pursuant to the applicable equity incentive plans of the Company"

Equity incentive plans are company programs that pay employees, executives, or directors with company stock, stock options, or share units instead of or in addition to cash, aiming to align their interests with shareholders—like giving team members a stake in the house they help build. For investors this matters because such plans can motivate better company performance but also dilute existing ownership and increase reported compensation costs, so they affect future earnings, voting power, and share value.

severance benefits financial

"Dr. Wallace is entitled to receive the severance benefits applicable to a Tier 1 officer"

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Understanding 8-K Material Events →

Accepted by SEC EDGAR 04/29/2026 - 04:05 PM

BridgeBio Oncology Therapeutics entered into a consulting agreement with former President and CEO Eli Wallace, Ph.D. He will provide advisory services on research and development programs and receive continued vesting of existing equity awards, alongside severance benefits under the company’s Executive Severance Plan.

The consulting term for Eli Wallace runs for twelve months from April 21, 2026, unless ended earlier. During this period, he will provide advisory support on research and development initiatives while his existing equity awards continue to vest, subject to ongoing service requirements.

His exclusive compensation is continued vesting of equity awards outstanding as of April 21, 2026. Vesting requires that he keep providing services through each vesting date, following the company’s equity incentive plans and individual award agreements, with no additional cash retainer described.

Eli Wallace’s vested and exercisable stock options may be exercised until the earlier of two years after his employment or consulting services end, or the options’ original expiration dates. This extended window applies only to grants vested and exercisable at termination.

Under an Executive Severance Plan and a Separation Agreement and Release, Eli Wallace is entitled to Tier 1 officer severance benefits. These benefits apply in connection with a termination by the company other than for cause, consistent with the plan adopted in August 2025.

Pedro J. Beltran, Ph.D. succeeded Eli Wallace as President, Chief Executive Officer and a Class III director. His appointment became effective on April 20, 2026, following Wallace’s resignation from the board and executive role as previously disclosed.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 27, 2026

BridgeBio Oncology Therapeutics, Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware

001-41955

39-3690783

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

256 E. Grand Avenue, Suite 104

South San Francisco, CA 94080

(Address of principal executive offices, including zip code)

(650) 405-4770

(Telephone number, including area code, of agent for service)

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading
Symbol(s)

Name of each exchange

on which registered

Common Stock, par value $0.0001 per share

BBOT

The Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02

Departure of Director or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

As previously reported in a Current Report on Form 8-K filed by BridgeBio Oncology Therapeutics, Inc. (the “Company”) with the Securities and Exchange Commission on April 23, 2026, Eli Wallace, Ph.D. resigned from his position as a member of the Company’s Board of Directors and as a Class III director, and was succeeded by Pedro J. Beltran, Ph.D. in these positions and as the Company’s President and Chief Executive Officer, effective on April 20, 2026.

On April 27, 2026, the Company entered into a consulting agreement (the “Consulting Agreement”) with Dr. Wallace, pursuant to which Dr. Wallace will provide the Company with advisory services regarding the Company’s research and development programs, effective retroactively as of April 21, 2026 (the “Effective Date”) through the date twelve (12) months thereafter (the “Consulting Term”), unless terminated earlier pursuant to the terms of the Consulting Agreement. Dr. Wallace’s exclusive compensation under the Consulting Agreement will be the continued vesting of the outstanding equity awards that he held as of the Effective Date pursuant to the applicable equity incentive plans of the Company, subject to Dr. Wallace providing services to the Company through each applicable vesting date, in accordance with the applicable equity incentive plans and the applicable award agreements. Dr. Wallace’s outstanding stock option grants may also, to the extent vested and exercisable as of the date of termination of the Consulting Agreement, be exercised until the earlier of (i) the date two (2) years after the date of termination of Dr. Wallace’s continued services to the Company as an employee or consultant and (ii) the original expiration date of the applicable stock option grant. Additionally, pursuant to the Company’s Executive Severance Plan adopted as of August 11, 2025 and a Separation Agreement and Release entered into on April 27, 2026, Dr. Wallace is entitled to receive the severance benefits applicable to a Tier 1 officer in connection with a termination by the Company other than for “cause.”

The foregoing summary is qualified in its entirety by reference to the full text of the Consulting Agreement, a copy of which the Company intends to file as an exhibit to its Quarterly Report on Form 10-Q for the quarter ending June 30, 2026, and the Executive Severance Plan, which is filed as Exhibit 10.23 to the Company’s Current Report on Form 8-K filed on August 12, 2025.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Source: View Original Filing on SEC EDGAR

BRIDGEBIO ONCOLOGY THERAPEUTICS, INC.

Date: April 29, 2026

/s/ Pedro Beltran

Name: Pedro Beltran

Title: President and Chief Executive Officer

3 documents