Skye Bioscience (SKYE) reprices CEO stock options to $0.615 strike

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Skye Bioscience reported that Chief Executive Officer Punit Dhillon had several existing stock option grants repriced effective March 31, 2026. Options covering blocks such as 650,000 and 250,000 shares were canceled and replaced with new options for the same share amounts, now carrying a $0.615 per-share exercise price, which matches the closing stock price on the repricing date. According to the disclosure, all other terms of each stock option remain unchanged.

One grant is already fully vested, while others continue to vest in equal monthly installments over four-year periods tied to original grant dates in 2023 and 2024. Each of these options becomes fully vested if there is a change in control of the company. These are compensation-related derivative transactions only and do not involve any open-market purchases or sales of common shares.

Insider Trade Summary

14 transactions reported

Mixed 14 txns

Insider DHILLON PUNIT

Role Chief Executive Officer

Type	Security	Shares	Price	Value
Grant/Award	Stock Option (Right to Buy)	250,000	$0.00	--
Disposition	Stock Option (Right to Buy)	250,000	$0.00	--
Grant/Award	Stock Option (Right to Buy)	36,000	$0.00	--
Disposition	Stock Option (Right to Buy)	36,000	$0.00	--
Grant/Award	Stock Option (Right to Buy)	12,360	$0.00	--
Disposition	Stock Option (Right to Buy)	12,360	$0.00	--
Grant/Award	Stock Option (Right to Buy)	650,000	$0.00	--
Disposition	Stock Option (Right to Buy)	650,000	$0.00	--
Grant/Award	Stock Option (Right to Buy)	125,000	$0.00	--
Disposition	Stock Option (Right to Buy)	125,000	$0.00	--
Grant/Award	Stock Option (Right to Buy)	9,013	$0.00	--
Disposition	Stock Option (Right to Buy)	9,013	$0.00	--
Grant/Award	Stock Option (Right to Buy)	21,586	$0.00	--
Disposition	Stock Option (Right to Buy)	21,586	$0.00	--

Holdings After Transaction: Stock Option (Right to Buy) — 250,000 shares (Direct)

Footnotes (1)

The exercise price of the stock option is $0.615 per share, representing the closing price of the Issuer's common stock on the date of the repricing. The stock option is fully vested. On March 31, 2026, the board of directors of the Issuer approved the one-time repricing of the stock option effective as of March 31, 2026. Except as described in footnote 1, all other terms of the stock option remain unchanged. The stock option vests in equal monthly installments over the four year period beginning October 28, 2024. The grant date for the stock option is October 27, 2024. Upon a change of control of the Issuer, 100% of the stock option will become fully vested. The stock option vests in equal monthly installments over the four year period beginning February 29, 2024. The grant date for the stock option is March 1, 2024. Upon a change in control of the Issuer, 100% of the stock options will become fully vested. The stock option vests in equal monthly installments over the four year period beginning August 24, 2023. The grant date for the stock option is November 6, 2023. Upon a change in control of the Issuer, 100% of the stock option will become fully vested The stock option vests in equal monthly installments over the four year period beginning August 24, 2023. The grant date for the stock option is August 25, 2023. Upon a change in control of the Issuer, 100% of the stock option will become fully vested.

Key Figures

Repriced exercise price: $0.615 per share Option block size: 650,000 options Option block size: 250,000 options +4 more

7 metrics

Repriced exercise price $0.615 per share New exercise price for CEO stock options as of March 31, 2026

Option block size 650,000 options One CEO stock option grant repriced to $0.615 per share

Option block size 250,000 options Another CEO stock option grant repriced to $0.615 per share

Prior exercise price example $5.150 per share Exercise price of one canceled CEO option grant before repricing

Prior exercise price example $14.560 per share Exercise price of another canceled CEO option grant before repricing

Vesting period 4 years Repriced options vest in equal monthly installments over four years

Change-of-control vesting 100% Options become fully vested upon a change in control of the issuer

Key Terms

repricing, stock option, exercise price, change of control, +1 more

5 terms

repricing financial

"the board of directors of the Issuer approved the one-time repricing of the stock option"

stock option financial

"The stock option vests in equal monthly installments over the four year period"

A stock option is a contract that gives you the right to buy or sell a company's stock at a specific price within a certain time frame. People use them to potentially make money if the stock's price moves favorably or to protect against losses. It's like holding a coupon that can be used to buy or sell stock at a set price later on.

exercise price financial

"The exercise price of the stock option is $0.615 per share"

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

change of control financial

"Upon a change of control of the Issuer, 100% of the stock option will become fully vested"

A change of control occurs when the ownership or management of a company shifts significantly, such as through a sale, merger, or acquisition, resulting in new leadership or ownership structure. This change can impact the company's direction and decision-making, which is important for investors because it may affect the company's stability, strategy, and future prospects.

vested financial

"The stock option is fully vested."

Form 4 Insider Transactions: What Each Field Means →

04/02/2026 - 06:06 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

DHILLON PUNIT

(Last)

(First)

(Middle)

11250 EL CAMINO REAL, SUITE 100

C/O SKYE BIOSCIENCE, INC.

(Street)

SAN DIEGO

CALIFORNIA

92130

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Skye Bioscience, Inc. [ SKYE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Executive Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option (Right to Buy)	$0.615⁽¹⁾	03/31/2026		A		250,000		⁽²⁾	02/25/2035	Common Stock	250,000	⁽³⁾	250,000	D
Stock Option (Right to Buy)	$2.89	03/31/2026		D			250,000	⁽²⁾	02/25/2035	Common Stock	250,000	⁽³⁾	0	D
Stock Option (Right to Buy)	$0.615⁽¹⁾	03/31/2026		A		36,000		⁽²⁾	08/07/2030	Common Stock	36,000	⁽³⁾	36,000	D
Stock Option (Right to Buy)	$11.25	03/31/2026		D			36,000	⁽²⁾	08/07/2030	Common Stock	36,000	⁽³⁾	0	D
Stock Option (Right to Buy)	$0.615⁽¹⁾	03/31/2026		A		12,360		⁽²⁾	12/14/2031	Common Stock	12,360	⁽³⁾	12,360	D
Stock Option (Right to Buy)	$14.5	03/31/2026		D			12,360	⁽²⁾	12/14/2031	Common Stock	12,360	⁽³⁾	0	D
Stock Option (Right to Buy)	$0.615⁽¹⁾	03/31/2026		A		650,000		⁽⁴⁾	10/27/2034	Common Stock	650,000	⁽³⁾	650,000	D
Stock Option (Right to Buy)	$5.15	03/31/2026		D			650,000	⁽⁴⁾	10/27/2034	Common Stock	650,000	⁽³⁾	0	D
Stock Option (Right to Buy)	$0.615⁽¹⁾	03/31/2026		A		125,000		⁽⁵⁾	03/01/2034	Common Stock	125,000	⁽³⁾	125,000	D
Stock Option (Right to Buy)	$14.56	03/31/2026		D			125,000	⁽⁵⁾	03/01/2034	Common Stock	125,000	⁽³⁾	0	D
Stock Option (Right to Buy)	$0.615⁽¹⁾	03/31/2026		A		9,013		⁽⁶⁾	11/06/2033	Common Stock	9,013	⁽³⁾	9,013	D
Stock Option (Right to Buy)	$3.5	03/31/2026		D			9,013	⁽⁶⁾	11/06/2033	Common Stock	9,013	⁽³⁾	0	D
Stock Option (Right to Buy)	$0.615⁽¹⁾	03/31/2026		A		21,586		⁽⁷⁾	09/29/2033	Common Stock	21,586	⁽³⁾	21,586	D
Stock Option (Right to Buy)	$3.5	03/31/2026		D			21,586	⁽⁷⁾	09/29/2033	Common Stock	21,586	⁽³⁾	0	D

Explanation of Responses:

1. The exercise price of the stock option is $0.615 per share, representing the closing price of the Issuer's common stock on the date of the repricing.

2. The stock option is fully vested.

3. On March 31, 2026, the board of directors of the Issuer approved the one-time repricing of the stock option effective as of March 31, 2026. Except as described in footnote 1, all other terms of the stock option remain unchanged.

4. The stock option vests in equal monthly installments over the four year period beginning October 28, 2024. The grant date for the stock option is October 27, 2024. Upon a change of control of the Issuer, 100% of the stock option will become fully vested.

5. The stock option vests in equal monthly installments over the four year period beginning February 29, 2024. The grant date for the stock option is March 1, 2024. Upon a change in control of the Issuer, 100% of the stock options will become fully vested.

6. The stock option vests in equal monthly installments over the four year period beginning August 24, 2023. The grant date for the stock option is November 6, 2023. Upon a change in control of the Issuer, 100% of the stock option will become fully vested

7. The stock option vests in equal monthly installments over the four year period beginning August 24, 2023. The grant date for the stock option is August 25, 2023. Upon a change in control of the Issuer, 100% of the stock option will become fully vested.

Remarks:

	/s/ Punit S. Dhillon	04/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What did Skye Bioscience (SKYE) disclose about CEO Punit Dhillon's options?

Skye Bioscience disclosed that CEO Punit Dhillon’s existing stock options were repriced to an exercise price of $0.615 per share, keeping the same share amounts and other terms unchanged, as a one-time board-approved compensation adjustment.

What is the new exercise price for Skye Bioscience CEO stock options?

The new exercise price for the CEO’s repriced stock options is $0.615 per share, which the company states equals the closing price of Skye Bioscience common stock on the March 31, 2026 repricing date.

Were any Skye Bioscience shares bought or sold in this Form 4 filing?

No open-market share purchases or sales occurred. The Form 4 only reports derivative transactions where existing stock options were canceled and replaced with new options at a $0.615 exercise price, maintaining the same underlying share counts.

How do the repriced Skye Bioscience (SKYE) options vest for the CEO?

One CEO stock option grant is already fully vested, while other repriced options continue vesting in equal monthly installments over four years from grant-related start dates, and each becomes fully vested if there is a change in control of Skye Bioscience.

What option sizes are involved in Skye Bioscience CEO’s repriced grants?

Repriced CEO stock option grants include blocks such as 650,000 shares, 250,000 shares, 125,000 shares, 36,000 shares and smaller awards, with each original grant’s share count preserved while the exercise price was reset to $0.615 per share.