Skye Bioscience (SKYE) CSO updates option awards with repricing and new grants
Rhea-AI Filing Summary
Skye Bioscience Chief Scientific Officer Christopher Twitty reported compensation-related stock option changes with no open-market trading of common shares. On March 31, 2026, he received several new stock option grants, including 200,000 options, 150,000 options, and 75,000 options to buy common stock at exercise prices of $0.615 or $0.610 per share.
The filing also shows matching dispositions back to the company of older options with higher exercise prices ranging from $2.89 to $14.56, effectively repricing these awards. Footnotes explain that the board approved a one-time repricing to $0.615 per share for certain options and clarify multi-year monthly vesting schedules and a prior administrative vesting disclosure error.
Positive
- None.
Negative
- None.
Insider Trade Summary
12 transactions reported
Mixed
12 txns
Insider
Twitty Christopher
Role
Chief Scientific Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Stock Option (Right to Buy) | 17,004 | $0.00 | $0.00 |
| Disposition | Stock Option (Right to Buy) | 17,004 | $0.00 | $0.00 |
| Grant/Award | Stock Option (Right to Buy) | 75,000 | $0.00 | $0.00 |
| Disposition | Stock Option (Right to Buy) | 75,000 | $0.00 | $0.00 |
| Grant/Award | Stock Option (Right to Buy) | 7,100 | $0.00 | $0.00 |
| Disposition | Stock Option (Right to Buy) | 7,100 | $0.00 | $0.00 |
| Grant/Award | Stock Option (Right to Buy) | 200,000 | $0.00 | $0.00 |
| Disposition | Stock Option (Right to Buy) | 200,000 | $0.00 | $0.00 |
| Grant/Award | Stock Option (Right to Buy) | 150,000 | $0.00 | $0.00 |
| Disposition | Stock Option (Right to Buy) | 150,000 | $0.00 | $0.00 |
| Grant/Award | Stock Option (Right to Buy) | 12,000 | $0.00 | $0.00 |
| Disposition | Stock Option (Right to Buy) | 12,000 | $0.00 | $0.00 |
Holdings After Transaction:
Stock Option (Right to Buy) — 461,104 shares (Direct)
Footnotes (8)
- F1. 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.
- F2. The stock option vests in equal monthly installments over the four year period beginning on 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.
- F3. 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.
- F4. 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 February 28, 2024. Upon a change in control of the Issuer, 100% of the stock option will become fully vested.
- F5. 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.
- F6. 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 28, 2024. Upon a change in control of the Issuer, 100% of the stock option will become fully vested.
- F7. The stock option is fully vested. Due to an administrative error, the Form 3 filed by the Reporting Person on April 25, 2025 inadvertently stated that the stock option vests in equal monthly installments over the one year period beginning February 21, 2025. In fact, the stock option vests in equal monthly installments over the four year period beginning February 24, 2025.
- F8. The stock option vests 25% on December 8, 2023 and 1/48th monthly thereafter. The grant date for the stock option is January 5, 2023. Upon a change in control of the Issuer, 100% of the stock option will become fully vested.
Key Figures
Largest new option grant: 200,000 options at $0.615
Second-largest new grant: 150,000 options at $0.615
Additional new grant: 75,000 options at $0.610
+5 more
8 metrics
Largest new option grant
200,000 options at $0.615
Grant of stock options to buy common stock on March 31, 2026
Second-largest new grant
150,000 options at $0.615
Stock option grant effective March 31, 2026
Additional new grant
75,000 options at $0.610
Stock option grant effective March 31, 2026
Repriced exercise price
$0.615 per share
Closing price used for one-time stock option repricing
Highest old exercise price canceled
$14.56 per share
Exercise price on 75,000 options disposed to issuer
Other canceled strike prices
$2.89–$5.15 per share
Exercise prices on options returned to issuer
Vesting period length
Four years monthly
Most options vest in equal monthly installments over four years
Change in control vesting
100% accelerates
All described options become fully vested upon change in control
Key Terms
stock option, repricing, disposition to issuer, grant, award, or other acquisition, +2 more
6 terms
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.
repricing financial
"approved the one-time repricing of the stock option effective as of March 31, 2026"
disposition to issuer financial
"transaction_code_description": "Disposition to issuer""
grant, award, or other acquisition financial
"transaction_code_description": "Grant, award, or other acquisition""
change in control financial
"Upon a change in control of the Issuer, 100% of the stock option will become fully vested"
A "change in control" occurs when the ownership or management of a company shifts significantly, such as through a merger, acquisition, or sale of a large part of its assets. This change can impact how the company is run and may influence its future direction. For investors, it matters because it can affect the company's stability, strategy, and value, often signaling potential changes in investment risk or opportunity.
vests in equal monthly installments financial
"The stock option vests in equal monthly installments over the four year period"
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What insider activity did Skye Bioscience (SKYE) report for Christopher Twitty?
Skye Bioscience reported that Chief Scientific Officer Christopher Twitty received several stock option grants and returned older options to the company. These are compensation-related derivative transactions, not open-market purchases or sales of common stock, and adjust his option exercise prices and vesting schedules.
What is the new exercise price for repriced Skye Bioscience (SKYE) options?
Certain stock options for Christopher Twitty were repriced to an exercise price of $0.615 per share. A footnote states this amount represents the closing price of Skye Bioscience common stock on the repricing date and that other terms of the affected options remain unchanged after the board’s one-time repricing approval.
How do Christopher Twitty’s new Skye Bioscience (SKYE) options vest?
The options generally vest in equal monthly installments over four years, beginning on specified start dates in 2023, 2024, or 2025. One footnote also describes a structure with 25% vesting on December 8, 2023 and 1/48th monthly thereafter, with all options fully vesting upon a change in control.
Did Skye Bioscience (SKYE) correct any prior disclosure about Christopher Twitty’s options?
Yes. A footnote explains that a prior Form 3 filing mistakenly described a one-year vesting period beginning February 21, 2025. The company clarifies that the relevant stock option actually vests in equal monthly installments over four years beginning February 24, 2025, and is now fully vested.
What types of option transactions are shown for Skye Bioscience (SKYE) in this Form 4?
The Form 4 shows six stock option grants categorized as “grant, award, or other acquisition” and six matching “disposition to issuer” transactions. These represent new options at lower exercise prices and the return of older, higher-priced options, all held directly by Christopher Twitty.