Skye Bioscience, Inc. 8-K

What Happened
Skye Bioscience, Inc. (SKYE) filed an 8-K reporting that on March 31, 2026 the Board approved a repricing of all outstanding employee stock options granted before December 31, 2025 and reduced each option’s exercise price to $0.6150 (the closing share price on March 31, 2026). The total number of shares underlying the repriced options is 2,420,978. The repriced options included underwater grants held by CEO Punit Dhillon (1,103,959 options) and COO Tuan Diep (396,295 options). The same day the Board also appointed John P. Sharp as Chief Financial Officer, effective March 31, 2026, under a Master Services Agreement with Lohman & Associates (L&A).

Key Details

• Option repricing effective March 31, 2026: all eligible employee options (granted prior to 12/31/2025) reset to $0.6150 per share.
• Total repriced options: 2,420,978 shares; prior exercise prices ranged from $1.055 to $14.56.
• CEO Punit Dhillon: 1,103,959 repriced options (original prices $2.89–$14.56). COO Tuan Diep: 396,295 repriced options.
• CFO appointment: John P. Sharp (age 61) appointed CFO and principal financial/accounting officer; services provided via L&A under a Master Services Agreement. L&A will bill $25,600 per month for up to 64 hours of Mr. Sharp’s CFO services; additional hours or out-of-scope items require written approval.

Why It Matters
The repricing lowers the exercise price of roughly 2.4 million options to current market price, which the Board says is intended to retain and motivate key employees (including senior executives) without issuing more shares or increasing cash compensation. For investors, this action affects potential future dilution (these are existing options, not new grants) and may influence executive incentives and retention. The CFO role is being filled via a consulting arrangement with L&A rather than a direct hire, with a defined monthly fee for fractional CFO services.