4: Statement of changes in beneficial ownership of securities
Published on April 2, 2026
| FORM 4 |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIPFiled pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940 |
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| 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*
(Street)
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2. Issuer Name and Ticker or Trading Symbol
Skye Bioscience, Inc. [ SKYE ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
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3. Date of Earliest Transaction
(Month/Day/Year) 03/31/2026 | ||||||||||||||||||||||||||
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4. If Amendment, Date of Original Filed
(Month/Day/Year) |
6. Individual or Joint/Group Filing (Check Applicable Line)
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| 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) | |||
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| Code | V | Amount | (A) or (D) | Price | ||||||
| 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) | ||||
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| Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
| 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.