---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-280680"
form_type: "8-K"
ticker: "LYEL"
cik: "0001806952"
company_name: "Lyell Immunopharma, Inc."
filed_at: "2023-11-20T23:59:59+00:00"
generated_at: "2026-06-07T23:28:19.298346+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Lyell Immunopharma reprices ~23.4M underwater stock options to $1.87

## Summary
- Effective Nov 16, 2023, new exercise price set at $1.87 for eligible employee options with original prices $2.61–$17.95.
- Total shares repriced approx 23.4 million; nearly all employee options were underwater.
- Named executives' options repriced: CEO Seely (7.5M shares at $3.28), CFO Newton (4.8M shares), COO Hill (2M shares), CSO Lee (0.8M shares).
- To exercise at reduced price, employees must stay through Retention Period ending Nov 15, 2024, or upon change in control/death/disability.
- Vesting for unvested shares of senior executives extended by one year; no change to expiration or share count.

## SEC filing metadata
- accession: 0001193125-23-280680
- form_type: 8-K
- ticker: LYEL
- cik: 0001806952
- company_name: Lyell Immunopharma, Inc.
- filed_at: 2023-11-20T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 5.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1806952/000119312523280680/0001193125-23-280680-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1806952/000119312523280680/d542416d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-280680
- JSON: https://secwatch.observer/filing/0001193125-23-280680.json
- Plain text: https://secwatch.observer/filing/0001193125-23-280680.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.