Business Context and Reporting Period
This Form 8-K Current Report was filed by Lyell Immunopharma, Inc. on March 6, 2026. The filing reports on corporate governance changes, specifically the appointment of a new Chief Financial and Business Officer effective March 9, 2026.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on executive compensation and appointment details.
Material Changes
- Executive Appointment: Smital Shah was appointed as Chief Financial and Business Officer and principal financial officer, replacing Lynn Seely, M.D., who served as interim principal financial officer.
- Compensation Structure: Ms. Shah's compensation package includes an annual base salary of $500,000 and a target annual bonus of up to 50% of her base salary.
- Equity Grant: Ms. Shah received a stock option for 140,000 shares of common stock under the 2021 Equity Incentive Plan. The exercise price equals the fair market value on the grant date.
- Vesting Schedule: 25% of the option shares vest on the one-year anniversary of the employment commencement date, with the remaining shares vesting in equal monthly installments thereafter (1/48th per month).
- Severance: Ms. Shah is eligible to participate in the Company's Officer Severance Plan as a Tier I Employee.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding business operations. No specific risks or contingencies related to financial performance are disclosed in this document. The appointment is described as an at-will employment relationship.
Key Facts for Investor Verification
- Verify the effective date of Smital Shah's appointment (March 9, 2026) and the transition from interim CFO Lynn Seely.
- Review the full text of the Offer Letter (Exhibit 10.1) for complete terms of employment and severance.
- Confirm the vesting schedule details for the 140,000 stock options granted to Ms. Shah.
- Check the Company's 2021 Equity Incentive Plan to understand the total pool of shares available for future grants.