Avoro Capital Advisors LLC - Sep 12, 2023 Form 4 Insider Report for CymaBay Therapeutics, Inc. (CBAY)

Role: 10%+ Owner
Signature: Avoro Capital Advisors LLC, by: /s/ Scott Epstein, its Chief Financial Officer & Chief Compliance Officer
Stock symbol: CBAY
Transactions as of: Sep 12, 2023
Transactions value $: $9,996,852
Form type: 4
Date filed: 9/14/2023, 12:53 PM
Previous filing: Jan 30, 2023

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	CBAY	Put Option (obligation to buy)	Sale	-$1.5K	-1.5K	-50%	$1.00^*	1.5K	Sep 12, 2023	Common Stock	150K	$17.00	See footnotes	F1, F2
transaction	CBAY	Put Option (obligation to buy)	Sale	-$299	-300	-50%	$1.00^*	300	Sep 12, 2023	Common Stock	30K	$17.00	See footnotes	F1, F2
transaction	CBAY	Put Option (obligation to buy)	Sale	-$246	-250	-50%	$0.98^*	250	Sep 13, 2023	Common Stock	25K	$17.00	See footnotes	F1, F2
transaction	CBAY	Put Option (obligation to buy)	Sale	-$1.04K	-950	-50%	$1.10^*	950	Sep 13, 2023	Common Stock	95K	$17.00	See footnotes	F1, F2
transaction	CBAY	Pre-funded Warrant (right to buy)	Purchase	$10M	+584K		$17.13	584K	Sep 12, 2023	Common Stock	584K	$0.00	See footnotes	F1, F2, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Avoro Capital Advisors LLC is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id	Content
F1	The securities reported herein are held on behalf of accounts managed by Avoro Capital Advisors LLC, a Delaware limited liability company (the "Investment Manager") and Avoro Life Sciences Fund LLC, a Delaware limited liability company, a fund managed by the Investment Manager. Behzad Aghazadeh ("Dr. Aghazadeh," and together with the Investment Manager, the "Reporting Persons") serves as the portfolio manager and controlling person of the Investment Manager.
F2	The filing of this statement shall not be deemed an admission that either of the Reporting Persons is the beneficial owner of the securities reported herein for purposes of Section 16 of the Securities Act of 1934, as amended, or otherwise. Each of the Reporting Persons expressly disclaims beneficial ownership of the securities reported herein except to the extent of its or his pecuniary interest therein.
F3	Subject to the terms and conditions set forth in the Pre-funded Warrant, the holder thereof may, at any time and from time to time on or after September 14, 2023, exercise the Pre-funded Warrant until it has been exercised in full. The Pre-funded Warrants reported herein and all other warrants beneficially owned by the Reporting Persons contain an exercise limitation prohibiting the holder from exercising the Warrants until such time as the holder, together with the Reporting Persons and certain other related parties, would not beneficially own after any such exercise more than 9.99% of the then issued and outstanding Common Stock (the "Blocker"). Due to the Blocker, none of the warrants beneficially owned by the Reporting Persons are presently exercisable.