UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

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CALITHERA BIOSCIENCES, INC.

(Name of Registrant as Specified In Its Charter)

 

(Name of Person(s) Filing Proxy Statement if Other Than the Registrant)

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PRELIMINARY COPY—SUBJECT TO COMPLETION

CALITHERA BIOSCIENCES, INC.

343 Oyster Point Blvd., Suite 200

South San Francisco, California 94080

(650)870-1000

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS

To Be Held On June 9, 20201, 2022

Dear Stockholder:

You are cordially invited to attend the Annual Meeting of Stockholders of Calithera Biosciences, Inc., a Delaware corporation (the “Company”).corporation. The meeting will be held virtually, via live webcast athttps://web.lumiagm.com/282387153www.virtualshareholdermeeting.com/CALA2022 originating from South San Francisco, California on Tuesday,Wednesday, June 9, 20201, 2022 at 10:00 a.m. local time due to the emerging public health impact of the coronavirus outbreak(“COVID-19”) and to support the health and well-being of our partners, employees, and stockholders.time. You will not be able to attend the Annual Meeting in person. The meeting will be held for the following purposes, as more fully described in the accompanying proxy statement:

 

 1.

To elect the Board of Directors’ (the “Board”) threetwo nominees for director to serve until the 20232025 Annual Meeting of stockholders or until their successors are selected.stockholders.

 

 2.

To ratify the selection by the Audit Committee of the Board (the “Audit Committee”) of Ernst & Young LLP as theour independent registered public accounting firm of the Company for the year ending December 31, 2020.2022.

 

 3.

To approve, on an advisory basis, the compensation of the Company’sour named executive officers, as disclosed in the proxy statement accompanying this notice.

 

 4.

To indicate, onapprove an advisory basis, the preferred frequencyamendment to our certificate of stockholder advisory votes on the compensationincorporation to effect a reverse stock split of the Company’s named executive officers.our issued and outstanding common stock.

 

 5.

To approve the issuance of more than 20% of our issued and outstanding common stock.

6.

To conduct any other business properly brought before the meeting.

These items of business are more fully described in the Proxy Statementproxy statement accompanying this Notice.notice.

The record date for the Annual Meeting is April 13, 2020.4, 2022. Only stockholders of record at the close of business on thatthe record date may vote at the meeting or any adjournment thereof.

Important notice regarding the availability of proxy materials for the Annual Meeting of Stockholders to be held on June 9, 2020. 1, 2022. This notice, the proxy statement accompanying this notice and our Annual Report onForm 10-K may be found at http://ir.calithera.com/financial-information/annual-reports.

 

By Order of the Board,

 

/s/ Stephanie Wong

Secretary

South San Francisco, California

April 21, 2020                , 2022

 

You are cordially invited to attend the virtual annual meeting. Whether or not you expect to attend the virtual annual meeting, you are urged to vote and submit your proxy by following the voting procedures described in the proxy card. Even if you have voted by proxy, you may still vote during the virtual annual meeting. Please note, however, that if your shares are held of record by a broker, bank or other agent and you wish to vote during the meeting, you must follow the instructions from your broker, bank or other agent.


PRELIMINARY COPY—SUBJECT TO COMPLETION

CALITHERA BIOSCIENCES, INC.

343 Oyster Point Blvd., Suite 200

South San Francisco, California 94080

(650)870-1000

PROXY STATEMENT

FOR THE 20202022 ANNUAL MEETING OF STOCKHOLDERS

June 9, 20201, 2022

QUESTIONS AND ANSWERS ABOUT THESE PROXY MATERIALS AND VOTING

Why did I receive a notice regarding the availability of proxy materials on the internet?

Pursuant to rules adopted by the Securities and Exchange Commission, (the “SEC”),or the SEC, we have elected to provide access to our proxy materials over the internet. Accordingly, we have sent you a Notice of Internet Availability of Proxy Materials, (the “Notice”)or the Notice, because the Board of Directors, or the Board, of Calithera Biosciences, Inc. (sometimes referred to as the “Company” or “Calithera”), is soliciting your proxy to vote at the 20202022 Annual Meeting of Stockholders, (the “Annual Meeting”),or the Annual Meeting, including at any adjournments or postponements of the meeting.Annual Meeting. All stockholders will have the ability to access the proxy materials on the website referred to in the Notice or request to receive a printed set of the proxy materials. Instructions on how to access the proxy materials over the internet or to request a printed copy may be found in the Notice.

We expect to mail the Notice on or about April    30, 2020, 2022 to all stockholders of record entitled to vote at the Annual Meeting.

Will I receive any other proxy materials by mail?

No, you will not receive any other proxy materials by mail unless you request a paper copy of proxy materials. To request that a full set of the proxy materials be sent to your specified postal address, please goyou may (1) visit www.proxyvote.com, (2) call 1-800-579-1639, or (3) send an email to www.voteproxy.com or call 1-800-776-9962.sendmaterial@proxyvote.com. Please have your proxy card in hand when you access the website or call and follow the instructions provided.

How do I attend and participate in the Annual Meeting online?

This year’s Annual Meeting will be a completely virtual meeting of stockholders and will be webcast live over the Internet.internet. Any stockholder can attend the virtual meeting live online athttps://web.lumiagm.com/282387153www.virtualshareholdermeeting.com/CALA2022. The webcast will start at 10 a.m. Pacific Time. Stockholders as of April 4, 2022, the Record Daterecord date, may vote and submit questions while attending the meeting online. We encourage you to access the meeting prior to the start time. If you encounter any difficulties accessing the virtual meeting during the check-in or meeting time, please refer toa call center support number will be provided on the technical support information locatedmeeting login page athttps://go.lumiglobal.com/faqwww.virtualshareholdermeeting.com/CALA2022. at 9:45 a.m. Pacific Time. In order to enter the meeting,Annual Meeting, you will need the control number and the password: cala2020.number. The control number will be included in the Noticenotice or on your proxy card if you are a stockholder of record of shares of common stock (as defined below). If your shares are held in “street name” through a broker, bank or other nominee, in order to participate in the virtual annual meeting, you must first obtain a legal proxy from your broker, bank or other nominee reflecting the number of shares of CALACalithera held as of the record date, your name and email address. You must then submit a request for registration to American Stock Transfer & Trust Company, LLC: (1) by email toproxy@astfinancial.com; (2) by facsimile to 718-765-8730; or (3) by mail to American Stock Transfer & Trust Company, LLC, Attn: Proxy Tabulation Department, 6201 15th Avenue, Brooklyn, NY 11219. Requests for registration must be labeled as “Legal Proxy” and be received by American Stock Transfer & Trust Company, LLC no later than 5:00 p.m. Eastern time on June 2, 2020.May 23, 2022. Instructions on how to attend and participate online are available athttps://web.lumiagm.com/282387153www.virtualshareholdermeeting.com/CALA2022. You will not be able to attend the Annual Meeting in person.

 

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Why a Virtual-Only Online Meeting?

Conducting the annual meetingAnnual Meeting virtually allows for remote participation in light of the spread of the coronavirus disease(COVID-19) and increases the opportunity for all stockholders to participate and communicate their views to a much wider audience. In addition, holding the meetingAnnual Meeting virtually allows us to make much more efficient use of the time of our independent directors. Stockholder rights are not affected. Additionally, we use software that verifies the identity of each participating stockholder and ensures during the question and answer portion of the meeting that they are granted the same rights they would have at anin-person meeting. We may consider a change in our virtual-only meeting practice in the future. Given the above listed factors, we feel a virtual-only meeting is the right choice for Calithera and its stockholders at this time.

Our virtual Annual Meeting allows stockholders to submit questions and comments before and during the Annual Meeting. To the extent time doesn’t allow us to answer all of the appropriately submitted questions, we will answer them in writing on our investor relations website, athttp://ir.calithera.com/investor-overview, soon after the meeting. If we receive substantially similar questions, we will group such questions together and provide a single response to avoid repetition.

What happens if there are technical difficulties during the Annual Meeting?

We will have technicians ready to assist you with any technical difficulties you may have accessing the virtual Annual Meeting, voting at the Annual Meeting or submitting questions at the Annual Meeting. If you encounter any difficulties accessing the virtual Annual Meeting during thecheck-in or meeting time, please refer toa call center support number will be provided on the technical support information locatedmeeting login page athttps://go.lumiglobal.com/faqwww.virtualshareholdermeeting.com/CALA2022. at 9:45 a.m. Pacific Time.

If we experience technical difficulties at the Annual Meeting and are not able to resolve them within a reasonable amount of time, we will adjourn the Annual Meeting to a later date and will provide notice of the date and time of such adjourned meeting athttps:http://ir.calithera.com/financial-information/annual-reports and on a Current Report on Form8-K that we will file with the SEC. For additional information on how you can attend any postponement or adjournment of the Annual Meeting, see “What happens if the Annual Meeting is postponed or adjourned” below.

Who can vote at the Annual Meeting?

Only stockholders of record at the close of business on April 13, 20204, 2022 will be entitled to vote at the Annual Meeting. On thisthe record date, there were 64,692,68397,236,174 shares of common stock outstanding and 14,817,484 shares of Series A preferred stock (on an as-converted to common stock basis) entitled to vote.vote at the Annual Meeting.

Stockholder of Record: Shares of Common Stock Registered in Your Name

If on April 13, 20204, 2022, your shares of common stock were registered directly in your name with Calithera’sour transfer agent, American Stock Transfer & Trust Company, LLC, then you are a stockholder of record. As a stockholder of record, you may vote online at the virtual Annual Meeting or vote by proxy. Whether or not you plan to attend the virtual Annual Meeting, we urge you to fill out and return the enclosed proxy card to ensure your vote is counted.

Beneficial Owner: Shares of Common Stock Registered in the Name of a Broker or Bank

If on April 13, 2020your4, 2022,your shares of common stock were held, not in your name, but rather in an account at a brokerage firm, bank, dealer or other similar organization, then you are the beneficial owner of shares held in “street name” and the Notice isbeingisbeing forwarded to you by that organization. The organization holding your account is considered to be the stockholder of record for purposes of voting at the Annual Meeting. As a beneficial owner, you have the right to direct your broker or other agent regarding how to vote the shares in your account. You are also invited to attend the Annual Meeting. However, since you are not the stockholder of record, you may not vote your shares online at the virtual meeting unless you request and obtain a valid proxy from your broker or other agent.

 

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Stockholder of Record: Shares of Series A Preferred Stock in Your Name

Our existing Certificate of Designations provides that the holder of our Series A preferred stock shall vote together with the holders of the common stock as a single class. The number of votes that the holder of the Series A preferred stock is entitled to cast is based on the number of shares of common stock that the shares of Series A preferred stock are convertible into, subject to the “Share Cap” described in our Certificate of Designations. The Share Cap is defined to mean shares of common stock equal to 14,817,484 (or (i) 0.1999 multiplied by (ii) 74,124,484). As of the record date all the shares of Series A preferred stock are held by Millennium Pharmaceuticals, Inc.

What am I voting on?

There are fourfive matters scheduled for a vote:

 

Proposal No. 1 – To elect threetwo Class IIIII directors to hold office until the 20232025 Annual Meeting of Stockholders or until their successors are selected;Stockholders;

 

Proposal No. 2 – To ratify the selection by the Audit Committee of Ernst & Young LLP as our independent registered public accounting firm for the year ending December 31, 2020;2022;

 

Proposal No. 3 – To approve, on an advisory basis, the compensation of the Company’sour named executive officers, as disclosed in the proxy statement accompanying this notice; and

 

Proposal No. 4 – To indicate, onapprove an advisory basis,amendment to our certificate of incorporation to effect a reverse stock split of our issued and outstanding common stock; and

Proposal No. 5 – To approve the preferred frequencyissuance of stockholder advisory votes on the compensationmore than 20% of the Company’s named executive officers.our issued and outstanding common stock.

What if another matter is properly brought before the meeting?

The Board knows of no other matters that will be presented for consideration at the Annual Meeting. If any other matters are properly brought before the meeting, it is the intention of the persons named in the accompanying proxy to vote on those matters in accordance with their best judgment.

How do I vote?

You may either vote “For” the nominees to the Board or you may “Withhold” your vote for any nominee you specify. With regard to your advisory vote on how frequently we should solicit stockholder advisory approval of our Named Executive Officer compensation, you may vote for any one of the following: “One Year,” “Two Years,” or “Three Years,” or you may abstain from voting on that matter. For each of the other matters to be voted on, you may vote “For,” “Against” or abstain from voting.

The procedures for voting are fairly simple:

Stockholder of Record: Shares Registered in Your Name

If you are a stockholder of record, you may vote online during the Annual Meeting, vote by proxy or vote by proxy through the internet or vote by proxy using a proxy card that you may request or that we may elect to deliver at a later time. Whether or not you plan to attend the meeting, we urge you to vote by proxy to ensure your vote is counted. You may still attend the meeting online and vote during the meeting even if you have already voted by proxy.

 

  

To vote online during the Annual Meeting, follow the provided instructions to join the meeting athttps://web.lumiagm.com/282387153www.virtualshareholdermeeting.com/CALA2022, starting at 10 a.m. Pacific Time on June 9, 2020.1, 2022.

 

To vote using the proxy card, simply complete, sign and date the proxy card that may be delivered and return it promptly in the envelope provided. If you return your signed proxy card to us before the Annual Meeting, we will vote your shares as you direct.

 

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To vote through the internet, go tohttps://web.lumiagm.com/282387153www.virtualshareholdermeeting.com/CALA2022 to complete an electronic proxy card. You will be asked to provide the company number and control number from the Notice. Your internet vote must be received by 11:59 p.m., Eastern Time on the day before the meeting to be counted.

Beneficial Owner: Shares Registered in the Name of Broker or Bank

If you are a beneficial owner of shares registered in the name of your broker, bank, or other agent, you should have received aNoticeaNotice containing voting instructionsfrominstructionsfrom that organization rather than from Calithera. Simply follow the voting instructions in the NoticetoNoticeto ensure that your vote is counted. To vote online during the Annual Meeting, you must obtain a valid proxy from your broker, bank or other agent. Follow the instructions from your broker or bank included with these proxy materials, or contact your broker or bank to request a proxy form.

 

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Internet proxy voting may be provided to allow you to vote your shares online, with procedures designed to ensure the authenticity and correctness of your proxy vote instructions. However, please be aware that you must bear any costs associated with your internet access, such as usage charges from internet access providers and telephone companies.

How many votes do I have?

On each matter to be voted upon, you have one vote for each share of common stock you own as of April 13, 2020.4, 2022. As of the record date, Millennium Pharmaceuticals, Inc., or Millennium, is the sole holder of the Series A preferred stock. On each of proposals 1, 2, 3 and 4, Millennium will have one vote for each share of Series A preferred stock (on an as-converted basis) it owns as of April 4, 2022, provided however, shares of Series A preferred stock representing only 14,817,484 shares of common stock may be voted due to limitations imposed by the listing rules of the Nasdaq Stock Market LLC, or the Nasdaq Listing Rules. Furthermore, Millennium is prohibited from voting on proposal 5 by the Nasdaq Listing Rules.

What happens if I do not vote?

Stockholder of Record: Shares Registered in Your Name

If you are a stockholder of record and do not vote by completing your proxy card, through the internetorinternetor online during the Annual Meeting, your shares will not be voted.

Beneficial Owner: Shares Registered in the Name of Broker or Bank

If you are a beneficial owner and do not instruct your broker, bank, or other agent how to vote your shares, the question of whether your broker or nominee will still be able to vote your shares depends on whether the New York Stock Exchange, (“NYSE”)or the NYSE, deems the particular proposal to be a “routine” matter. Brokers and nominees can use their discretion to vote “uninstructed” shares with respect to matters that are considered to be “routine,” but not with respect to“non-routine” matters. Under the rules and interpretations of the NYSE,“non-routine” matters are matters that may substantially affect the rights or privileges of stockholders, such as mergers, stockholder proposals, elections of directors (even if not contested), executive compensation (including any advisory stockholder votes on executive compensation and on the frequency of stockholder votes on executive compensation), and certain corporate governance proposals, even if management-supported. Accordingly, your broker or nominee may not vote your shares on Proposals No.proposals 1, 3 and 45 without your instructions, but may vote your shares on Proposal No.proposal 2 and 4 even in the absence of your instruction.

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What if I return a proxy card or otherwise vote but do not make specific choices?

If you are a stockholder of record and return a signed and dated proxy card or otherwise vote without marking voting selections, your shares will be voted, as applicable, “For”applicable:

“For” the election of the two nominees for director; “For” the advisory approval of named executive officer compensation; for “One Year” as the preferred frequency of advisory votes to approve executive compensation and “For”

“For” the ratification of selection of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2020. 2022;

“For” the advisory approval of named executive officer compensation;

“For” an amendment to our certificate of incorporation to effect a reverse stock split of our issued and outstanding common stock; and

“For” the issuance of more than 20% of our issued and outstanding common stock.

If any other matter is properly presented at the meeting, your proxyholder (one of the individuals named on your proxy card) will vote your shares using his or her best judgment.

Who is paying for this proxy solicitation?

We will pay for the entire cost of soliciting proxies. In addition to these proxy materials, our directors and employees may also solicit proxies in person, or by other means of communication. Directors and employees will not be paid any additional compensation for soliciting proxies. We may also reimburse brokerage firms, banks and other agents for the cost of forwarding proxy materials to beneficial owners.

What does it mean if I receive more than one Notice?

If you receive more than one Notice,notice, your shares may be registered in more than one name or in different accounts. Please follow the voting instructions on the Noticesnotices to ensure that all of your shares are voted.

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Can I change my vote after submitting my proxy?

Stockholder of Record: Shares Registered in Your Name

Yes. You can revoke your proxy at any time before the final vote at the meeting. If you are the record holder of your shares, you may revoke your proxy in any one of the following ways:

 

You may submit another properly completed proxy card with a later date.

 

You may grant a subsequent proxy through the internet.

 

You may send a timely written notice that you are revoking your proxy to Calithera’sour Secretary at 343 Oyster Point Blvd., Suite 200, South San Francisco, CA 94080.

 

You may attend the virtual Annual Meeting and vote online during the meeting. Simply attending the meeting will not, by itself, revoke your proxy.

Your most current proxy card or internet proxy is the one that is counted.

Beneficial Owner: Shares Registered in the Name of Broker or Bank

If your shares are held by your broker or bank as a nominee or agent, you should follow the instructions provided by your broker or bank.

When are stockholder proposals and director nominations due for next year’s Annual Meeting?

If you wish to submit a proposal (including a director nomination) to be considered for inclusion in next year’s proxy materials, your proposal must be submitted in writing by February 8, 2021,December 31, 2022, to Stephanie Wong, Calithera’s our

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Secretary, c/o Calithera Biosciences, Inc., 343 Oyster Point Blvd., Suite 200, South San Francisco, CA 9408094080; provided, however, that if our 20212023 Annual Meeting of stockholders is held before May 9, 2021,2, 2023, or after July 9, 2021,1, 2023, then the reasonable amount of time prior to the date we begin to print and mail our proxy statement for the 20212023 Annual Meeting of stockholders. If you wish to submit a proposal (including a director nomination) at the meeting that is not to be included in next year’s proxy materials, you must provide specified information in writing to our corporate Secretary at the address above no earlier than the close of business on February 8, 2021,1, 2023, and no later than the close of business on March 10, 2021,3, 2023, except that if our 20212023 Annual Meeting of stockholders is held more than 30 days before or after June 9, 2021,1, 2023, notice by the stockholder to be timely may be received no earlier than the close of business on the 120th day prior to the 20212023 Annual Meeting of stockholders and no later than the close of business on the later of (i) the 90th day before the 20212023 Annual Meeting of stockholders or (ii) tenth day following the day on which public announcement of the date of the 20212023 Annual Meeting is made. If such proposal is submitted after March 10, 2021,3, 2023, it will be considered untimely. You are also advised to review our Amended and Restated Bylaws, (the “Bylaws”),or the Bylaws, which contain a description of the information required to be submitted as well as additional requirements about advance notice of stockholder proposals and director nominations.

How are votes counted?

Votes will be counted by the inspector of election appointed for the meeting,Annual Meeting, who will separately count, (a) for the proposal to elect directors, votes “For,” “Withhold” and brokernon-votes, and (b) with respect to other proposals, votes “For” and “Against,” abstentions and, if applicable, brokernon-votes.

Abstentions will be counted towards the vote total for Proposal No.proposals 2, 3, 4 and 3,5 and will have the same effect as “Against” votes. For Proposal No. 4, in the event that no frequency receives a majority of the votes, the Company will consider the frequency that receives the most votes cast to be the frequency preferred by our stockholders. Brokernon-votes on Proposalsproposals 1, 3 and 45 will have no effect and will not be counted towards the vote total for any of these proposals.

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What are “brokernon-votes”?

As discussed above, when a beneficial owner of shares held in “street name” does not give instructions to the broker or nominee holding the shares as to how to vote on matters deemed by the NYSE to be“non-routine,” the broker or nominee cannot vote the shares. These unvoted shares are counted as “brokernon-votes.” Proposals 1, 3 and 5 are deemed “non-routine.”

How many votes are needed to approve each proposal?

 

Proposal No. 1 – For the election of directors, the nominees receiving the most “For” votes from the holders of shares present online during the virtual meeting or represented by proxy and entitled to vote on the election of directors will be elected. Only votes “For” will affect the outcome.

 

Proposal No. 2 – To ratify the selection of Ernst & Young LLP as our independent registered public accounting firm for the year ending December 31, 2020,2022, the proposal must receive “For” votes from the holders of a majority of shares present online during the virtual meeting or represented by proxy and entitled to vote on the matter. If you“youAbstain” from voting, it will have the same effect as an “Against” vote.

 

Proposal No. 3 – To approve, on an advisory basis, the compensation of the Company’sour named executive officers, as disclosed in the proxy statement accompanying this notice, the proposal must receive “For” votes from the holders of a majority of shares present online during the virtual meeting or represented by proxy and entitled to vote on the matter. If you“youAbstain” from voting, it will have the same effect as an “Against” vote. Brokernon-votes will have no effect and will not be counted towards the vote total for this Proposal.proposal.

 

Proposal No. 4 – To indicate, onapprove an advisory basis,amendment to our certificate of incorporation to effect a reverse stock split of our issued and outstanding common stock, as disclosed in the preferred frequencyproxy statement accompanying

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this Notice, the proposal must receive “For” votes from the holders of a majority of all outstanding shares of our common stock and Series A preferred stock (on an as-converted basis, but subject to the “Share Cap” as defined in the Certificate of Designations of Preferences, Rights and Limitations of the Series A Convertible Preferred Stock) voting together as a single class. If you“Abstain” from voting, it will have the same effect as an “Against” vote.

Proposal No. 5 – To approve the issuance of stockholder advisorymore than 20% of our issued and outstanding common stock as disclosed in the proxy statement accompanying this notice, the proposal must receive “For” votes from the holders of a majority of shares of common stock present online during the virtual meeting or represented by proxy and entitled to vote on the compensation ofmatter.    The Series A preferred stock is prohibited from voting on this proposal pursuant the Company’s named executive officers, the frequency (every one, two, or three years) receiving the greatest number of votes will be considered the frequency recommended by stockholders.Nasdaq Listing Rules. If you“youAbstain” from voting, it will have the same effect as an “Against” vote. Brokernon-votes will have no effect and will not be counted towards the vote total for this Proposal.proposal.

What is the quorum requirement?

A quorum of stockholders is necessary to hold a valid meeting. A quorum will be present if stockholdersholdingatstockholdersholdingat least a majority of the outstanding shares entitled to vote are present at the virtual meeting or represented by proxy. On the record date, there were 64,692,68397,236,174 outstanding shares outstandingof common stock and shares of Series A preferred stock equivalent to 14,817,484 shares of common stock entitled to vote. Thus, the holders of 32,346,34256,026,829 shares must be present in person or represented by proxy at the meetingAnnual Meeting to have a quorum.

Your shares will be counted towards the quorum only if you submit a valid proxy (or one is submitted on your behalf by your broker, bank or other nominee) or if you vote online during the virtual meeting. Abstentions and brokernon-votes will be counted towards the quorum requirement. If there is no quorum, the holders of a majority of shares present online during the virtual meeting or represented by proxy may adjourn the meeting to another date.

What happens if the Annual Meeting is postponed or adjourned?

Your proxy may be voted at the postponed or adjourned Annual Meeting. You will still be able to change your proxy until it is voted.

Any adjournment of the Annual Meeting can be accessed at the same website listed above and you may vote at any postponement or adjournment using the control number.

How can I find out the results of the voting at the Annual Meeting?

Preliminary voting results will be announced at the Annual Meeting. In addition, final voting results will be published in a current report on Form8-K that we expect to file within four business days after the Annual Meeting. If final voting results are not available to us in time to file aForm 8-K within four business days after the meeting, we intend to file aForm 8-K to publish preliminary results and, within four business days after the final results are known to us, file an additionalForm 8-K to publish the final results.

 

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PROPOSAL NO. 1

ELECTIONOF DIRECTORS

Calithera’sOur Board is divided into three classes. Each class consists, as nearly as possible, ofone-third of the total number of directors, and each class has a three-year term. Vacancies on the Board may be filled only by persons elected by a majority of the remaining directors. A director elected by the Board to fill a vacancy in a class, including vacancies created by an increase in the number of directors, shall serve for the remainder of the full term of that class and until the director’s successor is duly elected and qualified.

The Board presently has eightnine members. There are three directors in the class whose term of office expires in 2020, Susan Molineaux,2022, Jonathan G. Drachman, M.D., Suzy Jones, and Deepa Pakianathan, Ph.D., Blake Wise Dr. Drachman, Ms. Jones, and H. Ward Wolff. Dr. Molineaux and Messrs. Wise and WolffPakianathan have each served as members of our Board since June 2010,December 2013, August 2016, and September 2017 and December 2014,2012, respectively. Dr. Drachman is not standing for reelection to the Board when his term expires at the Annual Meeting. The nominees listed below are currentlycurrent directors of the Company.Ifand if elected at the Annual Meeting, these nominees would serve until the 20232025 Annual Meeting and until a successor has been duly elected and qualified, or, if sooner, until the director’s death, resignation or removal. Our policy is to encourage directors and nominees for director to attend the Annual Meeting. SevenEight out of nine of the directors attended the 20192021 Annual Meeting, of Shareholders, with six participating via remote communication.which was held virtually.

Directors are elected by a plurality of the votes of the holders of shares present online during the virtual meeting or represented by proxy and entitled to vote on the election of directors. Accordingly, the nominee receiving the highest number of affirmative votes will be elected.Shareselected. Shares represented by executed proxies will be voted, if authority to do so is not withheld, for the election of the nominee named below. If the nominee becomes unavailable for election as a result of an unexpected occurrence, shares that would have been voted for that nominee will instead be voted for the election of a substitute nominee proposed by Calithera.us. Each person nominated for election has agreed to serve if elected. The Company’sOur management has no reason to believe that any nominee will be unable to serve.

The following is a brief biography of the nominees and the directors whose term will continue after the Annual Meeting.

NOMINEESFOR ELECTIONFORA THREE-YEAR TERM EXPIRINGATTHE 2025 ANNUAL MEETING

Deepa R. Pakianathan, Ph.D.Dr. Pakianathan, age 57, is our lead independent director and has served as a member of our board of directors since September 2012. Dr. Pakianathan currently serves as Chief Executive Officer of Redd Pharmaceuticals, Inc., a private biotechnology company. Since 2001, Dr. Pakianathan has served as a Managing Member at Delphi Ventures, a venture capital firm. From 2007 to 2019, Dr. Pakianathan served on the board of directors of Alder Pharmaceuticals, Inc., from 2008 to 2019, Oncomed Pharmaceuticals, Inc., and from 2020 to 2021, FS Development Corp. and since 2021 FS Development Corp II. From 1998 to 2001, Dr. Pakianathan served as a Vice President in the healthcare group at JP Morgan Chase & Company. From 1993 to 1997, Dr. Pakianathan served as a postdoctoral scientist in the Immunology Department at Genentech, Inc. Dr. Pakianathan currently serves on the board of directors of Theravance Biopharma, Inc., Karyopharm Therapeutics, Inc., and Mereo BioPharma Group plc. Dr. Pakianathan holds an M.S. and a Ph.D. from Wake Forest University, a B.Sc. from the University of Bombay, India and an M.Sc. from The Cancer Research Institute at the University of Bombay, India.

We believe Dr. Pakianathan’s experience as a venture capital investor in and as a director for multiple biotechnology companies, as well as her experience as a biotechnology investment banker, qualify her to serve on our board of directors.

Suzy Jones. Ms. Jones, age 56, has served as a member of our board of directors since August 2016. Since September 2010, Ms. Jones has been the Founder and Managing Partner of DNA Ink, a boutique life sciences

8


advisory firm. Prior to founding DNA Ink, Ms. Jones spent 20 years at Genentech, Inc. in various roles in immunology research, product development managing cross functional teams for Rituxan and Avastin, and business development where she was Head of Non-Oncology Licensing and later Interim Head of Partnering and Head of Business Development. Ms. Jones serves as a member of the board of directors of Patrys Limited, an ASX listed Australian biotechnology company. She received a B.S. degree in Biology from University of California, Santa Cruz.

We believe Ms. Jones’s experience in the biotechnology industry qualifies her to serve on our board of directors.

THE BOARD RECOMMENDS

A VOTEIN FAVOROFTHE NAMED NOMINEES.

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DIRECTORS CONTINUINGIN OFFICE UNTILTHE2023 ANNUAL MEETING

Susan M. Molineaux, Ph.D. Dr. Molineaux, age 66,68, has served as our President, Chief Executive Officer and as a member of our board of directors since sheco-founded Calithera in March 2010. Dr. Molineauxco-founded Proteolix, Inc., a biopharmaceutical company, where she served as Chief Scientific Officer from 2003 to 2005, Chief Executive Officer from January 2006 to January 2009 and again as Chief Scientific Officer from February 2009 until Proteolix’s acquisition by Onyx Pharmaceuticals, Inc. in November 2009. From 2000 to 2003, Dr. Molineaux served as Vice President of Biology at Rigel Pharmaceuticals, Inc., a drug development company. From 1999 to 2000, she served as Vice President of Biology at Praelux, Inc., a biopharmaceutical company, and from 1994 through 1999, she served as Vice President of Drug Development at Praecis Pharmaceuticals, Inc., a biopharmaceutical company. From 1989 until 1994, she was a scientist in the Immunology group at Merck & Co. Dr. Molineaux currently serves as a member of the board of directors of Geron Corporation, Theravance Biopharma, Inc., Cyteir Therapeutics, Inc. and Smith College, and is a Scientific Advisor for Lightstone Ventures. Dr. Molineaux holds a B.S. in Biology from Smith College and a Ph.D. in Molecular Biology from Johns Hopkins University, and completed a postdoctoral fellowship at Columbia University.

We believe Dr. Molineaux’s experience on our board of directors and as our Chief Executive Officer, as well as her experience in our industry qualifies her to serve on our board of directors.

Blake Wise.Mr. Wise, age 49,51, has served as a member of our board of directors since September 2017. Since December 2019, Mr. Wise has served as Chief Executive Officer and a member of the board of directors of

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Novome Biotechnologies, Inc., a biopharmaceutical company. From January 2018 to December 2019, Mr. Wise served as Chief Executive Officer and a member of the board of directors of Achaogen, Inc., a biopharmaceutical company, where he oversaw the development and FDAU.S. Food and Drug Administration approval of ZEMDRI (plazomicin). Mr. Wise joined Achaogen as Chief Operating Officer in 2015 and, in February 2017, he was also appointed President. Prior to joining Achaogen, Mr. Wise served as Vice President, Cross BioOncology at Genentech, Inc., or Genentech, where he led cross-portfolio oncology initiatives, including key account management, marketing, managed markets, companion diagnostics, pipeline commercialization, and long-term oncology strategy. Mr. Wise also held several other leadership positions at Genentech including Senior Director, Franchise Head and Life Cycle Leader of the Lytics franchise and as a Sales Director in BioOncology, Marketing Director in Cystic Fibrosis and Immunology, and Interactive Marketing Director. Prior to joining Genentech, Mr. Wise worked in consumer marketing,e-commerce and online marketing in leadership positions at Gap, Inc. and Webvan.Webvan, Inc. Mr. Wise received a Bachelor of Arts degree in Business Economics from University of California, Santa Barbara, and a Masters of Business Administration degree from University of California, Berkeley, Haas School of Business.

We believe Mr. Wise’s experience in the biotechnology industry qualifies him to serve on our board of directors.

H. Ward Wolff. Mr. Wolff, age 71,73, has served as a member of our board of directors since December 2014. Mr. Wolff served as Executive Vice President and Chief Financial Officer of Sangamo Therapeutics, Inc. from 2007 until his retirement in March 2017. Prior to Sangamo, Mr. Wolff was with Nuvelo, Inc., where he served as Senior Vice President, Finance and Chief Financial Officer until its restructuring in August 2007. Prior to that, he was Chief Financial Officer and Senior Vice President, Finance, of Abgenix, Inc. until April 2006 when Abgenix, Inc. merged with Amgen, Inc. Prior to joining Abgenix, Inc., Mr. Wolff held financial management positions in both public and private emerging growth companies, including serving as Senior Vice President and CFO of DoubleTwist, Inc., a life sciences company integrating genomic information and bioinformatics analysis tools. He began his career with Price Waterhouse,PricewaterhouseCoopers LLP, where he held a number of positions as a certified public accountant, including Senior Audit Manager. From 2007 to 2020, Mr. Wolff isserved as a member of the board of directors of Portola Pharmaceuticals, Inc., until its merger with Alexion Pharmaceuticals, Inc., and from 2018 to 2021, Mr. Wolff served as a member of the board of directors of Sunesis Pharmaceuticals, Inc., until its merger with Viracta Therapeutics, Inc. From June 2006 until his appointment to Sangamo’s management team, he was a member of Sangamo’s Boardboard of Directors,directors, serving as Chairman of the Audit Committee. Mr. Wolff received a B.A. degree in Economics from the University of California at Berkeley and an M.B.A. degree from Harvard Business School.

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We believe Mr. Wolff’s extensive financial experience and experience in the biotechnology industry qualifies him to serve on our board of directors.

THE BOARD RECOMMENDS

A VOTEIN FAVOROFTHE NAMED NOMINEES.

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DIRECTORS CONTINUINGIN OFFICE UNTILTHE 20212024 ANNUAL MEETING

Sunil Agarwal, M.D.Dr. Agarwal, age 50,52, has served as a member of our board of directors since September 2015. Since September 2018, Dr. Agarwal has served as Chief Development Officer and Head of Portfolio Strategy at Sana Biotechnology, Inc., a private biotechnology company. From April 2017 to May 2018, Dr. Agawal has served as President of Research and Development at Juno Therapeutics, Inc., a biophamacetuical company, until its acquisition by Celgene Corporation. From September 2016 through March 2017, Dr. Agarwal served as a Partner at Soffinova Ventures. From August 2014 through August 2016, Dr. Agarwal served as Executive Vice President and Chief Medical Officer at Ultragenyx Pharmaceuticals, Inc., where he was responsible for leading the company’s clinical development. Prior to Ultragenyx, Dr. Agarwal served in various leadership capacities at Genentech, Inc. for 11 years. From January 2013 to June 2014 he held the position of Senior Vice President and Global Head of Clinical Development for OMNI (Ophthalmology, Metabolism, Neurosciences, Immunology and Infectious Diseases). From July 2009 to December 2012, Dr. Agarwal held the positions of Senior Vice President for Immunology and Infectious Diseases, and Vice President for Rheumatology from July 2009 to December 2012. He also held the position of Vice President of Genentech Drug Safety from January 2009 to July 2009. From September 2003 to January 2009, Dr. Agarwal held positions of increasing responsibility in Genentech’s Immunology clinical organization, and was involved in the development oversight of multiple molecules including Raptiva, Rituxan, and ocrelizumab. Dr. Agarwal currently servesserved as a member of the board of directors of MyoKardia, Inc. from 2016 to 2020, until its acquisition by Bristol-Myers Squibb Company. Dr. Agarwal obtained a B.S. in Neuro-Biology from Cornell University and an M.D. from Tufts University School of Medicine.

We believe Dr. Agarwal’s experience in the biotechnology industry qualifies him to serve on our board of directors.

Jean M. GeorgeScott Garland.. Ms. George, Mr. Garland, age 62,53, has served as a member of our board of directors since September 2012.July 2020. Since February 2002, sheMarch 2021, Mr. Garland has been Chief Executive Officer of PACT Pharma. Prior to joining PACT Pharma, Mr. Garland was President, Chief Executive Officer and a General Partnermember of the board of Portola Pharmaceuticals, Inc. prior to its merger with Alexion Pharmaceuticals, Inc. in July 2020. Prior to Portola, Mr. Garland served as President of Relypsa Inc., a biopharmaceutical company, from April 2017 to September 2018, and as Senior Vice President and Chief Commercial Officer from October 2014 to April 2017. From October 2011 to October 2014, Mr. Garland served as Executive Vice President and Chief Commercial Officer of Exelixis, Inc., a biopharmaceutical company focused on developing and commercializing cancer treatments. From April 2002 to October 2011, Mr. Garland held positions at Advanced Technology Ventures,Genentech, Inc., a venture capital fund. Sincebiopharmaceutical company, most recently serving as Vice President of Genentech’s Avastin franchise, where he led the U.S. sales and marketing efforts for the drug. Prior to that position, he served as Vice President, Hematology Marketing and Sales, overseeing the Rituxan franchise and as a Marketing Director on the Tarceva franchise. From July 1997 to April 2013, Ms. George has been2002, Mr. Garland held several positions within the sales and marketing division of Amgen, Inc., a General Partnerbiotechnology company, and from July 1991 to July 1995, he served as a professional sales representative at Lightstone Ventures,Merck & Co., Inc, a venture capital fund. From 2010 to 2018, Ms. George servedbiopharmaceutical company. Mr. Garland currently serves on the board of directors of Catabasis Pharmaceuticals,Day One Biopharmaceuticals, Inc. From September 1998 to January 2002, Ms. GeorgeMr. Garland served as director of BancBoston Ventures, a venture capital fund. Ms. George currently serves as a member ofon the board of directorsdirctors of Acceleron Pharma,Karyopharm Therapeutics, Inc. Ms. George, from 2014 to 2020. Mr. Garland holds a B.S. in Biology from theCalifornia Polytechnic State University of Maine(San Luis Obispo) and an M.B.A. from Simmons College GraduateDuke University’s Fuqua School of Management.Business.

We believe Ms. George’s extensive investment and financialMr. Garland’s experience and her experience within the biotechnology companies, qualifies herindustry qualifieds him to serve on our board of directors.

DIRECTORS CONTINUINGIN OFFICE UNTILTHE 2022 ANNUAL MEETING

Deepa R. Pakianathan,Keith Orford, M.D, Ph.D. Dr. Pakianathan,Orford, age 55, is our lead independent director and50, has served as a member of our board of directors since September 2012. Since 2001,November 2021. Dr. Pakianathan has served as a Managing Member at Delphi Ventures, a venture capital firm. From 2007 to 2019, Dr. Pakianathan served on the board of directors of Alder Pharmaceuticals, Inc. and from 2004 to 2016, Dr. Pakianathan served on the board of directors of Alexza Pharmaceuticals, Inc. From 1998 to 2001, Dr. Pakianathan served as a Vice President in the healthcare group at JP Morgan Chase & Company. From 1993 to 1997, Dr. Pakianathan served as a postdoctoral scientist in the Immunology Department at Genentech Corporation. Dr. PakianathanOrford currently serves on the board of directors of Karyopharm Therapeutics, Inc and Mereo Biopharma. Dr. Pakianathan holds an M.S. and a Ph.D. from Wake Forest University, a B.Sc. from the University of Bombay, India and an M.Sc. from The Cancer Research Institute at the University of Bombay, India.

We believe Dr. Pakianathan’s experience as a venture capital investor in and as a director for multiple biotechnology companies, as well as her experience as a biotechnology investment banker, qualify her to serve on our board of directors.

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Jonathan G. Drachman, M.D. Dr. Drachman, age 58, has served as a member of our board of directors since December 2013. Since January 2019, Dr. Drachman has served as Chief Executive Officer of Neoleukin Therapeutics, a biotechnology company. Dr. Drachman has also served on the board of directors of Neoleukin Theraperutics since August 2019. From November 2004 through December 2018, Dr. Drachman served in a number of roles at Seattle Genetics, Inc., most recently Senior Advisor for Innovation, Chief Medical Officer and Executive Vice President of Research and Development from October 2013 to May 2018 and Senior Vice President, ResearchClinical and Translational Medicine from May 2010Science at Fog Pharmaceuticals, Inc. From 2015 to October 2013. From 1998 to 2004,November 2021, Dr. DrachmanOrford served as a faculty memberour Chief Medical Officer where he oversaw clinical development activities, including Clinical Operations and Medical Affairs. Prior to joining Calithera, Dr. Orford was the Clinical Development Lead in the Hematology Division, Department of MedicineImmuno-Oncology and

11


Combinations Development Performance Unit at GlaxoSmithKline plc, or GSK, where he oversaw the University of Washington in Seattle,clinical activities on multiple early-stage clinical trials with targeted agents and asnovel immune-based therapies. Prior to GSK, Dr. Orford was at Merck & Co., Inc., where he worked on early clinical development programs across oncology and other therapeutic areas. Previously, Dr. Orford was a Senior Investigator in the Division of Research Fellow and EducationInstructor at the Puget Sound Blood Center. Dr. Drachman currently serves on the board of directors of Harpoon Therapeutics. Dr. Drachman received a B.A. in Biochemistry from Harvard UniversityMassachusetts General Hospital and an M.D. from Harvard Medical School. HeSchool where he completed his residencyclinical training in Internal Medicine as well as postdoctoral work studying the epigenetic regulation of hematopoietic and fellowship in Medical Oncology at the University of Washington.

We believeembryonic stem cell differentiation. Dr. Drachman’s experience in the biotechnology industry qualifies him to serve on our board of directors.

Suzy Jones. Ms. Jones, age 54, has served as a member of our board of directors since August 2016. Since September 2010, Ms. Jones has been the FounderOrford received his undergraduate, M.D. and Managing Partner of DNA Ink, a boutique life sciences advisory firm. Prior to founding DNA Ink, Ms. Jones spent 20 years at Genentech in various roles in immunology research, product development managing cross functional teams for Rituxan and Avastin, and business development where she was Head ofNon-Oncology Licensing and later Interim Head of Partnering and Head of Business Development. In 2010, she was named by Black Health Magazine as one of the, “Top 25 Most Influential African Americans in Healthcare, Medicine, Pharmaceutical and Food Industries.” Ms. Jones serves as a member of the board of directors of Patrys Limited, an ASX listed Australian biotechnology company. She received a B.S. degree in BiologyPh.D. degrees from University of California, Santa Cruz.

We believe Ms. Jones’s experience in the biotechnology industry qualifies her to serve on our board of directors.Georgetown University.

INFORMATION REGARDING THE BOARD OF DIRECTORS AND CORPORATE GOVERNANCE

BOARD DIVERSITY

While we value diversity, our Nominating and Corporate Governance Committee does not have a formal written policy with regard to the consideration of diversity in identifying director nominees. However, diversity of experience is one of the numerous criteria our Nominating and Corporate Governance Committee reviews before recommending a candidate. Our Nominating and Corporate Governance Committee believes diversity of experience can come from personal characteristics such as race and gender as well as diversity in background, viewpoints and skills. Our Nominating and Corporate Governance Committee and our board of directors is committed to actively seeking highly qualified women and individuals from underrepresented groups to include in the pool from which new candidates are selected.

While our Nominating and Corporate Governance Committee is committed to continued focus on and expansion of our board’s diversity, we also believe our current board represents a diversity of expertise, talents, skills, backgrounds, and personal characteristics. Of the nine directors on our board, three are women. Furthermore, our board members range in age from 50 to 73. Our board of directors also seeks members that have extensive leadership experience, but may seek other members with different backgrounds, based upon the contributions they can make to Calithera. Currently, our directors all have significant leadership experience and collectively bring expertise and experience in finance, research and development, healthcare, corporate strategy, public company governance, regulatory, drug development and commercialization of pharmaceutical products.

Board Diversity Matrix (As of March 31, 2022)

 

 

 Total Number of Directors

   9 
  
    Female   Male   Non-
Binary
   Gender
Undisclosed
 

 Part I: Gender Identity

         

 Directors

   3    6         

 Part II: Demographic Background

 

 African American or Black

   1             

 Alaskan Native or American Indian

                

 Asian or Asian Indian

   1    1         

 Hispanic or Latinx

                

 Native Hawaiian or Pacific Islander

                

 White

   1    5         

 Two or More Races or Ethnicities

                

 LGBTQ+

   1 

 Did Not Disclose Demographic Background

    

FAMILY RELATIONSHIPS

Christopher Molineaux, our Senior Vice President of Development, is the spouse of Susan Molineaux, a member of our board of directors and our President and Chief Executive Officer. There are no other family relationships among the directors and executive officers.

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INDEPENDENCEOF THE BOARD

As required under the Nasdaq Stock Market (“Nasdaq”)listing standards, a majority of the members of a listed company’s board of directors must qualify as “independent,” as affirmatively determined by the Board. The Board consults with the Company’sour counsel to ensure that the Board’s determinations are consistent with relevant securities and other laws and regulations regarding the definition of “independent,” including those set forth in pertinent listing standards of Nasdaq, as in effect from time to time.

Consistent with these considerations, after review of all relevant identified transactions or relationships between each director, or any of his or her family members, and Calithera, our senior management and our independent auditors, the Board has affirmatively determined that the following seven directors are independent directors within the meaning of the applicable NasdaqlistingNasdaqlisting standards: Drs. Agarwal, Drachman and Pakianathan, Mses. George andMs. Jones and Mr.Messrs. Garland, Wise and Wolff. In making this determination, the Board found that none of these directors or nominees for director had a material or other disqualifying relationship with Calithera.

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BOARD LEADERSHIP STRUCTURE

We believe that all members of our Board should have an equal voice in the affairs and the management of the Company.Calithera. Consistent with this philosophy, while our Bylaws and corporate governance policies, or Corporate Governance Policies, allow for the appointment of a chairperson of the board, we have chosen at this time not to have one. Given that we do not have a chairperson of the board, the Board believes that our stockholders are best served at this time by having a lead independent director, or the Lead Independent Director, who is an integral part of our Board structure and a critical aspect of effective corporate governance. The independent directors consider the role and designation of the Lead Independent Director on an annual basis. Dr. Pakianathan has been our Lead Independent Director since January 2017. Dr. Pakianathan brings considerable skills and experience, as described above, to the role. In addition, Dr. Pakianathan is the chairperson of our Nominating and Corporate Governance Committee of the Board, (the “Nominatingor the Nominating and Corporate Governance Committee”),Committee, which affords her increased engagement with Board governance and composition. While our CEOChief Executive Officer has primary responsibility for preparing the agendas for Board meetings and presiding over the portion of the meetings of the Board where she is present, our Lead Independent Director has significant responsibilities, which are set forth in our Corporate Governance Policies, and include, in part:

 

Determining an appropriate schedule of Board meetings, seeking to ensure that the independent members of the Board can perform their duties responsibly while not interfering with the flow of our operations;

 

Working with our CEO,Chief Executive Officer, seeking input from all directors, the CEOChief Executive Officer and other relevant management, as to the preparation of the agendas for Board and committee meetings;

 

Advising the Board on a regular basis as to the quality, quantity and timeliness of the flow of information requested by the Board from our management with the goal of providing what is necessary for the independent members of the Board to effectively and responsibly perform their duties, and, although our management is responsible for the preparation of materials for the Board, the Lead Independent Director may specifically request the inclusion of certain material; and

 

Coordinating, developing the agenda for, and moderating executive sessions of the independent members of the Board, and acting as principal liaison between the independent members of the Board and the CEOChief Executive Officer on sensitive issues.

As discussed above, except for our CEO,Chief Executive Officer and Dr. Orford, our Board is comprised of independent directors. The active involvement of these independent directors, combined with the qualifications and significant responsibilities of our Lead Independent Director, provide balance on the Board and promote strong, independent oversight of our management and affairs.

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ROLEOFTHE BOARDIN RISK OVERSIGHT

TheOur Board has an active role, as a whole and also at the committee level, in overseeing management of Company’sour risks. Our Board has received regular updates from the management team on the evolving novel coronavirus (COVID-19) situationCOVID-19 pandemic and is involved in strategy decisions related to the impact of the novel coronavirus (COVID-19)COVID-19 pandemic on our business. The Board regularly reviews information regarding our credit, liquidity and operations, as well as the risks associated with each. The Audit Committee’s charter mandates the Audit Committee to review and discuss with management, and our independent registered public accounting firm, as appropriate, Company’sour major financial risk exposures and the steps taken by management to monitor and control these exposures. The Compensation Committee of the Board, (the “Compensation Committee”)or the Compensation Committee, is responsible for overseeing the management of risks relating to Company’sour executive compensation plans and arrangements. The Nominating and Corporate Governance Committee manages risks associated with the independence of the Board and potential conflicts of interest. While each committee is responsible for evaluating certain risks and overseeing the management of such risks, the entire Board is regularly informed through committee reports about such risks.

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MEETINGSOF THE BOARD

The Board met fiveten times during 2019.2021. Each of our Board members attended 75% or more of the aggregate number of meetings of the Board and of the committees on which he or sheserved,she served, held during the portion of 20192021 for which he or shewasshe was a director or committee member.

INFORMATION REGARDING COMMITTEESOFTHE BOARD

The Board hasanhasan Audit Committee, a Compensation Committee, and a Nominating and Corporate Governance Committee, and a Science and Technology Committee. The following table provides membership and meeting information for 20192021 for each of these Board committees:

 

Name

  Audit   Compensation   Nominating and
Corporate

Governance
Science and
Technology
 

Susan M. Molineaux, Ph.D.

      

Sunil Agarwal, M.D. (1)

     X    X X

Jonathan G. Drachman, M.D. (5)

     X   X

Scott Garland (1)

XX

Jean M. George (2)

     X    X 

Suzy Jones

   X     X

Keith Orford, M.D., Ph.D. (3)

X

Deepa R. Pakianathan, Ph.D. (4)

  X   X   X* 

Blake Wise (2)

   X   X  

H. Ward Wolff

   X    

 

*

Committee Chairperson

(1)

Mr. AgarwalGarland joined the Compensation Committee and ceased to be a member of the Audit Committeewas appointed chair in October 2019.January 2021.

(2)

Mr. WiseMs. George resigned from the Board, Compensation Committee and Nominating and Corporate Governance Committee in November 2021.

(3)

Dr. Orford joined the Audit Committee and ceased to be a memberBoard in November 2021.

(4)

Dr. Pakianathan served as chair of the Compensation Committee in October 2019.until January 2021.

(5)

Dr. Drachman is not standing for re-election at the Annual Meeting.

Below is a description of the Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee and Science and Technology Committee of the Board.

Each of the committees has authority to engage legal counsel or other experts or consultants, as it deems appropriate to carry out its responsibilities.

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Audit Committee

Our Audit Committee consists of Mr. Wolff, Ms. Jones and Mr. Wise.TheMessrs. Garland, Wise and Wolff.The Audit Committee met fourtimesfivetimes during 2019. The2021. Our Board has adopted a written Audit Committee charter that is available to stockholdersonstockholderson the Investors section of our website at www.calithera.com.

TheOur Board reviews the Nasdaq listing standards definition of independence for Audit Committee members on an annual basis and has determined that all members of the Audit Committee are independent (as independence is currently defined in Rule 5605(c)(2)(A)(i) and (ii) of the Nasdaq listing standards).

TheOur Board has also determined that Mr. Wolff qualifies as an “audit committee financial expert,” as defined in applicable SEC rules.Therules.Our Board made a qualitative assessment of Mr. Wolff’s level of knowledge and experience based on a number of factors, including his formal education and experience as a chief financial officer for public reporting companies.

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Report of the Audit Committee

The Audit Committee has reviewed and discussed the audited financial statements for the year ended December 31, 20192021 with management. The Audit Committee has discussed with the independent registered public accounting firm the matters required to be discussed by Auditing Standard No. 1301,Communications with Audit Committees, as adopted by the Public Company Accounting Oversight Board, (“PCAOB”).or the PCAOB. The Audit Committee has also received the written disclosures and the letter from the independent registered public accounting firm required by applicable requirements of the PCAOB regarding the independent accountants’ communications with the audit committee concerning independence, and has discussed with the independent registered public accounting firm the accounting firm’s independence. Based on the foregoing, the Audit Committee has recommended to the Board that the audited financial statements be included in the Company’sour Annual Report on Form10-K for the year ended December 31, 2019.2021.

Mr. H. Ward Wolff (Chairman)

Mr. Scott Garland

Ms. Suzy Jones

Mr. Blake Wise

The material in this report is not “soliciting material,” is not deemed “filed” with the Commission and is not to be incorporated by reference in any filing of the CompanyCalithera under the Securities Act or the Exchange Act, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing.

Compensation Committee

Our Compensation Committee currently consists of Drs. Agarwal, Drachman and Pakianathan, and Mr. Garland. Ms. George. Dr. Pakianathan currently serves as chairGeorge served on our Compensation Committee until her resignation from the Board in November 2021. Mr. Garland became a member of our Compensation Committee.Committee and has served as chair since January 2021. Dr. Pakianathan served as chair until Mr. Garland’s appointment in January 2021. Dr. Drachman has notified us that he will not stand for reelection to the Board when his term expires at this Annual Meeting. All members of the Company’sour Compensation Committee are independent (as independence is currently defined in Rule 5605(d)(2) of the Nasdaq listing standards). The Compensation Committee met threefive times during 2019.2021. The Board has adopted a written Compensation Committee charter that is available to stockholders on the Investors section of our website at www.calithera.com.

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The primary purpose of the Compensation Committee is to discharge the responsibilities of the Board to oversee our compensation policies, plans and programs and to review and determine the compensation to be paid to our executive officers, directors and other senior management, as appropriate. Specific responsibilities of the Compensation Committee include:

 

reviewing and approving, or recommending that our board of directorsBoard approve, the compensation of our executive officers;

 

reviewing and recommending to our board of directorsBoard the compensation of our directors;

 

reviewing and approving, or recommending that our board of directorsBoard approve, the terms of compensatory arrangements with our executive officers;

 

administering our stock and equity incentive plans;

 

selecting independent compensation consultants and assessing whether there are any conflicts of interest with any of the committees compensation advisers;

 

reviewing and approving, or recommending that our board of directorsBoard approve, incentive compensation and equity plans, severance agreements,change-of-control protections and any other compensatory arrangements for our executive officers and other senior management, as appropriate; and

 

reviewing and establishing general policies relating to compensation and benefits of our employees and reviewing our overall compensation philosophy.

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Compensation Committee Processes and Procedures

Typically, the Compensation Committee will meet at least twice annually and with greater frequency if necessary. The agenda for each meeting is usually developed by the Chairchair of the Compensation Committee, in consultation with the Chief Executive Officer.TheOfficer.The Compensation Committee meets regularly in executive session. However, from time to time, various members of management and other employees as well as outside advisors or consultantsmayconsultantsmay be invited by the Compensation Committee to makepresentations,makepresentations, to provide financial or otherbackgroundotherbackground information or advice or to otherwise participate in Compensation Committee meetings. The Chief Executive Officer may not participate in, or be present during, any deliberations or determinations of the Compensation Committee regarding her compensation. The charter of the Compensation Committee grants the Compensation Committee full access to all of our books, records, facilities and personnel of the Company.personnel. In addition, under the charter, the Compensation Committee has the authority to obtain, at theour expense, of the Company, advice and assistance from compensation consultants and internal and external legal, accounting or other advisors and other external resources that the Compensation Committee considers necessary or appropriate in the performance of its duties. The Compensation Committee has direct responsibility for the oversight of the work of any consultants or advisers engaged for the purpose of advising the Committee. In particular, the Compensation Committee has the sole authority to retain, in its sole discretion, compensation consultants to assist in its evaluation ofexecutiveandofexecutiveand director compensation, including the authority to approve the consultant’s reasonable fees and other retention terms. Under the charter, the Compensation Committee may select, or receive advice from, a compensation consultant, legal counsel or other adviser to the compensation committee, other thanin-house legal counsel and certain other types of advisers, only after taking into consideration six factors, prescribed by the SEC and Nasdaq, that bear upon the adviser’s independence; however, there is no requirement that any adviser be independent.

During 2019,2021,after taking into consideration the six factors prescribed by the SEC and Nasdaq described above, the Compensation Committee engaged Arnosti ConsultingPearl Meyer, or the Compensation Consultant, as its compensation consultant.Theconsultant.The Compensation Committee requested that Arnosti Consulting:the Compensation Consultant:

 

evaluate the efficacy of the Company’sour existing compensation strategy and practices in supporting and reinforcing the Company’sour long-term strategic goals; and

 

assist in refining the Company’sour compensation strategy to execute that long-term strategy.

16


As part of its engagement, Arnosti Consultingthe Compensation Consultant was requested by the Compensation Committee to develop a comparative group of companies and to perform analyses of competitive performance and compensation levels for that group. At the request of management, Arnosti Consultingthe Compensation Consultant also conducted individual interviews with members of the Compensation Committee and senior management to learn more about the Company’sour business operations and strategy, key performance metrics and strategic goals, as well as the labor markets in which the Company competes.Arnosti Consultingwe compete.The Compensation Consultant ultimately developed recommendations that were presented to the Compensation Committee for its consideration. Following an active dialogue with Arnosti Consultingthe Compensation Consultant, the Compensation Committee approved the recommendations.

Under its charter, the Compensation Committee may form, and delegate authority to, subcommittees as appropriate. The Compensation Committee has delegated authority to Dr. Susan Molineaux, to which it delegated authority to grant, without any further action required by the Compensation Committee, stock optionsequity grants to employees who are not officers of the Company.Calithera. The purpose of this delegation of authority is to enhance the flexibility of option administration within the CompanyCalithera and to facilitate the timely grant of optionsequity tonon-management employees, particularly new employees, within specified limits approved by the Compensation Committee or our Board.

The Compensation Committee has made most of the significant adjustments to annual compensation, determined bonus and equity awards and established new performance objectives at one or more meetings held during the first quarter of the year. However, the Compensation Committee also considers matters related to individual compensation, such as compensation for new executive hires, as well as high-level strategic issues, such as the efficacy of the Company’sour compensation strategy, potential modifications to that strategy and new trends, plans or approaches to compensation, at various meetings throughout the year. Generally, the Compensation Committee’s

14


process comprises two related elements:the determination of compensation levels and the establishment of performance objectives for the current year. For executives other than the Chief Executive Officer, the Compensation Committee solicits and considers evaluations and recommendations submitted to the CommitteebyCommitteeby the Chief Executive Officer.InOfficer.In the case of the Chief Executive Officer, the evaluation of her performance is conducted by the Compensation Committee, which determines any adjustments to her compensationascompensationas well as awards to be granted. For all executives and directors as part of its deliberations, the Compensation Committee may review and consider, as appropriate,materials such as financial reports and projections, operational data, tax and accounting information, tally sheets that set forth the total compensation that may become payable to executives in various hypothetical scenarios, executive and director stock ownership information, company stock performance data, analyses of historical executive compensation levels and current Company-wide compensation levels and recommendations of the Compensation Committee’s compensation consultant, including analyses of executive and director compensation paid at other companies identified by the consultant.

Compensation Committee Interlocks and Insider Participation

None of the members of the Compensation Committee is currently, or has been at any time, one of our officers or employees. None of our executive officers currently serves, or has served during the last year, as a member of the Board or Compensation Committee of any entity that has one or more executive officers serving as a member of our Board or Compensation Committee.

Nominating and Corporate Governance Committee

Our Nominating and Corporate Governance Committee consists of Ms. George and Drs. Pakianathan and Agarwal.Agarwal and Mr. Wise. Ms. George served on our Nominating and Corporate Governance Committee until her resignation from the Board in November 2021. Dr. Pakianathan currently serves as chair of the Nominating and Corporate Governance Committee. In January 2021, Mr. Wise joined the Nominating and Corporate Governance Committee. All members of the Nominating and Corporate Governance Committee are independent (as independence is currently defined in Rule 5605(a)(2) of the Nasdaq listing standards). The Nominating and Corporate Governance Committee met fourthree times during 2019.2021. The Board has adopted a written Nominating and Corporate Governance Committee charter that is available to stockholders on the Investors section of our website at www.calithera.com.

The Nominating and Corporate Governance Committee is responsible for identifying, reviewing and evaluating candidates to serve as our directors of the Company (consistent with criteria approved by the Board), reviewing and evaluating incumbent directors, recommending to the Board for selectioncandidatesselectioncandidates for election to the Board, making recommendations to the Board regarding the membership of the committees of the Board, assessing the performance of and the Board, and developing a set of corporate governance principles for the Company.

17


The Nominating and Corporate Governance Committee believes that candidates for director should have certain minimum qualifications, including the ability to read and understand basic financial statements, being over 21 years of age and having the highest personal integrity and ethics. The Nominating and Corporate Governance Committee also intends to consider such factors as possessing relevant expertise upon which to be able to offer advice and guidance to management, having sufficient time to devote to the affairs of the Company, demonstrated excellence in his or her field, having the ability to exercise sound business judgment, and having the commitment to rigorously represent the long-term interests of our stockholders, diversity of experience and such other factors as the Company’s stockholders.Nominating and Corporate Governance Committee may deem appropriate. However, the Nominating and Corporate Governance Committee retains the right to modify these qualifications from time to time. Candidates for director nominees are reviewed in the context of the current composition of the Board, theour operating requirements of the Company and the long-term interests of our stockholders. In conducting this assessment, the Nominating and Corporate Governance Committee typically considers diversity, age, skills and such other factors as it deems appropriate, given the current needs of the Board and the Company,Calithera, to maintain a balance of knowledge, experience and capability.

In the case of incumbent directors whose terms of office are set to expire, the Nominating and Corporate Governance Committee reviews these directors’ overall service to the Company during their terms, including the number of meetings attended, level of participation, quality of performance and any other relationships and transactions that might impair the directors’ independence. The Committee also takes into account the results of the Board’s self-evaluation, conducted annually on a group and individual basis. In the case of new director

15


candidates, the Nominating and Corporate Governance Committee also determines whether the nominee is independent for Nasdaq purposes, which determination is based upon applicable Nasdaq listing standards, applicable SEC rules and regulations and the advice of counsel, if necessary. The Nominating and Corporate Governance Committee then uses its network of contacts to compile a list of potential candidates, but may also engage, if it deems appropriate, a professional search firm. The Nominating and Corporate Governance Committee conducts any appropriate and necessary inquiries into the backgrounds and qualifications of possible candidates after considering the function and needs of the Board. The Nominating and Corporate Governance Committee meets to discuss and consider the candidates’ qualifications and then selects a nominee for recommendation to the Board by majority vote.

The Nominating and Corporate Governance Committee will consider director candidates recommended by stockholders. The Nominating and Corporate Governance Committee does not intend to alter the manner in which it evaluates candidates, including the minimum criteria set forth above, based on whether or not the candidate was recommended by a stockholder. Stockholders who wish to recommend individuals for consideration by the Nominating and Corporate Governance Committee to become nominees for election to the Board may do so by delivering a written recommendation to the Nominating and Corporate Governance Committee at the following address: 343 Oyster Point Blvd., Suite 200, South San Francisco, CA 94080. Submissions must include the full name of the proposed nominee, a description of the proposed nominee’s business experience for at least the previous five years, complete biographical information, a description of the proposed nominee’s qualifications as a director and a representation that the nominating stockholder is a beneficial or record holder of the Company’sour stock and has been a holder for at least one year. Any such submission must be accompanied by the written consent of the proposed nominee to be named as a nominee and to serve as a director if elected.

Science and Technology Committee

Our Science and Technology Committee consists of Drs. Pakianathan, Agarwal, Drachman and Orford, and Ms. Jones. Dr. Agarwal currently serves as chair of the Science and Technology Committee. Dr. Orford joined the Science and Technology Committee meeting in December 2021. Dr. Drachman is not standing for reelection to the Board when his term expires at this Annual Meeting. The Science and Technology Committee met two times during 2021. The Board has adopted a written Science and Technology Committee charter that is available to stockholders on the Investors section of our website at www.calithera.com.

18


STOCKHOLDER COMMUNICATIONS WITHTHE BOARD OF DIRECTORS

Historically, we have not provided a formal process related to stockholder communications with the Board. Nevertheless, every effort has been made to ensure that the views of stockholders are heard by the Board or individual directors, as applicable, and that appropriate responses are provided to stockholders in a timely manner. We believe our responsiveness to stockholder communications to the Board has been excellent.

CODEOF ETHICS

We have adopted the CalitheraCodeCalitheraCode of Business Conduct and Ethics that applies to all officers, directors and employees. The Code of Business Conduct and Ethics is available on the Investors section of our website at www.calithera.com.Ifwww.calithera.com.If we make any substantive amendments to the Code of Business Conduct and Ethics or grants any waiver from a provision of the Code to any executive officer or director, we will promptly disclose the nature of the amendment or waiver on our website.

CORPORATE GOVERNANCE GUIDELINES

The Board has documented our governance practices by adopting Corporate Governance Guidelines to assure that the Board will have the necessary authority and practices in place to review and evaluate our business operations as needed and to make decisions that are independent of our management. The guidelines are also intended to align the interests of directors and management with those of our stockholders. The Corporate Governance Guidelines set forth the practices the Board intends to follow with respect to board composition and selection, board meetings and involvement of senior management, Chief Executive Officer performance evaluation and succession planning, and board committees and compensation. The Corporate Governance Guidelines, as well as the charters for each committee of the Board, may be viewed on the Investors section of our website at www.calithera.com.

ANTI-HEDGING POLICY

Our insider trading policy prohibits the trading of derivatives or pledges or hedging of our equity securities by members of our board of directors, executive officers, employees and consultants.

 

1619


PROPOSAL NO. 2

RATIFICATIONOF SELECTIONOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Audit Committee has selected Ernst & Young LLP as our independent registered public accounting firm for the year ending December 31, 20202022 and has further directed that management submit the selection of its independent registered public accounting firm for ratification by the stockholders at the Annual Meeting. Ernst & Young LLP was engaged in 2014 and has audited our financial statements since 2010. Representatives ofErnstofErnst & Young LLP are expected to be present at the Annual Meeting. They will have an opportunity to make a statement if they so desire and will be available to respond to appropriate questions.

Neither our Bylaws nor other governing documents or law require stockholder ratification of the selection of Ernst & Young LLP as our independent registered public accounting firm. However, the Audit Committee is submitting the selection of Ernst & Young LLP to the stockholders for ratification as a matter of good corporate practice. If the stockholders fail to ratify the selection, the Audit Committee will reconsider whether or not to retain that firm. Even if the selection is ratified, the Audit Committee in its discretion may direct the appointment of different independent auditors at any time during the year if they determine that such a change would be in the best interests of the CompanyCalithera and itsour stockholders.

The affirmative vote of the holders of a majority of the shares present online during the virtual meeting or represented by proxy and entitled to vote on the matter at the Annual Meeting will be required to ratify the selection of Ernst & Young LLP.

PRINCIPAL ACCOUNTANT FEESAND SERVICES

The following table represents aggregate fees billed to Calithera for the years ended December 31, 20192021 and 2018,2020, by Ernst & Young LLP, our independent registered accounting firm.

 

  Year Ended December 31,   Fiscal Year Ended 
          2019                   2018                   2021                   2020         
  (in thousands)   (in thousands) 

Audit Fees (1)

  $1,484   $757   $1,090   $1,097 

Audit-Related Fees

   —      —   

Audit-related Fees

   —      —   

Tax Fees (2)

   15    13    —      —   

All Other Fees

   —      —      —      —   
  

 

   

 

   

 

   

 

 

Total Fees

  $1,499   $770   $1,090   $1,097 
  

 

   

 

   

 

   

 

 

 

(1)

Audit Fees consisted of fees for professional services rendered for the audits of our financial statements, which were billed during the respective year, including the audits of our annual financial statements and reviews of our interim quarterly reports, and services provided in connection with SEC filings, including consents and comfort letters.

(2)

Tax Fees consisted of fees for professional services rendered for tax compliance.

All fees incurred were pre-approved by our Audit Committee.

PRE-APPROVAL POLICIESAND PROCEDURES.

The Audit Committee has adopted a policy and procedures for thepre-approval of audit andnon-audit services rendered by the Company’sour independent registered public accounting firm, Ernst & Young LLP. The policy generallypre-approves specified services in the defined categories of audit services, audit-related services and tax services up to specified amounts.Pre-approval may also be given as part of the Audit Committee’s approval of the scope of the engagement of the independent auditor or on an individual, explicit,case-by-case basis before

17


the independent auditor is engaged to provide each service. Thepre-approval of services may be delegated to one or more of the Audit Committee’s members, but the decision must be reported to the full Audit Committee at its next scheduled meeting.

20


The Audit Committee has determined that the rendering of services other than audit services by Ernst & Young LLP is compatible with maintaining the principal accountant’s independence.

THE BOARD RECOMMENDS

A VOTEIN FAVOROF PROPOSAL NO. 2.

 

1821


PROPOSAL NO. 3

ADVISORY VOTEON EXECUTIVE COMPENSATION

Under the Dodd-Frank Wall Street Reform and Consumer Protection Act and Section 14A of the Securities Exchange Act the Company’sof 1934, our stockholders are entitled to vote to approve, on an advisory basis, the compensation of the Company’sour named executive officers as disclosed in this proxy statement in accordance with SEC rules.

This vote is not intended to address any specific item of compensation, but rather the overall compensation of the Company’sour named executive officers and the philosophy, policies and practices described in this proxy statement. The compensation of the Company’sour named executive officers subject to the vote is disclosed in the compensation tables and the related narrative disclosure contained in this proxy statement. As discussed in those disclosures, the Company believeswe believe that itsour compensation policies and decisions are designed to meet two objectives: (i) to attract and retain talented and skilled executives by paying for performance and (ii) to align compensation of our executives with our stockholders through an appropriate mix of short-term and long-term compensation. Compensation of the Company’sour named executive officers is designed to enable the Companyus to attract and retain talented and experienced executives to lead the Companyus successfully in a competitive environment.

Accordingly, the Board is asking the stockholders to indicate their support for the compensation of the Company’sour named executive officers as described in this proxy statement by castinga non-binding advisory vote “FOR” the following resolution:

“RESOLVED, that the compensation paid to the Company’s named executive officers, as disclosed pursuant to Item 402 ofRegulation S-K, including the compensation tables and narrative discussion that accompanies the compensation tables, is hereby APPROVED.”

Because the vote is advisory, it is not binding on the Board or the Company.Calithera. Nevertheless, the views expressed by the stockholders, whether through this vote or otherwise, are important to the Board and the Compensation Committee, and accordingly the Board and the Compensation Committee intend to consider the results of this vote in making determinations in the future regarding executive compensation arrangements.

Advisory approval of this proposal requires the vote of the holders of a majority of the shares present online during the virtual meeting or represented by proxy and entitled to vote on the matter at the annual meeting.Annual Meeting. Unless the Board decides to modify its policy regarding the frequency of soliciting advisory votes on the compensation of the Company’sour named executives, the nextscheduled say-on-pay vote will be at the 20212023 Annual Meeting of Stockholders.

THE BOARD RECOMMENDS

A VOTEIN FAVOROF PROPOSAL NO. 3.

 

1922


PROPOSAL NO. 4

ADVISORY VOTEON THE FREQUENCYPPROVALOF

S ATOCKHOLDERMENDMENTTOOUR ACDVISORYERTIFICATEOF VIOTESNCORPORATIONONTO EXECUTIVEFFECTA REVERSE STOCK SPLITOFTHE ISSUEDAND OUTSTANDING COMPENSATIONOMMON STOCK

The Dodd-Frank Wall Street ReformOur Board has approved, and Consumer Protection Act and Section 14Ais recommending that our stockholders approve, a proposed amendment to our certificate of incorporation, to effect a reverse split of the issued and outstanding shares of the common stock at a ratio of between one-for-ten and one-for-twenty, with such ratio to be determined at the sole discretion of our Board, or the Reverse Stock Split.The form of proposed amendment to our certificate of incorporation to effect the Reverse Stock Split is attached as Appendix A to this proxy statement. The text of the proposed amendment is subject to revision to include such changes as may be required by the Secretary of State of the State of Delaware and as our Board deems necessary or advisable to effect the proposed amendment of the certificate of incorporation. If a certificate of amendment is filed with the Secretary of State of the State of Delaware, the certificate of amendment to the certificate of incorporation will effect the Reverse Stock Split by reducing the outstanding number of shares of the common stock by the ratio to be determined by the Board, but will not increase the par value of the common stock and will not change the number of authorized shares of the common stock. If the Board does not implement an approved Reverse Stock Split prior to the one-year anniversary of this meeting, the Board will seek stockholder approval before implementing any Reverse Stock Split after that time.

By approving proposal 4 and the Reverse Stock Split, stockholders will approve the amendment to our certificate of incorporation pursuant to which any whole number of outstanding shares, between and including ten and twenty, would be combined into one share of common stock and authorize our Board to file one certificate of amendment, as determined by our Board in the manner described herein. If approved, our Board may also elect not to effect any Reverse Stock Split and consequently not file any certificate of amendment to the certificate of incorporation.

Nasdaq Listing Compliance

Our common stock is listed on the Nasdaq Global Select Market under the symbol “CALA.” To maintain a listing on the Nasdaq Global Select Market, we must satisfy various listing maintenance standards established by the Nasdaq. If we are unable to meet the Nasdaq Global Select Market requirements, our common stock will be subject to delisting.

Among other things, we are required to comply with the continued listing requirements of the Nasdaq Global Select Market, including that the common stock maintain a minimum bid price of $1.00 on the Nasdaq Global Select Market, or the Nasdaq Capital Requirement. We do not currently satisfy this Nasdaq Capital Requirement. Assuming our stockholders approve this proposal, our Board will determine whether to effect a Reverse Stock Split in the range of between one-for-ten and one-for-twenty, inclusive, at the ratio determined by our Board to be most likely sufficient to allow us to meet and maintain the $1.00 minimum bid price requirement.

Reasons for the Reverse Stock Split

On December 30, 2021, Nasdaq notified us that the bid price of our common stock had closed below the required $1.00 per share for 30 consecutive trading days, and, accordingly, that we did not comply with the applicable Nasdaq Capital Requirement. We have been provided 180 calendar days by Nasdaq to regain compliance with this requirement, or the Grace Period, subject to a potential 180 calendar day extension, as described below. To regain compliance, the closing bid price of the common stock must be at least $1.00 per share for a minimum of ten consecutive business days within the Grace Period.

If we do not achieve compliance with the Nasdaq Capital Requirement by June 28, 2022, the end of the Grace Period, we may be eligible for an additional 180 calendar day period to regain compliance. To qualify, we would be required to meet the continued listing requirement for the market value of its publicly held shares and all other

23


Nasdaq initial listing standards, with the exception of the Nasdaq Capital Requirement, and would need to provide written notice of its intention to cure the deficiency during the second compliance period. However, if it appears to Nasdaq staff that we will not be able to cure the deficiency, or if we do not meet the other listing standards, Nasdaq could provide notice that the common stock will be subject to delisting. In the event we receive notice that the common stock is being delisted, we would be entitled to appeal the determination to a Nasdaq Listing Qualifications Panel and request a hearing.

Our Board has considered the potential harm to us of a delisting of the common stock and has determined that, if the common stock continues to trade below $1.00 per share, the consummation of the Reverse Stock Split is the best way to maintain liquidity by achieving compliance with the Nasdaq Capital Requirement. Our Board also believes that the current low per share market price of the common stock has a negative effect on the marketability of our existing shares. Our Board believes there are several reasons for this effect. First, certain institutional investors have internal policies preventing the purchase of low-priced stocks. Second, a variety of policies and practices of broker-dealers discourage individual brokers within those firms from dealing in low-priced stocks. Third, because the brokers’ commissions on low-priced stocks generally represent a higher percentage of the stock price than commissions on higher priced stocks, the current share price of the common stock can result in individual stockholders paying transaction costs (commissions, markups or markdowns) that are a higher percentage of their total share value than would be the case if the share price of the common stock were substantially higher. This factor is also believed to limit the willingness of some institutions to purchase the common stock. Our Board anticipates that a Reverse Stock Split will result in a higher bid price for our common stock, which may help to alleviate some of these problems.

If this proposal 4 is approved by the holders of the common stock and Series A preferred stock voting together as a single class and our Board decides to implement the Reverse Stock Split, our Board will determine the ratio of the Reverse Stock Split, in the range of between one-for-ten and one-for-twenty, inclusive, as determined in the judgment of our Board to be most likely sufficient to allow us to achieve and maintain compliance with the minimum $1.00 per share requirement for listing on the Nasdaq Global Select Market for the longest period of time while retaining a sufficient number of outstanding, tradeable shares to facilitate an adequate market.

We believe that maintaining listing on the Nasdaq Global Select Market will provide us with a market for the common stock that is more accessible than if the common stock were traded on the OTC Bulletin Board or in the “pink sheets” maintained by the OTC Markets Group, Inc. Such alternative markets are generally considered to be less efficient than, and not as broad as, the Nasdaq Global Select Market. Among other factors, trading on the Nasdaq Global Select Market increases liquidity and may potentially minimize the spread between the “bid” and “asked” prices quoted by Market Makers (as defined in Nasdaq Rule 5005). Further, a Nasdaq Global Select Market listing may enhance our access to capital, increase our flexibility in responding to anticipated capital requirements and facilitate the use of our common stock in any strategic or financing transactions that we may undertake. We believe that prospective investors will view an investment in us more favorably if our shares qualify for listing on the Nasdaq Global Select Market as compared with the OTC markets.

Effects of the Reverse Stock Split

The Reverse Stock Split will be effected simultaneously for all issued and outstanding shares of common stock and the Reverse Stock Split ratio will be the same for all issued and outstanding shares of common stock. The Reverse Stock Split will affect all of our stockholders uniformly and will not affect any stockholder’s percentage ownership interests in Calithera, except that stockholders who would have otherwise received fractional shares will receive cash in lieu of such fractional shares. After the Reverse Stock Split, each share of the common stock will have the same voting rights and rights to dividends and distributions and will be identical in all other respects to the common stock now authorized and common stock issued pursuant to the Reverse Stock Split will remain fully paid and non-assessable. The Reverse Stock Split is not intended as, and will not have the effect of, a “going private transaction” covered by Rule 13e-3 under the Securities Exchange Act enableof 1934, as amended. We will continue to be subject to the Company’s stockholders,periodic reporting requirements of the Securities Exchange Act of 1934, as amended.

24


The following table sets forth the number of shares of the common stock that would be outstanding immediately after the Reverse Stock Split at least once every six years, to indicate their preference regarding how frequently the Company should solicita non-binding advisory votevarious exchange ratios, based on the compensation97,236,174 shares of common stock outstanding as of April 4, 2022. The table does not account for fractional shares that will be paid in cash.

Ratio of
Reverse Stock
Split

Approximate Shares of

Common Stock

Outstanding

After Reverse Stock Split

None

97,236,174

1:10

9,723,617

1:11

8,839,652

1:12

8,103,014

1:13

7,479,705

1:14

6,945,441

1:15

6,482,411

1:16

6,077,260

1:17

5,719,774

1:18

5,402,009

1:19

5,117,693

1:20

4,861,808

If a stockholder owns 10,000 shares of common stock prior to the Reverse Stock Split, after the Reverse Stock Split that same stockholder would own:

1,000 shares in the case of a Reverse Stock Split at the ratio of 1-for-10;

909 shares in the case of a Reverse Stock Split at the ratio of 1-for-11;

833 shares in the case of a Reverse Stock Split at the ratio of 1-for-12;

769 shares in the case of a Reverse Stock Split at the ratio of 1-for-13;

714 shares in the case of a Reverse Stock Split at the ratio of 1-for-14;

666 shares in the case of a Reverse Stock Split at the ratio of 1-for-15;

625 shares in the case of a Reverse Stock Split at the ratio of 1-for-16;

588 shares in the case of a Reverse Stock Split at the ratio of 1-for-17;

555 shares in the case of a Reverse Stock Split at the ratio of 1-for-18;

526 shares in the case of a Reverse Stock Split at the ratio of 1-for-19; and

500 shares in the case of a Reverse Stock Split at the ratio of 1-for-20.

Accounting Matters

The Reverse Stock Split will not affect the par value of the Company’s named executive officerscommon stock. As a result, upon the effectiveness of the Reverse Stock Split, the stated capital on our balance sheet attributable to the common stock will be reduced proportionately based on the exchange ratio selected by our Board for the Reverse Stock Split, and the additional paid-in capital account will be credited with the amount by which the stated capital is reduced. The per share net income or loss and net book value of the common stock will be increased because there will be fewer shares of common stock outstanding. In addition, proportionate adjustments will be made to the per share exercise price and the number of shares issuable upon the exercise or settlement of all outstanding options, restricted stock units and warrants to purchase or acquire, as disclosedapplicable, shares of common stock, and the number of shares reserved for issuance pursuant to our existing equity incentive, stock option and employee stock purchase plans will be reduced proportionately based on the exchange ratio selected by the Board for the Reverse Stock Split.

25


No Fractional Shares

No fractional shares of common stock will be issued as a result of the Reverse Stock Split. Instead, stockholders who otherwise would be entitled to receive fractional shares will be entitled to receive cash in an amount equal to the product obtained by multiplying (i) the closing sales price of the common stock as reported on the Nasdaq Global Select Market on the effective date of the certificate of amendment to the Certificate of Incorporation by (ii) the number of shares of common stock held by such stockholder before the Reverse Stock Split that would otherwise have been exchanged for such fractional share interest. Holders of as many as 19 shares (if we were to implement a 1-for-20 Reverse Stock Split) of common stock would be eliminated as a result of the cash payment in lieu of any issuance of fractional shares or interests in connection with the Reverse Stock Split. The exact number by which the number of holders of the common stock would be reduced will depend on the Reverse Stock Split ratio adopted and the number of stockholders that hold less than the Reverse Stock Split ratio as of the effective date of the Reverse Stock Split. As of the record date, there were approximately twenty holders of record of the common stock, of which one was a holder of fewer than 20 shares of common stock. As a result of the Reverse Stock Split, assuming the maximum Reverse Stock Split ratio of 1-for-20 were selected, we estimate that cashing out fractional stockholders would potentially reduce that number of stockholders of record to             .

Certain Risks Associated with the Reverse Stock Split

Before voting on this proposal 4, stockholders should consider the following risks associated with effecting a Reverse Stock Split:

Although we expect that a Reverse Stock Split will result in an increase in the Company’s proxy statement.market price of the common stock, we cannot assure you that a Reverse Stock Split will increase the market price of the common stock in proportion to the reduction in the number of shares of the common stock outstanding or result in a permanent increase in the market price. The effect that a Reverse Stock Split may have upon the market price of the common stock cannot be predicted with any certainty, and the history of similar reverse stock splits for companies in similar circumstances to ours is varied. The market price of the common stock is dependent on many factors, including our business and financial performance, general market conditions, prospects for future growth and other factors detailed from time to time in the reports we file with the SEC. Accordingly, the Company is asking stockholders to indicate whether they would prefer an advisory vote every year, every other year, or every three years. Alternatively, stockholders may abstain from casting a vote. For the reasons described below, the Board recommends that the stockholders select a frequency of every year.

After considering the benefits and consequences of each alternative, the Board recommends that the advisory vote on the compensationtotal market capitalization of the Company’s named executive officerscommon stock after a Reverse Stock Split may be submittedlower than the total market capitalization before a Reverse Stock Split and, in the future, the market price of the common stock following a Reverse Stock Split may not exceed or remain higher than the market price prior to a Reverse Stock Split.

Even if our stockholders approve a Reverse Stock Split and the shareholders once each year.Reverse Stock Split is effected, there can be no assurance that we will continue to meet the continued listing requirements of the Nasdaq Global Select Market.

The

A Reverse Stock Split may result in some stockholders owning “odd lots” of less than 100 shares of common stock on a post-split basis. These odd lots may be more difficult to sell, or require greater transaction costs per share to sell, than shares in “round lots” of even multiples of 100 shares.

Although the Board believes that the decrease in the number of shares of common stock outstanding as a consequence of a Reverse Stock Split and the anticipated increase in the market price of common stock could encourage interest in the common stock and possibly promote greater liquidity for stockholders, such liquidity could also be adversely affected by the reduced number of shares outstanding after the Reverse Stock Split.

Potential Anti-Takeover Effect of the Reverse Stock Split

Upon effectiveness of the Reverse Stock Split, the number of authorized shares of common stock that are not issued or outstanding will increase relative to the number of shares of common stock that are issued and

26


outstanding prior to the Reverse Stock Split. While this increase could, under certain circumstances, have an annual advisory voteanti-takeover effect (for example, by permitting issuances that would dilute the stock ownership of a person seeking to effect a change in the composition of the Board or contemplating a tender offer or other transaction for the combination of Calithera with another company), proposal 4 is not being proposed in response to any effort of which we are aware to accumulate shares of the common stock or to obtain control of Calithera.

Effective Date

If our stockholders approve the Reverse Stock Split, the Reverse Stock Split would become effective at such time as it is deemed by our Board to be in the best interests of Calithera and our stockholders and we file the amendment to our certificate of incorporation. Even if the Reverse Stock Split is approved by our stockholders, our Board has discretion not to carry out or to delay in carrying out the Reverse Stock Split. Upon the filing of the amendment, all of the pre-Reverse Stock Split shares will be converted into new common stock as set forth in the amendment.

Exchange of Stock Certificates

Some stockholders hold their shares of common stock in certificate form or a combination of certificate and book-entry form. Our transfer agent will act as the “exchange agent” for purposes of implementing the exchange of stock certificates. Stockholders holding pre-split shares that are certificated will be asked to surrender to the exchange agent certificates representing pre-split shares in exchange for certificates representing post-split shares in accordance with the procedures to be set forth in a letter of transmittal to be sent by the exchange agent. No new certificates will be issued to a stockholder until such stockholder has surrendered the stockholder’s outstanding certificate(s) together with the properly completed and executed letter of transmittal to the exchange agent.

STOCKHOLDERS SHOULD NOT DESTROY ANY STOCK CERTIFICATE(S) AND SHOULD NOT SUBMIT ANY CERTIFICATE(S) UNTIL REQUESTED TO DO SO.

Certain Material U.S. Federal Income Tax Consequences of the Reverse Stock Split

The following is a summary of certain material federal income tax consequences of the Reverse Stock Split that generally are expected to be applicable to U.S. Holders (as defined below) of the common stock, but does not purport to be a complete discussion of all of the potential tax considerations relating thereto. This summary is based on the compensationprovisions of the Company’s named executive officersUnited States federal income tax law (including the Internal Revenue Code of 1986, as amended, or the Code, applicable Treasury Regulations promulgated thereunder, and judicial authorities and current administrative rulings and practices as in effect on the date of this proxy statement). Changes to these laws could alter the tax consequences described below, possibly with retroactive effect, which may result in the U.S. federal income tax consequences of the Reverse Stock Split differing substantially from the consequences summarized below. We have not sought and will not seek an opinion of counsel or a ruling from the Internal Revenue Service regarding the U.S. federal income tax consequences of the Reverse Stock Split, and there can be no assurance that the Internal Revenue Service or the courts will accept the positions expressed below. This summary assumes that the common stock will be, both before and after the Reverse Stock Split, held as a “capital asset,” as defined in the Code (i.e., generally, property held for investment). Further, it does not discuss the tax consequences of the Reverse Stock Split under state, local, foreign laws or under gift, excise or other non-income tax laws, or the application of the alternative minimum tax rules, the Medicare contribution tax on net investment income or the special tax accounting rules under Section 451(b) of the Code. This summary does not address the tax consequences of transactions effectuated prior or subsequent to, or concurrently with, the Reverse Stock Split (whether or not any such transactions are consummated in connection with the Reverse Stock Split), or the tax consequences to holders of options, warrants or similar rights to acquire common stock. In addition, this summary does not address the tax consequences applicable to a holder’s particular circumstances or to holders that are subject to special tax rules, including without limitation banks, financial institutions, insurance

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companies, regulated investment companies, mutual funds, real estate investment trusts, personal holding companies, foreign entities, nonresident alien individuals, broker-dealers, traders, tax-exempt entities, persons who hold common stock as a position in a hedging transaction, “straddle,” “conversion transaction” or other integrated or risk reduction transaction, persons whose common stock constitute qualified small business stock within the meaning of Section 1202 of the Code, holders who hold their common stock through individual retirement or other tax-deferred accounts, holders of common stock who are not U.S. Holders (as defined below), holders of common stock who have a functional currency for U.S. federal income tax purposes other than the U.S. dollar, holders who acquired their common stock in a transaction subject to the gain rollover provisions of Section 1045 of the Code, holders who acquired their common stock pursuant to the exercise of employee stock options or otherwise as compensation, or holders of common stock who are partnerships, limited liability companies that are not treated as corporations for U.S. federal income tax purposes, S corporations, or other pass-through entities or investors in such pass-through entities.

For purposes of this discussion, a U.S. Holder means a beneficial owner of common stock that is: (i) an individual who is a citizen or resident of the most appropriate frequencyUnited States; (ii) a corporation (or other entity taxable as a corporation for us at this time. Accordingly,U.S. federal income tax purposes) created or organized in the BoardUnited States or under the laws of the United States or any subdivision thereof, or the District of Columbia; (iii) an estate the income of which is asking shareholdersincludible in gross income for U.S. federal income tax purposes regardless of its source; or (iv) a trust (other than a grantor trust) if (A) a court within the United States is able to indicate their preferred voting frequency by votingexercise primary supervision over the administration of the trust and one or more U.S. persons have the authority to control all substantial decisions of the trust or (B) it has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.

THIS SUMMARY OF CERTAIN MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE REVERSE STOCK SPLIT IS FOR GENERAL INFORMATION ONLY AND IS NOT TAX ADVICE. EACH STOCKHOLDER IS URGED TO CONSULT WITH SUCH STOCKHOLDER’S OWN TAX ADVISOR WITH RESPECT TO THE TAX CONSEQUENCES OF THE REVERSE STOCK SPLIT.

Tax Consequences of the Reverse Stock Split

The Reverse Stock Split should constitute a “recapitalization” for one, two or three years or abstaining from voting on this proposal. The alternative among one year, two years or three yearsU.S. federal income tax purposes. A U.S. Holder that receives solely a reduced number of shares of common stock generally will not recognize gain or loss in the votesReverse Stock Split. A U.S. Holder’s aggregate tax basis in the reduced number of shares of common stock should equal the U.S. Holder’s aggregate tax basis in its pre-Reverse Stock Split shares of common stock, and such U.S. Holder’s holding period in the reduced number of shares of common stock should include the holding period in its pre-Reverse Stock Split shares of common stock exchanged. Treasury Regulations provide detailed rules for allocating the tax basis and holding period of the shares of common stock surrendered to the shares of common stock received in a recapitalization pursuant to the Reverse Stock Split. U.S. Holders should consult their tax advisors as to application of the foregoing rules where shares of common stock were acquired at different times or at different prices.

No gain or loss will be recognized by Calithera as a result of the proposed Reverse Stock Split.

Cash in Lieu of Fractional Shares

A U.S. Holder that receives cash in lieu of fractional share interests as a result of the Reverse Stock Split will be treated as having received the fractional shares pursuant to the Reverse Stock Split and then as having exchanged the fractional shares for cash in a redemption by Calithera, and generally should recognize gain or loss equal to the difference, if any, between the amount of cash received in lieu of a fractional share and its adjusted basis allocable to the fractional share interests. Such gain or loss will be long-term capital gain or loss if the pre-Reverse Stock Split shares were held for more than one year. Long-term capital gains of individuals are generally subject to tax at reduced rates. There are limitations on the deductibility of capital losses under the

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Code. A U.S. Holder’s aggregate tax basis in the reduced number of shares of common stock, if any, should equal the U.S. Holder’s aggregate tax basis in its pre-Reverse Stock Split shares of common stock decreased by the basis allocated to the fractional share for which such U.S. Holder is entitled to receive cash, and the holding period of the reduced number of shares of common stock received, if any, should include the holding period of the pre-Reverse Stock Split shares of common stock exchanged.

Information Reporting and Backup Withholding

A holder of common stock may be subject to information reporting and backup withholding on cash paid in lieu of fractional shares in connection with the Reverse Stock Split. To avoid backup withholding, each holder of common stock that does not otherwise establish an exemption should provide its taxpayer identification number and comply with the applicable certification procedures. Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules generally will be allowed as a refund or credit against a U.S. Holder’s U.S. federal income tax liability, provided the required information is timely and properly furnished to the Internal Revenue Service. Holders of common stock should consult their tax advisors regarding their qualification for an exemption from backup withholding and the procedures for obtaining such an exemption, as well as the procedures for obtaining a credit or refund if backup withholding is imposed.

THE PRECEDING DISCUSSION IS INTENDED ONLY AS A SUMMARY OF CERTAIN MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE REVERSE STOCK SPLIT TO U.S. HOLDERS. IT IS NOT A COMPLETE ANALYSIS OR DISCUSSION OF ALL POTENTIAL TAX EFFECTS THAT MAY BE IMPORTANT TO A PARTICULAR HOLDER. ALL HOLDERS OF OUR COMMON STOCK SHOULD CONSULT THEIR OWN TAX ADVISORS AS TO THE SPECIFIC TAX CONSEQUENCES OF THE REVERSE STOCK SPLIT TO THEM, INCLUDING RECORD RETENTION AND TAX-REPORTING REQUIREMENTS, AND THE APPLICABILITY AND EFFECT OF ANY U.S. FEDERAL, STATE, LOCAL AND NON-U.S. TAX LAWS.

No Dissenters’ Rights

Under applicable Delaware law, our stockholders are not entitled to dissenters’ or appraisal rights with respect to our proposed amendment to the certificate of incorporation to effect the Reverse Stock Split. We will not independently provide our stockholders with any such right.

Vote Required

The affirmative vote of the holders of a majority of all outstanding shares present online duringof the virtual meeting or represented by proxycommon stock and entitled to voteSeries A preferred stock (on an as-converted basis) voting together as a single class on the matter at the 2020 Annual Meeting will be deemed to be the frequency preferred by the shareholders.

While the Board believes that its recommendationrecord date is appropriate at this time, the stockholders are not voting to approve or disapprove that recommendation, but are instead asked to indicate their preferences, on an advisory basis, as to whetherthe non-binding advisory vote on therequired for approval of the Company’s executive officer compensation practices should be held every year, every other year, or every three years. The option among those choicesproposed amendment to our certificate of incorporation to effect a Reverse Stock Split set forth in this proposal 4. Our existing certificate of designations provides that receives the votesholder of our Series A preferred stock shall vote together with the holders of the common stock as a majoritysingle class. The number of votes that the holder of the voting powerSeries A preferred stock is entitled to cast is based on the number of shares of common stock that the shares present in person or represented by proxy and entitled to vote at the 2020 Annual Meeting will be deemed to be the frequencyof Series A preferred by the stockholders. In the event that no option receives a majority of the votes, the Company will consider the option that receives the most votes cast to be the frequency preferred by our stockholders.

The Board and the Compensation Committee value the opinions of the stockholders in this matter and,stock are convertible into, subject to the extent“Share Cap” described in our certificate of designations. The Share Cap is defined to mean shares of common stock equal to 14,817,484 (or (i) 0.1999 multiplied by (ii) 74,124,484). Because proposal 4 is considered “routine” for these purposes, there is any significant vote in favor of one frequency over the other options, even if less than a majority, the Board will consider the stockholders’ concerns and evaluate any appropriate next steps. However, because this vote is advisory and, therefore, not binding on the Board or the Company, the Board may decide that it is in the best interests of the stockholders that the Company hold an advisory vote on executive compensation more or less frequently than the option preferred by the stockholders. The vote will not be construed to create or imply any change or addition to the fiduciary duties of the Company or the Board.broker non-votes for this proposal.

THE BOARD RECOMMENDS

A VOTEIN FAVOROF “OPNEROPOSAL YNEARO. 4.

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PROPOSAL NO. 5

APPROVALOFTHE ISSUANCEOF MORE THAN 20%OFOUR ISSUEDAND ONUTSTANDING COMMON STOCK

Background and Description of Transaction

On October 18, 2021, we entered into a Preferred Stock Purchase Agreement with Millennium Pharmaceuticals, Inc., or Millennium, a wholly-owned subsidiary of Takeda Pharmaceutical Company Limited, or Takeda, as part of an agreement to acquire from Millennium two clinical-stage compounds as well as other technology, intellectual property and assets related to Takeda’s small molecule programs, TAK-228 and TAK-659 (now CB-228 and CB-659), or the Transaction. Pursuant to the Preferred Stock Purchase Agreement, we issued to Millennium 1,000,000 shares of Series A preferred stock initially convertible into an aggregate of 17,156,863 shares of common stock, subject to price-based anti-dilution adjustments that if triggered would result in the issuance of additional shares of common stock, at a valuation of $2.04 per equivalent one share of common stock for an aggregate deemed issue price of $35 million. We closed the Transaction on October 18, 2021, or the Closing Date.

In connection with the Transaction, we agreed to seek approval of our stockholders for the issuance of shares of common stock in excess of the “Share Cap” (as defined in the Certificate of Designations of Preferences, Rights and Limitations of the Series A Convertible Preferred Stock filed with the Secretary of State of the State of Delaware on the Closing Date, or the Certificate of Designations), with the recommendation of our Board that such proposal be approved. We are not seeking stockholder approval of, and you are not being asked to vote on, the transaction, but rather the conversion of the Series A preferred stock into common stock with such “full-ratchet”, anti-dilution price protections as in effect pursuant to the Certificate of Designations.

Pursuant to the Certificate of Designations, the Series A preferred stock has an original issue price of $35.00 per share and is initially convertible into 17,156,863 shares of common stock, representing 23.8% of our outstanding common stock immediately prior to the Closing Date. The Series A preferred stock will automatically convert, subject to certain beneficial ownership limitations, on the earlier of (i) the 18-month anniversary of the date of issuance and (ii) a “Qualified Financing” (as defined in the Certificate of Designations), in each case, into 17,156,863 shares of common stock, subject to certain price-based anti-dilution adjustments. The Series A preferred stock is also convertible, subject to certain beneficial ownership limitations, at the option of the holder thereof, at any time prior to automatic conversion into 17,156,863 shares of common stock. However, until this proposal 5 is approved by stockholders, Millennium may only convert its shares of Series A preferred stock into an aggregate of 14,817,484 shares of common stock, representing 19.99% of the outstanding shares of common stock immediately prior to the Closing Date.

The conversion price of the Series A preferred stock is subject to certain anti-dilution protections that if triggered will result in additional shares of common stock being issued upon conversion of the Series A preferred stock. If the volume weighted percentage price of our common stock for the 30 trading days prior to the 18-month anniversary of the date of issuance is lower than $2.04 per share, then the conversion price of the Series A preferred stock will be reduced to such lower price. In addition, if we sell or grant any common stock or any of our securities following the Closing Date that would entitle the holder thereof to acquire common stock at an effective price per share that is lower than the applicable conversion price of the Series A preferred stock, then the conversion price of the Series A preferred stock will be reduced to such lower price. This is commonly referred to as “full-ratchet” anti-dilution protection. The effect of such reduction is that, upon the issuance of shares of common stock at such lower price, the Series A preferred stock would become convertible into a greater number of shares of our common stock. In addition, if in connection with a Qualified Financing, we issue warrants or other derivative securities to purchase our capital stock, then we will offer to issue to Millennium, upon payment of the same consideration as received by us from such investors for such warrants or other derivative securities, such number of warrants or other derivative securities in the same form and in the same percentage as issued in the Qualified Financing.

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If our stockholders do not approve this proposal 5 to allow for the conversion of all of the shares of Series A preferred stock to common stock, and as a result Millennium is unable to convert any portion of the Series A preferred stock to common stock, then we will negotiate with Millennium in good faith the timing and amount per share to be paid to compensate Millennium for such inability to convert; provided that we will not be required to pay Millennium any cash for three years after the date of issuance unless we have closed an equity financing of at least $80.0 million with a volume weighted average price of at least $2.04 per share then we shall instead pay Millennium $2.04 per share of Series A preferred stock that Millennium is unable to convert.

If our stockholders approve this proposal 5 to allow for the conversion of all of the shares of Series A preferred stock to common stock, but Millennium is unable to convert as a result of the “Accounting Cap” (as defined in the Certificate of Designations) any portion of the Series A preferred stock to common stock by October 18, 2026, then on each yearly anniversary thereafter, any shares of Series A preferred stock that remain outstanding shall automatically be converted into common stock at the applicable conversion ratio, in each case subject to the Accounting Cap, until such point in time as all shares of Series A preferred stock have been converted.

Why We Are Seeking Stockholder Approval

Our common stock is currently listed on the Nasdaq Global Select Market and as a result, issuances of our common stock are subject to the Nasdaq Listing Rules. In particular, the issuance of the Series A preferred stock to Millennium requires stockholder approval pursuant to Nasdaq Listing Rule 5635(d) and 5635(b).

Under Nasdaq Listing Rule 5635(d), stockholder approval is required for a transaction other than a public offering involving the sale, issuance or potential issuance by an issuer of common stock (or securities convertible into or exercisable for common stock) if the number of shares of common stock to be issued is or may be equal to 20% or more of the common stock, or 20% or more of the voting power, outstanding before the issuance, at a price that is less than the “minimum price”, defined as the lower of the closing price immediately preceding the signing of the binding agreement or the average closing price of the common stock for the five trading days immediately preceding the signing of the binding agreement. The Series A preferred stock was issued to Millennium in a private placement and although such shares were issued at an effective “minimum price” of $2.04 per share of common stock, the conversion price of the Series A preferred stock is subject to certain anti-dilution protections that if triggered will result in an effective conversion price that is less than the “minimum price.”

Under Nasdaq Listing Rule 5635(b), stockholder approval is required prior to the issuance of securities when the issuance or potential issuance will result in a change of control of a company. This rule does not specifically define when a change in control of a company may be deemed to occur for this purpose; however, Nasdaq suggests in its guidance that a change of control would occur, subject to certain limited exceptions, if after a transaction an investor (or a group of investors) would hold 20% or more of a company’s then-outstanding capital stock. Until this proposal 5 is approved by stockholders, Millennium may only convert its shares of Series A preferred stock into an aggregate of 14,817,864 shares of common stock, representing 19.99% of the outstanding shares of common stock immediately prior to the Closing Date. If this proposal 5 is approved, the Series A preferred stock will be convertible (prior to the application of any anti-dilution protections) into a minimum of 17,156,863 shares of common stock assuming an effective conversion price of $2.04 per share. As discussed below, the conversion price of the Series A preferred stock is subject to certain anti-dilution protections that if triggered will result in additional shares of common stock being issued upon conversion of the Series A preferred stock.

If our stockholders do not approve this proposal 5, then we will only be able to issue Millennium a maximum of 14,817,864 shares of common stock.

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Effect on the Rights of Existing Common Stockholders

Dilutive Effect of Issuances of Common Stock

Upon stockholder approval of proposal 5, the Series A preferred stock will not be subject to the “Share Cap” and may be converted into common stock at the election of Millennium, resulting in a potential issuance of at least 17,156,863 shares of common stock. If the price-based anti-dilution adjustments are triggered the conversion of the Series A preferred stock would result in the issuance of additional shares of common stock at the time of conversion. If the price-based “full ratchet” anti-dilution occurs, it would result in significant dilution in ownership interests and voting rights to our stockholders.

For illustrative purposes only, the table below shows the number of shares of common stock that would be issuable upon conversion of the Series A preferred stock if (i) the volume weighted-average price of our common stock for the 30 trading days prior to the 18-month anniversary of the date of issuance is lower than $2.04 per share, or (ii) we issue securities at an effective price per share that is lower than $2.04 per share, thereby resulting in the issuance of more than 17,156,863 shares of common stock:

Assumed Conversion
Price

   

Common Stock Issuable upon
Conversion of Series  A Preferred
Stock

 
$0.25    140,000,000 
$0.50    70,000,000 
$0.75    46,666,666 
$1.00    35,000,000 
$1.25    28,000,000 
$1.50    23,333,333 
$1.75    20,000,000 
$2.00    17,500,000 

Rights of Series A Preferred Stock

The Series A preferred stock is entitled to customary dividends and distributions when and if paid on shares of the common stock and will be entitled to vote on an as-converted basis on any matter presented to our stockholders or at any meeting of stockholders, subject to certain beneficial ownership limitations. The Series A preferred stock has preference over the common stock with respect to distribution of assets or available proceeds, as applicable, in the event of any voluntary or involuntary liquidation, dissolution or winding up of Calithera or any other deemed liquidation event. If stockholder approval of proposal 5 is received, the shares of common stock issuable upon the conversion of the Series A preferred stock, when issued, shall have the same privileges and rights as all other shares of our common stock that are currently issued and outstanding, including the right to vote on all matters presented to the holders of our common stock.

Vote Required

The affirmative vote of the holders of a majority of all outstanding shares of the common stock present online during the virtual meeting or represented by proxy and entitled to vote on the matter is required to approve the issuance of shares equal to 20% or more of our outstanding common stock that are issuable upon the conversion of the Series A preferred stock into common stock, including pursuant to the anti-dilution provisions of the Certificate of Designations, as set forth in this proposal 5. Proposal 5 is intended to constitute the “Requisite Stockholder Approval” (as such term is defined in the Certificate of Designations) and pursuant to the Nasdaq Listing Rules only the outstanding shares of common stock, voting as a separate class (excluding the Series A preferred stock), have the right to vote on proposal 5. Abstentions will have the same effect as an “Against” vote. Broker non-votes will have no effect and will not be counted towards the vote total for this proposal 5.

THE BOARD RECOMMENDS

A VOTEIN FAVOROF PROPOSAL NO45.

 

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OFFICERS

The following table sets forth certain information with respect to our executive officers and directors as of March 31, 2020.2022.

 

Name

  

Age

   

Position

Officers

    

Susan M. Molineaux, Ph.D.

   6668   President, Chief Executive Officer and Director

Curtis C. HechtEmil T. Kuriakose, M.D.

   4942   Chief BusinessMedical Officer

Christopher J. Molineaux, Ph.D.

   6668   Senior Vice President, Development

Keith Orford, M.D., Ph.D

48Chief Medical Officer

Frank Parlati, Ph.D.

   51Vice President, Research

Sumita Ray.

4653   Senior Vice President, General Counsel & Chief Compliance OfficerResearch

Eric B. Sjogren, Ph.D.

   6365   Senior Vice President, Drug Discovery

Stephanie Wong

   4648   Senior Vice President, FinanceChief Financial Officer and Secretary

Dr. Susan M. Molineaux’s biography is included above under the section titled “Proposal No. 1 – Election of Directors.”

Curtis C. Hecht.Emil T. Kuriakose, M.D.Mr. Hecht joined Calithera in April 2014 and currently serves Dr. Kuriakose has served as our Chief Business Officer. He has over 20 years of pharmaceutical research and development, commercialization, corporate strategy and business development experience, and has led or supported over $50 billion in strategic transactions.Medical Officer since November 2021. From September 2013October 2017 to April 2014, Mr. Hecht served as Vice President of Business Development at inVentiv Health, a global healthcare commercialization and consulting services company. Since 2011, Mr. Hecht has alsoFebruary 2020, he served as a PartnerSenior Medical Director and then as our Vice President, Clinical Development since February 2020 and Head of Clinical Development since January 2021. Dr. Kuriakose previously served at DNA Ink, a life sciences business developmentNovartis AG as Global Clinical Program Lead at the Novartis Institute for Biomedical Research from January 2016 to September 2017 and strategy consulting firm. Prioras Medical Director at Novartis Oncology from July 2013 to that, Mr. Hecht served in a number of roles at Genentech and HoffmannLa-Roche Inc., including Global Alliance Director, where he managed aspects ofJanuary 2016. At Novartis, Dr. Kuriakose led the Roche-Genentech collaboration, was a member of the JointU.S. Clinical Development and Operations Committee with oversite ofMedical Affairs Group for Farydak (panobinostat), supporting the jointnew drug application filing and launch in multiple myeloma. He subsequently led early phase development of Herceptin®, Avastin®, Rituxan®, Erivedge®, Kadcyla®,several drugs in solid and Tarceva®,hematologic malignancies as Global Clinical Program Lead at the Novartis Institute for Biomedical Research (NIBR). Dr. Kuriakose completed his clinical training in hematology/oncology at Weill Cornell Medical College, including a research fellowship in myeloproliferative neoplasms at Memorial Sloan Kettering Cancer Center. He completed his residency training in internal medicine at UT Southwestern Medical Center in Dallas, Texas. Dr. Kuriakose received his M.D. from Stony Brook University School of Medicine and was core team member in Roche’s $46.8 billion acquisition of Genentech in March 2009. As Director of Global Business Development, he evaluated and negotiated oncology licensing and M&A transactions. As Director of Marketing, he planned and executed the commercial launch of Xeloda® in adjuvant colorectal cancer and broadly managed brand promotions. Mr. Hecht received ahis B.S. in Chemistry with a concentration in Physicsneuroscience from California State University, Sacramento, and an MBA with concentrations in Marketing, Strategy, and Finance from Carnegie Mellon University, Tepper School of Business.New York University.

Christopher J. Molineaux, Ph.D. Dr. Molineaux joined Calithera in April 2013 and currently serves as our Senior Vice President of Development. From March 2010 to March 2013, Dr. Molineaux served as the President of INDStrat LLC, a consulting firm. From July 2004 to November 2009, Dr. Molineaux served as Vice President of Development at Proteolix, Inc. From 2000 to 2004, Dr. Molineaux served as Senior Director of Drug Development at FibroGen, Inc., a biotechnology company. From 1999 to 2000, he served as Research Manager of Toxicology at Johnson & Johnson Pharmaceutical Research and Development. From 1994 to 1999, Dr. Molineaux served as Senior Director of Pharmacology at Praecis. From 1991 to 1994, he served in staff scientist positions at Enzon Pharmaceuticals, Inc. and Merck & Co. From 1985 to 1991, Dr. Molineaux served as an Assistant Professor of Pharmacology of Mount Sinai School of Medicine in New York City. He received a B.S. in Zoology from University of Maryland, College Park, a Ph.D. in Immunology and Infectious Diseases from Johns Hopkins University and completed his postdoctoral fellowship at the Uniformed Services University of the Health Sciences.

Keith Orford, M.D, Ph.D. Dr. Orford joined Calithera in January 2015 and currently serves as our Chief Medical Officer. Prior to joining Calithera in January 2015, Dr. Orford was the Clinical Development Lead in the

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Immuno-Oncology and Combinations Development Performance Unit at GlaxoSmithKline (GSK) where he oversaw the clinical activities on multiple early stage clinical trials with targeted agents and novel immune-based therapies. Prior to GSK, Dr. Orford was at Merck, where he worked on early clinical development programs across oncology and other therapeutic areas. Previously, Dr. Orford was a Research Fellow and Instructor at Massachusetts General Hospital (MGH) and Harvard Medical School (HMS) where he completed clinical training in Internal Medicine as well as postdoctoral work studying the epigenetic regulation of hematopoietic and embryonic stem cell differentiation. Dr. Orford received his undergraduate, M.D. and Ph.D. degrees from Georgetown University.

Frank Parlati, Ph.D.Mr.Dr. Parlati joined Calithera in October 2012 and currently serveshas served as our Senior Vice President of Research.Research since January 2021. From 2017 to 2021, Dr. Parlati served Calithera as Vice President of Research, from 2015 to 2017 as Senior Director of Biology and from 2012 to 2015 as Director of Biology. From 2011 to 2012, Mr.Dr. Parlati was Founder and Senior Director of Biology at Cleave Biosciences, a biotechnology company. Prior to that, Mr.Dr. Parlati held various scientific roles at California Institute of Technology, Proteolix Inc. and Rigel Pharmaceuticals, Inc. Mr.Dr. Parlati received a B.S. in Chemistry from Concordia University, a Ph.D. in Biology from McGill University and completed his postdoctoral fellowship at Memorial Sloan-Kettering.

Sumita Ray.Ms. Ray joined Calithera in September 2017 and currently serves as our Senior Vice President, General Counsel and Chief Compliance Officer. With more than 17 years of pharmaceutical and biotechnology experience, Ms. Ray brings a breadth of knowledge in FDA regulatory law, global health care law and compliance, brand support, product launches, collaborations and alliances. Prior to joining Calithera, she served as Chief Compliance Officer and Associate General Counsel, Head of Healthcare and Regulatory Law at Pharmacyclics, where she supported the company through the global approval and launch of Imbruvica in multiple indications. Previously, Ms. Ray served as Head of BioNeurology & Regulatory Law Group at Elan Pharmaceuticals, Corporate Counsel, Commercial Law Group at Genentech and Corporate Counsel at AstraZeneca. Ms. Ray started her career as a pharmaceutical and products liability litigator at Montgomery, McCracken, Walker and Rhoads LLP. Ms. Ray holds a J.D. from Temple University School of Law and a B.S. in Microbiology from the University of Arizona.

Eric B. Sjogren, Ph.D.Dr. Sjogren joined Calithera in June 2010 and currently serves as our Senior Vice President of Drug Discovery. From 2003 to 2009, Dr. Sjogren was Vice President and Head of Medicinal

33


Chemistry at Roche Palo Alto, LLC, where he directed a small molecule drug discovery team in the areas of inflammation, virology and central nervous system disorders. Dr. Sjogren received a B.A. in Chemistry from the University of California, San Diego and a Ph.D. in Chemistry from Harvard University.

Stephanie Wong.Ms. Wong joined Calithera in April 2014 and currently serveshas served as our Chief Financial Officer since January 2021, and as Secretary since January 2017. From 2018 to 2020, Ms. Wong served as our Senior Vice President of Finance and Secretary.from 2014 to 2017 as Vice President of Finance. From 2009 to 2013, Ms. Wong was at SciClone Pharmaceuticals, Inc., a publicly traded, commercial-stage pharmaceutical company, most recently as Vice President, Finance and Controller. From 2008 to 2009, Ms. Wong was Senior Director, Finance at AcelRx Pharmaceuticals Inc. From 2001 to 2008, Ms. Wong held various positions at Kosan Biosciences Inc., a publicly traded biotechnology company until its acquisition by Bristol-Myers Squibb Co., most recently as Senior Director and Controller. Prior to that, Ms. Wong workedserved in senior finance roles at AcelRx Pharmaceuticals, Inc. and Kosan Biosciences, Inc., both biopharmaceutical companies, and as an audit manager at PricewaterhouseCoopers LLP.LLP, an independent registered public accounting firm. Ms. Wong currently serves on the board of directors of AN2 Therapeutics, Inc. Ms. Wong received a B.S. in Business Administration from the University of California, Berkeley and is a Certified Public Accountant (inactive) in the State of California.

 

2234


SECURITY OWNERSHIPOF

CERTAIN BENEFICIAL OWNERSAND MANAGEMENT

The following table sets forth certain information regarding the ownership of our common stock as of March 31, 2020April 4, 2022 by:

each director or nominee for director;

 

each named executive officer;

 

all current executive officers and directors as a group; and

 

all those known by us to be beneficial owners of more than five percent of our outstanding common stock.

This table is based upon information supplied by officers, directors and principal stockholders and Schedules 13D and 13G filed with the SEC. Unless otherwise indicated in the footnotes to this table and subject to community property laws where applicable, the Company we believe that each of the stockholders named in this table has sole voting and investment power with respect to the shares indicated as beneficially owned. Applicable percentages are based on 64,692,683112,053,658 shares outstanding on April 13, 2020,4, 2022, assuming the conversion of 14,817,484 shares of common stock upon conversion of the Series A preferred stock, adjusted as required by rules promulgated by the SEC.

 

   Beneficial Ownership 

Beneficial Owner

  Number of Shares   Percent of Total 

5% Stockholders

    

BlackRock, Inc. (1)

   4,107,510    6.3

Entities Affiliated with BVF, Inc. (2)

   9,559,642    14.8

Entities Affiliated with Federated Investors, Inc. (3)

   6,934,600    10.7

Entities Affiliated with Point72 Asset Management, L.P. (4)

   3,240,046    5.0

PRIMECAP Management Company (5)

   9,488,000    14.7

Executive Officers and Directors

    

Susan M. Molineaux, Ph.D. (6)

   1,616,301    2.5

Keith Orford, M.D., Ph.D. (7)

   283,999        

Curtis Hecht (8)

   281,983        

Sunil Agarwal, M.D. (9)

   66,000        

Jonathan G. Drachman, M.D. (10)

   83,355        

Jean M. George (11)

   2,165,082    3.3

Suzy Jones (12)

   62,197        

Deepa R. Pakianathan, Ph.D. (13)

   2,481,702    3.8

Blake Wise (14)

   41,555        

H. Ward Wolff (15)

   77,000        

All executive officers and directors as a group (15 persons) (16)

   8,014,867    11.9
   Beneficial Ownership 

Beneficial Owner

  Number of Shares   Percent of Total 

5% Stockholders

    

Entities Affiliated with BVF, Inc. (1)

   7,452,331    6.7 

PRIMECAP Management Company (2)

   10,733,000    9.6 

Millennium Pharmaceuticals, Inc. (3)

   14,817,484    13.2 

Executive Officers and Directors

    

Susan M. Molineaux, Ph.D. (4)

   2,677,134    2.3 

Stephanie Wong (5)

   532,271        

Eric Sjogren, Ph.D. (6)

   645,830        

Sunil Agarwal, M.D. (7)

   104,333        

Jonathan G. Drachman, M.D. (8)

   321,688        

Scott Garland (9)

   42,777        

Suzy Jones (10)

   100,530        

Keith Orford, M.D., Ph.D. (11)

   7,760        

Deepa R. Pakianathan, Ph.D. (12)

   2,520,035    2.2

Blake Wise (13)

   82,333        

H. Ward Wolff (14)

   115,333        

All executive officers and directors as a group (14 persons) (15)

   7,996,630    6.6

 

*

Represents beneficial ownership of less than one percent of the outstanding common stock.

(1)

As reported on a Schedule 13G13G/A filed by BlackRock, Inc. (“BlackRock”)BVF, Inc, or BVF, on February 5, 2020.July 8, 2021. According to such Schedule 13G, BlackRock and its related entities have sole dispositive power with respect to 4,107,510 shares which are owned of record by clients of one or more investment advisers directly or indirectly owned by BlackRock. The address of BlackRock is 55 East 52nd Street, New York, NY 10055.

(2)

As reported on a Schedule 13G filed by BVF, Inc (“BVF”) on February 14, 2020. According to such Schedule 13G,13G/A, BVF and its related entities have shared dispositive power with respect to 9,559,6427,452,331 shares which are owned of record by clients of one or more investment advisors directly or indirectly owned by BVF. The address of BVF is 44 Montgomery St., 40th Floor, San Francisco, CA 94104.

23


(3)(2)

As reported on a Schedule 13G filed by Federated, Inc. (“Federated”) on February 13, 2019. According to such Schedule 13G, Federated and its related entities have sole dispositive power with respect to 6,934,600 shares which are owned of record by clients of one or more investment advisors directly or indirectly owned by Federated. The address of Federated is 1001 Liberty Avenue, Pittsburgh, PA 15222-3779.

(4)

As reported on a Schedule 13G filed by Point72 Asset Management, L.P. (“Point72”) on March 12, 2020. According to such Schedule 13G, Point72 and its related entities have, in the aggregate, shared dispositive power with respect to 3,240,046 shares all which are owned of record by clients of one or more investment advisers directly or indirectly owned by Point72. The address of Point72 and its affiliated entities is 72 Cummings Point Road, Stamford, CT 06902.

(5)

As reported on a Schedule 13G13G/A filed by PRIMECAP Management Company, (“PRIMECAP”)or PRIMECAP, on JanuaryFebruary 10, 2020.2022. According to such Schedule 13G,13G/A, PRIMECAP has sole dispositive power with respect to 9,488,00010,733,000 shares all which are owned of record by clients of one or more investment advisers directly or indirectly owned by PRIMECAP. The address of PRIMECAP is 177 E. Colorado Blvd., 11th Floor, Pasadena, CA 91105.

35


(6)(3)

Consists of 14,817,484 shares of common stock issuable upon the conversion of 1,000,000 shares of Series A preferred stock held by Millennium Pharmaceuticals, Inc.

(4)

Includes (a) 467,188557,188 shares held by the Molineaux Family Trust, of which Dr. Susan Molineaux and Dr. Christopher Molineaux are trustees and share voting and dispositive power; 36,250 shares held by Dr. Susan Molineaux and 82,500 shares held by Dr. Christopher Molineaux; and (b) 1,149,1132,001,196 shares issuable pursuant to stock options exercisable within 60 days after March 31, 2020.April 4, 2022.

(5)

Includes (a) 113,054 shares held by Ms. Wong; and (b) 419,217 shares issuable pursuant to stock options exercisable by Ms. Wong within 60 days after April 4, 2022.

(6)

Includes (a) 149,934 shares held by Dr. Sjogren; and (b) 495,896 shares issuable pursuant to stock options exercisable by Dr. Sjogren within 60 days after April 4, 2022.

(7)

Represents 104,333 shares issuable pursuant to stock options exercisable by Dr. Agarwal within 60 days after April 4, 2022.

(8)

Includes (a) 8,541200,000 shares held by Dr. Drachman; and (b) 121,688 shares issuable pursuant to stock options exercisable by Dr. Drachman within 60 days after April 4, 2022.

(9)

Represents 42,777 shares issuable pursuant to stock options exercisable by Mr. Garland within 60 days after April 4, 2022.

(10)

Includes (a) 7,197 shares held by Ms. Jones; and (b) 93,333 shares issuable pursuant to stock options exercisable by Ms. Jones within 60 days after April 4, 2022.

(11)

Includes (a) 1,094 shares held by Dr. Orford; and (b) 275,4586,666 shares issuable pursuant to stock options exercisable by Dr. Orford within 60 days after March 31, 2020.

(8)

Includes (a) 25,340 shares held by Mr. Hecht; and (b) 256,643 shares issuable pursuant to stock options exercisable by Mr. Hecht within 60 days after March 31, 2020.

(9)

Represents 66,000 shares issuable pursuant to stock options exercisable by Dr. Agarwal within 60 days after March 31, 2020.

(10)

Represents 83,355 shares issuable pursuant to stock options exercisable by Dr. Drachman within 60 days after March 31, 2020.

(11)

Consists of (i) 2,110,082 shares held by Advanced Technology Ventures VIII, L.P. (“ATV VIII”), as reported on a Schedule 13D filed by ATV VIII on October 17, 2014 and (ii) 55,000 shares issuable pursuant to stock options exercisable by Ms. George within 60 days after March 31, 2020. Ms. George is a Managing Director of ATV VIII and as such, shares voting and dispositive power over, and disclaims beneficial ownership, of the shares held by ATV VIII except to the extent of any pecuniary interest therein. No natural person holds voting or dispositive power for the shares held by ATV VIII. ATV Associates VIII, LLC (“ATV VIII LLC”) is the general partner of ATV VIII and controls its investment and voting decisions. Decisions of ATV VIII LLC are made by a board of five managing directors (the “ATV Managing Directors”). The ATV Managing Directors are Jean M. George, a member of our board of directors, Steven N. Baloff, Michael A. Carusi, Robert C. Hower and William C. Wiberg. Each of the ATV Managing Directors shares voting and dispositive power over, and disclaims beneficial ownership of, the securities held by ATV VIII except to the extent of any pecuniary interest therein. The address of ATV VIII and its affiliated entities is 500 Boyleston Street, Suite 1380, Boston, Massachusetts 02116.April 4, 2022.

(12)

Includes (a) 7,197 shares held by Ms. Jones; and (b) 55,000 shares issuable pursuant to stock options exercisable within 60 days after March 31, 2020.

(13)

Consists of (i) 2,403,238 shares held are by Delphi Ventures VIII, L.P., (ii) 23,464 shares are held by Delphi BioInvestments VIII, L.P. (together, together with Delphi Ventures VIII, L.P., the “DelphiDelphi VIII Funds”), each of (i) and (ii) as reported on a Schedule 13D/A filed by Delphi Ventures VIII, L.P. on February 7, 2020Funds, and (iii) 55,00093,333 shares issuable pursuant to stock options exercisable by Dr. Pakianathan within 60 days after March 31, 2020.April 4, 2022. Dr. Pakianathan is a Managing Member of Delphi Ventures VIII, L.P. and as such, shares voting and dispositive power over, and each of these individuals disclaims beneficial ownership of, the reported securities held by the Delphi VIII Funds except to the extent of such individual’s pecuniary interest therein. The general partner of the Delphi VIII Funds is Delphi Management Partners VIII, L.L.C. (“, or DMP VIII”).VIII. DMP VIII may be deemed to have sole voting and dispositive power over the shares held by the Delphi VIII Funds. Each of Deepa R. Pakianathan, a member of our board of directors, James J. Bochnowski, David L. Douglass and Douglas A. Roeder, managing members of DMP VIII, shares voting and dispositive power over, and each of these individuals disclaims beneficial ownership of, the reported

24


securities held by the Delphi VIII Funds except to the extent of such individual’s pecuniary interest therein. The address for the Delphi VIII Funds and their affiliated entities is 16063 Bovet Road, Suite #408,#351, San Mateo, California 94402.

(14)(13)

Represents 41,55582,333 shares issuable pursuant to stock options exercisable by Mr. Wise within 60 days after March 31, 2020.April 4, 2022.

(15)(14)

Represents 77,000115,333 shares issuable pursuant to stock options exercisable by Mr. Wolff within 60 days after March 31, 2020.April 4, 2022.

(16)(15)

Includes (a) 5,214,0683,754,223 shares held by the directors and executive officers and (b) 2,800,7993,881,680 shares issuable pursuant to stock options exercisable by the directors and executive officers within 60 days after March 31, 2020.April 4, 2022. As to disclaimers of beneficial ownership, see footnotes 1 and 4footnote 12 above.

 

2536


EXECUTIVE COMPENSATION

Our named executive officers for the year ended December 31, 2021, consisting of our principal executive officer, the two other most highly compensated executive officers serving at the end of such year, and one former executive officer, were:

Susan Molineux, Ph.D.;

Stephanie Wong;

Eric Sjogren; and

Keith Orford.

SUMMARY COMPENSATION TABLE

The following table shows forpresents all of the compensation awarded to, earned by or paid to our named executive officers during the years ended December 31, 20192021 and 2018, compensation awarded to or paid to, or earned by, our Chief Executive Officer and two other most highly compensated executive officers at December 31, 2019 (the “Named Executive Officers”).

SUMMARY COMPENSATION TABLE FOR FISCAL 20192020.

 

Name and Principal Position

  Year   Salary ($)   Bonus
($) (1)
   Option
Awards
($) (2)
   All Other
Compensation
($) (3)
  Total ($) 

Susan Molineaux, Ph.D.

President and Chief Executive Officer

   2019    550,000    321,750    1,322,802    15,290   2,209,842 
   2018    530,000    254,400    1,243,500    5,557   2,033,457 

Keith Orford, M.D., Ph.D.

   2019    440,000    172,480    447,718    181,372(4)   1,241,570 

Chief Medical Officer

   2018    400,000    134,400    435,225    173,981(4)   1,143,606 

Curtis C. Hecht

   2019    380,000    148,960    396,841    9,211   935,012 

Chief Business Officer

   2018    335,000    112,560    435,225    652   883,437 

Name and Principal Position

 Year  Salary ($)  Bonus ($)
(1)
  Bonus
Other ($)
(2)
  Option
Awards
($) (3)
  Stock
Awards
($) (4)
  All Other
Compensation
($) (5)
  Total ($) 

Susan Molineaux, Ph.D.

  2021  $589,200  $318,168   —    $812,475  $253,300  $15,844  $1,988,987 

President and Chief Executive Officer

  2020   569,250   222,008   —     2,813,619   —     15,694   3,620,571 

Stephanie Wong

  2021   413,700   152,242  $25,000   324,990   551,300   25,457(7)   1,492,689 

Chief Financial Officer & Secretary

        

Eric Sjogren, Ph.D.

  2021   400,500   147,384   —     270,825   536,400   31,249(7)   1,386,358 

Senior Vice President, Drug Discovery

        

Keith Orford, M.D., Ph.D.

  2021   416,101(6)   56,568   —     324,990   551,300   23,627(7)   1,372,580 

Former Chief Medical Officer

  2020   455,400   149,371   —     772,366   —     24,262(8)   1,401,399 

 

(1)

Represents amounts earned under our bonus program based on the achievement of corporate performance goals and other factors deemed relevant by the Compensation Committee of our Board. The annual performance bonuses for each of the named executive officers, other than Dr. Molineaux, were based upon the achievement of corporate performance goals (80%) and individual performance goals (20%). Dr. Molineaux’s annual performance bonus was based solely upon the achievement of corporate performance goals. Our corporate goals related to the advancement of our clinical trials and preclinical programs, business and corporate development objectives, collaboration objectives and financial management objectives. For 2019, Drs.2021, Dr. Molineaux was awarded 90% of her target performance bonus based on 90% achievement of the corporate performance goals. For 2021, Ms. Wong and Orford and Mr. HechtDr. Sjogren were each awarded 97.5%, 98% and 98%, respectively,97% of their 20192021 target performance bonus, based upon the achievement of 97.5%90% of the corporate performance goals and his and her individual performance. For 2020, Drs. Molineaux and Orford were each awarded 65% and 82%, respectively, of their 2020 target performance bonus, based upon the achievement of 65% of the corporate performance goals and, for Dr. Orford, and Mr. Hecht, his individual performance. For 2018, Drs. Molineaux and Orford and Mr. Hecht were each awarded 80%, 84% and 84%, respectively, of their 2018 target performance bonus, based upon the achievement of 80% of the corporate performance goals and, for Dr. Orford and Mr. Hecht, his individual performance. Whether or not a bonus is paid for any year is solely within the discretion of the Compensation Committee upon delegation by our Board. While the Compensation Committee has established general guidelines related to bonus target amounts and the portion of each Named Executive Officer’s annual cash bonus that is tied to company-wide, department or personal performance components, the Compensation Committee exercises broad discretion in determining the amount of cash bonuses. Accordingly, we do not consider these bonuses to be“Non-Equity Incentive Plan Compensation” within the meaning of applicable SEC rules.

(2)

Amounts shown represent a discretionary bonus paid to Ms. Wong for her additional responsibilities assumed during 2021, as determined by the Compensation Committee.

37


(3)

Amounts shown in this column do not reflect dollar amounts actually received by our Named Executive Officers.named executive officers. Instead, these amounts reflect the aggregate grant date fair value of each stock option granted computed in accordance with the provisions of FASB ASC Topic 718. Assumptions used in the calculation of these amounts are included in Note 7 to our financial statements included in our Annual Report on Form10-K for the year ended December 31, 2019.2021. As required by SEC rules, the amounts shown exclude the impact of estimated forfeitures related to service-based vesting conditions. Our Named Executive Officersnamed executive officers will only realize compensation to the extent the trading price of our common stock is greater than the exercise price of such stock options.

(3)(4)

Amounts shown in this column do not reflect dollar amounts actually received by our Named Executive Officers. Instead, these amounts reflect the aggregate grant date fair value of each stock awards granted computed in accordance with the provisions of FASB ASC Topic 718. Represents the aggregate grant-date fair value of the restricted stock units awarded to the named executive officer for the applicable year, calculated in accordance with FASB ASC Topic 718. Assumptions used in the calculation of such grant-date fair values are set forth in Notes to our Consolidated Financial Statements for the year ended December 31, 2021, included in our Annual Report on form 10-K for such fiscal year. The aggregate grant-date fair value of the performance-based restricted stock unit awards included for each applicable fiscal year is calculated in accordance with FASB ASC 718 based on the probable outcome of the attainment of one or more pre-established performance objectives.

(5)

Amounts shown represent term life insurance paid by us on behalf of the Named Executive Officersnamed executive officers and our matching contribution for the named executive officer participation in our 401(k) plan.

(4)(6)

Dr. Orford resigned as our Chief Medical Officer on November 17, 2021 and his 2021 salary includes amounts from January 1, 2021 through November 17, 2021. For 2021, he was awarded a partial payment of his annual performance bonus based upon the achievement of 90% of the corporate performance goals and his individual performance.

(7)

Amounts also includesinclude accrued vacation paid to the named executive officer for the applicable year. In 2021, we allowed a one-time reduction in vacation accrual up to a certain threshold.

(8)

Amounts also include taxable travel reimbursements pursuant to the terms of Dr. Orford’s employment agreement.

 

2638


OUTSTANDING EQUITY AWARDSAT DECEMBER 31, 20192021

The following table shows, certain information regarding outstanding equity awards at December 31, 2019,2021, for the Named Executive Officers.

OUTSTANDING EQUITY AWARDS AT DECEMBER 31, 2019named executive officers.

 

        Option Awards 
        Number of  Number of       
        Securities  Securities       
        Underlying  Underlying       
     Vesting  Unexercised  Unexercised  Option  Option 
  Grant  Commencement  Options  Options  Exercise  Expiration 
Name Date  Date  Exercisable (#)  Unexercisable (#)  Price ($)  Date 

Susan Molineaux, Ph.D.

  12/17/2013(1)   12/17/2013   9,729   —    $2.64   12/16/2023 

President and Chief Executive Officer

  9/9/2014(1)   9/9/2014   63,716   —    $7.20   9/8/2024 
  2/11/2015(1)   2/11/2015   227,346   —    $16.40   2/10/2025 
  1/19/2016(2)   1/19/2016   181,145   3,855  $4.71   1/18/2026 
  11/29/2016(3)   11/29/2016   127,187   37,813  $3.35   11/28/2026 
  1/11/2018(4)   1/11/2018   95,833   104,167  $8.60   1/10/2028 
  1/10/2019(5)   1/10/2019   —     390,000  $4.64   1/9/2029 

Keith Orford, M.D., Ph.D.

  1/30/2015(1)   1/30/2015   55,000   —    $19.89   1/29/2025 

Chief Medical Officer

  1/19/2016(2)   1/19/2016   63,645   1,355  $4.71   1/18/2026 
  5/2/2016(6)   5/2/2016   4,479   521  $5.33   5/1/2026 
  11/29/2016(3)   11/29/2016   57,812   17,188  $3.35   11/28/2026 
  1/11/2018(4)   1/11/2018   33,541   36,459  $8.60   1/10/2028 
  1/10/2019(5)   1/10/2019   —     132,000  $4.64   1/9/2029 

Curtis Hecht

  4/21/2014(1)   4/21/2014   43,378   —    $2.64   4/20/2024 

Chief Business Officer

  9/9/2014(1)   9/9/2014   10,307   —    $7.20   9/8/2024 
  2/11/2015(1)   2/11/2015   25,000   —    $16.40   2/10/2025 
  1/19/2016(2)   1/19/2016   31,822   678  $4.71   1/18/2026 
  11/29/2016(3)   11/29/2016   57,812   17,188  $3.35   11/28/2026 
  1/11/2018(4)   1/11/2018   33,541   36,459  $8.60   1/10/2028 
  1/10/2019(5)   1/10/2019   —     117,000  $4.64   1/9/2029 
        Option Awards  Stock Awards 
Name       Number of  Number of             
       Securities  Securities        Equity Incentive  Equity Incentive 
       Underlying  Underlying        Plan Awards:  Plan Awards: Fair 
    Vesting  Unexercised  Unexercised  Option  Option  Number of Shares  Value of Shares 
 Grant  Commencement  Options  Options  Exercise  Expiration  That Have Not )  That Have Not 
 Date  Date  Exercisable (#)  Unexercisable (#)  Price ($)  Date  Vested (#  Vested ($) (7) 

Susan Molineaux, Ph.D.

  12/17/2013(1)   12/17/2013   9,729   —    $2.64   12/16/2023   

President and Chief Executive Officer

  9/9/2014(1)   9/9/2014   63,716   —     7.20   9/8/2024   
  2/11/2015(1)   2/11/2015   227,346   —     16.40   2/10/2025   
  1/19/2016(1)   1/19/2016   185,000   —     4.71   1/18/2026   
  11/29/2016(1)   11/29/2016   165,000   —     3.35   11/28/2026   
  1/11/2018(2)   1/11/2018   195,833   4,167   8.60   1/10/2028   
  1/10/2019(3)   1/10/2019   284,375   105,625   4.64   1/9/2029   
  1/19/2020(4)   1/17/2020   191,666   208,334   7.41   1/18/2030   
  1/20/2021(5)   1/20/2021   —     375,000   2.98   1/19/2031   
  1/20/2021(6)   1/20/2021       85,000  $56,525 

Stephanie Wong

  4/15/2014(11)   4/15/2014   13,284   —     2.64   4/14/2024   

Chief Financial Officer & Secretary

  9/9/2014(1)   9/9/2014   8,433   —     7.20   9/8/2024   
  2/11/2015(1)   2/11/2015   25,000   —     16.40   2/10/2025   
  1/19/2016(1)   1/19/2016   32,500   —     4.71   1/18/2026   
  11/29/2016(1)   11/29/2016   25,000   —     3.35   11/28/2026   
  12/28/2016(1)   12/28/2016   25,000   —     3.15   12/27/2026   
  1/11/2018(2)   1/11/2018   68,541   1,459   8.60   1/10/2028   
  1/10/2019(3)   1/10/2019   87,500   32,500   4.64   1/9/2029   
  1/17/2020(4)   1/17/2020   57,500   62,500   7.41   1/16/2030   
  1/20/2021(5)   1/20/2021   —     150,000   2.98   1/19/2031   
  1/20/2021(6)   1/20/2021       35,000   23,275 
  1/20/2021(9)   1/20/2021       30,000   19,950 

Eric Sjogren

  12/17/2013(1)   12/17/2013   37,991   —     2.64   12/16/2023   

Senior Vice President of Drug Discovery

  9/9/2014(1)   9/9/2014   18,740   —     7.20   9/8/2024   
  2/11/2015(1)   2/11/2015   45,000   —     16.40   2/10/2025   
  1/19/2016(1)   1/19/2016   70,000   —     4.71   1/18/2026   
  11/29/2016(1)   11/29/2016   75,000   —     3.35   11/28/2026   
  1/11/2018(2)   1/11/2018   58,750   1,250   8.60   1/10/2028   
  1/10/2019(3)   1/10/2019   72,916   27,084   4.64   1/9/2029   
  1/17/2020(4)   1/17/2020   52,708   57,292   7.41   1/16/2030   
  1/20/2021(5)   1/20/2021   —     125,000   2.98   1/19/2031   
  1/20/2021(6)   1/20/2021       30,000   19,950 
  1/20/2021(9)   1/20/2021       30,000   19,950 

Keith Orford, M.D., Ph.D. (5)

  1/30/2015(8)   1/30/2015   55,000   —     19.89   2/17/2022   

Former Chief Medical Officer

  1/19/2016(8)   1/19/2016   65,000   —     4.71   2/17/2022   
  5/2/2016(8)   5/2/2016   5,000   —     5.33   2/17/2022   
  11/29/2016(8)   11/29/2016   75,000   —     3.35   2/17/2022   
  1/11/2018(8)   1/11/2018   67,083   —     8.60   2/17/2022   
  1/10/2019(8)   1/10/2019   93,500   —     4.64   2/17/2022   
  1/17/2020(8)   1/17/2020   64,166   —     7.41   2/17/2022   

 

(1)

The shares subject to this option are fully vested.

(2)

The unvested shares vest in equal monthly installments through January 19, 2020, subjectpursuant to continued service with us through each relevant vesting date and are subject to accelerated vesting upon a qualifying termination as set forth in the executive officer’s employment agreement with us.

(3)

The unvested shares vest in equal monthly installments through November 29, 2020, subject to continued service with us through each relevant vesting date and are subject to accelerated vesting upon a qualifying termination as set forth in the executive officer’s employment agreement with us.

(4)

The unvested sharesthis option vest 25% on January 11, 2019 and inthirty-six 36 equal monthly installments thereafter through January 11, 2022, subject to continued service with us through each relevant vesting date and are subject to accelerated vesting upon a qualifying termination as set forth in the executive officer’s employment agreement with us.

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(5)(3)

The unvested shares pursuant to this option vest 25% on January 10, 2020 and inthirty-six 36 equal monthly installments thereafter through January 10, 2023, subject to continued service with us through each relevant vesting date and are subject to accelerated vesting upon a qualifying termination as set forth in the executive officer’s employment agreement with us.

(6)(4)

The unvested shares pursuant to this option vest 25% on January 17, 2021 and in 36 equal monthly installments thereafter through May 2, 2020,January 17, 2024, subject to continued service with us through each relevant vesting date and are subject to accelerated vesting upon a qualifying termination as set forth in the executive officer’s employment agreement with us.

27


(5)

The shares pursuant to this option vest 25% on January 20, 2022 and in 36 equal monthly installments thereafter through January 17, 2025, subject to continued service with us through each relevant vesting date and are subject to accelerated vesting upon a qualifying termination as set forth in the executive officer’s employment agreement with us.

(6)

The time-based restricted stock units vest as to 1/4th of the shares in equal annual installments over four years with the first installment vesting on January 20, 2022, subject to continued service with us through each relevant vesting date and are subject to accelerated vesting upon a qualifying termination as set forth in the executive officer’s employment agreement with us.

(7)

The fair value of shares that have not vested was computed by multiplying the closing price of our common stock on December 31, 2021 of $0.665, as reported by Nasdaq Select Global market, by the number of restricted stock units that had not yet vested.

(8)

Dr. Orford resigned as our Chief Medical Officer on November 17, 2021. His vested and exercisable shares as of December 31, 2021 expired on February 17, 2022 unexercised.

(9)

The time-based restricted stock units vest 100% on January 3, 2022, subject to continued service with us through each relevant vesting date and are are subject to accelerated vesting upon a qualifying termination as set forth in the executive officer’s employment agreement with us.

401(k) Plan

We maintain atax-qualified retirement plan that provides eligible employees with an opportunity to save for retirement on a tax advantaged basis. Eligible employees are able to defer eligible compensation up to certain limits in accordance with the Internal Revenue Code of 1986, as amended, (the “Code”),or the Code, which are updated annually. We have the ability to make matching and discretionary contributions to the 401(k) plan, and in 2019 we began making matching contributions to all eligible employees, including our Named Executive Officers. Employee contributions are allocated to each participant’s individual account and are then invested in selected investment alternatives according to the participants’ directions. The 401(k) plan is intended to be qualified under Section 401(a) of the Code, with the related trust intended to be tax exempt under Section 501(a) of the Code. As atax-qualified retirement plan, contributions to the 401(k) plan are deductible by us when made, and contributions and earnings on those amounts are not taxable to the employees until withdrawn or distributed from the 401(k) plan.

Employment, Severance and Change in Control Agreements

Employment Agreements

We have employment agreements with each of our Named Executive Officers.named executive officers. The agreements generally provide forat-will employment and set forth the executive officer’s initial base salary, annual performance bonus opportunity, initial equity grant amount and eligibility for employee benefits. In addition, each of our named executive officers has executed a form of our standard confidential information and invention assignment agreement. The key terms of the employment agreements are described below. A “qualifying termination” for the purposes of the employment agreements is defined as a termination of the executive officer by us without cause, other than as a result of the executive officer’s death or disability, or the resignation of the executive officer’s employment with us with good reason.

40


Effective August 28, 2017, the Companywe adopted a Severance Benefit Plan to provide for the payment of severance benefits to certain “Designated Employees” pursuant to the terms of the Severance Benefit Plan.

Susan M. Molineaux, Ph.D.

In June 2010, we entered into an employment agreement with Dr. Molineaux, as amended in November 2011, pursuant to which she commenced employment on anat-will basis as our President and Chief Executive Officer. For 2020,2022, Dr. Molineaux will receive an annual base salary of $569,250,$609,800, with an annual target bonus of 60% of that base salary, payable based on achievement of certain corporate goals to be established by our Compensation Committee.

As a Designated Employee under the Severance Benefit Plan, if a qualifying termination occurs on or within 12 months following a change in control, Dr. Molineaux will receive a cash severance payment equal to the sum of 18 months of her annual base salary as in effect immediately prior to her termination, plus apro-rated portion of her annual target bonus. In addition, upon a qualifying termination, all of Dr. Molineaux’s unvested equity awards will immediately vest and become exercisable, and outstanding options will remain exercisable for a period of up to 90 days, or until the expiration date of the award, if earlier. Upon a qualifying termination, other than following a change in control, Dr. Molineaux will receive a cash severance payment equal to the sum of 12 months of her annual base salary plus apro-rated portion of her annual target bonus.

In addition, under the Severance Benefit Plan, Dr. Molineaux and her eligible dependents will be eligible to receive continued medical coverage for up to 18 months if a qualifying termination occurs on or within 12 months following a change in control or for up to 12 months following a qualifying termination, so long as Dr. Molineaux timely elects such continued coverage. Receipt of these benefits is contingent upon Dr. Molineaux’s execution andnon-revocation of a release of claims in our favor, as well as her resignation from our board of directors.

28


Keith Orford, M.D.,Eric Sjogren, Ph.D.

In April 2016,September 2010, we entered into an amended employment agreement with Dr. Orford.Sjogren. Dr. OrfordSjogren currently servesservers as the Company’s Chief Medical Officer.our Senior Vice President of Drug Discovery. For 2020,2022, Dr. OrfordSjogren will receive an annual base salary of $455,400,$414,500, with an annual target bonus of 40% of that base salary, payable based on achievement of certain corporate and individual goals to be established by our Compensation Committee.

As a Designated Employee under the Severance Benefit Plan, if a qualifying termination occurs on or within 12 months following a change in control, Dr. OrfordSjogren will receive a cash severance payment equal to the sum of 12 months of herhis annual base salary as in effect immediately prior to herhis termination, plus apro-rated portion of his annual target bonus. In addition, upon a qualifying termination, all of Dr. Orford’sSjogren’s unvested equity awards will immediately vest and become exercisable, and outstanding options will remain exercisable for a period of up to 90 days, or until the expiration date of the award, if earlier. Upon a qualifying termination, other than following a change in control, Dr. OrfordSjogren will receive a cash severance payment equal to the sum of 12 months of his annual base salary plus apro-rated portion of his annual target bonus.

In addition, under the Severance Benefit Plan, Dr. OrfordSjogren and his eligible dependents will be eligible to receive continued medical coverage for up to 12 months following his termination, so long as Dr. OrfordSjogren timely elects such continued coverage. Receipt of these benefits is contingent upon Dr. Orford’sSjogren’s execution andnon-revocation of a release of claims in our favor.

Curtis C. HechtStephanie Wong

In April 2014, we entered into an employment agreement with Mr. Hecht. Mr. HechtMs. Wong. Ms. Wong currently serves as the Company’sour Chief Business Officer.Financial Officer and Secretary. For 2020, Mr. Hecht2022, Ms. Wong will receive an annual base salary of $400,100,$428,200, with

41


an annual target bonus of 40% of that base salary, payable based on achievement of certain corporate and individual goals to be established by our Compensation Committee.

As a Designated Employee under the Severance Benefit Plan, if a qualifying termination occurs on or within 12 months following a change in control, Mr. HechtMs. Wong will receive a cash severance payment equal to the sum of 12 months of hisher annual base salary as in effect immediately prior to her termination, plus apro-rated portion of hisher annual target bonus. In addition, upon a qualifying termination, all of Mr. Hecht’sMs. Wong’s unvested equity awards will immediately vest and become exercisable, and outstanding options will remain exercisable for a period of up to 90 days, or until the expiration date of the award, if earlier. Upon a qualifying termination, other than following a change in control, Mr. HechtMs. Wong will receive a cash severance payment equal to the sum of 12 months of hisher annual base salary plus apro-rated portion of hisher annual target bonus.

In addition, under the Severance Benefit Plan, Mr. HechtMs. Wong and hisher eligible dependents will be eligible to receive continued medical coverage for up to 12 months following her termination, so long as Mr. HechtMs. Wong timely elects such continued coverage. Receipt of these benefits is contingent upon Mr. Hecht’sMs. Wong’s execution andnon-revocation of a release of claims in our favor.

 

2942


EQUITY COMPENSATION PLANSAT DECEMBER 31, 20192021

The following table shows certain information with respect to all of our equity compensation plans in effect as of December 31, 2019.

EQUITY COMPENSATION PLANSAT DECEMBER 31, 20192021.

 

Plan Category

  Number of
securities to be
issued upon
exercise of
outstanding  stock
options
(a)
   Weighted-average
exercise price of
outstanding stock
options

(b)
   Number of
securities remaining
available for
issuance under
equity compensation
plans (excluding
securities reflected
in column (a))
   Number of
securities to be
issued upon
exercise of
outstanding stock
options, warrants
and rights

(a)
   Weighted-average
exercise price of
outstanding stock
options,  warrants
and rights

(b)
   Number of
securities remaining
available for
issuance under
equity compensation
plans (excluding
securities reflected
in column (a))
 

Equity compensation plans approved by stockholders (1)

   6,432,255   $$6.91    631,339(2)(3)    8,134,930   $6.22    2,501,968(2)(3) 

Equity compensation plans not approved by stockholders (4)

   80,500   $5.19    919,500    188,700    4.20    811,300 
  

 

   

 

   

 

   

 

   

 

   

 

 

Total

   6,512,755   $$6.89    1,550,839    8,323,630   $6.18    3,313,268 
  

 

   

 

   

 

   

 

   

 

   

 

 

 

(1)

The equity compensation plans approved by security holders are described in Note 7 to our financial statements included in our Annual Report on Form10-K for the year ended December 31, 2019.2021. The information in this table does not include time-based restricted stock units.

(2)

Includes 128,2191,821,075 and 503,120680,893 shares of common stock available for issuance under the 2014 Equity Incentive Plan, (“or the 2014 Plan”)Plan and the 2014 Employee Stock Purchase Plan, (“ESPP”),or the ESPP, respectively, as of December 31, 2019.2021.

(3)

The reserve for shares available under the 2014 Plan automatically increases on January 1st each year, through and including January 1, 2024, in an amount equal to 4% of the total number of shares of our capital stock outstanding on the last day of the preceding fiscal year, or a lesser number of shares as determined by the Board.

The reserve for shares available under the ESPP automatically increases on January 1st of each year through and including January 1, 2024, in an amount equal to the lesser of (i) 1% of the total number of shares of common stock outstanding on such December 31, (ii) 250,000 shares of common stock, or (iii) a number of shares as determined by the Board prior to the beginning of each year, which shall be the lesser of (i) or (ii) above.

 

(4)

Represents shares of stock authorized for future issuance under the Inducement Plan. The Inducement Plan is anon-stockholder approved equity compensation plan. The Inducement Plan is described under the heading 2018“2018 Inducement PlanPlan” in Note 7 to our Consolidated Financial Statements in our Annual Report on Form10-K for the year ended December 31, 20192021 filed with the SEC.

 

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NON-EMPLOYEE DIRECTOR COMPENSATION

The following table shows for the year ended December 31, 20192021 certain information with respect to the compensation of allnon-employee directors of the Company:

NON-EMPLOYEE DIRECTOR COMPENSATIONFOR FISCAL 2019Calithera:

 

Name

  Fees Earned or Paid
in Cash
   Option
Awards (2)(3)
   Total   Fees Earned or Paid
in Cash
   Option
Awards (1) (2)
   Total 

Sunil Agarwal, M.D

  $ 52,438   $ 40,930   $93,368 

Jonathan G. Drachman, M.D.

   45,000    40,930    85,930 

Jean M. George (1)

   54,542    40,930    95,472 

Sunil Agarwal, M.D.

  $60,333   $30,144   $90,477 

Jonathan Drachman, M.D.

   49,722    30,144    79,866 

Scott Garland

   58,833    30,144    88,977 

Jean M. George (3) (4)

   41,410    30,144    71,554 

Suzy Jones

   47,500    40,930    88,430    52,222    30,144    82,366 

Deepa R. Pakianathan, Ph.D. (1)

   78,000    40,930    118,930 

Keith Orford, M.D., PhD. (5)

   5,027    —      5,027 

Deepa R. Pakianathan, Ph.D. (3)

   88,111    30,144    118,255 

Blake Wise

   45,521    40,930    86,451    51,278    30,144    81,422 

H. Ward Wolff

   55,000    40,930    95,930    55,000    30,144    85,144 

 

(1)

Dr. Pakianathan and Ms. George’s board and committee fees were made payable to the management company of each of their respective firms.

(2)

On May 30, 2019,June 11, 2021, pursuant to ournon-employee director compensation policy, we granted options to purchase 11,00020,000 shares of common stock to each of Drs. Agarwal, Drachman and Pakianathan, Mses. George and Jones, Mr.and Messrs. Garland, Wise and Wolff, each at an exercise price of $5.42$2.28 per share. These options vest in 12 equal monthly installments beginning on the grant date. As of December 31, 2019,2021, the aggregate number of stock options held by Drs. Agarwal, Drachman, Orford and Pakianathan, Mses. George and Jones, and Mr.Messrs. Garland, Wise and Wolff were 66,000, 83,355, 55,000, 55,000, 55,000, 44,000106,000, 123,355, 95,000, none, 81,666, 95,000, 60,000, 84,000 and 77,000,117,000, respectively. Stock options held by Ms. George on December 31, 2021, expired in 2022 unexercised.

(3)(2)

Amounts shown in this column do not reflect dollar amounts actually received by our directors. Instead, these amounts reflect the aggregate grant date fair value of each stock option granted computed in accordance with the provisions of FASB ASC Topic 718. Assumptions used in the calculation of these amounts are included in Note 7 to our financial statements included in our Annual Report on Form10-K for the year ended December 31, 2019.2021. As required by SEC rules, the amounts shown exclude the impact of estimated forfeitures related to service-based vesting conditions. Our directors will only realize compensation to the extent the trading price of our common stock is greater than the exercise price of such stock options.

(3)

Dr. Pakianathan and Ms. George’s board and committee fees were made payable to the management company of each of their respective firms.

(4)

Ms. George resigned as a director in November 2021.

(5)

Dr. Orford has served as a director since November 2021.

Non-Employee Director Compensation Policy

We have adopted anon-employee director compensation policy, pursuant to which ournon-employee directors will be eligible to receive compensation for service on our board of directors and committees of our board of directors.

Equity Compensation

Initial Grant

Each newnon-employee director who joins our board of directors will be granted a stock option to purchase 40,000 shares of common stock under our 2014 Plan, vesting monthly over three years from the grant date, subject to continued service as a director through each applicable vesting date.

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Annual Grant

On the date of each Annual Meeting of our stockholders, each continuingnon-employee director will be granted an annual stock option to purchase 20,000 shares of common stock under our 2014 Plan, vesting monthly over one year from the grant date, subject to continued service as a director through each applicable vesting date.

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Vesting Acceleration

In the event of a change of control or a corporate transaction (each as defined in our 2014 Plan), any unvested portion of an equity award granted under the policy will fully vest and become exercisable immediately prior to the effective date of such change of control or corporate transaction, subject to thenon-employee director’s continuous service with us on the effective date of the change of control or corporate transaction.

The exercise price per share of each stock option granted under thenon-employee director compensation policy will be the closing price of our common stock as reported by the Nasdaq Select Global Market on the date of grant. Each stock option will have a term of ten years from the date of grant, subject to earlier termination in connection with a termination of thenon-employee director’s continuous service with us.

Cash Compensation for 20202022

Eachnon-employee director will receive an annual cash retainer of $40,000 for serving on our board of directors. The chairperson or lead independent director of our board of directors, if any, will receive an additional annual cash retainer of $30,000.

The chairperson and members of the threefour standing committees of our board of directors will be entitled to the following additional annual cash retainers:

 

Board Committee

  Chairperson Fee   Member Fee   Chairperson Fee   Member Fee 

Audit Committee

  $15,000   $7,500   $15,000   $7,500 

Compensation Committee

   12,000    5,000    12,000    6,000 

Nominating and Corporate Governance Committee

   8,000    4,000    8,000    4,000 

Science and Technology Committee

   12,000    5,000 

All annual cash compensation amounts will be payable in equal quarterly installments in arrears, on the last day of each fiscal quarter for which the service occurred,pro-rated based on the days served in the applicable fiscal quarter. Eachnon-employee director may elect to have their cash compensation paid to the management company of their respective firms.

Anon-employee director may elect to receive a stock option grant in lieu of his or her annual cash compensation. Such election would apply to all such cash compensation. Anon-employee director must make this election prior to the date of the Annual Meeting of stockholders and such election will apply until the next Annual Meeting of our stockholders.

The number of shares of common stock to be issuable upon exercise of stock options granted in lieu of annual cash compensation will be determined by dividing (i) the amount of annual compensation that would otherwise be paid during the upcoming year of service, by (ii) the Black-Scholes value of one share of our common stock on the applicable grant date, or such other method that may be set forth in thenon-employee director compensation policy on that date. Such stock options will be nonstatutory stock options and will be granted on the date of the Annual Meeting of our stockholders. The stock options will have an exercise price per share equal to the closing price of our common stock as reported by the Nasdaq Select Global Market on the date of grant and will vest monthly over one year from the grant date, subject to continued service as a director through each applicable vesting date. The stock options will have a term of ten years from the date of grant.

 

3245


TRANSACTIONS WITH RELATED PARTIES

RELATED-PARTY TRANSACTIONS POLICYPOLICYAND PROCEDURES

In 2014, we adopted a written Related-Person Transactions Policy that sets forth our policies and procedures regarding the identification, review, consideration and approval or ratification of “related-persons transactions.” For purposes of our policy only, a “related-person transaction” is a transaction, arrangement or relationship (or any series of similar transactions, arrangements or relationships) in which we and any “related person” are participants involving an amount that exceeds $120,000. Transactions involving compensation for services provided to us as an employee, director, consultant or similar capacity by a related person are not covered by this policy. A related person is any executive officer, director, or more than 5% stockholder of us, including any of their immediate family members, and any entity owned or controlled by such persons.

Under the policy, where a transaction has been identified as a related-person transaction, management must present information regarding the proposed related-person transaction to the Audit Committee (or, where Audit Committee approval would be inappropriate, to another independent body of the Board) for consideration and approval or ratification. The presentation must include a description of, among other things, the material facts, the interests, direct and indirect, of the related persons, the benefits to us of the transaction and whether any alternative transactions were available. To identify related-person transactions in advance, we rely on information supplied by its executive officers, directors and certain significant stockholders. In considering related-person transactions, the Audit Committee takes into account the relevant available facts and circumstances including, but not limited to (a) the risks, costs and benefits to us, (b) the impact on a director’s independence in the event the related person is a director, immediate family member of a director or an entity with which a director is affiliated, (c) the terms of the transaction, (d) the availability of other sources for comparable services or products and (e) the terms available to or from, as the case may be, unrelated third parties or to or from employees generally. In the event a director has an interest in the proposed transaction, the director must recuse himself or herself formfrom the deliberations and approval. The policy requires that, in determining whether to approve, ratify or reject a related-person transaction, the Audit Committee consider, in light of known circumstances, whether the transaction is in, or is not inconsistent with, the best interests of us and our stockholders, as the Audit Committee determines in the good faith exercise of its discretion.

CERTAIN RELATED-PERSON TRANSACTIONS

The following is a summary of transactions since January 1, 2020, to which we have been a participant in which the amount involved exceeded or will exceed $120,000, and in which any of our directors, executive officers, or holders of more than five percent of our capital stock, or any member of the immediate family of the foregoing persons, had or will have a direct or indirect material interest, other than compensation arrangements described in the sections titled “Executive Compensation” and “Non-Employee Director Compensation.”

We believe the terms obtained or consideration that we paid or received, as applicable, in connection with the transactions described below were comparable to the terms available or the amounts that would be paid or received, as applicable, in arm’s-length transactions.

In June 2013, we entered into an employment agreement with Christopher Molineaux, pursuant to which he commenced employment on anat-will basis as our Senior Vice President, Development. Christopher Molineaux is the spouse of Susan Molineaux, a member of our board of directors and our President and Chief Executive Officer. During 2019,2021, Christopher Molineaux received an annual base salary of $370,000,$396,400 and an annual bonus of $145,040.$145,875. In 2020,2022, Christopher Molineaux will receive an annual base salary of $383,000$410,300 and an annual target bonus of 40% of that base salary, payable based on achievement of certain corporate and individual goals to be established by us. As a Designated Employee under the Severance Benefit Plan, if a qualifying termination of Christopher Molineaux occurs on or within 12 months following a change of control, Christopher Molineaux is entitled to a cash severance payment and immediate vesting of all of his unvested equity awards and, upon a qualifying termination, other than on or within 12 months following a change in control, Christopher Molineaux will receive a cash severance payment.

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We have entered into indemnity agreements with certain officers and directors which provide, among other things, that we will indemnify such officer or director, under the circumstances and to the extent provided for therein, for expenses, damages, judgments, fines and settlements he or she may be required to pay in actions or proceedings which he or she is or may be made a party by reason of his or her position as a director, officer or other agent of ours, and otherwise to the fullest extent permitted under Delaware law and our Bylaws.

 

3347


HOUSEHOLDINGOF PROXY MATERIALS

The SEC has adopted rules that permit companies and intermediaries (e.g., brokers) to satisfy the delivery requirements for Notices of Internet Availability of Proxy Materials or other Annual Meeting materials with respect to two or more stockholders sharing the same address by delivering a single Notice of Internet Availability of Proxy Materials or other Annual Meeting materials addressed to those stockholders. This process, which is commonly referred to as “householding,” potentially means extra convenience for stockholders and cost savings for companies.

This year, a number of brokers with account holders who are Calithera stockholders will be “householding” our proxy materials. A single Notice of Internet Availability of Proxy Materials will be delivered to multiple stockholders sharing an address unless contrary instructions have been received from the affected stockholders. Once you have received notice from your broker that they will be “householding” communications to your address, “householding” will continue until you are notified otherwise or until you revoke your consent. If, at any time, you no longer wish to participate in “householding” and would prefer to receive a separate Notice of Internet Availability of Proxy Materials, please notify your broker. Stockholders who currently receive multiple copies of the Notices of Internet Availability of Proxy Materials at their addresses and would like to request “householding” of their communications should contact their brokers.

 

3448


OTHER MATTERS

The Board knows of no other matters that will be presented for consideration at the Annual Meeting. If any other matters are properly brought before the virtual meeting, it is the intention of the persons named in the accompanying proxy to vote on such matters in accordance with their best judgment.

 

By Order of the Board,
/s/ Stephanie Wong
Secretary

April 21, 2020, 2022

A copy of our Annual Report on Form10-K for the year ended December 31, 20192021 filed with the SEC is available without charge upon written request to: Secretary, Calithera Biosciences, Inc., 343 Oyster Point Blvd., Suite 200, South San Francisco, CA 94080.

 

3549


LOGOCERTIFICATE OF AMENDMENT TO THE

ANNUAL MEETINGAMENDED AND RESTATED CERTIFICATE OF STOCKHOLDERS INCORPORATION

OF CALITHERA BIOSCIENCES, INC. June

CALITHERA BIOSCIENCES, INC. (the “Company”), a corporation organized and existing under and by virtue of the General Corporation Law of the State of Delaware, does hereby certify:

FIRST: The name of the Company is Calithera Biosciences, Inc.

SECOND: The original name of the Company was Protein Activation Therapeutics, Inc., and the date of filing the original Certificate of Incorporation of the Company with the Secretary of State of the State of Delaware is March 9, 2020 NOTICE OF2010.

THIRD: The board of directors of the Corporation, acting in accordance with the provisions of Sections 141 and 242 of the General Corporation Law of the State of Delaware, adopted resolutions amending Article IV, Paragraph A of its Amended and Restated Certificate of Incorporation, as amended, to read in its entirety as follows:

“The Company is authorized to issue two classes of stock to be designated, respectively, “Common Stock” and “Preferred Stock.” The total number of shares which the Company is authorized to issue is two hundred ten million (210,000,000) shares. Two hundred million (200,000,000) shares shall be Common Stock, each having a par value of one-hundredth of one cent ($0.0001). Ten million (10,000,000) shares shall be Preferred Stock, each having a par value of one-hundredth of one cent ($0.0001).

Effective of as of 5:00 pm Eastern time, on the date this Certificate of Amendment to this Amended and Restated Certificate of Incorporation is filed with the Secretary of State of the State of Delaware (the “Effective Time”), each [ten, eleven, twelve, thirteen, fourteen, fifteen, sixteen, seventeen, eighteen, nineteen, or twenty*] shares of the Company’s Common Stock, par value $0.0001 per share, issued and outstanding shall be combined into one (1) share of Common Stock, par value $0.0001 per share, of the Company. No fractional shares shall be issued and, in lieu thereof, any holder of less than one share of Common Stock shall, upon surrender after the Effective Time of a certificate, which formerly represented shares of Common Stock that were issued and outstanding immediately prior to the Effective Time, be entitled to receive cash for such holder’s fractional share based upon the closing sales price of the Company’s Common Stock as reported on the Nasdaq Global Select Market on the date this Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company is filed with the Secretary of State of the State of Delaware.”

FOURTH: This Certificate of Amendment to the Amended and Restated Certificate of Incorporation was submitted to the stockholders of the Company and was duly adopted and approved in accordance with the provisions of Section 242 of the General Corporate Law of the State of Delaware at the annual meeting of the stockholders of the Company.

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The board of directors (the “Board”) adopted a resolution approving eleven separate amendments to the Amended and Restated Certificate of Incorporation, as amended, of the Company. These amendments approve the combination of any whole number of shares of Common Stock between and including ten (10) and twenty (20) into one (1) share of Common Stock. By approving Proposal No. 4, you are approving each of the eleven amendments proposed by the Board. The Certificate of Amendment filed with the Secretary of State of the State of Delaware will include only that amendment determined by the Board to be in the best interests of the Corporation and its stockholders. The other ten proposed amendments will be abandoned pursuant to Section 242(c) of the Delaware General Corporation Law. The Board may also elect not to do any reverse split in which all eleven proposed amendments will be abandoned. In accordance with these resolutions, the Board will not implement any amendment providing for a different split ratio.


IN WITNESS WHEREOF, Calithera Biosciences, Inc. has caused this Certificate of Amendment to be signed by its Chief Executive Officer as of                 , 2022.

CALITHERA BIOSCIENCES, INC.

By:

Name:

Susan M. Molineaux, Ph.D.

Title:

President and Chief Executive Officer


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CALITHERA BIOSCIENCES, INC. 343 OYSTER POINT BLVD SUITE 200 SOUTH SAN FRANCISCO, CA 94080 SCAN TO VIEW MATERIALS & VOTE    VOTE BY INTERNET AVAILABILITY OF PROXY MATERIALS:Before The NoticeMeeting—Go to www.proxyvote.com or scan the QR Barcode above Use the Internet to transmit your voting instructions and for electronic delivery of Meeting, proxy statement and proxy card are available at http://ir.calithera.com/financial-information/annual-reports Please sign,information up until 11:59 p.m. Eastern Time the day before the cut-off date and mailor meeting date. Have your proxy card in hand when you access the envelope provided as soon as possible. Signature of Stockholder Date: Signature of Stockholder Date: Note: Please sign exactly asweb site and follow the instructions to obtain your name or names appear on this Proxy. When shares are held jointly, each holder should sign. When signing as executor, administrator, attorney, trustee or guardian, please give full title as such. Ifrecords and to create an electronic voting instruction form. During The Meeting—Go to www.virtualshareholdermeeting.com/CALA2022 You may attend the signermeeting via the Internet and vote during the meeting. Have the information that is a corporation, please sign full corporate name by duly authorized officer, giving full title as such. If signer is a partnership, please signprinted in partnership name by authorized person. To change the address on your account, please check the box at rightmarked by the arrow available and indicatefollow the instructions. VOTE BY PHONE—1-800-690-6903 Use any touch-tone telephone to transmit your new addressvoting instructions up until 11:59 p.m. Eastern Time the day before the cut-off date or meeting date. Have your proxy card in hand when you call and then follow the instructions. VOTE BY MAIL Mark, sign and date your proxy card and return it in the address space above. Please note that changespostage-paid envelope we have provided or return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717. TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS: D79136-P72091 KEEP THIS PORTION FOR YOUR RECORDS THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED. DETACH AND RETURN THIS PORTION ONLY    CALITHERA BIOSCIENCES, INC.    For Withhold For All All All Except The Board of Directors recommends you vote FOR the registered name(s) onfollowing: 1.To elect two Class II directors to hold office until the account may not be submitted via this method. INSTRUCTIONS:2025 Annual Meeting of Stockholders or until their successors are selected; Nominees: 01)Deepa Pakianathan, Ph.D. 02)Suzy Jones To withhold authority to vote for any individual nominee(s), mark “FOR ALL EXCEPT”“For All Except” and fill inwrite the circle next to each nomineenumber(s) of the nominee(s) on the line below. The Board of Directors recommends you wish to withhold, as shown here: THE BOARD OF DIRECTORS RECOMMENDS A VOTE “FOR” THE ELECTION OF DIRECTORS, “FOR” PROPOSALS 2 AND 3, ANDvote FOR “1 YEAR” ON PROPOSAL 4. PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE x Please detach along perforated line and mail in the envelope provided. 20330304000000000000 5 060920 GO GREEN e-Consent makes it easy to go paperless. With e-Consent, you can quickly access your proxy material, statements and other eligible documents online, while reducing costs, clutter and paper waste. Enroll today via www.astfinancial.com to enjoy online access. 1. To elect the Board’s three nominees for director to serve until the 2023 Annual Meeting of stockholders or until their successors are selected. O Susan M. Molineaux, Ph.D. O Blake Wise O H. Ward Wolff FOR ALL NOMINEES WITHHOLD AUTHORITY FOR ALL NOMINEES FOR ALL EXCEPT (See instructions below) NOMINEES: These items of business are more fully described in the Proxy Statement accompanying this Notice. The record date for the Annual Meeting is April 13, 2020. Only stockholders of record at the close of business on that date may vote at the meeting or any adjournment thereof.following proposals: For Against Abstain    2. To ratify the selection by the Audit Committee of the Board of Ernst & Young LLP as theour independent registered public accounting firm of the Company for the year ending December 31, 2020.2022; 3. To approve, on an advisory basis, the compensation of the Company’sour named executive officers, as disclosed in the proxy statement accompanying this notice.notice; 4. To indicate, on an advisory basis,approve the preferred frequencyamendment to our Certificate of stockholder advisory votes onIncorporation to effect a reverse stock split of our issued and outstanding common stock; and 5. To approve the compensationissuance of the Company’s named executive officers. Note: To conduct anymore than 20% of our issued and outstanding common stock. NOTE: Such other business as may properly broughtcome before the meeting. FOR AGAINST ABSTAIN 2 1 YEAR YEARS 3 YEARS ABSTAIN


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Signature of Stockholder Date: Signature of Stockholder Date: Note:meeting or any adjournment thereof. Please sign exactly as your name or names appear on this Proxy. When shares are held jointly, each holder should sign.name(s) appear(s) hereon. When signing as attorney, executor, administrator, attorney, trustee or guardian,other fiduciary, please give full title as such. Joint owners should each sign personally. All holders must sign. If the signer is a corporation please sign full corporate name by duly authorized officer, giving full title as such. If signer is aor partnership, please sign in full corporate or partnership name by authorized person. To change the address on your account, please check the box at right and indicate your new address in the address space above. Please note that changes to the registered name(s) on the account may not be submitted via this method. INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark “FOR ALL EXCEPT” and fill in the circle next to each nominee you wish to withhold, as shown here: JOHN SMITH 1234 MAIN STREET APT. 203 NEW YORK, NY 10038 ANNUAL MEETING OF STOCKHOLDERS OF CALITHERA BIOSCIENCES, INC. June 9, 2020 PROXY VOTING INSTRUCTIONS Please detach along perforated line and mail in the envelope provided IF you are not voting via the Internet. THE BOARD OF DIRECTORS RECOMMENDS A VOTE “FOR” THE ELECTION OF DIRECTORS, “FOR” PROPOSALS 2 AND 3, AND FOR “1 YEAR” ON PROPOSAL 4. PLEASEofficer.    Signature [PLEASE SIGN DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE x 20330304000000000000 5 060920 COMPANY NUMBER ACCOUNT NUMBER NOTICE OF INTERNET AVAILABILITY OF PROXY MATERIALS: The Notice of Meeting, proxy statement and proxy card are available at http://ir.calithera.com/financial-information/annual-reports 1. To elect the Board’s three nominees for director to serve until the 2023 Annual Meeting of stockholders or until their successors are selected. O Susan M. Molineaux, Ph.D. O Blake Wise O H. Ward Wolff FOR ALL NOMINEES WITHHOLD AUTHORITY FOR ALL NOMINEES FOR ALL EXCEPT (See instructions below) NOMINEES: INTERNET - Access “www.voteproxy.com” and follow the on-screen instructions or scan the QR code with your smartphone. Have your proxy card available when you access the web page. Vote online/phone until 11:59 PM EST the day before the meeting. MAIL - Sign, date and mail your proxy card in the envelope provided as soon as possible. VIRTUALLY AT THE MEETING - The company will be hosting the meeting live via the Internet this year. To attend the meeting via the Internet please visit https://web.lumiagm.com/282387153 (password: cala2020) and be sure to have available the control number. GO GREEN - e-Consent makes it easy to go paperless. With e-Consent, you can quickly access your proxy materials, statements and other eligible documents online, while reducing costs, clutter and paper waste. Enroll today via www.astfinancial.com to enjoy online access. These items of business are more fully described in the Proxy Statement accompanying this Notice. The record date for the Annual Meeting is April 13, 2020. Only stockholders of record at the close of business on that date may vote at the meeting or any adjournment thereof. 2. To ratify the selection by the Audit Committee of the Board of Ernst & Young LLP as the independent registered public accounting firm of the Company for the year ending December 31, 2020. 3. To approve, on an advisory basis, the compensation of the Company’s named executive officers, as disclosed in the proxy statement accompanying this notice. 4. To indicate, on an advisory basis, the preferred frequency of stockholder advisory votes on the compensation of the Company’s named executive officers. Note: To conduct any other business properly brought before the meeting. FOR AGAINST ABSTAIN 2 1 YEAR YEARS 3 YEARS ABSTAINWITHIN BOX] Date Signature (Joint Owners) Date


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14475 CALITHERA BIOSCIENCES, INC.Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting: The Notice and Proxy Statement and Form 10-K are available at www.proxyvote.com.    D79137-P72091    Calithera Biosciences, Inc. Annual Meeting of Stockholders June 9, 2020,1, 2022 10:00 am Pacific Time Solicited on Behalf ofa.m. PDT This proxy is solicited by the Board of Directors The undersigned hereby appoints Stephanie Wong and Susan Molineaux, Ph.D., and Stephanie Wong and each of them, with full power of substitution and power to act alone, as proxies of the undersigned to vote all the shares of Common and Preferred Stock which the undersigned would be entitled to vote if personally present and acting at the 2022 Annual Meeting of Stockholders of Calithera Biosciences, Inc., to be held virtually, via live broadcast at www.virtualshareholdermeeting.com/CALA2022 on Wednesday, June 9, 2020 via the Internet please visit https://web.lumiagm.com/282387153 (password: cala2020),1, 2022 at 10:00 am PDT and at any adjournments or postponements thereof, as follows: Thisthereof. The shares represented by this proxy, when properly executed, will be voted in the manner directed herein. If no such direction is made, this proxy will be voted in accordance with the Board of Directors’ recommendations.    (ContinuedContinued and to be signed on the reverse side.) 1.1side