Exhibit 5.1
|
Matthew B. Hemington +1 650 843 5062
hemingtonmb@cooley.com |
August 10, 2023
CymaBay
Therapeutics, Inc.
7575 Gateway Boulevard, Suite 110
Newark, CA 94560
Re: CymaBay Therapeutics, Inc.
Post-Effective Amendments to Registration Statements on Form S-8
Ladies and Gentlemen:
We have acted as counsel to CymaBay Therapeutics, Inc., a Delaware corporation (the Company), in connection with the filing by the
Company with the Securities and Exchange Commission (the Commission) of a Post-Effective Amendment No. 1 to each of the Companys registration statements on Form S-8 (File
Nos. 333-195211, 333-198289, 333-202941, 333-210453,
333-216905, 333-223687, 333-226741, 333-229953,
333-254697, 333-263644, 333-270795), as filed with the Commission on April 11, 2014, August 21, 2014, March 23,
2015, March 29, 2016, March 23, 2017, March 15, 2018, August 9, 2018, February 28, 2019, March 25, 2021, March 17, 2022, and March 23, 2023, respectively (such registration statements, collectively, the
Prior Registration Statements, and the post-effective amendment to each of the Prior Registration Statements, collectively, the Post-Effective Amendments).
The Prior Registration Statements covered the offering of shares of the Companys common stock, par value $0.0001 per share (Common
Stock), previously available for issuance under the CymaBay Therapeutics, Inc. 2013 Equity Incentive Plan, as amended (the Prior Plan), among other plans. For purposes of this opinion, the
Shares means up to 2,933,589 shares of Common Stock, which is the sum of 2,846,732 shares of Common Stock that had been available for grants of new awards under the Prior Plan and 86,857 shares of Common Stock subject to
outstanding stock awards granted under the Prior Plan, that from and after June 1, 2023, may become available for grant under the CymaBay Therapeutics, Inc. 2023 Equity Incentive Plan (the 2023 Plan) as described in
the Post-Effective Amendments.
In connection with this opinion, we have examined and relied upon (a) the Prior Registration Statements, the
Post-Effective Amendments and related prospectus, (b) the Companys certificate of incorporation and bylaws, each as currently in effect, (c) the Prior Plan, (d) the 2023 Plan, and (e) such other records, documents,
certificates, memoranda and other instruments as in our judgment are necessary or appropriate to enable us to render the opinion expressed below. We have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as
originals, the conformity to originals of all documents submitted to us as copies, the accuracy, completeness and authenticity of certificates of public officials and the due authorization, execution and delivery of all documents by all persons
other than the Company where authorization, execution and delivery are prerequisites to the effectiveness thereof. As to certain factual matters, we have relied upon a certificate of an officer of the Company and have not independently verified such
matters.
Our opinion is expressed only with respect to the General Corporation Law of the State of Delaware. We express no opinion to the extent that any
other laws are applicable to the subject matter hereof and express no opinion and provide no assurance as to compliance with any federal or state securities law, rule or regulation.
On the basis of the foregoing, and in reliance thereon, we are of the opinion that the Shares, when sold and issued in accordance with the 2023 Plan, the
Post-Effective Amendments and related prospectus, will be validly issued, fully paid, and nonassessable (except as to shares issued pursuant to deferred payment arrangements which will be fully paid and nonassessable when such deferred payments are
made in full).
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