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Skye Bioscience Inc.(SKYE) - 2024 Q4 - Annual Results
SKYESkye Bioscience Inc.(SKYE)2025-03-20 20:04

Financial Performance - Skye Bioscience reported a net loss of 9.7millionforQ42024,comparedtoanetlossof9.7 million for Q4 2024, compared to a net loss of 4.4 million for the same period in 2023[20]. - The net loss for Q4 2024 was 9,746,479,comparedtoanetlossof9,746,479, compared to a net loss of 4,419,930 in Q4 2023, indicating an increase in losses of 120%[27]. - Basic loss per share for Q4 2024 was (0.24),animprovementfrom(0.24), an improvement from (0.36) in Q4 2023, reflecting a reduction in loss per share of 33%[27]. - Total operating expenses for the year ended December 31, 2024, were 30,192,718,downfrom30,192,718, down from 34,735,173 in 2023, representing a decrease of 13%[27]. Research and Development - Research and development (R&D) expenses for Q4 2024 were 7.8million,asignificantincreasefrom7.8 million, a significant increase from 1.6 million in Q4 2023, primarily due to clinical trial costs for nimacimab[15]. - Skye's R&D expenses for the full year 2024 were 18.7million,comparedto18.7 million, compared to 5.8 million in 2023, reflecting increased clinical trial activities[16]. - Research and development expenses for Q4 2024 were 7,793,156,asignificantincreasefrom7,793,156, a significant increase from 1,591,494 in Q4 2023, reflecting a growth of 388%[27]. - The Phase 2a trial's dosing has been extended to 52 weeks to enhance long-term safety and efficacy data[8]. - Enrollment in the Phase 2a CBeyond trial of nimacimab exceeded the target, completing at 136 patients, with top-line data expected in late Q3/early Q4 2025[6]. - The company is advancing toward monthly dosing of nimacimab to improve patient experience and adherence[10]. Financial Position - Cash and cash equivalents totaled 68.4millionasofDecember31,2024,expectedtofundoperationsthroughatleastQ12027[19].−Cashandcashequivalentsincreasedto68.4 million as of December 31, 2024, expected to fund operations through at least Q1 2027[19]. - Cash and cash equivalents increased to 68,415,741 as of December 31, 2024, up from 1,256,453in2023,showingagrowthof5,4441,256,453 in 2023, showing a growth of 5,444%[29]. - Total assets rose to 72,763,773 in 2024, compared to 11,940,411in2023,markinganincreaseof50911,940,411 in 2023, marking an increase of 509%[29]. - Stockholders' equity improved to 68,151,724 in 2024, compared to a deficit of (2,131,818)in2023,indicatingaturnaroundinequityposition[29].−Thecompanyreportedatotalcurrentliabilitiesof(2,131,818) in 2023, indicating a turnaround in equity position[29]. - The company reported a total current liabilities of 4,338,887 in 2024, down from 13,900,999in2023,adecreaseof6913,900,999 in 2023, a decrease of 69%[29]. Other Financial Metrics - General and administrative (G&A) expenses for Q4 2024 were 4.6 million, up from 2.5millioninQ42023,mainlyduetonon−cashstock−basedcompensationandprofessionalservices[17].−Skyeachieveda2.5 million in Q4 2023, mainly due to non-cash stock-based compensation and professional services[17]. - Skye achieved a 4.2 million gain from the partial derecognition of contingent liabilities and a 2.0milliongainfrominsurancerecoveriesin2024[21].−Theweightedaveragesharesofcommonstockoutstandingincreasedto39,968,601inQ42024from12,343,269inQ42023,anincreaseof2242.0 million gain from insurance recoveries in 2024[21]. - The weighted average shares of common stock outstanding increased to 39,968,601 in Q4 2024 from 12,343,269 in Q4 2023, an increase of 224%[27]. - The company did not incur any costs to acquire IPR&D assets in 2024, compared to 21,215,214 in 2023, indicating a strategic shift in asset acquisition[27]. - The company plans to present preclinical data at scientific conferences in Q2 2025, alongside an analyst event during the American Diabetes Association sessions[19].