Financial Performance - Skye Bioscience reported a net loss of $3.9 million for Q3 2024, a significant decrease from a net loss of $24.9 million in Q3 2023[9]. - General and administrative expenses rose to $4.6 million in Q3 2024, up from $2.2 million in Q3 2023, mainly due to non-cash stock-based compensation and professional services[9]. - The accumulated deficit increased to $(121,203,193) from $(104,382,549), indicating a rise in losses of about 16%[14]. Research and Development - Research and development expenses increased to $4.9 million in Q3 2024, compared to $1.3 million in the same period last year, primarily due to costs associated with the Phase 2 clinical trial for nimacimab[9]. - The Phase 2 obesity trial for nimacimab began patient enrollment in August 2024, targeting an 8% difference in mean weight loss compared to placebo at 26 weeks[3]. - Interim data from the Phase 2 trial is expected in Q2 2025, with topline data anticipated in Q4 2025 after full enrollment of 120 patients[3]. - New preclinical data showed dose-dependent weight loss of up to 16% in a diet-induced obesity model using nimacimab[4]. Cash and Assets - Cash and cash equivalents totaled $76.5 million as of September 30, 2024, with $9.1 million classified as restricted cash[8]. - Total current assets increased significantly to $79,808,229 as of September 30, 2024, compared to $11,650,843 on December 31, 2023, representing a growth of approximately 584%[14]. - Cash and cash equivalents rose to $67,412,614 from $1,256,453, marking an increase of over 5300%[14]. - Total assets reached $81,535,660, a substantial increase from $11,940,411, representing a growth of approximately 583%[14]. Liabilities and Equity - Total liabilities decreased to $5,732,285 from $14,072,229, a reduction of approximately 59%[14]. - Current liabilities decreased to $5,624,223 from $13,900,999, a decline of about 60%[14]. - Stockholders' equity improved to $75,803,375 from a deficit of $(2,131,818), indicating a turnaround of over $77 million[14]. - Additional paid-in capital rose to $196,976,230 from $102,238,382, reflecting an increase of approximately 93%[14]. Leadership and Legal Matters - Skye appointed Dr. Puneet Arora as Chief Medical Officer, enhancing its leadership in metabolic health[6]. - The U.S. Court of Appeals vacated a judgment related to litigation, allowing the company to recover $9 million in cash previously restricted[7].
Skye Bioscience Inc.(SKYE) - 2024 Q3 - Quarterly Results