Skye Bioscience Inc.(SKYE) - 2025 Q3 - Quarterly Results

Financial Performance - Skye Bioscience reported a net loss of $12.8 million for Q3 2025, compared to a net loss of $3.9 million for the same period in 2024, reflecting a significant increase in losses [11]. - General and administrative (G&A) expenses decreased to $3.9 million in Q3 2025 from $4.6 million in Q3 2024, mainly due to lower consulting and professional fees [10]. - The total operating expenses for Q3 2025 were $13.3 million, compared to $5.0 million for the same period in 2024 [17]. Research and Development - Research and development (R&D) expenses for Q3 2025 were $9.4 million, up from $4.9 million in Q3 2024, primarily due to increased clinical trial costs and contract manufacturing [9]. - The Phase 2a study of nimacimab showed a 29% relative increase in weight loss when combined with semaglutide compared to semaglutide alone after 26 weeks [6]. - Patients treated with the nimacimab and semaglutide combination experienced a weight regain of 18.1% over 12 weeks post-treatment, compared to 49.8% for those on semaglutide alone [6]. - The combination therapy also resulted in an additional waist circumference reduction of 3.2 cm compared to semaglutide alone [5]. - The 26-week extension study for nimacimab was fully enrolled with 43 patients, and data is expected in Q1 2026 [12]. - The company anticipates further insights into nimacimab's potential as a metabolic therapy from upcoming biomarker data and the 26-week extension study readout [3]. Financial Position - Cash, cash equivalents, and short-term investments totaled $35.3 million as of September 30, 2025, expected to fund operations into 2027 [8]. - Total current assets decreased from $70,827,247 on December 31, 2024, to $39,924,794 on September 30, 2025, representing a decline of approximately 43.7% [19]. - Cash and cash equivalents significantly decreased from $68,415,741 to $18,441,079, a reduction of about 73.0% [19]. - Total liabilities increased from $4,612,049 on December 31, 2024, to $8,488,104 on September 30, 2025, marking an increase of approximately 83.5% [19]. - Stockholders' equity dropped from $68,151,724 to $32,836,185, reflecting a decrease of about 51.8% [19]. - The accumulated deficit increased from $(130,949,672) to $(172,432,523), indicating a worsening of approximately 31.7% [19]. - Total assets decreased from $72,763,773 to $41,324,289, a decline of about 43.0% [19]. - The number of common shares issued and outstanding slightly increased from 30,974,559 to 30,989,046 [19]. - Short-term investments were reported at $16,871,229 as of September 30, 2025, with no short-term investments reported on December 31, 2024 [19]. - Current liabilities rose from $4,338,887 to $8,367,897, an increase of approximately 93.5% [19]. - Operating lease liability, net of current portion, decreased from $273,162 to $120,207, a reduction of about 56.0% [19].