Core Insights - Skye Bioscience, Inc. is making significant progress in its clinical operations and R&D, particularly with its lead candidate nimacimab for obesity treatment [2][3] - The company reported a net loss of $11.1 million for Q1 2025, an increase from $5.0 million in Q1 2024, primarily due to higher R&D expenses [10][8] - Skye's cash and cash equivalents totaled $59.2 million as of March 31, 2025, which is expected to fund operations through at least Q1 2027 [5] Clinical Highlights - The CBeyond™ Phase 2a trial for nimacimab is ongoing, with top-line data expected in late Q3 or early Q4 2025 [6][7] - Nimacimab has shown promising results in preclinical studies, demonstrating over 30% weight loss when combined with tirzepatide and 23.5% weight loss as a monotherapy [7] - The Data Safety Monitoring Committee has completed three safety reviews with no concerns, and the study protocol is being finalized with the FDA for a 52-week open-label study extension [7] Financial Results - R&D expenses for Q1 2025 were $7.2 million, up from $1.9 million in Q1 2024, driven by costs related to the Phase 2a clinical study [8] - General and administrative expenses increased to $4.6 million in Q1 2025 from $4.2 million in Q1 2024, mainly due to investor relations and marketing costs [9] - The total operating expenses for Q1 2025 were $11.8 million, compared to $6.2 million in the same period last year [16] Balance Sheet Highlights - As of March 31, 2025, total assets were $64.8 million, down from $72.8 million at the end of 2024 [19] - Current liabilities increased to $5.3 million from $4.3 million at the end of 2024, reflecting higher accounts payable and accrued liabilities [19] - Stockholders' equity decreased to $59.3 million from $68.2 million at the end of 2024, primarily due to the net loss incurred [19]
Skye Bioscience Reports First Quarter 2025 Results and Highlights Nimacimab Differentiation in Obesity