Skye Bioscience Reports $12.5 Million Net Loss in Q1 2026 Amid Increased R&D Expenses

Skye Bioscience, Inc. reported its financial results for the first quarter of 2026, revealing a net loss of $12.5 million, or $0.32 per share, compared to a net loss of $11.1 million, or $0.28 per share, for the same period in 2025. The company's total operating expenses increased to $12.7 million from $11.8 million year-over-year, primarily driven by higher research and development costs associated with its ongoing clinical trials for nimacimab, a treatment for obesity. Research and development expenses rose to $7.9 million, up 10% from $7.2 million in the prior year, reflecting increased clinical trial costs and contract manufacturing expenses.

In terms of liquidity, Skye Bioscience reported working capital of $8.2 million as of March 31, 2026, with total current assets decreasing to $18.6 million from $27.1 million at the end of 2025. The company had cash and cash equivalents of $8.1 million, an increase from $5.9 million at the end of the previous fiscal year. However, the company’s accumulated deficit grew to $199.4 million, highlighting ongoing financial challenges. The increase in liabilities, particularly accounts payable, which rose to $3.9 million from $2.0 million, indicates mounting operational pressures.

Strategically, Skye Bioscience is advancing its clinical development of nimacimab, which is currently undergoing a Phase 2a clinical trial. The company has initiated an expansion study to assess the safety and pharmacokinetics of nimacimab administered intravenously. The results from the initial Phase 2a trial indicated that while the monotherapy did not meet its primary endpoint, the combination of nimacimab with semaglutide showed promising results, with significant weight loss observed in participants. The company plans to leverage these findings to inform the design of a potential Phase 2b study.

Operationally, Skye Bioscience has faced challenges, including a legal proceeding related to a former employee, which has resulted in an estimated legal contingency of $2.6 million. The company is also navigating a notification from Nasdaq regarding its stock price, which has fallen below the minimum required for continued listing. Despite these challenges, Skye remains focused on its clinical trials and is exploring options for additional funding to support its operations, with management estimating sufficient capital to continue through the fourth quarter of 2026.

Looking ahead, Skye Bioscience anticipates continued losses as it invests in the development of nimacimab and other potential drug candidates. The company emphasizes the need for additional capital to sustain its operations and advance its clinical programs. The outcome of ongoing trials and the ability to secure funding will be critical for the company's future viability and growth in the competitive biotechnology landscape.