**Skye Bioscience, Inc. Reports Financial Results for 2025 and Provides Business Update**
Skye Bioscience, Inc., a clinical-stage biotechnology company, released its financial results for the year ended December 31, 2025, reporting a net loss of $55.92 million, compared to a net loss of $26.57 million for the previous year. The increased loss was primarily attributed to a significant rise in research and development expenses, which totaled $42.36 million in 2025, a 127% increase from $18.70 million in 2024. This surge in R&D spending was largely due to costs associated with the Phase 2a clinical trial of nimacimab for obesity and manufacturing costs in preparation for a potential Phase 2b trial. General and administrative expenses decreased to $15.80 million from $17.73 million in the prior year, mainly due to lower stock-based compensation expense.
The company's cash position at the end of 2025 was $25.74 million, a decrease from $68.42 million at the end of 2024. Net cash used in operating activities was $43.06 million for 2025, compared to $25.24 million for 2024. Skye Bioscience highlighted that it had no revenue for either year. The company's independent registered public accounting firm included an explanatory paragraph in its audit report expressing substantial doubt about the company's ability to continue as a going concern.
Operationally, Skye Bioscience initiated an expansion study (Part C) of the CBeyond Phase 2a trial in March 2026 to assess the safety and pharmacokinetic profile of intravenously administered nimacimab. The company expects to report topline data from this expansion study in the fourth quarter of 2026. In December 2025, Skye Bioscience entered into a non-exclusive collaboration and license agreement with Halozyme, Inc. for the development of a subcutaneous co-formulation with nimacimab.
Looking ahead, Skye Bioscience anticipates that its current cash resources will be sufficient to fund operations through the fourth quarter of 2026, excluding the costs of a potential Phase 2b study and related manufacturing expenses. The company's future operations are contingent upon securing additional funding through equity or debt financings, strategic partnerships, or other means.
About Skye Bioscience, Inc.
Skye Bioscience, Inc. is a biotechnology company developing GPCR-modulating molecules for obesity and metabolic disorders. Its lead candidate, nimacimab, is a monoclonal antibody targeting peripheral CB1 receptors to promote weight loss, energy expenditure, and metabolic health. The company focuses on clinical-stage therapeutics, leveraging proprietary platform technologies, with a competitive edge in safety, specificity, and innovative mechanisms to address unmet medical needs.
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