Skye Bioscience Reports $17.6 Million Net Loss and Increased Expenses in Latest Quarter

Skye Bioscience, Inc. reported significant financial challenges in its latest 10-Q filing for the quarter ending June 30, 2025. The company recorded a net loss of $17.6 million for the three months ended June 30, 2025, compared to a loss of $7.9 million for the same period in 2024. For the first half of 2025, the net loss totaled $28.7 million, up from $12.9 million in the prior year. The increase in losses is attributed primarily to a substantial rise in research and development expenses, which surged to $14.3 million in the second quarter, a 252% increase from $4.1 million in the same quarter of 2024.

Total operating expenses for the second quarter of 2025 reached $18.2 million, compared to $8.4 million in the same period last year. The increase in expenses was driven by heightened clinical trial costs associated with the company's lead candidate, nimacimab, as well as increased contract manufacturing costs. The company has not yet generated any revenue, as it remains in the clinical development stage, focusing on its Phase 2a clinical trial for nimacimab aimed at treating obesity.

In terms of financial position, Skye Bioscience reported total assets of $52.2 million as of June 30, 2025, down from $72.8 million at the end of 2024. The decline in assets was primarily due to a significant reduction in cash and cash equivalents, which fell to $23.8 million from $68.4 million at the end of the previous fiscal year. The company's liabilities also increased, with total liabilities rising to $8.5 million from $4.6 million, largely due to higher accounts payable and accrued liabilities.

Operationally, Skye Bioscience is advancing its clinical programs, with ongoing trials for nimacimab. The company is currently conducting the CBeyond study, a Phase 2a trial assessing nimacimab's efficacy in combination with a GLP-1 receptor agonist. The company anticipates providing top-line results from this study in late 2025. Additionally, Skye has been actively managing its legal contingencies, having successfully appealed a prior judgment related to a former employee, which has allowed the company to recover previously restricted cash.

Looking ahead, Skye Bioscience acknowledges the need for additional funding to support its clinical trials and operational activities. The company has raised significant capital through private placements in early 2024, totaling approximately $83.6 million, which it plans to utilize for ongoing research and development. However, the company also indicated that it may need to seek further financing sooner than anticipated, depending on the outcomes of its clinical trials and overall market conditions.