Skye Bioscience Inc.

11/10/2025 | Press release | Distributed by Public on 11/10/2025 15:09

Quarterly Report for Quarter Ending September 30, 2025 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations.
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements (unaudited) for the three and nine months ended September 30, 2025 and 2024, together with the notes thereto and the consolidated financial statements and the related notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the Securities and Exchange Commission (SEC) on March 20, 2025.
Solely for convenience, certain trademark and service marks (the "marks") referred to in this Quarterly Report on Form 10-Q
appear without the ® or ™ symbols, but those references are not intended to indicate, in any way, that we will not assert, to
the fullest extent under applicable law, our rights to these marks.
Unless otherwise provided in this Quarterly Report on Form 10-Q, references to "we," "us," "our" and "Skye" in this discussion and analysis refer to Skye Bioscience, Inc., a Nevada corporation, together with its consolidated subsidiaries.
Overview
We are a clinical stage biotechnology company developing next-generation molecules that modulate G-protein-coupled receptors ("GPCRs") to treat obesity, overweight, and related conditions. Our lead candidate, nimacimab, is a peripherally restricted negative allosteric modulating antibody targeting the CB1 receptor.
We are conducting CBeyondTM, a Phase 2a proof-of-concept clinical trial of nimacimab administered as a subcutaneous injectable for the treatment of obesity and overweight in the United States. The randomized, placebo- and active-controlled, double-blind CBeyond Phase 2a trial enrolled 136 adults with obesity or overweight, including individuals with a BMI ≥27 kg/m² with at least one comorbidity. Patients were randomized across four arms, 2:2:1:1 to arms with weekly nimacimab 200 mg subcutaneously, placebo, nimacimab 200 mg plus semaglutide (Wegovy®), or placebo plus semaglutide, and were dosed weekly for 26 weeks. Patients not participating in a 26-week extension were monitored for 13 weeks post-treatment.
In October 2025, we reported the following 26 week topline data from our ongoing CBeyond study:
•In CBeyond, the nimacimab monotherapy arm did not achieve the primary endpoint of weight loss compared to placebo (-1.52% vs. -0.26 for placebo, mITT). Preliminary pharmacokinetic analysis showed an association between exposure and response, suggesting that the 200 mg, subcutaneous weekly dose was suboptimal as a monotherapy.
•At the tested dose and exposure levels, nimacimab 200 mg demonstrated a favorable safety profile with placebo-like tolerability. In combination with semaglutide, there was no increase in gastrointestinal (GI) adverse events. Importantly, there were no increases in neuropsychiatric adverse events reported resulting from treatment with nimacimab.
•In the combination arm, nimacimab 200 mg, subcutaneous weekly dose plus semaglutide demonstrated a clinically meaningful magnitude of weight loss compared to semaglutide alone (-13.2% vs -10.25%, p=0.0372, mITT), with no plateau being observed through Week 26. In the combination arm, 100% of patients achieved greater than 5% weight loss (vs. 85% with semaglutide alone) and 67% achieved greater than 10% weight loss (vs. 50% with semaglutide alone) based on the per protocol analysis. This finding supports potential further studies to evaluate combinations of nimacimab and incretin-based therapies. Other findings in the combination arm included:
◦Nimacimab plus semaglutide showed a change of -11.26cm (1.16cm) in waist circumference versus -8.09cm (1.2cm) for semaglutide alone, resulting in a difference of -3.17cm (1.59cm) (p=0.0492, using least-squares mean (LSM)).
◦An improvement in lean mass to fat mass ratio was observed at week 26 when comparing the nimacimab plus semaglutide combination arm to the placebo arm (0.26 vs. 0.02, p <0.0001), and the combination arm compared to semaglutide alone (0.26 vs. 0.13, p = 0.0126).
◦A decrease in rebound weight gain in an analysis of participants 12 weeks post-treatment when nimacimab 200 mg (subcutaneous, weekly) was combined with semaglutide when compared to semaglutide alone (18.1% versus 49.8% weight rebound). Moreover, at 12 weeks post-treatment, the nimacimab plus semaglutide group maintained significant weight loss compared to the placebo group (p=0.006), while the semaglutide alone group lost significance over the placebo group (p=0.12) and followed a trajectory of rebound weight gain consistent with previously reported data (Wilding et al., 2022, STEP-1 Trial Extension), which demonstrated that patients will gain a majority of weight back within 1-year of stopping treatment with semaglutide.
Patients who completed 26 weeks of treatment in the primary phase of the study were eligible to enroll in a 26-week extension for a potential full treatment duration of 52 weeks with a 13-week follow-up period. In September 2025, we completed the enrollment in the extension study. A total of 43 patients were enrolled, with 19 and 24 patients in the combination and monotherapy cohorts, respectively. In the combination arms, patients will continue with blinded treatment with nimacimab or placebo and will continue receiving semaglutide (Wegovy®). Patients in the monotherapy arm will receive nimacimab 300 mg during the extension. Enrollment for the extension is complete. Skye expects to report data from the extension study in Q1 2026.
We believe multiple factors support evaluation of nimacimab at higher doses, including the combination of preclinical toxicology safety margins and modeling; preclinical pharmacology data showing dose-dependent increases in weight loss with nimacimab monotherapy and GLP-1 combinations; and the notable safety profile in the Phase 2a study. However, there can be no assurance that nimacimab at higher doses will result in the desired end points.
We were incorporated under the laws of the State of Nevada on March 16, 2011. Our headquarters are based in San Diego, CA, and we also maintain administrative office space in San Francisco, CA. Since our incorporation, we have devoted substantially all of our efforts to building our product portfolio through the acquisition of clinical assets and licensing agreements, carrying out research and development, building infrastructure and raising capital.
Financial Overview
Revenues
To date, we have not generated any revenue. We do not expect to receive any revenue from our drug candidate, nimacimab, or any future drug candidates that we develop unless and until we obtain regulatory approval for, and commercialize, nimacimab or future drug candidates or generate revenue from collaborative agreements with third parties.
Research and Development Expenses
During the three and nine months ended September 30, 2025, we incurred $9,357,444 and $30,892,454 in research and development expenses primarily related to our Phase 2a clinical trial of nimacimab for obesity and the manufacturing costs associated with future trials. During the three and nine months ended September 30, 2024, we incurred $4,883,337 and $10,908,538 in research and development expense primarily related to our efforts in conducting our Phase 2a clinical trial for SBI-100 OE and costs related to our Phase 2a clinical trial for nimacimab for obesity.
We expect that our ongoing research and development expenses will consist of costs incurred for the development of our drug candidate, nimacimab, or any future drug candidates, including but not limited to:
•employee-related expenses, which include salaries, benefits and stock-based compensation;
•payments to third party contract research organizations and investigative sites;
•payments to third party manufacturing organizations and consultants; and
•payments to third parties related to our discovery research and development efforts to build our pipeline.
We expect to incur future research and development expenditures to support our preclinical, nonclinical, and clinical studies. Preclinical and nonclinical activities include early discovery efforts with novel molecules, laboratory evaluation of product chemistry, toxicity and formulation, as well as animal studies to assess safety and efficacy.
The process of conducting the necessary clinical research to obtain regulatory approval is costly and time consuming and the successful development of our drug candidate, nimacimab, and any future drug candidate is highly uncertain. Our future research and development expenses will depend on the clinical success of nimacimab and any future drug candidates as well as ongoing assessments of the commercial potential of such drug candidates. In addition, we cannot forecast with any degree of certainty whether nimacimab or any future drug candidates may be subject to future collaborations, when such arrangements will be secured, if at all, and to what degree such arrangements would affect our development plans and capital requirements. We expect to incur increased research and development expenses in the future as we continue our efforts towards advancing our lead program for nimacimab.
General and Administrative Expenses
Our general and administrative expenses have fluctuated year-over-year as we have entered into various strategic acquisitions to restructure and reposition our company. Additionally, as a business in the early stages of drug development we are in the process of scaling our operations by hiring additional employees and building the infrastructure necessary to increase efficiencies. These initiatives have resulted in additional costs related to the implementation of certain systems, insurance, facilities, legal, tax and accounting costs. As a public company, we expect to incur additional expenses related to insurance,
investor relations activities, legal and other administration and professional services to comply with the rules and regulations of the SEC, the Financial Industry Regulatory Authority ("FINRA") and Nasdaq. Other significant costs are expected to include legal fees relating to patent and corporate matters, business development costs and fees for consulting services. To incentivize our employees and be competitive to retain strong talent we issued additional equity awards in 2025 and 2024, which have resulted in increased stock-based compensation expense. We also expect that certain general and administrative expenses which are commensurate with headcount, will continue to increase in the future in order to support our expected increase in research and development activities, including increased salaries, technology, facilities and other related costs.
Estimate for Legal Contingencies and Related Expenses
The estimate for legal contingencies and related expenses relates to a litigation matter that related to a former employee of the Company. As of December 31, 2023, we had posted an appellate bond that was collateralized by an irrevocable letter of credit equal to, $9,080,202, approximately 150% of the liability recorded on our balance sheet. As of December 31, 2024, we were successful in our appeal of the judgment in the Ninth Circuit Court of Appeals and the case was remanded back to the District Court for a new trial, as a result of which we reduced the estimated legal contingency based on new key assumptions. The final amount of the loss and loss recoveries remains uncertain. We believe that it is at least reasonably possible that the estimated amount of the potential loss may change in the near term. As of September 30, 2025, the estimated legal contingency, including accrued legal expenses, is $2,054,357.
Other (Income) Expense
Other (income) expense primarily includes a gain from the sale of the Avalite Sciences, Inc. ("AVI") building (the "AVI building") in the first quarter of 2024, and interest expense. These expenses are offset by interest income earned on our cash and cash equivalent balances and short term investments.
Critical Accounting Estimates
There have been no material changes in our Critical Accounting Estimates from the information provided in the "Critical Accounting Estimates" section of "Item 7- Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
Recently Issued and Adopted Accounting Pronouncements
See Note 1 to the accompanying unaudited condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for information on recently issued accounting pronouncements and recently adopted accounting pronouncements. While we expect certain recently adopted accounting pronouncements to impact our disclosures in future periods, the impact upon adoption was not significant to our current estimates and operations.
Results of Operations
For the three months ended September 30, 2025 and 2024
Research and Development Expenses
Below is a summary of our research and development expenses during the three months ended September 30, 2025 and for the same period in 2024:
Three Months Ended September 30,
2025 2024 $ Change
2025 vs. 2024 		% Change
2025 vs. 2024
Research and development expenses $ 9,357,444 $ 4,883,337 $ 4,474,107 92 %
Research and development expenses for the three months ended September 30, 2025, increasedby $4,474,107as compared to the same period in 2024. The net increase in research and development expenses was primarily due to:
•Clinical trial costs increased by $578,014 due to increased site and patient costs related to our Phase 2a clinical study for nimacimab.
•Contract manufacturing costs increased by $2,704,671 from drug substance, product, labeling and packaging costs related to resupplying our extended Phase 2a clinical study for nimacimab, manufacturing in anticipation for our clinical study of nimacimab, and process intensification and dose optimization work.
•Discovery research and development costs increased $479,430 from increased work to interrogate nimacimab's mechanism of action and for life cycle management.
•Quality assurance costs increased by $100,653 from routine vendor site audits.
•Salaries and stock-based compensation increased by $387,000due to increased headcount.
•General business expenses decreased by $139,664 due to the non-recurrence of fees associated with eliminating our glaucoma program.
•Consulting, advisory and professional fees increased by $353,956 to support our nimacimab program.
•Depreciation expense on equipment increased by $59,243 due to the depreciation of manufacturing equipment.
General and Administrative Expenses
Below is a summary of our general and administrative expenses during the three months ended September 30, 2025, and for the same period in 2024:
Three Months Ended September 30,
2025 2024 $ Change
2025 vs. 2024 		% Change
2025 vs. 2024
General and administrative expenses $ 3,907,090 $ 4,638,927 $ (731,837) (16) %
General and administrative expenses for the three months ended September 30, 2025, decreased by $731,837as compared to the same period in 2024. The decrease in general and administrative expenses was primarily due to:
•Salaries, benefits and other direct employee related costsdecreased by$209,163 primarily due to lower headcount and timing of new hires.
•Consulting, advisory and professional fees decreased by $496,410 primarily due to the timing of tax accounting services and financial advisory services.
•Investor relations, marketing and communications expenses increased by $50,022 primarily due to additional content creation and digital marketing expenses.
•Recruiting fees decreased by $272,699 primarily due to the one time cost to hire an executive in the prior period.
•Legal and professional fees increased by $171,707 due to increased patent prosecution activity and litigation defense costs.
Change in Estimate for Legal Contingencies
Total change in estimate for legal contingencies for the three months ended September 30, 2025 and for the same period in 2024:
Three Months Ended September 30,
2025 2024 $ Change
2025 vs. 2024 		% Change
2025 vs. 2024
Change in estimate for legal contingencies $ - $ (4,553,468) $ 4,553,468 (100) %
For the three months ended September 30, 2024, we recorded a change in estimate for legal contingencies (as defined in Note 7 to the accompanying Unaudited Condensed Consolidated Financial Statements) based on changes after September 30, 2024 to the facts and circumstances related to our legal proceedings that existed as of the balance sheet date.
Other (Income) Expense
Below is a summary of our other (income) expense for the three months ended September 30, 2025 and for the same period in 2024:
Three Months Ended September 30,
2025 2024 $ Change
2025 vs. 2024 		% Change
2025 vs. 2024
Interest (income) expense $ - $ (90,766) $ 90,766 (100) %
Interest and other income, net (418,474) (907,697) 489,223 (54) %
Gains from asset sales (91,400) (72,837) (18,563) 25 %
Other expense - 801 (801) (100) %
Total other income $ (509,874) $ (1,070,499) $ 560,625 (52) %
For the three months ended September 30, 2025, we had an decrease of other income of $560,625 as compared to the same period in 2024primarily due to:
•Increased interest income of $90,766 due to the reversal of accrued interest on the legal judgment, which was vacated in the prior year.
•Decreases in interest income and other income of $489,223 due to decreased interest from our cash equivalents and short-term investments yields as a result of the decrease in cash equivalents and short-term investments on hand.
For the nine months ended September 30, 2025 and 2024
Research and Development Expenses
Below is a summary of our research and development expenses during the nine months ended September 30, 2025, and for the same period in 2024:
Nine Months Ended September 30,
2025 2024 $ Change
2025 vs. 2024 		% Change
2025 vs. 2024
Research and development expenses $ 30,892,454 $ 10,908,538 $ 19,983,916 183 %
Research and development expenses for the nine months ended September 30, 2025, increasedby $19,983,916as compared to the same period in 2024. The net increase in research and development expenses was primarily due to:
•Clinical trial costs increased by $4,203,355 due to increased site and patient costs related to our the extension of the Phase 2a clinical study of nimacimab, offset by a decrease in costs to complete our glaucoma study.
•Contract manufacturing costs increased by $11,854,544 from drug substance, product, labeling and packaging costs related to resupplying the extension of our Phase 2a clinical study of nimacimab, manufacturing drug substance for the next CBeyond clinical study for nimacimab, and process intensification and dose optimization work.
•Discovery research and development increased $1,824,126 from increased work to interrogate nimacimab's mechanism of action, potency and for life cycle management.
•Salaries, benefits and stock-based compensation increased by $1,476,121due to increased headcount.
•Consulting, advisory and professional fees increased by $603,719 to support our nimacimab program.
•General business expenses decreased by $402,409 due to the non-recurrence of fees associated with eliminating our glaucoma program.
•Depreciation expense on equipment increased by $249,087 due to the depreciation of manufacturing equipment.
General and Administrative Expenses
Below is a summary of our general and administrative expenses during the nine months ended September 30, 2025, and for the same period in 2024:
Nine Months Ended September 30,
2025 2024
$ Change
2025 vs. 2024
% Change
2025 vs. 2024
General and administrative expenses $ 12,375,567 $ 13,171,547 $ (795,980) (6) %
General and administrative expenses for the nine months ended September 30, 2025, decreased by $795,980as compared to the same period in 2024. The decrease in general and administrative expenses was primarily due to:
•Salaries, benefits and other direct employee related costsdecreased by$56,293 primarily due to lower headcount and timing of new hires.
•Professional, consulting and advisory fees decreased by $518,287 primarily due to the decrease in professional fees from tax and financial advisory services.
•Recruiting fees expenses decreased by $219,935 due to the one time cost to hire an executive in the prior period.
•Investor relations, marketing and communications expenses increased by $615,111 due primarily to a market evaluation study for nimacimab and increased investor communications activities.
•Legal and professional fees decreased by $291,197 due to decreases in litigation, one-time fees related to SEC filings in the prior period, decreases in external legal costs and decreased financial advisory services.
Change in Estimate for Legal Contingencies
Total change in estimate for legal contingencies for the nine months ended September 30, 2025 and for the same period in 2024:
Nine Months Ended September 30,
2025 2024
$ Change
2025 vs. 2024
% Change
2025 vs. 2024
Change in estimate for legal contingencies $ - $ (4,553,468) $ 4,553,468 (100) %
For the nine months ended September 30, 2024, we recorded a change in estimate for legal contingencies (as defined in Note 7 to the accompanying Unaudited Condensed Consolidated Financial Statements) based on changes after September 30, 2024 to the facts and circumstances related to our legal proceedings that existed as of the balance sheet date.
Other (Income) Expense
Below is a summary of our other (income) expense for the nine months ended September 30, 2025 and for the same period in 2024:
Nine Months Ended September 30,
2025 2024
$ Change
2025 vs. 2024
% Change
2025 vs. 2024
Interest (income) expense $ - $ 796,222 (796,222) (100) %
Interest and other income, net (1,609,807) (2,296,488) 686,681 (30) %
Gains from asset sales (180,763) (1,217,978) 1,037,215 (85) %
Other expense - 2,200 (2,200) (100) %
Total other income $ (1,790,570) $ (2,716,044) $ 925,474 (34) %
For the nine months ended September 30, 2025, we had a reduction of other (income) expense of $925,474as compared to the same period in 2024 primarily due to:
•Gain on sale of asset decreased by $1,037,215, due to the one-time sale of real estate during the nine months ended September 30, 2024.
•Decreased interest expense of $796,222 due to the reduction of debt.
•Decreased interest income and other income of $686,681 due to the decreased interest from our cash and cash equivalents and short-term investments yields as a result of the decrease in cash equivalents and short-term investments on hand.
Liquidity and Capital Resources
Liquidity
We have incurred operating losses and negative cash flows from operations since our inception, and as of September 30, 2025, we had working capital of $31,556,897, an accumulated deficit of $172,432,523, and stockholders' equity of $32,836,185. We had unrestricted cash and cash equivalents and short-term investments in the amount of $35,312,308 as of September 30, 2025, as compared to $68,415,741 as of December 31, 2024. For the nine months ended September 30, 2025 and 2024, the Company incurred losses from operations of $43,268,021 and $19,526,617, respectively. For the nine months ended September 30, 2025 and 2024, the Company incurred net losses of $41,482,851 and $16,820,644, respectively.
In January and March 2024, we completed two private placement equity transactions (the "January and March PIPE Financings") with institutional accredited investors in which we raised combined net aggregate proceeds of $83,556,563. We expect that the net proceeds raised from the January March 2024 PIPE Financings, will continue to allow us to fund CBeyond studies for obesity through the 52 week Phase 2a extension data, progress formulation development activities related to dose concentration and process intensification, manufacture drug substance for the next study of nimacimab for obesity and provide us with the ability to expand upon our metabolic program with our other research and development efforts. Accordingly, we will require additional funds in order to initiate the next CBeyond study, including through public or private equity or debt financings, other sources, or through strategic collaborations.
In May 2024 we entered into an Equity Distribution Agreement (the "ATM Agreement") with Piper Sandler & Co., as the sales agent (the "Sales Agent") under which the Company may sell up to $100,000,000 of shares of common stock through the Sales Agent. The Company has not sold any shares under the ATM Agreement as of the date hereof and is not obligated to, and cannot provide any assurances that the Company will make any sales of the shares under the ATM Agreement.
In August 2024, the holder of a secured promissory note exercised their conversion option and converted the principal balance of $5,000,000 into 968,973 shares of our common stock.
During the fourth quarter of 2024, we were successful in our appeal in the Ninth Circuit of the judgment of a material litigation matter, which has been remanded to the District Court for a new trial, and the bond related to the judgment was exonerated, allowing us to recover $9,000,000 in restricted cash. Additionally, in a related case with our insurance carrier, we collected $2,000,000 during the fourth quarter of 2024. The recovered funds have been reallocated to further our clinical pipeline and extend our cash runway.
The Company's unaudited condensed consolidated financial statements have been prepared on the basis of the Company continuing as a going concern for the next 12 months. Based on its current operational requirements, the Company believes that its current cash will be sufficient to fund its projected operations for at least 12 months from the date of the issuance of these consolidated financial statements. However, our forecast of the period of time through which our financial resources will be adequate to support our operations is a forward-looking statement that involves risks and uncertainties, and actual results could vary materially. We have based this estimate on assumptions that may prove to be wrong, and we could use our capital resources sooner than we expect. Additionally, the process of testing product candidates in clinical trials is costly, and the timing of progress and expenses in these trials is uncertain. Accordingly, we may need to seek additional funds sooner than planned, including through public or private equity or debt financings, other sources, or through strategic collaborations. Adequate additional financing may not be available to us on acceptable terms, if at all. Our failure to raise capital when needed could have a negative effect on our financial condition and our ability to pursue our business strategy.
Our future capital requirements will depend on many factors, including:
•the scope, rate of progress, results and costs of our clinical trials, preclinical studies and other related activities;
•our ability to establish and maintain strategic collaborations, licensing or other arrangements and the financial terms of such agreements;
•the timing of, and the costs involved in, obtaining regulatory approvals for nimacimab or any future drug candidates;
•the number and characteristics of the drug candidates we seek to develop or commercialize;
•the cost of manufacturing clinical supplies, and establishing commercial supplies of our drug candidates, both in the U.S. and internationally;
•the cost of commercialization activities if our current or future drug candidates are approved for sale, including marketing, sales and distribution costs;
•the expenses needed to attract and retain skilled personnel;
•the costs associated with being a public company;
•the amount of revenue, if any, received from commercial sales of our drug candidates, should any of our drug candidates receive marketing approval;
•the costs involved in preparing, filing, prosecuting, maintaining, defending and enforcing possible patent claims, including litigation costs and the outcome of any such litigation;
•the results of the new trial in the litigation matter discussed above under "--General Litigation and Disputes - Wendy Cunning vs. Skye Bioscience, Inc." and "--Financial Overview - Estimated Legal Contingency"; and
•the impact of any of the foregoing of macroeconomic events, including inflation, fluctuating interest and exchange rates, and market volatility as a result of trade, fiscal and regulatory policies, including tariffs and any effects of a prolonged government shutdown.
Cash Flows
The following is a summary of our cash flows for the periods indicated and has been derived from our unaudited condensed consolidated financial statements which are included elsewhere in this Quarterly Report on Form 10-Q:
Nine Months Ended September 30,
2025 2024
Net cash used in operating activities $ (33,296,042) $ (17,064,377)
Net cash used in investing activities (16,696,778) (336,025)
Net cash provided by financing activities 18,158 83,556,563
Cash Flows from Operating Activities
The primary use of cash for our operating activities during the period was to fund research development activities for our clinical product candidate and general and administrative activities. Our cash used in operating activities also reflected changes in our working capital, net of adjustments for non-cash charges, such as stock-based compensation, depreciation and amortization, amortization of debt discount and the gain on sale of asset.
Cash used in operating activities of $33,296,042 during the nine months ended September 30, 2025, reflected a net loss of $41,482,851, partially offset by aggregate non-cash charges of $6,511,734 and included a $1,675,075net cash inflow in our operating assets and liabilities.
Non-cash charges included $6,149,154for stock-based compensation expense primarily attributable to the recognition of current period expense on prior grants and $543,343in depreciation and amortization. The net change in our operating assets and liabilities included a $2,200,980cash outflowfrom the increase in our prepaid expenses and other current assets, a $1,689,053net cash inflowfrom increasein our accrued expenses and other current liabilities and a $2,187,002cash inflowfrom the increaseof our accounts payable.
Cash used in operating activities of $17,064,377 during the nine months ended September 30, 2024, reflected a net loss of $16,820,644, partially offset by aggregate non-cash charges of $1,515,581 and included a $1,759,314 net change in our operating assets and liabilities.
Cash Flows from Investing Activities
During the nine months ended September 30, 2025, our cash used in investing activities related primarily to the purchase, net of maturities, of $16,871,229 in short-term investments and $180,763 in net proceeds from the sale of the AVI building.
During the nine months ended September 30, 2024, the Company purchased $1,554,003 in machinery and office equipment and recognized $1,217,978 in net proceeds from the sale of the AVI building and the collection of receivables from the sale of VDL.
Cash Flows from Financing Activities
Cash flows from financing activities primarily reflect proceeds from the sale of our securities.
During the nine months ended September 30, 2025, cash provided by financing activities was not significant.
During the nine months ended September 30, 2024, cash provided by financing activities included $83,556,563 in proceeds received in connection with the January and March PIPE Financings, net of issuance costs.
Off-Balance Sheet Arrangements
There are no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.
Skye Bioscience Inc. published this content on November 10, 2025, and is solely responsible for the information contained herein. Distributed via Edgar on November 10, 2025 at 21:10 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]