Skye Bioscience Inc
For the period ended Jun 30, 2024. Filed Aug 9, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 9, 2024
SKYE$0.84+21.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Operations for the and (Unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| For the Three Months EndedJune 30, | For the Six Months EndedJune 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Operating expenses | ||||
| Research and development | $4,078,751 | $1,788,434 | $6,025,201 | $2,973,314 |
| General and administrative | 4,326,820 | 1,206,405 | 8,532,620 | 3,121,683 |
| Estimated legal contingency | — | (151,842) | — | (151,842) |
| Total operating expenses | 8,405,571 | 2,842,997 | 14,557,821 | 5,943,155 |
| Operating loss | (8,405,571) | (2,842,997) | (14,557,821) | (5,943,155) |
| Other (income) expense | ||||
| Interest expense | 450,052 | 186,429 | 886,988 | 204,828 |
| Interest income | (961,237) | (8,598) | (1,388,791) | (33,112) |
| (Gain) loss from asset sales | — | — | (1,145,141) | 307,086 |
| Debt conversion inducement expense | — | — | — | 1,383,285 |
| Wind-down costs | — | 87,072 | — | 470,181 |
| Other expense (income) | 359 | — | 1,399 | (3) |
| Total other (income) expense, net | (510,826) | 264,903 | (1,645,545) | 2,332,265 |
| Loss before income taxes | (7,894,745) | (3,107,900) | (12,912,276) | (8,275,420) |
| Provision for income taxes | 8,071 | 3,600 | 10,071 | 3,600 |
| Net loss | $(7,902,816) | $(3,111,500) | $(12,922,347) | $(8,279,020) |
| Loss per common share: | ||||
| Basic | $(0.20) | $(0.80) | $(0.39) | $(2.16) |
| Diluted | $(0.20) | $(0.80) | $(0.39) | $(2.16) |
| Weighted average shares of common stock outstanding used to compute earnings per share: | ||||
| Basic | 38,669,330 | 3,886,198 | 33,334,616 | 3,827,216 |
| Diluted | 38,669,330 | 3,886,198 | 33,334,616 | 3,827,216 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the Six Months EndedJune 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net loss | $(12,922,347) | $(8,279,020) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 57,350 | 67,091 |
| Stock-based compensation expense | 4,306,653 | 234,450 |
| Amortization of debt discount | 487,527 | — |
| Write-down of vendor deposits | 246,000 | — |
| Estimate for legal contingency | — | 30,329 |
| (Gain) loss from divestiture of assets | (1,145,141) | 307,086 |
| Loss from disposal of assets | 10,794 | — |
| Debt conversion inducement expense | — | 1,383,285 |
| Accrued interest conversion expense | — | 15,952 |
| Foreign currency remeasurement gain | — | (45,350) |
| Changes in assets and liabilities: | ||
| Prepaid expenses | (901,780) | 714,152 |
| Other current assets | (1,833,439) | (432,975) |
| Accounts payable | (76,292) | (118,487) |
| Accounts payable - related parties | — | (16,600) |
| Accrued interest - related party | (1,369) | — |
| Accrued interest - legal contingency | 150,146 | — |
| Accrued payroll liabilities | (331,808) | 256,195 |
| Operating lease liability | (34,196) | (45,794) |
| Other current liabilities | 186,243 | (28,995) |
| Other current liabilities - related parties | — | (94,078) |
| Net cash used in operating activities | (11,801,659) | (6,052,759) |
| Cash flows from investing activities: | ||
| Proceeds from the sale of assets, net of sales costs | 1,145,141 | 5,532,266 |
| Purchase of property and equipment | (35,644) | (1,860) |
| Net cash provided by investing activities | 1,109,497 | 5,530,406 |
| Cash flows from financing activities: | ||
| Proceeds from the issuance of common stock and warrants, net of equity issuance costs of $6,434,447 | 83,556,563 | — |
| Repayment of insurance premium loan payable | — | (168,720) |
| Net cash provided by (used in) financing activities | 83,556,563 | (168,720) |
| Net increase (decrease) in cash and restricted cash | 72,864,401 | (691,073) |
| Cash, cash equivalents and restricted cash, beginning of period | $10,336,655 | $1,249,107 |
| Cash, cash equivalents and restricted cash, end of period | $83,201,056 | $558,034 |
| Supplemental disclosures of cash-flow information: | ||
| Reconciliation of cash, cash equivalents and restricted cash: | ||
| Cash, and cash equivalents | $74,120,854 | $553,443 |
| Restricted cash | 9,080,202 | 4,591 |
| Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows | $83,201,056 | $558,034 |
| Supplemental disclosures of non-cash financing activities: | ||
|---|---|---|
| Common stock warrant exercises | $— | $282,905 |
| Conversion of multi-draw credit agreement | — | 1,565,470 |
| Conversion of accrued interest due to related party | — | 31,766 |
| Financing of insurance premium | — | 203,884 |
| Release of share liability to additional paid-in-capital | — | 241,134 |
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