Skye Bioscience Inc
For the period ended Sep 30, 2024. Filed Nov 7, 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.
Sep 30, 2024 · Filed Nov 7, 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 (Unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| For the Three Months EndedSeptember 30, · For the · For the Nine Months EndedSeptember 30, | ||||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Operating expenses | ||||
| Research and development | $4,883,337 | $1,254,653 | $10,908,538 | $4,227,967 |
| Cost to acquire IPR&D asset | — | 21,215,214 | — | 21,215,214 |
| General and administrative | 4,638,927 | 2,235,899 | 13,171,547 | 5,357,577 |
| Change in estimate for legal contingencies | (4,553,468) | — | (4,553,468) | (151,842) |
| Total operating expenses | 4,968,796 | 24,705,766 | 19,526,617 | 30,648,916 |
| Operating loss | (4,968,796) | (24,705,766) | (19,526,617) | (30,648,916) |
| Other (income) expense | ||||
| Interest (income) expense | (90,766) | 271,307 | 796,222 | 476,135 |
| Interest income | (907,697) | (16,562) | (2,296,488) | (49,669) |
| (Gain) loss from asset sales | (72,837) | — | (1,217,978) | 307,086 |
| Debt conversion inducement expense | — | — | — | 1,383,285 |
| Wind-down costs | — | (14,677) | — | 455,504 |
| Other expense (income) | 801 | — | 2,200 | (3) |
| Total other (income) expense, net | (1,070,499) | 240,068 | (2,716,044) | 2,572,338 |
| Loss before income taxes | (3,898,297) | (24,945,834) | (16,810,573) | (33,221,254) |
| Provision for income taxes | — | — | 10,071 | 3,600 |
| Net loss | $(3,898,297) | $(24,945,834) | $(16,820,644) | $(33,224,854) |
| Loss per common share: | ||||
| Basic | $(0.10) | $(3.17) | $(0.48) | $(6.38) |
| Diluted | $(0.10) | $(3.17) | $(0.48) | $(6.38) |
| Weighted average shares of common stock outstanding used to compute earnings per share: | ||||
| Basic | 38,819,387 | 7,880,546 | 35,317,352 | 5,207,411 |
| Diluted | 38,819,387 | 7,880,546 | 35,317,352 | 5,207,411 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net loss | $(16,820,644) | $(33,224,854) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 123,347 | 95,880 |
| Stock-based compensation expense | 6,228,270 | 394,657 |
| Change in fair value of derivative liabilities | — | (3) |
| Amortization of debt discount | 599,006 | 102,400 |
| Write-down of vendor deposits | 325,610 | — |
| Change in estimate for legal contingencies | (4,553,468) | 7,009 |
| (Gain) loss from divestiture of assets | (1,217,978) | 307,086 |
| Loss from disposal of assets | 10,794 | — |
| Debt conversion inducement expense | — | 1,383,285 |
| Accrued interest conversion expense | — | 15,952 |
| Cost to acquire IPR&D asset | — | 21,215,214 |
| Foreign currency remeasurement gain | — | (45,350) |
| Changes in assets and liabilities: | ||
| Prepaid expenses | (470,345) | 782,265 |
| Other current assets | (1,606,490) | (236,779) |
| Other assets | (18,000) | — |
| Accounts payable | (375,760) | (112,021) |
| Accounts payable - related parties | — | (113,601) |
| Accrued interest - related party | (126,027) | 60,274 |
| Accrued interest - legal contingency | (234,750) | — |
| Accrued payroll liabilities | 14,889 | (11,904) |
| Operating lease liability | (52,274) | (60,647) |
| Other current liabilities | 1,109,443 | (570,473) |
| Other current liabilities - related parties | — | (95,850) |
| Net cash used in operating activities | (17,064,377) | (10,107,460) |
| Cash flows from investing activities: | ||
| Proceeds from the sale of assets, net of sales costs | 1,217,978 | 5,532,266 |
| Purchase of property and equipment | (1,554,003) | (5,533) |
| Cash from asset acquisition, net of transaction costs | — | 1,076,740 |
| Net cash (used in) provided by investing activities | (336,025) | 6,603,473 |
| Cash flows from financing activities: | ||
| Proceeds from convertible note - related party | — | 4,973,684 |
| Proceeds from the issuance of common stock and warrants, net of equity issuance costs of $6,434,447 and $265,053, respectively | 83,556,563 | 11,734,947 |
| Financing costs allocated to warrants issued with convertible debt | — | (6,026) |
| Repayment of insurance premium loan payable | — | (236,681) |
| Net cash provided by financing activities | 83,556,563 | 16,465,924 |
| Net increase in cash and restricted cash | 66,156,161 | 12,961,937 |
| Cash, cash equivalents and restricted cash, beginning of period | $10,336,655 | $1,249,107 |
| Cash, cash equivalents and restricted cash, end of period | $76,492,816 | $14,211,044 |
| Supplemental disclosures of cash-flow information: | ||
| Reconciliation of cash, cash equivalents and restricted cash: | ||
| Cash, and cash equivalents | $67,412,614 | $5,126,245 |
|---|---|---|
| Restricted cash | 9,080,202 | 9,084,799 |
| Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows | $76,492,816 | $14,211,044 |
| 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 |
| Right of use asset obtained in exchange for operating lease liabilities | — | 241,134 |
| Stock issued for assets | — | 20,532,846 |
| Conversion of convertible note - related party to common stock | 4,971,004 | — |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.