Skye Bioscience, Inc.
For the period ended Sep 30, 2025. Filed Nov 10, 2025.
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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, 2025 · Filed Nov 10, 2025
SKYE$0.84+21.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Operations for the (Unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| For the Three Months EndedSeptember 30, | For the Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Operating expenses | ||||
| Research and development | $9,357,444 | $4,883,337 | $30,892,454 | $10,908,538 |
| General and administrative | 3,907,090 | 4,638,927 | 12,375,567 | 13,171,547 |
| Change in estimate for legal contingency | — | (4,553,468) | — | (4,553,468) |
| Total operating expenses | 13,264,534 | 4,968,796 | 43,268,021 | 19,526,617 |
| Operating loss | (13,264,534) | (4,968,796) | (43,268,021) | (19,526,617) |
| Other (income) expense | ||||
| Interest (income) expense | — | (90,766) | — | 796,222 |
| Interest and other income, net | (418,474) | (907,697) | (1,609,807) | (2,296,488) |
| Gains from asset sales | (91,400) | (72,837) | (180,763) | (1,217,978) |
| Other expense | — | 801 | — | 2,200 |
| Total other (income) expense, net | (509,874) | (1,070,499) | (1,790,570) | (2,716,044) |
| Loss before income taxes | (12,754,660) | (3,898,297) | (41,477,451) | (16,810,573) |
| Provision for income taxes | — | — | 5,400 | 10,071 |
| Net loss | $(12,754,660) | $(3,898,297) | $(41,482,851) | $(16,820,644) |
| Loss per common share: | ||||
| Basic | $(0.32) | $(0.10) | $(1.05) | $(0.48) |
| Diluted | $(0.32) | $(0.10) | $(1.05) | $(0.48) |
| Weighted average shares of common stock outstanding used to compute loss per share: | ||||
| Basic | 39,665,927 | 38,819,387 | 39,654,512 | 35,317,352 |
| Diluted | 39,665,927 | 38,819,387 | 39,654,512 | 35,317,352 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net Loss | $(41,482,851) | $(16,820,644) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 543,343 | 123,347 |
| Stock-based compensation expense | 6,149,154 | 6,228,270 |
| Amortization of debt discount | — | 599,006 |
| Gains from asset sales | (180,763) | (1,217,978) |
| Write-down of vendor deposits | — | 325,610 |
| Loss from disposal of assets | — | 10,794 |
| Change in estimate for legal contingencies | — | (4,553,468) |
| Changes in assets and liabilities: | ||
| Prepaid expenses | (3,510,349) | (470,345) |
| Other current assets | 1,309,369 | (1,606,490) |
| Other assets | — | (18,000) |
| Accounts payable | 2,187,002 | (375,760) |
| Accrued interest - related party | — | (126,027) |
| Accrued interest - legal contingency | — | (234,750) |
| Accrued payroll liabilities | (193,481) | 14,889 |
| Operating lease liability | (133,745) | (52,274) |
| Other current liabilities | 2,016,279 | 1,109,443 |
| Net cash used in operating activities | (33,296,042) | (17,064,377) |
| Cash flows from investing activities: | ||
| Proceeds from the sale of assets, net of sales costs | 180,763 | 1,217,978 |
| Purchase of short-term investments, net of maturities | (16,871,229) | — |
| Purchase of property and equipment | (6,312) | (1,554,003) |
| Net cash used in investing activities | (16,696,778) | (336,025) |
| Cash flows from financing activities: | ||
| Purchase under employee stock purchase plan | 18,158 | — |
| Proceeds from the issuance of common stock and warrants, net of equity issuance costs of $0 and $6,434,447, respectively | — | 83,556,563 |
| Net cash provided by financing activities | 18,158 | 83,556,563 |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (49,974,662) | 66,156,161 |
| Cash, cash equivalents and restricted cash, beginning of period | $68,415,741 | $10,336,655 |
| Cash, cash equivalents and restricted cash, end of period | $18,441,079 | $76,492,816 |
| Supplemental disclosures of cash-flow information: | ||
| Reconciliation of cash, cash equivalents and restricted cash: | ||
| Cash and cash equivalents | $18,441,079 | $67,412,614 |
| Restricted cash | — | 9,080,202 |
| Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows | $18,441,079 | $76,492,816 |
| Supplemental disclosures of non-cash financing activities: | ||
| Conversion of convertible note - related party to common stock | $— | $4,971,004 |
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