Skye Bioscience Inc

NASDAQ:SKYEUnited States

----------- ----------- 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 expense (income) 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 ---------- ----------- ----------- ----------- SKYE BIOSCIENCE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) September 30, December 31, 2024 2023 -------------- ---------------- ASSETS Current assets Cash and cash equivalents $ 67,412,614 $ 1,256,453 Restricted cash 9,080,202 9,080,202 Prepaid expenses 664,604 194,259 Other current assets 2,650,809 1,119,929 ------------ ------------ Total current assets 79,808,229 11,650,843 Property and equipment, net 1,516,612 43,276 Operating lease right-of-use asset 184,509 237,983 Other assets 26,310 8,309 ------------ ------------ Total assets $ 81,535,660 $ 11,940,411 ------------ ------------ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 780,025 $ 1,155,785 Accrued interest -- related party -- 126,027 Accrued interest -- legal contingency -- 234,750 Accrued payroll liabilities 903,271 888,381 Other current liabilities 2,065,658 998,552 Estimate for accrued legal contingencies and related expenses 1,792,337 6,053,468 Convertible note -- related party, net of discount -- 4,371,998 Operating lease liability, current portion 82,932 72,038 ------------ ------------ Total current liabilities 5,624,223 13,900,999 Noncurrent liabilities Operating lease liability, net of current portion 108,062 171,230 ------------ ------------ Total liabilities 5,732,285 14,072,229 ------------ ------------ Commitments and contingencies Stockholders' equity Preferred stock, $0.001 par value; 200,000 shares authorized at September 30, 2024 and December 31, 2023; no shares issued and outstanding at September 30, 2024 and December 31, 2023 -- -- Common stock, $0.001 par value; 100,000,000 shares authorized at September 30, 2024 and December 31, 2023; 30,338,290 and 12,349,243 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 30,338 12,349 Additional paid-in-capital 196,976,230 102,238,382 Accumulated deficit (121,203,193) (104,382,549) Total stockholders' equity 75,803,375 (2,131,818) ------------ ------------ Total liabilities and stockholders' equity $ 81,535,660 $ 11,940,411 ------------ ------------