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Skye Bioscience Inc. (SKYE+1.79%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations as a clinical-stage biopharmaceutical company focused on developing next-generation molecules that modulate G protein-coupled receptors to treat obesity, overweight, and metabolic diseases.
Skye's lead candidate, nimacimab, is a peripherally restricted negative allosteric modulating antibody targeting cannabinoid receptor 1 (CB1). The company is conducting a Phase 2a clinical trial, CBeyondTM, to assess nimacimab's efficacy in treating obesity and overweight.
During the fiscal year, Skye completed the acquisition of Bird Rock Bio, Inc., obtaining nimacimab as a clinical asset. The acquisition was valued at $21,609,586, paid in shares of Skye's common stock.
Skye reported a net loss of $26,567,123 for the year ended December 31, 2024, compared to a net loss of $37,644,784 for the previous year. The decrease in net loss was primarily due to a reduction in research and development expenses and a change in estimate for legal contingencies.
The company raised $83,556,563 in net proceeds from two private placement equity transactions in January and March 2024, which are intended to fund the ongoing clinical trial and manufacturing activities for nimacimab.
Skye's cash and cash equivalents as of December 31, 2024, were $68,415,741. The company expects its current cash to be sufficient to fund operations for at least the next 12 months.
The filing also notes that Skye was successful in appealing a material litigation matter, resulting in the recovery of $9,000,000 in restricted cash during the fourth quarter of 2024.
Skye has no products approved for sale and continues to focus on advancing nimacimab through clinical development. The company anticipates providing a top-line readout from the CBeyondTM study late in the third quarter or early in the fourth quarter of 2025.
The company acknowledges risks associated with its operations, including its dependence on nimacimab's success, the need for additional financing, and the potential impact of global economic and political developments.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Skye Bioscience Inc. annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.