Skye Bioscience, Inc. Files 10-Q for Period Ending March 31, 2024
Ticker: SKYE · Form: 10-Q · Filed: May 10, 2024 · CIK: 1516551
Sentiment: neutral
Topics: Skye Bioscience, SKYE, 10-Q, Financial Report, Quarterly Filing
TL;DR
<b>Skye Bioscience, Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing financial information and corporate structure.</b>
AI Summary
Skye Bioscience, Inc. (SKYE) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Skye Bioscience, Inc. filed its 10-Q report for the quarterly period ended March 31, 2024. The company's fiscal year ends on December 31st. Skye Bioscience, Inc. is incorporated in Nevada. The company's business and mailing address is 11250 El Camino Real, Suite 100, San Diego, CA 92130. The filing includes data related to common stock, additional paid-in capital, and retained earnings for various periods.
Why It Matters
For investors and stakeholders tracking Skye Bioscience, Inc., this filing contains several important signals. This filing provides investors with the latest financial performance and position of Skye Bioscience, Inc. for the first quarter of 2024. Understanding the company's financial health and capital structure is crucial for assessing its investment potential and future prospects.
Risk Assessment
Risk Level: low — Skye Bioscience, Inc. shows low risk based on this filing. The filing is a standard 10-Q report, which is routine for publicly traded companies and does not contain immediate red flags.
Analyst Insight
Review the detailed financial statements within the 10-Q to understand Skye Bioscience's revenue, expenses, and cash flow for Q1 2024.
Key Numbers
- 2024-03-31 — Reporting Period End Date (Quarterly report)
- 2024-05-10 — Filing Date (10-Q filing)
- 1231 — Fiscal Year End (Annual fiscal year)
- 2834 — SIC Code (Pharmaceutical Preparations industry)
Key Players & Entities
- Skye Bioscience, Inc. (company) — Filer name and subject of the report
- 2024-03-31 (date) — End of the reporting period
- 2024-05-10 (date) — Filing date of the report
- San Diego, CA (location) — Business and mailing address city and state
- NV (location) — State of incorporation
- Emerald Bioscience, Inc. (company) — Former company name
- Nemus Bioscience, Inc. (company) — Former company name
- LOAD GUARD LOGISTICS, INC. (company) — Former company name
FAQ
When did Skye Bioscience, Inc. file this 10-Q?
Skye Bioscience, Inc. filed this Quarterly Report (10-Q) with the SEC on May 10, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by Skye Bioscience, Inc. (SKYE).
Where can I read the original 10-Q filing from Skye Bioscience, Inc.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Skye Bioscience, Inc..
What are the key takeaways from Skye Bioscience, Inc.'s 10-Q?
Skye Bioscience, Inc. filed this 10-Q on May 10, 2024. Key takeaways: Skye Bioscience, Inc. filed its 10-Q report for the quarterly period ended March 31, 2024.. The company's fiscal year ends on December 31st.. Skye Bioscience, Inc. is incorporated in Nevada..
Is Skye Bioscience, Inc. a risky investment based on this filing?
Based on this 10-Q, Skye Bioscience, Inc. presents a relatively low-risk profile. The filing is a standard 10-Q report, which is routine for publicly traded companies and does not contain immediate red flags.
What should investors do after reading Skye Bioscience, Inc.'s 10-Q?
Review the detailed financial statements within the 10-Q to understand Skye Bioscience's revenue, expenses, and cash flow for Q1 2024. The overall sentiment from this filing is neutral.
How does Skye Bioscience, Inc. compare to its industry peers?
Skye Bioscience, Inc. operates within the Pharmaceutical Preparations industry, as indicated by its SIC code 2834.
Are there regulatory concerns for Skye Bioscience, Inc.?
The filing is a Form 10-Q, a standard quarterly report required by the Securities and Exchange Commission (SEC) for publicly traded companies.
Industry Context
Skye Bioscience, Inc. operates within the Pharmaceutical Preparations industry, as indicated by its SIC code 2834.
Regulatory Implications
The filing is a Form 10-Q, a standard quarterly report required by the Securities and Exchange Commission (SEC) for publicly traded companies.
What Investors Should Do
- Analyze the financial statements for the three months ended March 31, 2024, and compare them to the same period in 2023 if available in the full filing.
- Examine any disclosures regarding business operations, legal proceedings, or risk factors that may have changed since the last filing.
- Review the company's capital structure, including details on common stock and warrants, to understand equity changes.
Key Dates
- 2024-03-31: Quarterly Period End — End date for the financial data presented in the 10-Q
- 2024-05-10: Filing Date — Date the 10-Q report was officially submitted to the SEC
Year-Over-Year Comparison
This is the initial analysis of the 10-Q filing for the period ending March 31, 2024. Specific comparative data from the previous filing is not detailed in this header information.
Filing Stats: 4,520 words · 18 min read · ~15 pages · Grade level 13.2 · Accepted 2024-05-10 16:02:13
Key Financial Figures
- $0.001 — ich registered Common Stock, par value $0.001 SKYE Nasdaq Global Market Indicate by
Filing Documents
- skye-20240331.htm (10-Q) — 655KB
- skye-20240331xex10x1.htm (EX-10.1) — 213KB
- skye-20240331xex311.htm (EX-31.1) — 10KB
- skye-20240332xex312.htm (EX-31.2) — 11KB
- skye-20240331xex321.htm (EX-32.1) — 5KB
- skye-20240331xex322.htm (EX-32.2) — 5KB
- 0001516551-24-000055.txt ( ) — 4377KB
- skye-20240331.xsd (EX-101.SCH) — 36KB
- skye-20240331_cal.xml (EX-101.CAL) — 53KB
- skye-20240331_def.xml (EX-101.DEF) — 166KB
- skye-20240331_lab.xml (EX-101.LAB) — 388KB
- skye-20240331_pre.xml (EX-101.PRE) — 282KB
- skye-20240331_htm.xml (XML) — 457KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION Item 1.
Financial Statements
Financial Statements: 3 Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 202 3 3 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 6 Condensed Consolidated Statements of Stockholders' Equity (Deficit) for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 8 Notes to the Unaudited Condensed Consolidated Financial Statements 9 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 23 Item 4.
Controls and Procedures
Controls and Procedures 24
- OTHER INFORMATION
PART II - OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 25 Item 1A.
Risk Factors
Risk Factors 25 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25 Item 3. Defaults Upon Senior Securities 26 Item 4. Mine Safety Disclosures 26 Item 5. Other Information 26 Item 6. Exhibits 26 2
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements SKYE BIOSCIENCE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2024 December 31, 2023 (Unaudited) ASSETS Current assets Cash $ 83,342,907 $ 1,256,453 Restricted cash 9,080,202 9,080,202 Prepaid expenses 640,536 194,259 Other current assets 1,506,442 1,119,929 Total current assets 94,570,087 11,650,843 Property and equipment, net 36,076 43,276 Operating lease right-of-use asset 220,804 237,983 Other assets 8,309 8,309 Total assets $ 94,835,276 $ 11,940,411 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities Accounts payable $ 1,095,134 $ 1,155,785 Accrued interest - related party 124,658 126,027 Accrued payroll liabilities 353,462 888,381 Accrued interest - legal contingency 309,823 234,750 Other current liabilities 3,179,647 998,552 Estimate for legal contingency 6,053,468 6,053,468 Convertible note - related party, net of discount 4,609,203 4,371,998 Operating lease liability, current portion 75,535 72,038 Total current liabilities 15,800,930 13,900,999 Non-current liabilities Operating lease liability, net of current portion 150,953 171,230 Total liabilities 15,951,883 14,072,229 Commitments and contingencies (Note 9) Stockholders' equity (deficit) Preferred stock, $ 0.001 par value; 200,000 shares authorized at March 31, 2024 and December 31, 2023; no shares issued and outstanding at March 31, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value; 100,000,000 shares authorized at March 31, 2024 and December 31, 2023; 28,062,907 and 12,349,243 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 28,063 12,349 Additional paid-in-capital 188,257,410 102,238,382 Accumulated deficit ( 109,402,080 ) ( 104,382,549 ) Total stockholders' equity (deficit) 78,883,393 ( 2,131,818 ) 3 Total liabilities and stockholders' equity (deficit) $ 94,835,276 $ 11,940,411 See accompanying notes to the condensed consolid