Skye Bioscience Files Q2 2024 10-Q
Ticker: SKYE · Form: 10-Q · Filed: Aug 9, 2024 · CIK: 1516551
Sentiment: neutral
Topics: 10-Q, financials, biotech
TL;DR
Skye Bioscience dropped its Q2 10-Q. Check financials.
AI Summary
Skye Bioscience, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported its financial results and provided updates on its business operations. Specific financial figures and operational details are available within the full filing.
Why It Matters
This filing provides investors with the latest financial health and operational status of Skye Bioscience, crucial for understanding its current performance and future prospects.
Risk Assessment
Risk Level: medium — As a biotech company, Skye Bioscience faces inherent risks related to drug development, regulatory approvals, and market competition.
Key Numbers
- 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which results are reported.)
- 20240809 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- Skye Bioscience, Inc. (company) — Filer of the 10-Q
- 20240630 (date) — End of the reporting period
- 20240809 (date) — Filing date
- Emerald Bioscience, Inc. (company) — Former company name
- Nemus Bioscience, Inc. (company) — Former company name
FAQ
What was Skye Bioscience's revenue for the quarter ending June 30, 2024?
The provided text does not explicitly state the revenue for the quarter ending June 30, 2024. Further details would be in the full financial statements within the 10-Q.
What is the company's primary business focus?
Skye Bioscience, Inc. is in the Pharmaceutical Preparations industry (SIC code 2834).
When was the company previously known as Emerald Bioscience, Inc.?
The company changed its name from Emerald Bioscience, Inc. on March 25, 2019.
What is the company's state of incorporation?
Skye Bioscience, Inc. is incorporated in Nevada (NV).
What is the business address of Skye Bioscience?
The business address is 11250 El Camino Real, Suite 100, San Diego, CA 92130.
Filing Stats: 4,570 words · 18 min read · ~15 pages · Grade level 13.3 · Accepted 2024-08-09 17:18:47
Key Financial Figures
- $0.001 — ich registered Common Stock, par value $0.001 SKYE Nasdaq Global Market Indicate by
Filing Documents
- skye-20240630.htm (10-Q) — 781KB
- a101_skyebio-inducementequ.htm (EX-10.1) — 146KB
- a102_skyebioscience-induce.htm (EX-10.2) — 48KB
- a103_skyebio-formofrestric.htm (EX-10.3) — 60KB
- skye-20240630xex311.htm (EX-31.1) — 10KB
- skye-20240630xex312.htm (EX-31.2) — 11KB
- skye-20240630xex321.htm (EX-32.1) — 5KB
- skye-20240630xex322.htm (EX-32.2) — 5KB
- 0001516551-24-000070.txt ( ) — 5120KB
- skye-20240630.xsd (EX-101.SCH) — 38KB
- skye-20240630_cal.xml (EX-101.CAL) — 57KB
- skye-20240630_def.xml (EX-101.DEF) — 181KB
- skye-20240630_lab.xml (EX-101.LAB) — 520KB
- skye-20240630_pre.xml (EX-101.PRE) — 349KB
- skye-20240630_htm.xml (XML) — 547KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION Item 1.
Financial Statements
Financial Statements: 3 Condensed Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (Unaudited) 6 Condensed Consolidated Statements of Stockholders' Equity (Deficit) for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) 8 Notes to the Unaudited Condensed Consolidated Financial Statements 10 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 20 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 27 Item 4.
Controls and Procedures
Controls and Procedures 27
- OTHER INFORMATION
PART II - OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 29 Item 1A.
Risk Factors
Risk Factors 29 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29 Item 3. Defaults Upon Senior Securities 29 Item 4. Mine Safety Disclosures 29 Item 5. Other Information 29 Item 6. Exhibits 30 2
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements 3 SKYE BIOSCIENCE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2024 December 31, 2023 (Unaudited) ASSETS Current assets Cash and cash equivalents $ 74,120,854 $ 1,256,453 Restricted cash 9,080,202 9,080,202 Prepaid expenses 1,096,039 194,259 Other current assets 2,707,368 1,119,929 Total current assets 87,004,463 11,650,843 Property and equipment, net 45,772 43,276 Operating lease right-of-use asset 202,987 237,983 Other assets 8,309 8,309 Total assets $ 87,261,531 $ 11,940,411 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities Accounts payable $ 1,079,493 $ 1,155,785 Accrued interest - related party 124,658 126,027 Accrued payroll liabilities 556,573 888,381 Accrued interest - legal contingency 384,896 234,750 Other current liabilities 1,184,795 998,552 Estimate for legal contingency 6,053,468 6,053,468 Convertible note - related party, net of discount 4,859,525 4,371,998 Operating lease liability, current portion 79,165 72,038 Total current liabilities 14,322,573 13,900,999 Non-current liabilities Operating lease liability, net of current portion 129,907 171,230 Total liabilities 14,452,480 14,072,229 Commitments and contingencies (Note 9) Stockholders' equity (deficit) Preferred stock, $ 0.001 par value; 200,000 shares authorized at June 30, 2024 and December 31, 2023; no shares issued and outstanding at June 30, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value; 100,000,000 shares authorized at June 30, 2024 and December 31, 2023; 28,067,907 and 12,349,243 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 28,068 12,349 Additional paid-in-capital 190,085,879 102,238,382 Accumulated deficit ( 117,304,896 ) ( 104,382,549 ) Total stockholders' equity (deficit) 72,809,051 ( 2,131,818 ) Total liabilities and stockholders' equity (deficit) $ 87,261,531 $ 11,940,411 See accompanying notes to the un