Skye Bioscience Files Q3 2024 10-Q
Ticker: SKYE · Form: 10-Q · Filed: Nov 7, 2024 · CIK: 1516551
Sentiment: neutral
Topics: 10-Q, quarterly-report, pharmaceuticals
TL;DR
Skye Bioscience dropped its Q3 10-Q. Check financials.
AI Summary
Skye Bioscience, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported financial results and operational updates. Key financial figures and business developments are detailed within the filing.
Why It Matters
This filing provides investors with a quarterly update on Skye Bioscience's financial health and strategic direction, crucial for understanding its performance in the pharmaceutical sector.
Risk Assessment
Risk Level: medium — As a pharmaceutical company, Skye Bioscience faces inherent risks related to drug development, regulatory approvals, and market competition.
Key Numbers
- 20240930 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
- 20241107 — 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
- 20240930 (date) — End of the reporting period
- 20241107 (date) — Filing date
- Emerald Bioscience, Inc. (company) — Former company name
- Nemus Bioscience, Inc. (company) — Former company name
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended September 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on November 7, 2024.
What was Skye Bioscience, Inc. previously known as?
Skye Bioscience, Inc. was formerly known as Emerald Bioscience, Inc. and Nemus Bioscience, Inc.
In which state is Skye Bioscience, Inc. incorporated?
Skye Bioscience, Inc. is incorporated in Nevada (NV).
What is the Standard Industrial Classification (SIC) code for Skye Bioscience, Inc.?
The SIC code for Skye Bioscience, Inc. is 2834, which corresponds to Pharmaceutical Preparations.
Filing Stats: 4,523 words · 18 min read · ~15 pages · Grade level 15.3 · Accepted 2024-11-07 16:10:16
Key Financial Figures
- $0.001 — ich registered Common Stock, par value $0.001 SKYE Nasdaq Global Market Indicate by
Filing Documents
- skye-20240930.htm (10-Q) — 911KB
- skyeex101bio-amendedandres.htm (EX-10.1) — 167KB
- skye-20240930xex311xsectio.htm (EX-31.1) — 10KB
- skye-20240930xex312xsectio.htm (EX-31.2) — 11KB
- skye-20240930xex321xsectio.htm (EX-32.1) — 5KB
- skye-20240930xex322xsectio.htm (EX-32.2) — 5KB
- 0001516551-24-000110.txt ( ) — 5606KB
- skye-20240930.xsd (EX-101.SCH) — 45KB
- skye-20240930_cal.xml (EX-101.CAL) — 67KB
- skye-20240930_def.xml (EX-101.DEF) — 213KB
- skye-20240930_lab.xml (EX-101.LAB) — 577KB
- skye-20240930_pre.xml (EX-101.PRE) — 385KB
- skye-20240930_htm.xml (XML) — 629KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION Item 1.
Financial Statements
Financial Statements: 2 Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 2 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Stockholders' Equity (Deficit) for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 7 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 21 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 30 Item 4.
Controls and Procedures
Controls and Procedures 30
- OTHER INFORMATION
PART II - OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 31 Item 1A.
Risk Factors
Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 3. Defaults Upon Senior Securities 31 Item 4. Mine Safety Disclosures 31 Item 5. Other Information 31 Item 6. Exhibits 31
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements 2 SKYE BIOSCIENCE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS September 30, 2024 December 31, 2023 (Unaudited) 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 (DEFICIT) Current liabilities Accounts payable $ 780,025 $ 1,155,785 Accrued interest - related party — 126,027 Accrued payroll liabilities 903,271 888,381 Accrued interest - legal contingency — 234,750 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 Non-current liabilities Operating lease liability, net of current portion 108,062 171,230 Total liabilities 5,732,285 14,072,229 Commitments and contingencies (Note 9) Stockholders' equity (deficit) 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 (deficit) 75,803,375 ( 2,131,818 ) Total liabilities and stockholders' equity (deficit) $ 81,535,660 $ 11,940,411