Skye Bioscience, Inc. ( (SKYE) ) has released its Q1 earnings. Here is a breakdown of the information Skye Bioscience, Inc. presented to its investors.
Skye Bioscience, Inc. is a clinical-stage biotechnology company focused on developing next-generation molecules that modulate G-protein-coupled receptors to treat obesity and related conditions.
In its first quarter of 2025, Skye Bioscience reported significant progress in its clinical operations and research and development, particularly highlighting the potential of its CB1 inhibitor, nimacimab, in obesity treatment. The company is advancing its preclinical and clinical evidence to support nimacimab’s potential in reshaping obesity treatment.
Key financial metrics for the first quarter show Skye Bioscience with cash and cash equivalents totaling $59.2 million, expected to fund operations through at least Q1 2027. Research and development expenses rose to $7.2 million, driven by costs associated with the Phase 2a clinical study for nimacimab. The company reported a net loss of $11.1 million, an increase from the previous year, primarily due to higher R&D expenses.
Strategically, Skye Bioscience is advancing its nimacimab program, with preclinical data showing promising weight loss effects and superior potency compared to other CB1 inhibitors. The company is preparing for a top-line data readout from its Phase 2a study later in 2025, with ongoing safety reviews indicating no concerns.
Looking ahead, Skye Bioscience remains focused on its clinical milestones and the potential of nimacimab to impact obesity treatment. The management is optimistic about the upcoming data presentations and the continued development of their innovative therapeutic pathways.