Skye Bioscience, Inc. ( (SKYE) ) has released its Q4 earnings. Here is a breakdown of the information Skye Bioscience, Inc. presented to its investors.
Skye Bioscience, Inc. is a clinical-stage biopharmaceutical company focused on developing next-generation molecules to treat obesity and related conditions by modulating G-protein-coupled receptors.
In its latest earnings report, Skye Bioscience announced the completion of enrollment in its Phase 2a CBeyond™ trial for nimacimab, a CB1 inhibitor targeting obesity and overweight. The company also highlighted its financial results for the fourth quarter and full year 2024, alongside strategic advancements and future milestones.
Key financial metrics revealed a net loss of $26.6 million for 2024, a decrease from the previous year, attributed to gains from insurance recoveries and asset sales. The company reported increased R&D expenses due to ongoing clinical trials and manufacturing costs. Skye’s cash reserves, bolstered by private investments, are expected to support operations through Q1 2027.
Strategically, Skye Bioscience has accelerated its clinical timeline, aiming for top-line data from the Phase 2a trial by late 2025. The extension of the trial to 52 weeks aims to provide comprehensive safety and efficacy data. The company is also advancing its manufacturing processes to support future clinical demand and exploring monthly dosing for nimacimab.
Looking ahead, Skye Bioscience remains committed to its clinical development plan, with robust data anticipated in 2025 and 2026 to guide regulatory engagements and future studies. The company’s focus on nimacimab’s differentiated mechanism positions it to address unmet needs in the evolving obesity therapeutics landscape.