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Skye Bioscience
(NASDAQ:SKYE)
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Rating:43Neutral
Price Target:
$1.50
▼(-25.74% Downside)
Action:Upgraded
Date:09/10/26
The score is primarily weighed down by weak financial performance (no revenue, widening losses, and heavy cash burn with negative equity), reinforced by bearish technicals (price below all key moving averages and negative MACD). Corporate events provide some offset via new financing and the planned Redx transaction, but Nasdaq compliance and listing risks remain a notable headwind; valuation signals are limited given negative earnings and no dividend.
Positive Factors
Low absolute debt
Very low absolute debt limits interest and refinancing pressure, preserving more flexibility for research spending and strategic execution. Although the balance sheet remains weak overall, the absence of substantial borrowings reduces the risk that creditors will compete with development programs for scarce cash over the next several quarters.
Negative Factors
Pre-revenue losses are widening
Skye has no commercial revenue to offset development costs, while its TTM net loss is substantially wider than in 2024. This combination leaves earnings dependent on future clinical and commercial success, and the worsening loss profile increases the amount of capital required before the business can become self-sustaining.
Read all positive and negative factors
Positive Factors
Negative Factors
Low absolute debt
Very low absolute debt limits interest and refinancing pressure, preserving more flexibility for research spending and strategic execution. Although the balance sheet remains weak overall, the absence of substantial borrowings reduces the risk that creditors will compete with development programs for scarce cash over the next several quarters.
Read all positive factors
Skye Bioscience (SKYE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.44M
Dividend YieldN/A
Average Volume (3M)79.82K
Price to Earnings (P/E)―
Beta (1Y)3.49
Revenue GrowthN/A
EPS Growth-19.07%
CountryUS
Employees2
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-10.16
Shares Outstanding4,427,676
10 Day Avg. Volume66,825
30 Day Avg. Volume79,816
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)1.49
Price to Sales (P/S)0.00
P/FCF Ratio-0.69
Enterprise Value/Market Cap2.37
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-102.00
Enterprise Value/Ebitda-0.35
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-7.22
Revenue Forecast (FY)N/A
Skye Bioscience Business Overview & Revenue Model
Company Description
Skye Bioscience, Inc., a clinical-stage biotechnology company, focuses on developing molecules that modulate G-protein-coupled receptors (GPCRs) to treat obesity, overweight, and metabolic diseases. Its lead product candidate is nimacimab, a perip...
How the Company Makes Money
Skye Bioscience is a clinical-stage biopharmaceutical company, and specific, recurring commercial product revenue is null. The company’s funding and revenue model primarily consists of raising capital to fund research and development (e.g., throug...
Skye Bioscience Earnings Call Summary
Earnings Call Date:Nov 10, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mixed picture with strong financial health and promising Phase 2a study results highlighting the potential of Nimazumab in combination with semaglutide. However, increased R&D expenses, a larger net loss, concerns about monotherapy efficacy, and limited study enrollment were notable challenges.Positive Updates
Strong Financial Position
Skye Bioscience ended the third quarter with cash and cash equivalents totaling $35.3 million, which is expected to fund operations and key clinical milestones into 2027.
Negative Updates
Increased R&D Expenses
R&D expenses for Q3 2025 increased to $9.4 million from $4.9 million in Q3 2024, primarily due to contract manufacturing and clinical trial costs.
Read all updates
Q3-2025 Updates
Positive
Negative
Strong Financial Position
Skye Bioscience ended the third quarter with cash and cash equivalents totaling $35.3 million, which is expected to fund operations and key clinical milestones into 2027.
Read all positive updates
Company Guidance
In the Skye Bioscience, Inc. third-quarter 2025 earnings call, the company provided detailed guidance on its financial and clinical development milestones. Key financial highlights included ending the quarter with $35.3 million in cash and equivalents, with expectations to fund operations into 2027. R&D expenses increased to $9.4 million from $4.9 million in the previous year due to ongoing clinical trials, including those for Nolasimab and Nimazumab. Notably, the company reported a net loss of $12.8 million, attributed partly to non-cash share-based compensation expenses. Clinical updates focused on the promising results from the Phase 2a CBEYOND study, showing a 3% additional weight loss with Nimazumab plus semaglutide compared to semaglutide alone, with a significant p-value of 0.0372. The study also demonstrated improvements in lean to fat mass ratio and reduced waist circumference, with retention strong in the extension study. The company is advancing Nimazumab's dose concentration strategy and plans to evaluate higher doses in future studies, keeping scalability and patient convenience in focus.Skye Bioscience Financial Statement Overview
Summary
Income Statement
8
Very Negative
Balance Sheet
22
Negative
Cash Flow
10
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -172.89K | -723.35K | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA | -49.95M | -55.20M | -25.29M | -36.62M | -18.70M | -7.72M |
| Net Income | -50.49M | -55.92M | -26.57M | -37.64M | -19.48M | -8.52M |
Balance Sheet | ||||||
| Total Assets | 11.03M | 28.31M | 72.76M | 11.94M | 9.11M | 9.86M |
| Cash, Cash Equivalents and Short-Term Investments | 10.06M | 25.74M | 68.42M | 1.26M | 1.24M | 8.98M |
| Total Debt | 35.70K | 273.65K | 455.59K | 4.62M | 1.98M | 2.14M |
| Total Liabilities | 11.53M | 8.29M | 4.61M | 14.07M | 12.12M | 3.99M |
| Stockholders Equity | -497.31K | 20.02M | 68.15M | -2.13M | -3.01M | 5.86M |
Cash Flow | ||||||
| Free Cash Flow | -38.81M | -43.07M | -26.84M | -13.96M | -12.77M | -6.57M |
| Operating Cash Flow | -38.81M | -43.06M | -25.24M | -13.95M | -12.74M | -6.47M |
| Investing Cash Flow | 23.20M | -19.50M | -245.62K | 6.60M | 5.21M | -90.87K |
| Financing Cash Flow | -161.13K | 29.57K | 83.56M | 16.44M | -208.79K | 13.08M |
Skye Bioscience Technical Analysis
Negative
2.02
Price Trends
2.77
Negative
4.30
Negative
5.45
Negative
Market Momentum
-0.29
Negative
36.79
Neutral
23.87
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SKYE, the sentiment is Negative. The current price of 2.02 is above the 20-day moving average (MA) of 1.80, below the 50-day MA of 2.77, and below the 200-day MA of 5.45, indicating a bearish trend. The MACD of -0.29 indicates Negative momentum. The RSI at 36.79 is Neutral, neither overbought nor oversold. The STOCH value of 23.87 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SKYE.
Skye Bioscience Risk Analysis
Skye Bioscience disclosed 96 risk factors in its most recent earnings report. Skye Bioscience reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
Some of our executive officers and directors have interests in the Transaction that are different from our stockholders and that may influence them to support or approve the Transaction without regard to the interests of our stockholders. Q2, 2026
2.
Our stockholders may not realize a benefit from the Transaction commensurate with the ownership dilution they will experience in connection with the Transaction. Q2, 2026
3.
Our equityholders will have a reduced ownership and voting interest in, and will exercise less influence over the management of, the combined company following the completion of the Transaction as compared to their current ownership and voting interests in the respective companies. Q2, 2026
Skye Bioscience Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
60 Neutral | $36.79M | 3.25 | 83.42% | ― | ― | ― | |
52 Neutral | $53.56M | -2.80 | -82.87% | ― | -100.00% | 72.25% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $144.36M | -0.32 | 222.01% | ― | ― | ― | |
43 Neutral | $7.44M | -0.17 | -329.08% | ― | ― | -19.07% | |
41 Neutral | $11.00M | -0.53 | -456.35% | ― | ― | 9.68% |
* Healthcare Sector Average
SKYE
Skye Bioscience
1.68
-13.52
-88.95%
ATNM
Actinium Pharmaceuticals
1.17
-0.39
-25.00%
OTLK
Outlook Therapeutics
0.59
-0.50
-45.60%
INMB
Inmune Bio
1.93
-0.13
-6.31%
LTRN
Lantern Pharma
0.86
-3.54
-80.45%
Skye Bioscience Corporate Events
Business Operations and StrategyExecutive/Board Changes
Skye Bioscience CFO Resigns, CEO Assumes Financial Role
Neutral
Sep 11, 2026
On September 8, 2026, Skye Bioscience terminated its Master Services Agreement with Lohman Associates, coinciding with the resignation of Chief Financial Officer and principal financial and accounting officer John P. Sharp. The company stated tha...
Business Operations and StrategyPrivate Placements and Financing
Skye Bioscience Establishes New Equity Financing Arrangements
Positive
Aug 24, 2026
On August 21, 2026, Skye Bioscience entered into a Securities Purchase Agreement with Redmile Biopharma Investments III, L.P., establishing an equity line of credit of up to $22 million in common and non-voting common shares, with the final amount...
Business Operations and StrategyDelistings and Listing ChangesFinancial DisclosuresM&A TransactionsRegulatory Filings and ComplianceShareholder Meetings
Skye Bioscience Faces Nasdaq Compliance and Delisting Risk
Negative
Aug 19, 2026
On August 18, 2026, Skye Bioscience received a notice from Nasdaq that its stockholders’ equity was negative $497,307 as of June 30, 2026, putting it out of compliance with the Nasdaq Capital Market’s $2.5 million minimum equity requir...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Skye Bioscience to Merge with Redx, Form Fibrx Therapeutics
Positive
Aug 14, 2026
On August 14, 2026, Skye Bioscience agreed to acquire U.K.-based Redx Pharma, combining to form Fibrx Therapeutics, a Nasdaq-listed biotech focused on fibrotic diseases and led by Redx’s management team and board. The deal is structured via ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.