0001628280-26-016394
SEC filingSkye Bioscience, Inc. reported a net loss of $55.9 million for fiscal year 2025, driven by significant operating expenses totaling $58.2 million, which resulted in an operating loss of $58.2 million. The company's research and development expenses were $42.4 million, while general and administrative expenses were $15.8 million. Total assets stood at $28.3 million, with current assets of $27.1 million including cash and cash equivalents of $5.9 million and short-term investments of $19.9 million. The company used $43.1 million in cash from operating activities and $19.5 million from investing activities, resulting in a net decrease in cash of $62.5 million. Stockholders' equity was $20.0 million with an accumulated deficit of $186.9 million.
Skye Bioscience, Inc. reported a net loss of $55.9 million for fiscal year 2025, with an operating loss of $58.2 million. The company's total operating expenses were $58.2 million, consisting of $42.4 million in research and development expenses and $15.8 million in general and administrative expenses. Other income of $2.2 million, primarily from interest income of $1.9 million and a gain from asset sale of $361,000, partially offset the operating loss. The company reported a provision for income taxes of $5,000. Basic and diluted loss per share was $1.00, calculated using 39.7 million weighted average shares outstanding.
No revenue figures were disclosed in the provided financial data. The company appears to be in a pre-revenue stage, with the income statement showing only expenses and losses. The absence of revenue figures suggests the company is focused on research and development activities rather than commercial operations.
The company reported negative operating and net income margins due to the absence of revenue and significant operating expenses. Research and development expenses of $42.4 million represented the largest component of operating expenses, indicating the company's focus on developing its pipeline. General and administrative expenses of $15.8 million supported corporate operations. Stock-based compensation expense of $7.8 million was recorded as a non-cash adjustment in the cash flow statement.
Cash flows from operating activities used $43.1 million, primarily due to the net loss of $55.9 million adjusted for non-cash items including stock-based compensation of $7.8 million and depreciation of $723,000. Investing activities used $19.5 million, mainly for the purchase of short-term investments of $19.9 million, partially offset by proceeds from asset sales of $361,000. Financing activities provided $30,000 from purchases under the employee stock purchase plan. The net decrease in cash and cash equivalents was $62.5 million. Total assets were $28.3 million, with current assets of $27.1 million including cash and cash equivalents of $5.9 million and short-term investments of $19.9 million. Total liabilities were $8.3 million, with current liabilities of $8.2 million including accounts payable of $2.0 million and an estimate for accrued legal contingencies of $2.1 million. Stockholders' equity was $20.0 million with an accumulated deficit of $186.9 million.
No forward-looking statements, management guidance, or strategic priorities were provided in the financial data. The company's financial position shows significant cash usage from operations and investments, with cash and cash equivalents decreasing to $5.9 million at year-end. The accumulated deficit of $186.9 million indicates substantial historical losses. The company will likely need additional financing to continue its operations and research activities.