SKYE · Skye Bioscience, Inc.

Skye Bioscience continued its clinical-stage focus with nimacimab Phase 2a advancement driving the quarter's financial profile. Operating income reached -$12.7 million, a 7.8% deterioration from -$11.8 million in Q1 2025, primarily reflecting net increases in research and development expenses. These stemmed from clinical trial costs rising due to heightened site and patient activity in the Phase 2a study for nimacimab, alongside contract manufacturing costs for drug substance, product labeling, packaging, and resupply to support the extended study, expansion planning, process intensification, and dose optimization.

General and administrative expenses presented a mixed picture with an overall decrease, attributed to lower salaries, benefits, and employee-related costs from reduced headcount and hiring timing. This efficiency was offset by increases in salaries and stock-based compensation linked to severance for one employee and expenses from stock option repricing. Management notes that G&A costs tied to headcount are expected to rise with future R&D expansion, supporting increased salaries, technology, facilities, and related needs.