Skye Bioscience, Inc.

Skye Bioscience, Inc. announced a significant legal victory as a jury returned a unanimous verdict in its favor on all claims in a whistleblower retaliation lawsuit filed by a former employee. The lawsuit, Wendy Cunning vs Skye Bioscience, Inc., alleged violations of whistleblower protections and retaliation under California law. The company anticipates the District Court will enter a judgment accordingly, though the plaintiff retains the option to file post-trial motions or appeal. Separately, the filing also provided an update on the proposed acquisition of Redx Pharma Limited, urging stockholders to read the preliminary proxy statement and other relevant SEC filings.

Skye Bioscience, Inc. announced the resignation of its Chief Financial Officer, John P. Sharp. Punit Dhillon, the current President and CEO, has been appointed as the interim principal financial and accounting officer. In other news, the company has regained compliance with Nasdaq's minimum bid price requirement, having maintained a closing bid price of at least $1.00 for ten consecutive business days. The company also provided an update on its proposed acquisition of Redx Pharma Limited.

Skye Bioscience, Inc. received approval to transfer its common stock listing from the Nasdaq Global Market to the Nasdaq Capital Market, effective June 23, 2026. This move follows the company's non-compliance with the Nasdaq Global Market's $10,000,000 minimum stockholders' equity standard, as its equity was $9,011,804 as of March 31, 2026. The Nasdaq Capital Market requires a lower $3,000,000 minimum stockholders' equity.

Skye Bioscience, Inc. increased its authorized common stock from 100 million to 300 million shares following stockholder approval at its 2026 Annual Meeting. The amendment to the Articles of Incorporation was filed on May 28, 2026, allowing for future share issuance without affecting current outstanding shares. Additionally, stockholders re-elected six directors, ratified CBIZ CPAs P.C. as the independent auditor for 2026, and approved executive compensation on an advisory basis.

Skye Bioscience announced that its Cohort Review Committee (CRC) unanimously approved opening the second cohort (600 mg IV) of the CBeyond Part C Expansion Study for nimacimab. This decision follows a favorable safety review of participants who completed 4 weeks of treatment in Cohort 1 (400 mg IV), with no neuropsychiatric adverse events reported. The expansion study aims to gather preliminary safety and pharmacokinetic data at higher doses of nimacimab, a potential treatment for obesity and metabolic health disorders.

Skye Bioscience, Inc. received a written notification from Nasdaq regarding non-compliance with the Nasdaq Global Market's minimum stockholders' equity standard. The company's stockholders' equity was $9,011,804, falling short of the required $10,000,000. Skye has 45 calendar days to submit a plan to regain compliance, with a potential extension of up to 180 days if the plan is accepted. The notice does not immediately affect the listing or trading of the company's common stock.

Skye Bioscience reported a net loss of $12.5 million for Q1 2026, an increase from $11.1 million in Q1 2025, driven by higher R&D and G&A expenses. The company disclosed substantial doubt about its ability to continue as a going concern beyond Q4 2026 without additional funding, despite having sufficient capital until then for current operations. Additionally, Skye Bioscience received a Nasdaq deficiency notice for its common stock trading below $1.00 per share, with a compliance deadline of September 14, 2026. The company also faces ongoing legal proceedings, including the Cunning Lawsuit with an estimated contingency of $2.6 million.

Skye Bioscience reported its first quarter 2026 financial results, alongside significant clinical and business updates for its nimacimab program. The company initiated enrollment for Cohort 1 of the CBeyond Expansion Study (Part C) and scheduled a Cohort Review Committee meeting for May 18, 2026, to evaluate safety data and potential progression to Cohort 2. Skye also engaged Lilly Catalyze360 for strategic guidance on the nimacimab target product profile and Phase 2b trial design. For Q1 2026, the company reported a net loss of $12.5 million and held $17.1 million in cash, expecting this to fund operations through Q4 2026, excluding Phase 2b clinical costs.

Skye Bioscience filed an amendment to its previous 8-K report to correct a scrivener's error regarding the total number of shares underlying repriced options. The corrected number is 2,458,158 shares. While a correction, the repricing of options can be a material event for investors as it impacts potential dilution and executive compensation.