Skye Bioscience reports financial results for Q2 2024, focusing on obesity treatment trials

From GlobeNewswire: 2024-08-09 17:59:00

Skye Bioscience, a biopharmaceutical company, reported financial results for Q2 2024. The company highlighted recent achievements, including the acquisition of nimacimab and plans for a Phase 2 clinical trial on obesity treatment. Skye aims to provide patients with obesity sustainable therapeutic alternatives. Additionally, the company completed a Glaucoma study but discontinued its ophthalmology pipeline.

The Phase 2 clinical trial for nimacimab aims to treat obesity and is set to begin screening in Q3 2024. The trial will evaluate weight loss, safety, body composition changes, and metabolic biomarkers. Skye signed a collaboration with Beacon Biosignals to assess sleep quality. Despite discontinuing the Glaucoma study, Skye remains focused on its metabolic program with nimacimab.

Skye Bioscience recently appointed Dr. Karen Smith to its Board of Directors and established a Clinical and Scientific Advisory Board. The company also uplisted to the NASDAQ stock exchange and was included in the Russell 2000 and 3000 Indexes in July 2024. Skye’s cash position at the end of Q2 2024 was strong, with $74.1 million in cash and cash equivalents to fund operations through the first half of 2027.

R&D expenses in Q2 2024 were $4.1 million, with G&A expenses totaling $4.3 million. The company reported a net loss of $7.9 million for the quarter. Skye focuses on developing first-in-class therapeutics for metabolic health, leveraging biologic targets for clinical and commercial differentiation. The company plans to start a Phase 2 clinical trial for nimacimab in obesity treatment in Q3 2024.



Read more at GlobeNewswire:: Skye Bioscience Reports Second Quarter 2024 Financial