Skye Bioscience, Inc.
SKYE evidence brief
What we can confirm
- BioSniper Score:
- 3.2 / 10
- Market Cap:
- $7.0M
- Lead Asset:
- nimacimab (Phase 2)
What it means
What to watch
Prepared research question
What matters most for SKYE—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · SKYE
Skye Bioscience, Inc. is a clinical-stage biotechnology company developing nimacimab, a peripherally restricted CB1 antibody for obesity, and has announced a merger with Redx Pharma to become a fibrosis-focused entity.
Key risk: No revenue and going concern risk
BioSniper Score
Based on 4 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 2 pipeline candidates · 2 clinical trials for Skye Bioscience, Inc..
Skye Bioscience, Inc. is a clinical-stage biotechnology company developing nimacimab, a peripherally restricted CB1 antibody for obesity, and has announced a merger with Redx Pharma to become a fibrosis-focused entity.
- Lead candidate nimacimab is a peripherally restricted negative allosteric modulating antibody targeting the CB1 receptor for obesity and overweight [sec_mda · as of 2025-05-08].
- Phase 2a CBeyond trial topline data reported in 2025; interim combination cohort results reported in February 2026; expansion study (Part C) initiated March 2026 [sec_mda · as of 2026-03-10].
- As of June 30, 2026, cash & equivalents were $8.1M, net income -$10.8M, and shareholders' equity -$0.5M [sec].
- Company has not generated any revenue to date and expects to require additional funds to initiate next studies [sec_mda · as of 2026-03-10].
- On August 14, 2026, Skye announced a transaction agreement with Redx Pharma and $125 million in financings; combined company to operate as Fibrx Therapeutics focused on fibrosis [news · published 2026-08-14].
What works
- Nimacimab targets the CB1 receptor, a key GPCR in metabolic regulation, with a peripherally restricted antibody approach that may offer a favorable safety profile [sec_mda · as of 2026-05-11].
- The company has executed strategic milestones, including the Bird Rock acquisition and timely Phase 2a data delivery, demonstrating execution capability [sec · filed 2025-04-25].
- The merger with Redx Pharma brings a lead program (RXC008) with FDA Fast Track designation and a planned Phase 2 study, plus $125 million in committed financings [news · published 2026-08-14].
What to weigh
- Skye has no approved products and has never generated revenue; its ability to continue as a going concern depends on future financing [sec_mda · as of 2026-03-10].
- As of June 30, 2026, shareholders' equity was negative (-$0.5M) and cash reserves were only $8.1M, indicating a tight liquidity position [sec].
- The company faces uncertainty regarding nimacimab's efficacy at higher doses and the final design of a Phase 2b study, which is subject to regulatory feedback and capital availability [sec_mda · as of 2026-05-11].
- The merger with Redx Pharma represents a strategic pivot from obesity to fibrosis, introducing integration and execution risks [news · published 2026-08-14].
From the filings
Quoted directly from source documents.
Nimacimab is a peripherally restricted CB1 antibody for obesity.
“nimacimab, is a peripherally restricted negative allosteric modulating antibody targeting the CB1 receptor--a key GPCR involved in metabolic regulation.”
SEC MD&A · May 8, 2025
Company has no revenue and expects to need additional funds.
“To date, we have not generated any revenue. We do not expect to receive any revenue from our lead drug candidate, nimacimab, or any future drug candidates that we develop unless and until we obtain regulatory approval for, and commercialize, our drug candidates or generate revenue from collaborative agreements with third parties.”
SEC MD&A · March 10, 2026
Merger with Redx Pharma and $125 million financing announced.
“Skye Bioscience and Redx Pharma Announce Transaction Agreement and $125 Million in Financings”
News · August 14, 2026
Risks & what to watch (4)›
Key risks
- No revenue and going concern risk — Company has no revenue and may need additional financing to continue operations; going concern qualification exists [sec_mda · as of 2025-11-10].
- Negative shareholders' equity — As of June 30, 2026, shareholders' equity was -$0.5M, indicating liabilities exceed assets [sec].
- Clinical and regulatory uncertainty — Higher doses of nimacimab may not achieve desired endpoints; Phase 2b design depends on ongoing data and FDA feedback [sec_mda · as of 2026-05-11].
- Merger integration risk — The strategic pivot to fibrosis via the Redx merger introduces execution and integration challenges [news · published 2026-08-14].
What to watch
- Progress of the CBeyond expansion study (Part C) evaluating IV nimacimab monotherapy [sec_mda · as of 2026-03-10].
- Regulatory feedback and final design of a potential Phase 2b study for nimacimab [sec_mda · as of 2026-05-11].
- Completion of the merger with Redx Pharma and initiation of Phase 2 study for RXC008 [news · published 2026-08-14].
- Company's ability to secure additional financing given limited cash runway [sec_mda · as of 2025-11-10].
Sources: News · SEC filings · SEC MD&A · Generated September 24, 2026 · How we verify sources →
Run Skye Bioscience, Inc. through your own thesis
Use the pipeline, catalyst, financial, FDA, and market facts on this page as inputs to a protocol you control.
Your protocol can:
- Turn available Skye Bioscience, Inc. facts into screen rules or deeper checks
- Show cited findings, blockers, and unresolved evidence together
- Save the logic and rerun it as the company evidence changes
Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
Cash runway data unavailable
Net income -$11M
Lead: Phase 2
2 candidates
No upcoming catalysts tracked
0 buys · 22 sells (180d)
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
39
Total value held
$9.9M
| Holder | Shares | Value |
|---|---|---|
| 5am venture management, llc | 9,681,763 | $6.0M |
| versant venture management, llc | 2,007,704 | $1.2M |
| baker bros. advisors lp | 1,575,243 | $968K |
| vanguard capital management llc | 764,457 | $470K |
| sphera funds management ltd. | 678,928 | $417K |
| blackrock, inc. | 286,131 | $176K |
| geode capital management, llc | 277,256 | $170K |
| millennium management llc | 258,200 | $159K |
| platinum investment management ltd | 233,095 | $143K |
| vanguard fiduciary trust co | 104,229 | $64K |
Showing top 10 of 39 institutional holders of Skye Bioscience, Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 22, 2026- % of float
- 5.1%
- Days to cover
- 5.8
- Shares short
- 1,284,390
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
SKYE short interestGovernance
Frequently asked questions
What is the AI investment thesis for Skye Bioscience, Inc.?
Skye Bioscience, Inc. is a clinical-stage biotechnology company developing nimacimab, a peripherally restricted CB1 antibody for obesity, and has announced a merger with Redx Pharma to become a fibrosis-focused entity.
What is Skye Bioscience, Inc.'s lead drug candidate?
Skye Bioscience, Inc.'s most advanced tracked candidate is nimacimab (Phase 2) for Obesity.
Who is the CEO of Skye Bioscience, Inc.?
Mr. Punit S. Dhillon B.A. is the chief executive officer of Skye Bioscience, Inc. (SKYE).
Where is Skye Bioscience, Inc. headquartered?
Skye Bioscience, Inc. (SKYE) is headquartered in San Diego, CA, United States.
What therapeutic areas does Skye Bioscience, Inc. focus on?
Skye Bioscience, Inc. develops therapies across Ophthalmology, Cardiovascular, Metabolic.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.