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Skye Bioscience, Inc. (SKYE)
:SKYE
US Market
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Skye Bioscience (SKYE) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date
TBA Not Confirmed
Period Ending
Consensus EPS Forecast
Last Year’s EPS
Same Quarter Last Year
Based on 4 Analysts Ratings
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Earnings Call Summary

Earnings Call Date:Nov 07, 2024
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% Change Since: -51.10%
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Next Earnings Date:Aug 09, 2024
Earnings Call Sentiment|Positive
The earnings call presented a positive outlook with significant progress in clinical trials, strong financial standing, and promising preclinical data, despite increased expenses.
Company Guidance
During the Skye Bioscience Q3 2024 earnings call, the company provided detailed guidance on its ongoing and future clinical trials, financial status, and strategic initiatives. Skye's Phase II obesity clinical trial, CBeyond, which began enrolling patients in August, is progressing well with 50% enrollment expected by year-end. The trial targets a mean weight loss difference of 8% using nimacimab versus placebo, with interim data anticipated in Q2 2025 and top-line results by the end of 2025. Financially, Skye reported a net loss of $3.9 million for Q3 2024, a significant reduction from the $24.9 million loss in the same period of 2023. The decrease was primarily due to the previous year's acquisition-related expenses. The company ended the quarter with $76.5 million in cash and cash equivalents, and expects an increased quarterly burn rate of $9 million in 2025. Skye plans to fund its operations through Q3 2027, focusing on its high-value metabolic programs. The call also highlighted recent preclinical data presented at ObesityWeek, emphasizing nimacimab's potential as a peripherally restricted CB1 inhibitor offering significant weight loss without neuropsychiatric adverse events.
Advancement of CBeyond Phase II Obesity Clinical Trial
The CBeyond trial began enrolling patients in August across the U.S. and is on track to announce interim data by Q2 next year, with full enrollment expected by the end of 2025. The trial aims to demonstrate an 8% difference in mean weight loss using nimacimab versus placebo at 26 weeks.
Strong Financial Position
Skye had $76.5 million in cash and cash equivalents as of September 30, 2024, with expectations to fund operations through Q3 2027. The company is currently burning approximately $6 million per quarter, expected to increase to $9 million in 2025.
Preclinical Data on Nimacimab
Preclinical data shows the prominent role of peripheral CB1 inhibition in achieving significant dose-dependent weight loss without neuropsychiatric adverse events. Nimacimab shows a low incidence of GI adverse events.
Reduction in Net Loss
Net loss for Q3 2024 was $3.9 million, significantly down from $24.9 million in Q3 2023, primarily due to a prior acquisition expense of $21.2 million in 2023.
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Skye Bioscience (SKYE) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

SKYE Earnings History

Report Date
Fiscal Quarter
Forecast / EPS
Last Year's EPS
EPS YoY Change
Press Release
Slides
Play Transcript
Aug 09, 20242024 (Q2)
-0.20 / -0.20
-0.875.00% (+0.60)
Nov 07, 20242024 (Q3)
-0.25 / -0.10
-3.1796.85% (+3.07)
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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SKYE Earnings-Related Price Changes

Report Date
Price 1 Day Before
Price 1 Day After
Percentage Change
Nov 07, 2024$5.44$5.71+4.96%
Aug 09, 2024$4.52$4.60+1.77%
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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