Skye Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Skye Bioscience (NASDAQ: SKYE), a clinical-stage biopharmaceutical company specializing in metabolic health therapeutics, has granted stock options to a new non-executive employee. The Board of Directors approved a non-qualified stock option award to purchase 100,000 shares of common stock on May 7, 2025, under the company's Amended and Restated 2024 Inducement Plan.

The stock options have an exercise price of $1.82 per share, matching Skye's closing price on Nasdaq Global Select Market. The options will vest over four years, with 25% vesting after one year and the remaining vesting monthly over 36 months, contingent on continued employment.

SAN DIEGO, May 13, 2025 (GLOBE NEWSWIRE) -- Skye Bioscience, Inc. (Nasdaq: SKYE) (“Skye”), a clinical-stage biopharmaceutical company focused on unlocking new therapeutic pathways for metabolic health, today announced that on May 7, 2025, the Board of Directors granted a non-qualified stock option award to purchase 100,000 shares of its common stock to one new non-executive employee under the Company’s Amended and Restated 2024 Inducement Equity Incentive Plan (the “2024 Inducement Plan”). The stock options were granted as an inducement material to the employee entering into employment with Skye in accordance with Nasdaq Listing Rule 5635(c)(4).

The 2024 Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Skye, or following a bona fide period of non-employment, as an inducement material to such individuals entering into employment with Skye, pursuant to Nasdaq Listing Rule 5635(c)(4). The stock options have an exercise price of $1.82 per share, which is equal to the closing price of Skye’s common stock on The Nasdaq Global Select Market on May 7, 2025. The shares subject to the stock options will vest over four years, with 25% of the shares vesting on the one-year anniversary of the applicable vesting commencement date and the balance of the shares vesting in a series of 36 successive equal monthly installments thereafter, subject to such employee’s continued employment with Skye on such vesting dates. The stock options are subject to the terms and conditions of the 2024 Inducement Plan and the terms and conditions of a stock option agreement covering the grant.

About Skye Bioscience

Skye is focused on unlocking new therapeutic pathways for metabolic health through the development of next-generation molecules that modulate G-protein coupled receptors. Skye's strategy leverages biologic targets with substantial human proof of mechanism for the development of first-in-class therapeutics with clinical and commercial differentiation. Skye is conducting a Phase 2 clinical trial (ClinicalTrials.gov: NCT06577090) in obesity for nimacimab, a negative allosteric modulating antibody that peripherally inhibits CB1. This study is also assessing the combination of nimacimab and a GLP-1R agonist (Wegovy®). For more information, please visit: www.skyebioscience.com. Connect with us on X and LinkedIn.

CONTACTS
Investor Relations
ir@skyebioscience.com
(858) 410-0266

LifeSci Advisors, Mike Moyer
mmoyer@lifesciadvisors.com
(617) 308-4306

Media Inquiries
LifeSci Communications, Michael Fitzhugh
mfitzhugh@lifescicomms.com
(628) 234-3889

FAQ

What stock options did Skye Bioscience (SKYE) grant to its new employee in May 2025?

Skye granted 100,000 shares of non-qualified stock options to a new non-executive employee at an exercise price of $1.82 per share, vesting over four years with 25% vesting after the first year.

What is the vesting schedule for SKYE's May 2025 inducement grant?

The stock options vest over 4 years, with 25% vesting on the one-year anniversary and the remaining shares vesting in 36 equal monthly installments thereafter.

What is the purpose of Skye Bioscience's 2024 Inducement Plan?

The 2024 Inducement Plan is exclusively used to grant equity awards to new Skye employees as an inducement for joining the company, in accordance with Nasdaq Listing Rule 5635(c)(4).

What was the exercise price for SKYE's May 2025 inducement stock options?

The stock options have an exercise price of $1.82 per share, equal to Skye's closing price on The Nasdaq Global Select Market on May 7, 2025.