[Form 4] Skye Bioscience, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Insider sales by a director/10% owner over two days. Andrew J. Schwab, reporting as a director and a 10% owner through affiliated 5AM entities, reported multiple open-market dispositions of Skye Bioscience (SKYE) common stock on 08/21/2025 and 08/22/2025. The filings show weighted-average sale prices in two ranges: $3.55–$3.69 for 08/21 and $3.30–$3.59 for 08/22. Reported individual dispositions total 58,642; 2,314; 163,979; and 6,470 shares across the two days, with ownership reported on various lines as indirect through 5AM Ventures II, 5AM Co-Investors II, and 5AM Ventures VII. The form is signed by Mr. Schwab on 08/22/2025.

Insights

Financial Analyst

TL;DR: Director sold a material block of shares across two days; transactions were disclosed with weighted-average prices.

The Form 4 discloses open-market sales totaling 231,405 shares across two trading days at weighted-average price ranges of $3.30–$3.69. Sales were executed by or through affiliated venture funds, and post-transaction beneficial ownership is reported indirectly for several fund vehicles. From an analyst perspective, the filing is a routine Section 16 disclosure showing insider liquidity rather than option exercise or derivative activity; the report provides prices and counts but does not state motivating factors. The filing is compliant and transparent about indirect ownership structures.

Corporate Governance Expert

TL;DR: Multiple small block sales by a director/10% owner disclosed; ownership held indirectly via venture partnerships.

Governance review: the reporting person is identified as a director and 10% owner who holds shares indirectly through several 5AM-managed entities. The Form 4 includes explanatory footnotes clarifying general partner relationships and disclaimers of direct beneficial ownership. The disclosure meets Section 16 requirements and includes weighted-average price ranges and an offer to provide per-price breakdowns on request, which supports regulatory transparency. No derivative transactions or amendments are reported.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Schwab Andrew J.

(Last) (First) (Middle)

C/O 5AM VENTURE MANAGEMENT, LLC

4 EMBARCADERO CENTER, SUITE 3110

(Street)

SAN FRANCISCO CA 94111

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Skye Bioscience, Inc. [ SKYE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/21/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/21/2025		S		58,642	D	$3.57(1)	1,621,043	I	By 5AM Ventures II, L.P.(2)
Common Stock	08/21/2025		S		2,314	D	$3.57(1)	63,963	I	By 5AM Co-Investors II, L.P.(3)
Common Stock	08/22/2025		S		163,979	D	$3.42(4)	1,457,064	I	By 5AM Ventures II, L.P.(2)
Common Stock	08/22/2025		S		6,470	D	$3.42(4)	57,493	I	By 5AM Co-Investors II, L.P.(3)
Common Stock								8,167,206	I	By 5AM Ventures VII, L.P.(5)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $3.55 to $3.69 inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

2. The securities are directly held by 5AM Ventures II, L.P. ("Ventures II"). 5AM Partners II, LLC ("Partners II") is the sole general partner of Ventures II. The Reporting Person is a managing member of Partners II and may be deemed to have shared voting and investment power over the shares beneficially owned by Ventures II. The Reporting Person disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.

3. The securities are directly held by 5AM Co-Investors II, L.P. ("Co-Investors II"). Partners II is the sole general partner of Co-Investors II. The Reporting Person is a managing member of Partners II and may be deemed to have shared voting and investment power over the shares beneficially owned by Co-Investors II. The Reporting Person disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.

4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $3.30 to $3.59 inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

5. The securities are directly held by 5AM Ventures VII, L.P. ("Ventures VII"). 5AM Partners VII, LLC ("Partners VII") is the sole general partner of Ventures VII. The Reporting Person is a managing member of Partners VII and may be deemed to have shared voting and investment power over the shares beneficially owned by Ventures VII. The Reporting Person disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.

	/s/ Andrew J. Schwab	08/22/2025
	** Signature of Reporting Person	Date
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