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Skye Bioscience, Inc. received a Nasdaq deficiency letter on March 17, 2026 because its common stock’s closing bid price has stayed below $1.00 per share for 30 consecutive business days, violating Nasdaq Listing Rule 5450(a)(1) for The Nasdaq Global Market.
The stock continues trading under the “SKYE” symbol, and Skye has 180 calendar days, until September 14, 2026, to regain compliance, including the option to complete any reverse stock split at least ten business days before that date. If the bid price closes at or above $1.00 for at least 10 consecutive business days before that deadline, Nasdaq staff will confirm compliance. Skye may qualify for a second 180-day period on The Nasdaq Capital Market if it meets other listing standards and commits to curing the deficiency, but there is no assurance it will regain or maintain compliance.
Skye Bioscience reported fourth quarter and full-year 2025 results and detailed progress in its obesity program for nimacimab. In a Phase 2a trial, nimacimab plus semaglutide delivered 22.3% weight loss at 52 weeks and an approximately 3% incremental benefit at 26 weeks versus semaglutide alone, with a placebo-like safety profile and no drug-related neuropsychiatric events. Off-treatment, the combination cohort regained 17.8% of lost weight over 13 weeks versus 37.3% for semaglutide alone, with more favorable body composition changes. Skye has initiated a CBeyond Expansion Study testing 400 mg and 600 mg IV nimacimab and expects topline data in Q4 2026. Cash, cash equivalents and short-term investments totaled $25.7 million as of December 31, 2025, and the company expects this to fund operations and key clinical milestones through Q4 2026, excluding Phase 2b trial and related manufacturing costs. Full-year 2025 R&D expenses were $42.4 million and G&A expenses were $15.8 million, leading to a net loss of $55.9 million compared with $26.6 million in 2024.
Skye Bioscience is a clinical-stage biotech focused on treating obesity, overweight and metabolic disorders by modulating G‑protein‑coupled receptors. Its lead antibody, nimacimab, is a peripherally restricted negative allosteric modulator of the CB1 receptor designed to avoid brain-related safety issues seen with earlier small-molecule CB1 drugs.
Preclinical models showed dose‑dependent weight loss with fat mass reduction and lean mass preservation, plus durable effects and synergy when combined with incretin therapies. In the CBeyond Phase 2a trial, nimacimab 200 mg weekly did not meet the primary endpoint as monotherapy but, combined with semaglutide, produced greater mean weight loss (−13.2% versus −10.25%) and improved waist circumference, body composition and reduced rebound weight gain, with a placebo‑like safety profile. Interim extension data suggest continued benefit through 52 weeks. Skye is running an IV expansion study, planning a potential Phase 2b combination trial, has a subcutaneous delivery collaboration with Halozyme’s ENHANZE technology, and reports a global IP portfolio with patents extending into the mid‑2030s and beyond.
Skye Bioscience announced that Chief Financial Officer Kaitlyn Arsenault will step down effective February 20, 2026 to pursue new professional opportunities and will continue as an advisor. Under a Separation and Release Agreement, she will receive a $450,000 cash severance, an additional $45,000 toward her 2026 annual bonus, reimbursement of up to $30,000 in legal fees, and a lump-sum payment of $41,172.48 equal to 12 months of COBRA premiums.
Certain outstanding equity awards will continue to vest during her advisory term, and unvested awards will fully vest if a Change in Control occurs within a year and before the advisory role ends. Vested stock options will remain exercisable until the later of February 20, 2027 or 90 days after the advisory term ends. The company states her departure is not due to any disagreement on financial reporting or company practices. In connection with this change, the Board appointed CEO Punit Dhillon as principal accounting officer, with his existing compensation and roles otherwise unchanged.
Skye Bioscience director receives stock option grant. Director Andrew J. Schwab was granted a stock option for 35,000 shares of Skye Bioscience, Inc. common stock on February 6, 2026. The option has an exercise price of $0.82 per share and was awarded at no cost to him.
The option vests in equal monthly installments over a one-year period beginning January 19, 2026, and is exercisable until February 6, 2036. Following this grant, Schwab holds 35,000 derivative securities directly in the form of this stock option.
Skye Bioscience director Grayson Paul A. received a grant of stock options on February 6, 2026. The award covers 35,000 stock options to buy Skye Bioscience common stock at an exercise price of $0.82 per share, held as a direct ownership position.
According to the footnote, the option vests in equal monthly installments over a one-year period beginning January 19, 2026. After this transaction, the director beneficially holds 35,000 derivative securities related to Skye Bioscience common stock.
Skye Bioscience director Karen L. Smith reported receiving a stock option award. On 02/06/2026 she was granted an option to buy 35,000 shares of common stock at an exercise price of $0.82 per share. The option vests in equal monthly installments over the one-year period beginning January 19, 2026, and all 35,000 derivative securities are held directly.
Skye Bioscience reported that its Chief Financial Officer, Kaitlyn Arsenault, received a grant of stock options on February 6, 2026. The award covers 125,000 options to buy common stock at an exercise price of $0.82 per share. The options vest in equal monthly installments over a four-year period beginning January 19, 2026, aligning her long-term compensation with the company’s share performance.
Skye Bioscience Chief Scientific Officer granted 150,000 stock options. Christopher Twitty received a stock option for 150,000 shares of common stock at an exercise price of $0.82 per share on February 6, 2026. All 150,000 options are held directly.
The option vests in equal monthly installments over a four-year period beginning January 19, 2026, meaning portions become exercisable each month over that timeframe rather than all at once.
Skye Bioscience director Deborah H. Charych received stock options for 35,000 shares of common stock. The options have an exercise price of $0.82 per share and were granted on February 6, 2026. They vest in equal monthly installments over a one-year period beginning January 19, 2026, and expire on February 6, 2036.