The company remains pre-revenue with no commercial operations, while R&D expenditures have consistently driven operating losses, including a $12.7 million loss reported in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Oct'13 | Oct'12 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 339.93K | 16.24K |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | -100% | 1992.75% | - |
| Cost of Goods Sold | 172.89K | 723.35K | 0 | 0 | 0 | 0 | 1.87K | 1.46K | 1.54K | 8.04K | 14.92K | 9.95K | 0 | 131.34K | 5.36K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | 38.64% | 32.97% |
| Gross Profit | -172.89K | -723.35K | 0 | 0 | 0 | 0 | -1.87K | -1.46K | -1.54K | -8.04K | -14.92K | -9.95K | 0 | 208.59K | 10.89K |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | 61.36% | 67.03% |
| Gross Profit Growth % | - | - | - | - | - | 100% | -28.04% | 5.31% | 80.79% | 46.11% | -49.86% | - | -100% | 1815.91% | - |
| Operating Expenses | 58.91M | 57.44M | 30.19M | 34.74M | 18.31M | 7.85M | 6.29M | 6.63M | 4.69M | 3.86M | 4.47M | 4.32M | 2.73M | 215.83K | 6.77K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | 63.49% | 41.68% |
| Selling, General & Admin | 15.98M | 15.8M | 17.73M | 7.85M | 6.09M | 4.92M | 4.34M | 4.39M | 4.36M | 3.55M | 3.53M | 3.74M | 2.5M | 60.66K | 6.37K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | 17.84% | 39.24% |
| Research & Development | 42.93M | 42.36M | 18.7M | 5.82M | 6.01M | 2.93M | 1.94M | 2.24M | 329.97K | 311.3K | 939.04K | 576.09K | 227.5K | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | -723.35K | -6.23M | 21.06M | 6.21M | 0 | 0 | 2K | 0 | 0 | 0 | 0 | 0 | 155.17K | 396 |
| Operating Income | -59.08M | -58.16M | -30.19M | -34.74M | -18.31M | -7.85M | -6.29M | -6.63M | -4.69M | -3.86M | -4.47M | -4.32M | -2.73M | -7.24K | 4.12K |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | -2.13% | 25.35% |
| Operating Income Growth % | - | -92.64% | 13.08% | -89.69% | -133.34% | -24.78% | 5.19% | -41.34% | -21.61% | 13.69% | -3.56% | -58.02% | -37624.39% | -275.9% | - |
| EBITDA | -58.36M | -57.44M | -29.89M | -34.61M | -18.2M | -7.81M | -6.29M | -6.63M | -4.69M | -4.62M | -4.46M | -4.31M | -2.73M | -12.85K | 4.75K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | -3.78% | 29.27% |
| EBITDA Growth % | -65.08% | -92.15% | 13.63% | -90.2% | -132.89% | -24.28% | 5.19% | -41.35% | -1.59% | -3.63% | -3.46% | -57.77% | -21140.89% | -370.3% | - |
| D&A (Non-Cash Add-back) | 718.86K | 723.35K | 298.64K | 124.25K | 115K | 34.13K | 1.87K | 1.46K | 1.54K | -759K | 14.92K | 9.95K | 1.91K | -5.61K | 0 |
| EBIT | -57.49M | -58.16M | -25.59M | -36.74M | -18.81M | -7.75M | -5.85M | 2.04M | -19.1M | -3.09M | 0 | 0 | 0 | -1.63K | 4.75K |
| Net Interest Income | 974.6K | 1.88M | 2.3M | -806.3K | -644.76K | -767.51K | -706.36K | -1M | -94.68K | 0 | 0 | 0 | 0 | -1.36K | 638 |
| Interest Income | 976.8K | 1.88M | 3.26M | 99.97K | 19.01K | 3 | 29 | 26 | 84 | 0 | 0 | 0 | 0 | 789 | 638 |
| Interest Expense | 2.2K | 0 | 967.6K | 906.27K | 663.77K | 767.51K | 706.38K | 1M | 94.76K | 667 | 0 | 522.34K | 0 | 2.15K | 0 |
| Other Income/Expense | 1.75M | 2.24M | 3.64M | -2.91M | -1.16M | -672.37K | -270K | 7.69M | -14.5M | 766.53K | 1.29M | -522.34K | 0 | 3.46K | 638 |
| Pretax Income | -57.33M | -55.92M | -26.56M | -37.64M | -19.47M | -8.52M | -6.56M | 1.05M | -19.19M | -3.09M | -3.18M | -4.84M | -2.73M | -3.78K | 4.75K |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | -1.11% | 29.27% |
| Income Tax | 3.4K | 5.4K | 10.07K | 3.6K | 6.74K | 2.1K | 1.6K | 1.6K | 1.64K | 1.6K | 1.6K | 1.72K | 2.5K | -3.46K | 246 |
| Effective Tax Rate % | -0.01% | -0.01% | -0.04% | -0.01% | -0.03% | -0.02% | -0.02% | 0.15% | -0.01% | -0.05% | -0.05% | -0.04% | -0.09% | 91.49% | 5.17% |
| Net Income | -57.33M | -55.92M | -26.57M | -37.64M | -19.48M | -8.52M | -6.56M | 1.05M | -19.19M | -3.09M | -3.18M | -4.84M | -2.73M | -120.4K | 4.51K |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | -35.42% | 27.76% |
| Net Income Growth % | -75.59% | -110.5% | 29.43% | -93.23% | -128.6% | -29.89% | -723.67% | 105.48% | -520.36% | 2.64% | 34.35% | -77.07% | -2170.71% | -2770.28% | - |
| Net Income (Continuing) | -57.33M | -55.92M | -26.57M | -37.64M | -19.48M | -8.52M | -6.56M | 1.05M | -19.19M | -3.09M | -3.18M | -4.84M | -2.73M | -120.4K | 4.51K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.44 | -1.41 | -0.73 | -5.37 | -8.77 | -5.00 | -7.46 | 1.98 | -36.51 | -25.62 | -39.90 | -70.93 | -65.08 | -3.52 | 0.13 |
| EPS Growth % | -75.61% | -93.15% | 86.41% | 38.77% | -75.4% | 32.98% | -476.77% | 105.42% | -42.51% | 35.79% | 43.75% | -8.99% | -1748.86% | -2807.69% | - |
| EPS (Basic) | - | -1.41 | -0.73 | -5.37 | -8.77 | -5.00 | -7.11 | 1.98 | -36.51 | -25.62 | -41.93 | -71.45 | -65.08 | -3.52 | 0.13 |
| Diluted Shares Outstanding | 39.68M | 39.66M | 36.49M | 7.01M | 2.22M | 1.63M | 925.68K | 532.01K | 525.78K | 120.77K | 79.65K | 68.25K | 42.01K | 34.2K | 34.2K |
| Basic Shares Outstanding | 39.68M | 39.66M | 36.49M | 7.01M | 2.22M | 1.63M | 922.99K | 532.01K | 525.78K | 120.77K | 75.79K | 67.75K | 42.01K | 34.2K | 34.2K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Insufficient capital for trials
As a clinical-stage biotechnology firm, Skye Bioscience reports zero revenue across the last ten quarters, confirming that the company remains entirely dependent on external capital to fund its research and development activities rather than generating organic growth from commercialized pharmaceutical products.
The absence of revenue highlights that the company is currently a pure-play R&D vehicle. Investors should recognize that growth metrics are currently irrelevant until the company successfully transitions to a commercial stage or secures a licensing agreement for its metabolic pipeline.
According to the provided income statement data, R&D expenses have trended upward significantly, peaking at $14.3 million in 2025Q2, which underscores the heavy financial burden associated with scaling clinical trials for the company's lead metabolic candidate, Nimacimab.
The volatility in R&D spending suggests that clinical trial phases are highly capital-intensive and subject to irregular timing. Management's expense discipline appears secondary to the existential necessity of advancing the clinical pipeline, which continues to drive operating losses deeper into negative territory.
Based on reported financial figures, Skye Bioscience exhibits no operating leverage, as the company consistently records substantial operating losses, such as the $18.2 million loss in 2025Q2, without any corresponding gross profit to offset the rising administrative and research overhead.
The lack of a revenue base means that every dollar spent on SG&A and R&D directly expands the operating deficit. This structure implies that the company is currently unable to achieve economies of scale, leaving it entirely exposed to the risks of continued cash depletion.
As reported in financial statements, net income figures are heavily distorted by non-cash items, including significant fluctuations in stock-based compensation and potential derivative adjustments, which mask the underlying cash burn rate required to sustain the company's ongoing clinical development programs.
The reported net losses, which reached $17.6 million in 2025Q2, should be viewed with caution as they do not reflect the true cash requirements of the business. Analysts should focus on the cash burn rate rather than EPS, as the latter is heavily influenced by accounting treatments that do not impact the company's immediate liquidity.
Based on the reported $5.8 million cash balance, the company faces a critical liquidity risk, as the current quarterly burn rate significantly exceeds available reserves, suggesting that further dilutive financing is likely required to maintain operations through the next phase of clinical trials.
Short-term survival appears contingent on the company's ability to access capital markets, which may be challenging given the binary nature of their clinical pipeline. Investors should monitor the cash runway closely, as the current financial position appears insufficient to support the long-term development of Nimacimab without significant external intervention.
Quick answers to the most common questions about buying SKYE stock.
For fiscal year 2025, Skye Bioscience, Inc. (SKYE) reported total revenue of $0.0M. This represents a 100.0% decline compared to $0.0M in 2012.
Skye Bioscience, Inc. (SKYE) reported a net loss of $55.9M for the fiscal year ending 2025.