skye-20240930

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission File Number: 000-55136

Skye Bioscience, Inc.

_____________________________________________________________

(Exact name of registrant as specified in its charter)


Nevada						45-0692882
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

11250 El Camino Real, Suite 100, San Diego, CA 92130

(Address of principal executive offices) (Zip Code)

(858) 410-0266

(Registrant’s telephone number, including area code)

__________________________N/A_______________________________

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange
on which registered

Common Stock, par value $0.001

SKYE

Nasdaq Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☒

Smaller reporting company

☒

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

As of November 6, 2024, there were 30,338,290 shares of the issuer’s $0.001 par value common stock issued and outstanding.

TABLE OF CONTENTS


PART I - FINANCIAL INFORMATION

Item 1.	Financial Statements:	2
	Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023	2
	Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited)	4
	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 (Unaudited)	5
	Condensed Consolidated Statements of Stockholders’ Equity (Deficit) for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited)	7
	Notes to the Unaudited Condensed Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	30
Item 4.	Controls and Procedures	30

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	31
Item 1A.	Risk Factors	31
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31
Item 3.	Defaults Upon Senior Securities	31
Item 4.	Mine Safety Disclosures	31
Item 5.	Other Information	31
Item 6.	Exhibits	31

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

SKYE BIOSCIENCE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS


	September 30, 2024		December 31, 2023
	(Unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	67,412,614	$	1,256,453
Restricted cash	9,080,202		9,080,202
Prepaid expenses	664,604		194,259
Other current assets	2,650,809		1,119,929
Total current assets	79,808,229		11,650,843

Property and equipment, net	1,516,612		43,276
Operating lease right-of-use asset	184,509		237,983
Other assets	26,310		8,309
Total assets	$	81,535,660	$	11,940,411

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities
Accounts payable	$	780,025	$	1,155,785
Accrued interest - related party	—		126,027
Accrued payroll liabilities	903,271		888,381
Accrued interest - legal contingency	—		234,750
Other current liabilities	2,065,658		998,552
Estimate for accrued legal contingencies and related expenses	1,792,337		6,053,468
Convertible note - related party, net of discount	—		4,371,998
Operating lease liability, current portion	82,932		72,038
Total current liabilities	5,624,223		13,900,999

Non-current liabilities
Operating lease liability, net of current portion	108,062		171,230
Total liabilities	5,732,285		14,072,229

Commitments and contingencies (Note 9)

Stockholders’ equity (deficit)
Preferred stock, $0.001 par value; 200,000 shares authorized at September 30, 2024 and December 31, 2023; no shares issued and outstanding at September 30, 2024 and December 31, 2023	—		—
Common stock, $0.001 par value; 100,000,000 shares authorized at September 30, 2024 and December 31, 2023; 30,338,290 and 12,349,243 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	30,338		12,349
Additional paid-in-capital	196,976,230		102,238,382
Accumulated deficit	(121,203,193)		(104,382,549)
Total stockholders’ equity (deficit)	75,803,375		(2,131,818)
Total liabilities and stockholders’ equity (deficit)	$	81,535,660	$	11,940,411

See accompanying notes to the unaudited condensed consolidated financial statements.

SKYE BIOSCIENCE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)


	For the Three Months Ended September 30,				For the	For the Nine Months Ended September 30,
	2024		2023			2024		2023
Operating expenses
Research and development	$	4,883,337	$	1,254,653		$	10,908,538	$	4,227,967
Cost to acquire IPR&D asset	—		21,215,214			—		21,215,214
General and administrative	4,638,927		2,235,899			13,171,547		5,357,577

Change in estimate for legal contingencies	(4,553,468)		—			(4,553,468)		(151,842)
Total operating expenses	4,968,796		24,705,766			19,526,617		30,648,916

Operating loss	(4,968,796)		(24,705,766)			(19,526,617)		(30,648,916)

Other (income) expense
Interest (income) expense	(90,766)		271,307			796,222		476,135
Interest income	(907,697)		(16,562)			(2,296,488)		(49,669)
(Gain) loss from asset sales	(72,837)		—			(1,217,978)		307,086
Debt conversion inducement expense	—		—			—		1,383,285
Wind-down costs	—		(14,677)			—		455,504
Other expense (income)	801		—			2,200		(3)
Total other (income) expense, net	(1,070,499)		240,068			(2,716,044)		2,572,338

Loss before income taxes	(3,898,297)		(24,945,834)			(16,810,573)		(33,221,254)
Provision for income taxes	—		—			10,071		3,600

Net loss	$	(3,898,297)	$	(24,945,834)		$	(16,820,644)	$	(33,224,854)

Loss per common share:
Basic	$	(0.10)	$	(3.17)		$	(0.48)	$	(6.38)
Diluted	$	(0.10)	$	(3.17)		$	(0.48)	$	(6.38)

Weighted average shares of common stock outstanding used to compute earnings per share:
Basic	38,819,387		7,880,546			35,317,352		5,207,411
Diluted	38,819,387		7,880,546			35,317,352		5,207,411

See accompanying notes to the unaudited condensed consolidated financial statements.

SKYE BIOSCIENCE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	For the Nine Months Ended September 30,
	2024		2023
Cash flows from operating activities:
Net loss	$	(16,820,644)	$	(33,224,854)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	123,347		95,880
Stock-based compensation expense	6,228,270		394,657
Change in fair value of derivative liabilities	—		(3)
Amortization of debt discount	599,006		102,400
Write-down of vendor deposits	325,610		—
Change in estimate for legal contingencies	(4,553,468)		7,009
(Gain) loss from divestiture of assets	(1,217,978)		307,086
Loss from disposal of assets	10,794		—
Debt conversion inducement expense	—		1,383,285
Accrued interest conversion expense	—		15,952
Cost to acquire IPR&D asset	—		21,215,214
Foreign currency remeasurement gain	—		(45,350)
Changes in assets and liabilities:
Prepaid expenses	(470,345)		782,265
Other current assets	(1,606,490)		(236,779)
Other assets	(18,000)		—
Accounts payable	(375,760)		(112,021)
Accounts payable - related parties	—		(113,601)
Accrued interest - related party	(126,027)		60,274
Accrued interest - legal contingency	(234,750)		—
Accrued payroll liabilities	14,889		(11,904)
Operating lease liability	(52,274)		(60,647)
Other current liabilities	1,109,443		(570,473)
Other current liabilities - related parties	—		(95,850)
Net cash used in operating activities	(17,064,377)		(10,107,460)

Cash flows from investing activities:
Proceeds from the sale of assets, net of sales costs	1,217,978		5,532,266
Purchase of property and equipment	(1,554,003)		(5,533)
Cash from asset acquisition, net of transaction costs	—		1,076,740
Net cash (used in) provided by investing activities	(336,025)		6,603,473

Cash flows from financing activities:
Proceeds from convertible note - related party	—		4,973,684
Proceeds from the issuance of common stock and warrants, net of equity issuance costs of $6,434,447 and $265,053, respectively	83,556,563		11,734,947
Financing costs allocated to warrants issued with convertible debt	—		(6,026)
Repayment of insurance premium loan payable	—		(236,681)
Net cash provided by financing activities	83,556,563		16,465,924

Net increase in cash and restricted cash	66,156,161		12,961,937

Cash, cash equivalents and restricted cash, beginning of period	$	10,336,655	$	1,249,107

Cash, cash equivalents and restricted cash, end of period	$	76,492,816	$	14,211,044

Supplemental disclosures of cash-flow information:
Reconciliation of cash, cash equivalents and restricted cash:


Cash, and cash equivalents	$	67,412,614	$	5,126,245
Restricted cash	9,080,202		9,084,799
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	76,492,816	$	14,211,044

Supplemental disclosures of non-cash financing activities:

Common stock warrant exercises	$	—	$	282,905
Conversion of multi-draw credit agreement	—		1,565,470
Conversion of accrued interest due to related party	—		31,766


Financing of insurance premium	—		203,884
Right of use asset obtained in exchange for operating lease liabilities	—		241,134

Stock issued for assets	—		20,532,846
Conversion of convertible note - related party to common stock	4,971,004		—

See accompanying notes to the unaudited condensed consolidated financial statements.

SKYE BIOSCIENCE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)

(UNAUDITED)


	Common Stock			Additional Paid-In Capital		Accumulated Deficit		Total Stockholders’ Equity/ (Deficit)
	Shares	Amounts
Balance, January 1, 2024	12,349,243	$	12,349	$	102,238,382	$	(104,382,549)	$	(2,131,818)

Stock-based compensation expense	—	—		2,478,179		—		2,478,179





Issuance of common stock and warrants, net of issuance costs of $6,434,447	15,713,664	15,714		83,540,849		—		83,556,563

Net loss	—	—		—		(5,019,531)		(5,019,531)

Balance, March 31, 2024	28,062,907	$	28,063	$	188,257,410	$	(109,402,080)	$	78,883,393

Stock-based compensation expense	5,000	5		1,828,469		—		1,828,474

Net loss	—	—		—		(7,902,816)		(7,902,816)

Balance, June 30, 2024	28,067,907	$	28,068	$	190,085,879	$	(117,304,896)	$	72,809,051

Stock-based compensation expense	—	—		1,921,617		—		1,921,617

Conversion of convertible note - related party	968,973	969		4,970,035		—		4,971,004

Exercise of pre-funded warrants	1,301,410	1,301		(1,301)		—		—

Net loss	—	—		—		(3,898,297)		(3,898,297)

Balance, September 30, 2024	30,338,290	$	30,338	$	196,976,230	$	(121,203,193)	$	75,803,375


	Common Stock			Additional Paid-In Capital		Accumulated Deficit		Total Stockholders’ (Deficit)
	Shares	Amounts
Balance, January 1, 2023	3,654,119	$	3,654	$	63,726,057	$	(66,737,765)	$	(3,008,054)

Stock-based compensation expense	—	—		131,579		—		131,579

Exercise of common stock warrants	66,566	66		282,839		—		282,905

Conversion of multi-draw credit agreement - related party and accrued interest	165,517	166		2,980,355		—		2,980,521

Net loss	—	—		—		(5,167,520)		(5,167,520)

Balance, March 31, 2023	3,886,202	$	3,886	$	67,120,830	$	(71,905,285)	$	(4,780,569)

Stock-based compensation expense	—	—		102,871		—		102,871

Net loss	—	—		—		(3,111,500)		(3,111,500)

Balance, June 30, 2023	3,886,202	$	3,886	$	67,223,701	$	(75,016,785)	$	(7,789,198)

Stock-based compensation expense	—	—		160,207		—		160,207

PIPE financing, net of equity issuance costs of 265,053	2,989,981	2,990		11,731,957		—		11,734,947

Common stock issued in acquisition of IPR&D asset	5,436,378	5,436		21,604,150		—		21,609,586

Warrants issued with convertible note	—	—		925,550		—		925,550

Common stock issued for fractional share adjustment in reverse stock split	26,349	26		(26)		—		—

Net loss	—	—		—		(24,945,834)		(24,945,834)

Balance, September 30, 2023	12,338,910	$	12,338	$	101,645,539	$	(99,962,619)	$	1,695,258

See accompanying notes to the unaudited condensed consolidated financial statements.

SKYE BIOSCIENCE, INC. AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

1. Organization, Basis of Presentation and Significant Accounting Policies

Nature of Operations

Skye Bioscience, Inc. (the “Company” or “Skye”) was incorporated in Nevada on March 16, 2011. The Company is a clinical stage biopharmaceutical company developing next-generation molecules that modulate G protein-coupled receptors to treat obesity and metabolic diseases.

As of September 30, 2024, the Company has devoted substantially all its efforts to securing its product pipeline, carrying out its own research and development, preparing for and conducting clinical trials, building infrastructure and raising capital. The Company has not yet realized revenue from its planned principal operations and is a number of years away from potentially being able to do so.

Basis of Presentation

The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Interim financial results are not necessarily indicative of results anticipated for the full year, or any future periods.

The Unaudited Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q should be read in conjunction with the Audited Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, from which the prior year balance sheet information herein was derived.

Certain reclassifications have been made to the amounts in prior periods to conform to the current period’s presentation, primarily the separate classification of prepaid expenses and other current assets on the Company's condensed balance sheet, and condensed statement of cash flows and change in fair value of derivative liability and interest expense on the condensed statement of operations. Such reclassifications did not have a material impact on the Unaudited Condensed Consolidated Financial Statements.

During the nine months ended September 30, 2024, there were no changes to the Company's significant accounting policies as described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Pronouncements Implemented

In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40). The new standard reduces the number of accounting models for convertible debt instruments, amends the accounting for certain contracts in an entity’s own equity, and modifies how certain convertible instruments and contracts that may be settled in cash or shares impact the calculation of diluted earnings per share. Specifically, the guidance removes certain accounting models that separate the embedded conversion features from the host contract for convertible instruments and requires the use of the if-converted method to calculate diluted earnings per share. This standard was effective for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. The Company adopted this standard as of January 1, 2024 and the adoption of this standard did not have an impact on the Company's Unaudited Condensed Consolidated Financial Statements or related disclosures.

Recent Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. This ASU requires greater disaggregation of information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. This ASU applies to all entities subject to income taxes and is intended to help investors better understand an entity’s exposure to potential changes in jurisdictional tax legislation and assess income tax information that affects cash flow forecasts and capital allocation decisions. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. This ASU should be applied on a prospective basis although retrospective application is permitted. The Company does not expect the impact of adopting ASU 2023-09 to be material on its consolidated financial statements.

In November 2023, the Financial Account Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this ASU require disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. This ASU requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. ASU 2023-07 is to be applied retrospectively to all prior periods presented in the financial statements with an effective date for all public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company does not expect the impact of adopting ASU 2023-07 to be material on its consolidated financial statements.

2. Asset Acquisitions and Dispositions

Sale of real estate

The wind down of Emerald Health Therapeutics, Inc. ("EHT's") operations included the disposition of real estate held by Avalite Sciences, Inc. ("AVI") (the "AVI building"). At the time of the Company’s acquisition of EHT on November 10, 2022 (the “EHT Acquisition”), none of the purchase consideration was allocated to the fair value of the AVI building. As a result of the sale of the AVI building, for the nine months ended September 30, 2024, the Company recorded a gain of $1,145,141 recorded as a (Gain) Loss from Asset Sales within the Other Income and Expense section of the Company's Unaudited Condensed Consolidated Statements of Operations.

Divestiture of VDL, Release and Discharge Agreement

On February 9, 2023, the Company sold Verdélite Sciences, Inc. ("VDL"). For the nine months ended September 30, 2023, the Company has recorded a loss on sale of asset of $307,086 in other (income) expense based on the difference between the carrying amount of the assets sold and the net cash proceeds.

On July 17, 2024, the Company reached a transaction, release and discharge agreement with the purchaser of VDL. Under the transaction, release and discharge agreement, the purchase price of VDL was adjusted in exchange for a full release of any future claims by VDL against the Company. As part of the agreement, the parties agreed to an installment payment schedule for the remaining aggregate balance of the purchase price of $2,047,080 through December 2027. The remainder of the purchase price receivable bears interest at 8%. Upon signing the transaction, release and discharge agreement, the Company received the first installment payment of $72,837 recorded as a (Gain) Loss from Asset Sales within the Other Income and Expense section of the Company's Unaudited Condensed Consolidated Statements of Operations.

BRB Acquisition

On August 18, 2023, the Company acquired 100% of the equity interests in Bird Rock Bio Sub, Inc. ("BRB") pursuant to an Agreement and Plan of Merger and Reorganization, dated August 15, 2023 (the "BRB Acquisition"). The purpose of the acquisition was to acquire BRB's clinical asset, nimacimab, an antibody targeting the CB1 receptor, for development to treat metabolic conditions. Pursuant to the BRB Acquisition, the Company issued 3,872,184 shares of Company common stock to the former preferred stockholders of BRB equal to $20,000,000 in base merger consideration priced at $5.16.

In addition, the former preferred stockholders of BRB were entitled to additional merger consideration for each dollar invested in a concurrent private investment in public equity transaction (the "2023 PIPE Financing"). Because the 2023 PIPE Financing and BRB Acquisition occurred contemporaneously and in contemplation of each other, in accounting for the transaction, the Company allocated the shares issued as additional merger consideration between the BRB Acquisition and 2023 PIPE Financing using a residual allocation method, whereby the fair value of the consideration transferred was first allocated to the monetary assets and 2023 PIPE Financing proceeds with the remainder allocated to the in-process research and development (" IPR&D") asset, nimacimab. As a result, 1,564,194 additional shares of common stock were allocated to the BRB Acquisition.

Below is a summary of the total consideration, assets acquired and the liabilities assumed in connection with the BRB Acquisition:


	August 18, 2023

Purchase consideration
Common stock	$	21,609,586	(a)
Total consideration	$	21,609,586

Assets acquired and liabilities assumed:
IPR&D asset	$	21,215,214
Cash and cash equivalents	1,076,740
Prepaid expenses	4,800
Accounts payable	(73,473)
Other current liabilities	(613,695)
Total net assets acquired	$	21,609,586

(a) Equal to the aggregate of 5,436,378 shares of common stock issued, multiplied by the Company's closing stock price of $3.98 as of August 18, 2023.

The cost to acquire the IPR&D asset, nimacimab, was expensed on the date of the BRB Acquisition as it was determined to have no future alternative use. Accordingly, costs associated with the BRB Acquisition to acquire the asset were expensed as incurred.

3. Property and Equipment, Prepaid Expenses, Other Current Assets and Liabilities

Property and equipment, net consists of the following:


	As of September 30, 2024		As of December 31, 2023
Machinery and equipment	$	1,527,419	$	78,024
Computer equipment	74,868		46,732
Leasehold improvements	13,954		13,954
Total property and equipment, gross	1,616,241		138,710
Less: accumulated depreciation	(99,629)		(95,434)
Total property and equipment, net	$	1,516,612	$	43,276

Depreciation expense for the three and nine months ended September 30, 2024 was $47,519 and $69,873, respectively. Depreciation expense for the three and nine months ended Sepember 30, 2023 was $12,788 and $38,107, respectively.

Prepaid expenses consist of the following:


	As of September 30, 2024		As of December 31, 2023
Clinical expenses	$	64,878	$	61,352
Financial advisory service agreement	284,170		—
Other prepaid expenses	315,556		132,907
	$	664,604	$	194,259

Other current assets consist of the following:


	As of September 30, 2024		As of December 31, 2023
AusIndustry incentive	$	9,033	$	540,604
Vendor deposits	2,216,427		403,439
Other tax receivables	3,678		158,242
Other current assets	421,671		17,644
	$	2,650,809	$	1,119,929

Other current liabilities consist of the following:


	As of September 30, 2024		As of December 31, 2023
Research and development costs	$	1,220,041	$	467,784
Legal fees	370,359		258,213
EHT Acquisition related liabilities	—		180,897
Professional and consulting fees	410,512		69,468
Other accrued liabilities	64,746		22,190
	$	2,065,658	$	998,552

4. Warrants

There are significant judgements and estimates inherent in the determination of the fair value of the Company’s warrants. These judgements and estimates include assumptions regarding the Company’s future operating performance and the determination of the appropriate valuation methods.

Warrants

Warrants vested and outstanding as of September 30, 2024 are summarized as follows:


Source	Exercise Price		Weighted Average Remaining Contractual Term (Years)	Number of Warrants Outstanding
2015 Common Stock Warrants	$	1,250.00	0.56	400
2016 Common Stock Warrants to Service Providers	287.50		2.08	160
2019 Common Stock Warrants	87.50		0.14	32,000
2020 Common Stock Warrants to Placement Agent	20.00		0.83	32,668
2021 Inducement Warrants	37.50		1.81	84,667
2021 Inducement Warrants to Placement Agent	47.00		1.81	5,927
2021 Common Stock Warrants	22.50		1.99	311,113
2021 Common Stock Warrants to Placement Agent	27.50		1.99	21,778
November 2019 EHT Common Stock Warrants	72.25		0.16	34,213
December 2019 EHT Common Stock Warrants	37.25		0.24	3,783
February 2020 EHT Common Stock Warrants	37.25		0.35	80,694
August 2023 Convertible Note Common Stock Warrants	5.16		8.88	340,000
August 2023 PIPE Financing Common Stock Warrants	5.16		8.88

SEC Form 10-Q filed by Skye Bioscience Inc.