Detailed financial statements for Skye Bioscience, Inc. (SKYE): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Skye Bioscience, Inc., a clinical-stage biotechnology company, focuses on developing molecules that modulate G-protein-coupled receptors (GPCRs) to treat obesity, overweight, and metabolic diseases. Its lead product candidate is nimacimab, a peripherally restricted negative allosteric modulating antibody targeting cannabinoid receptor 1, a key GPCR involved in metabolic regulation. The company was formerly known as Emerald Bioscience, Inc.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $1.70, SKYE has negative trailing earnings (P/E not meaningful) and an ROE of -279.29%. Market capitalisation stands at $7M.
Balance sheet quality for SKYE: current ratio of 3.3, net cash position of $25.5M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | $14916 | $8038 | $1544 | $1462 | $1872 | 0 | 0 | 0 | 0 | $723352 |
| Gross Profit | -$14916 | -$8038 | -$1544 | -$1462 | -$1872 | 0 | 0 | 0 | 0 | -$723352 |
| Research & Development | $939040 | $311302 | $329966 | $2.2M | $1.9M | $2.9M | $6.0M | $5.8M | $18.7M | $42.4M |
| Selling, General & Admin | $3.5M | $3.5M | $4.4M | $4.4M | $4.3M | $4.9M | $6.1M | $7.9M | $17.7M | $15.8M |
| Operating Expenses | $4.5M | $3.9M | $4.7M | $6.6M | $6.3M | $7.8M | $18.3M | $34.7M | $30.2M | $57.4M |
| Operating Income | -$4.5M | -$3.9M | -$4.7M | -$6.6M | -$6.3M | -$7.8M | -$18.3M | -$34.7M | -$30.2M | -$58.2M |
| EBITDA | 0 | -$3.1M | -$4.7M | $2.0M | -$5.9M | -$7.7M | -$18.7M | -$36.6M | -$25.3M | -$55.2M |
| Interest Expense | 0 | $667 | $94763 | $1.0M | $706385 | $767511 | $663774 | $906270 | $967602 | 0 |
| Pre-tax Income | -$3.2M | -$3.1M | -$19.2M | $1.1M | -$6.6M | -$8.5M | -$19.5M | -$37.6M | -$26.6M | -$55.9M |
| Income Tax | $1600 | $1600 | $1642 | $1600 | $1600 | $2100 | $6741 | $3600 | $10071 | $5400 |
| Net Income | -$3.2M | -$3.1M | -$19.2M | $1.1M | -$6.6M | -$8.5M | -$19.5M | -$37.6M | -$26.6M | -$55.9M |
| EPS | $-335.44 | $-204.96 | $-292.08 | $15.84 | $-56.88 | $-40.00 | $-70.16 | $-42.96 | $-5.84 | $-11.28 |
| EPS (Diluted) | $-319.20 | $-204.96 | $-292.08 | $15.84 | $-59.68 | $-40.00 | $-70.16 | $-42.96 | $-5.84 | $-11.28 |
| Shares Outstanding (Diluted) | $9957 | $15096 | $65723 | $66501 | $115710 | $203300 | $277635 | $875750 | $4.6M | $5.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | -$172886 | 0 |
| Operating Income | -$13.3M | -$14.9M | -$12.7M | -$11.1M |
| EBITDA | -$12.6M | -$14.3M | -$12.3M | -$10.8M |
| Net Income | -$12.8M | -$14.4M | -$12.5M | -$10.8M |
| EPS | $-2.56 | $-2.88 | $-2.56 | $-2.16 |
| EPS (Diluted) | $-2.56 | $-2.88 | $-2.56 | $-2.16 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $64820 | $259955 | $1.9M | $1.8M | $2.5M | $9.0M | $1.2M | $1.3M | $68.4M | $5.9M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $19.9M |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | $74121 | $158242 | $5065 | $10474 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $279489 | $555811 | $2.0M | $2.0M | $2.7M | $9.6M | $8.9M | $11.7M | $70.8M | $27.1M |
| Property, Plant & Equipment | $9584 | $1407 | $3445 | $1983 | $7341 | $234682 | $159045 | $281259 | $1.9M | $1.2M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $323363 | $557218 | $2.0M | $2.0M | $2.7M | $9.9M | $9.1M | $11.9M | $72.8M | $28.3M |
| Accounts Payable | $274650 | $100921 | $15597 | $139809 | $381372 | $900010 | $1.8M | $956754 | $569252 | $2.0M |
| Short-term Debt | 0 | $235000 | 0 | 0 | $64062 | $2.0M | $1.9M | $4.4M | 0 | 0 |
| Total Current Liabilities | $661958 | $805974 | $15.9M | $970818 | $787199 | $3.9M | $12.1M | $13.9M | $4.3M | $8.2M |
| Long-term Debt | 0 | 0 | $1.4M | $387070 | $1.4M | 0 | 0 | 0 | 0 | $83999 |
| Total Liabilities | $1.8M | $1.4M | $17.5M | $1.4M | $2.2M | $4.0M | $12.1M | $14.1M | $4.6M | $8.3M |
| Retained Earnings | -$10.9M | -$14.0M | -$33.2M | -$32.2M | -$38.7M | -$47.3M | -$66.7M | -$104.4M | -$130.9M | -$186.9M |
| Total Equity | -$1.5M | -$800078 | -$15.6M | $548058 | $450786 | $5.9M | -$3.0M | -$2.1M | $68.2M | $20.0M |
| Total Debt | 0 | $235000 | $1.4M | $387070 | $1.5M | $2.1M | $2.0M | $4.6M | $455590 | $273646 |
| Net Debt | -$64820 | -$24955 | -$492413 | -$1.4M | -$971607 | -$6.8M | $737999 | $3.4M | -$68.0M | -$25.5M |
| Working Capital | -$382469 | -$250163 | -$14.0M | $1.0M | $1.9M | $5.7M | -$3.2M | -$2.3M | $66.5M | $18.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $18.4M | $5.9M | $8.1M | $8.1M |
| Total Assets | $41.3M | $28.3M | $19.4M | $11.0M |
| Total Liabilities | $8.5M | $8.3M | $10.4M | $11.5M |
| Total Equity | $32.8M | $20.0M | $9.0M | -$497307 |
| Total Debt | $321845 | $273646 | $311318 | $35696 |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$3.2M | -$3.1M | -$19.2M | $1.1M | -$6.6M | -$8.5M | -$19.5M | -$37.6M | -$26.6M | -$55.9M |
| Depreciation & Amortization | $14916 | $8039 | $1544 | $1462 | $1872 | $34131 | $114998 | $124251 | $298640 | $723352 |
| Stock-based Compensation | $706368 | $608676 | $674961 | $680455 | $302742 | $869206 | $629032 | $987510 | $8.3M | $7.8M |
| Change in Working Capital | $40517 | -$323846 | $100192 | $295714 | $94191 | $646943 | -$761904 | -$469307 | -$2.6M | $4.7M |
| Operating Cash Flow | -$3.6M | -$3.3M | -$3.9M | -$6.0M | -$6.1M | -$6.5M | -$12.7M | -$14.0M | -$25.2M | -$43.1M |
| Capital Expenditure | -$11117 | -$19654 | -$4385 | 0 | -$7230 | -$90866 | -$28060 | -$12550 | -$1.6M | -$6312 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | $5.3M | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$3.6M | -$3.3M | -$3.9M | -$6.0M | -$6.1M | -$6.6M | -$12.8M | -$14.0M | -$26.8M | -$43.1M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$13.4M | -$9.8M | -$8.6M | -$7.1M |
| Capital Expenditure | -$5 | -$3 | -$3 | 0 |
| Free Cash Flow | -$13.4M | -$9.8M | -$8.6M | -$7.1M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $1.9M | -$2.20B | $1.5M | $1.3M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | +2.6% | -520.4% | +105.5% | -723.7% | -29.9% | -128.6% | -93.2% | +29.4% | -110.5% |
| EPS Growth (YoY) | | +38.9% | -42.5% | +105.4% | -459.1% | +29.7% | -75.4% | +38.8% | +86.4% | -93.2% |
| Shares Change (YoY) | | +51.6% | +335.4% | +1.2% | +74.0% | +75.7% | +36.6% | +215.4% | +420.8% | +8.7% |
| FCF Growth (YoY) | | +6.9% | -19.0% | -52.7% | -0.6% | -8.3% | -94.5% | -9.3% | -92.2% | -60.5% |
| Effective Tax Rate | -0.1% | -0.1% | -0.0% | 0.2% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-357.94 | $-219.78 | $-60.06 | $-90.64 | $-52.38 | $-32.30 | $-46.00 | $-15.95 | $-5.89 | $-8.69 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $9474 | $15096 | $65723 | $66501 | $115373 | $203300 | $277635 | $875750 | $4.6M | $5.0M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -279.29% |
| Return on Invested Capital | -286.55% |
| Return on Assets | -197.52% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.01 |
| Current Ratio | 3.30 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -1.80 | -1.48 | -2.74 | 16.54 | -1.41 | -2.60 | -0.46 | -0.51 | -3.88 | -0.53 |
| P/B | -3.94 | -5.74 | -3.38 | 31.79 | 20.47 | 3.61 | -2.95 | -8.94 | 1.52 | 1.49 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |