SKYE BIOSCIENCE : AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS - Form 8-K
April 03, 2024 at 05:11 pm EDT
Share
SKYE BIOSCIENCE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
December 31,
2023
Pro Forma Adjustments
As Adjusted
December 31,
2023
ASSETS
Current assets
Cash
$
1,256,453
$
84,680,741
(1)(2)
$
85,937,194
Restricted cash
9,080,202
9,080,202
Prepaid expenses
425,259
425,259
Other current assets
888,929
888,929
Total current assets
11,650,843
84,680,741
96,331,584
Property, plant and equipment, net
43,276
43,276
Operating lease right-of-use asset
237,983
237,983
Other assets
8,309
8,309
Total assets
$
11,940,411
$
84,680,741
$
96,621,152
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY
Current liabilities
Accounts payable
$
1,155,785
$
1,155,785
Accrued interest - related party
126,027
126,027
Accrued interest - legal contingency
234,750
234,750
Accrued payroll liabilities
888,381
888,381
Other current liabilities
998,552
998,552
Estimate for legal contingency
6,053,468
6,053,468
Convertible note - related party, net of discount
4,371,998
4,371,998
Operating lease liability, current portion
72,038
72,038
Total current liabilities
13,900,999
-
13,900,999
Non-current liabilities
Operating lease liability, net of current portion
171,230
171,230
Total liabilities
14,072,229
-
14,072,229
Commitments and contingencies (Note 13)
Stockholders' (deficit) equity
Preferred stock, $0.001 par value; 200,000 shares authorized at December 31, 2023 and 2022; no shares issued and outstanding at December 31, 2023 and 2022
-
-
Common stock, $0.001 par value; 100,000,000 and 20,000,000 shares authorized at December 31, 2023 and 2022, respectively; 12,349,243 and 3,654,119 shares issued and outstanding at December 31, 2023 and 2022, respectively
12,349
15,714
(1)
28,063
Additional paid-in-capital
102,238,382
83,525,455
(1)
185,763,837
Accumulated (deficit) equity
(104,382,549)
1,139,572
(2)
(103,242,977)
Total stockholders' (deficit) equity
(2,131,818)
84,680,741
82,548,923
Total liabilities and stockholders' (deficit) equity
$
11,940,411
$
84,680,741
$
96,621,152
Notes to the Pro Forma Balance Sheet:
This Pro Forma Balance Sheet reflects the Skye Bioscience, Inc. (SKYE) Balance Sheet as reported in the Company's 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission on March 22, 2024, adjusted to reflect the subsequent events after the balance sheet date of December 31, 2023 through the date of filing, as set out in Note 14 of the 10-K as described below:
(1)The sale of 15,713,664 shares of Common Stock and 9,978,739 pre-funded warrants under the Securities Purchase Agreements dated January 29, 2024 and March 11, 2024 providing total gross proceeds of $90 million and net proceeds of approximately $83.5 million net of placement agent fees and offering costs.
(2)To record the gain from the sale of real estate held by Avalite Sciences, Inc.
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Skye Bioscience Inc. published this content on
03 April 2024 and is solely responsible for the information contained therein. Distributed by
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03 April 2024 21:10:49 UTC.
Skye Bioscience, Inc. is a clinical-stage biotechnology company focused on the discovery, development and commercialization of novel classes of therapeutic drugs that modulate the endocannabinoid system. The Company's clinical assets focus on the modulation of cannabinoid receptor 1 (CB1) to provide novel treatments and alternatives for diseases caused by metabolic disorders, inflammation, fibrosis and neurodegeneration, such as obesity and glaucoma. Its Phase 2 clinical candidates include nimacimab, a negative allosteric modulating antibody that inhibits peripheral CB1 receptors, being developed for the treatment of obesity and SBI-100 Ophthalmic Emulsion (SBI-100 OE), a CB1 agonist (activator), being developed for the treatment of glaucoma and ocular hypertension. The Company's Phase 2 study in obesity is designed to evaluate nimacimab's weight loss potential either as a single agent or in combination with a glucagon-like peptide-1 (GLP-1) agonist like semaglutide.