SKYE Earnings Prediction
The chart below shows how SKYE performed 10 days before and after its earnings report, based on data from the past quarters. Typically, SKYE sees a +12.18% change in stock price 10 days leading up to the earnings, and a -2.93% change 10 days following the report. On the earnings day itself, the stock moves by -1.81%. This data can give you a slight idea of what to expect for the next quarter's release.
SKYE Key Earning Data
2024/Q4
Year Over Year
Quarter Over Quarter
Total Revenue
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Gross Margin
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Operating Margin
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Net Margin
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EPS
-0.10
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No Data Available
SKYE Earnings Analysis
Skye Bioscience, Inc. Common Stock Corporation (SKYE.O) Earnings Conference Call
Positive
R&D Expense Increase: Research and development expenses for the third quarter of 2024 were $4.9 million, compared to $1.3 million for the same period in 2023, indicating a significant increase in investment in R&D.
Clinical Trial Cost Increase: The increase of approximately $3.6 million was primarily due to contracted clinical and manufacturing costs associated with our Phase 2 clinical trial for nimacimab and obesity.
Increased Administrative Expenses: General and administrative expenses for the third quarter were $4.6 million, compared to $2.2 million for the same period in 2023, reflecting increased operational activities.
Net Loss Improvement: The net loss for the third quarter of 2024 totaled $3.9 million, which included non-cash share-based compensation expense of $1.9 million, compared to a net loss of $24.9 million for the third quarter of 2023, indicating improved financial performance.
Strong Financial Position: As of September 30, 2024, Sky had cash and cash equivalents of $76.5 million, including its restricted cash, providing a strong financial position to support ongoing operations.
Negative
R&D Expense Increase: Research and development expenses for the third quarter of 2024 were $4.9 million, compared to $1.3 million for the same period in 2023, indicating a significant increase of approximately $3.6 million primarily due to contracted clinical and manufacturing costs associated with the Phase 2 clinical trial for nimacimab and obesity.
Administrative Expense Increase: General and administrative expenses for the third quarter were $4.6 million, compared to $2.2 million for the same period in 2023, reflecting an increase primarily due to increases in non-cash incentive stock-based compensation, professional services, and fees for tax, audit, and legal services related to regulatory filings.
Net Loss Comparison: The net loss for the third quarter of 2024 totaled $3.9 million, which included a non-cash share-based compensation expense of $1.9 million, compared to a $24.9 million net loss for the third quarter of 2023, indicating a significant decrease but still reflecting ongoing financial challenges.
Acquisition Impact on Loss: The primary reason for the significant decrease in net loss was related to the acquisition of the nimacimab in-process research and development asset for $21.2 million during the three months ended September 30, 2023, which highlights the financial burden of acquisitions on the company.
Cash Burn Trend Analysis: During the third quarter, the company is burning approximately $6 million per quarter, which is expected to increase to approximately $9 million per quarter in 2025, indicating a concerning trend in cash flow management.
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SKYE Earning Call Sentiment
Skye Bioscience, Inc. (SKYE) Q3 2024 Earnings Call Transcript
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SKYE.O
-4.07%Positive
The earnings call highlights several risks, including regulatory and clinical trial uncertainties, financial sustainability concerns, competitive pressures, and supply chain challenges. Despite a reduction in net loss, the lack of a shareholder return plan and increasing quarterly cash burn rate are worrying. The Q&A section did not alleviate these concerns, as management provided unclear responses on timelines and study specifics. These factors, combined with the absence of new partnerships or shareholder incentives, suggest a negative sentiment, likely leading to a stock price decrease of -2% to -8%.