aibioSkye Bioscience gets Nasdaq notice: stockholders' equity of $9,011,804 is below $10,000,000 minimum
Tickers SKYE
Nasdaq says Skye's stockholders' equity of $9,011,804, reported for the quarter ended March 31, 2026, is below the $10,000,000 Global Market minimum. The company has until June 29, 2026 to submit a plan.
Key facts
- Company
- Skye Bioscience, Inc. (NASDAQ: SKYE)
- News type
- Listings
- Primary source
- Skye Bioscience, Inc. Form 8-K filed May 15, 2026 (SEC EDGAR)
Skye Bioscience, Inc. (Nasdaq: SKYE) received a written notification on May 13, 2026 from the Listing Qualifications Department of The Nasdaq Stock Market LLC. Using the company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, Nasdaq found stockholders' equity of $9,011,804, which falls below the $10,000,000 minimum under Nasdaq Global Market Listing Rule 5450(b)(1)(A). The company disclosed the notice under Item 3.01 of a Form 8-K filed May 15, 2026.
The notice has no immediate effect on the listing or trading of Skye's common stock, which continues to trade on the Nasdaq Global Market under the symbol SKYE. Chief Executive Officer Punit Dhillon signed the 8-K.
The deadline and the appeal path
Under Nasdaq Marketplace Rule 5810(c)(2)(C), Skye has 45 calendar days, or until June 29, 2026, to submit a specific plan to regain compliance, along with its time frame for completing the plan. If Nasdaq accepts the plan, it can grant an extension of up to 180 calendar days from the date of the notice, or until November 9, 2026, for Skye to show compliance. If the plan is not accepted, Skye may appeal, and the common stock would remain listed until the appeal is complete.
To regain compliance, Skye must have stockholders' equity of at least $10,000,000. The company says it is evaluating various alternative courses of action. It also says there can be no assurance that it will regain compliance with the equity requirement or maintain compliance with the other listing requirements. The 8-K does not describe those alternatives.
Losses and cash
The company's annual report for 2025 shows a net loss of $55,924,814 for the year ended December 31, 2025, against $26,567,123 for 2024. The accumulated deficit was $186,874,486 at December 31, 2025. Net cash used in operating activities was $43,062,529 in 2025 and $25,237,480 in 2024.
At December 31, 2025, the company had $25,737,221 in cash, cash equivalents and short-term investments. The annual report's own figures therefore show operating cash use of $43,062,529 for 2025 against that year-end balance.
The company's independent registered public accounting firm has expressed substantial doubt about Skye's ability to continue as a going concern. The annual report ties that doubt to uncertainty about funding operations. Its risk factors say the company has limited cash on hand.
An equity line already in place
The annual report says Skye moved to the Nasdaq Global Market from the OTCQB in April 2024. On May 10, 2024, it entered an Equity Distribution Agreement with Piper Sandler & Co. as sales agent, under which it may sell up to $100,000,000 of its shares from time to time. The 8-K does not mention that agreement. The annual report says Skye had not sold any shares under it to date.
The lead program
Skye describes itself as a clinical-stage biotechnology company developing next-generation molecules that modulate G-protein-coupled receptors to treat obesity, overweight and metabolic disorders. Its lead candidate, nimacimab, is a peripherally restricted negative allosteric modulating antibody that targets cannabinoid receptor 1, or CB1. The company says it acquired nimacimab through its purchase of Bird Rock Bio, Inc., a privately held clinical-stage company, which it completed in August 2023.
The annual report says the company may never generate revenue if nimacimab is not successfully developed and approved. Among its forward-looking risks it lists the timing, progress and results of nimacimab studies, including the extension arm of the Phase 2a CBeyond trial.
What the notice leaves open
The 8-K gives the equity figure reported to Nasdaq but not the balance sheet behind it. It does not say which alternatives the company is considering, whether a financing or a reverse stock split is among them, or how a plan would reach the $10,000,000 minimum. A reader cannot see from the notice whether the company has yet submitted a plan.