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SAN DIEGO - Skye Bioscience Inc. (NASDAQ:SKYE), a biotech firm specializing in metabolic health treatments, has announced promising preclinical data for nimacimab, its novel CB1 antibody aimed at tackling obesity. According to InvestingPro data, while the company’s stock has seen significant volatility, trading between $1.14 and $17.65 over the past 52 weeks, it maintains a healthy liquidity position with a current ratio of 16.32, indicating strong short-term financial stability. The murine study showed significant weight loss results, with the drug outperforming monlunabant and matching tirzepatide when used alone, and delivering additive effects in combination with tirzepatide.
The findings, which come from an experiment involving a diet-induced obesity (DIO) model, revealed over 30% weight loss when nimacimab was combined with tirzepatide after 25 days of treatment. Nimacimab alone induced a 23.5% weight reduction, on par with the weight loss seen with monlunabant and tirzepatide used independently. While these results are promising, InvestingPro analysis shows the company faces financial challenges with an EBITDA of -$29.9M in the last twelve months, reflecting its development-stage status. Subscribers can access 13 additional ProTips and comprehensive financial metrics through InvestingPro’s detailed research reports. These results point to nimacimab’s potential as both a standalone therapy and as part of a combination treatment for addressing unmet needs in obesity care.
Skye’s CEO Punit Dhillon expressed confidence in nimacimab’s ability to change the standards of care in weight loss, noting its significant additive weight loss when paired with GLP-1-targeted drugs. The company anticipates top-line data from its Phase 2a CBeyond™ study in late Q3 to early Q4 of 2025.
In addition to in vivo findings, Skye also shared new in vitro data that demonstrate nimacimab’s superior potency due to its non-competitive allosteric binding to CB1, which could offer an advantage over small molecules like monlunabant that directly compete with CB1 agonists. Chief Scientific Officer Dr. Chris Twitty highlighted the significance of nimacimab’s differentiated mechanism, which may maintain efficacy even when the CB1 receptor and its natural ligands are upregulated, as seen in obesity.
This press release contains forward-looking statements, including anticipated data from the Phase 2 obesity study and the therapeutic potential of nimacimab. The information is based on a press release statement, and readers are reminded that actual results may vary due to various risks and uncertainties.
Skye Bioscience, committed to developing first-in-class therapeutics, is currently conducting a Phase 2 clinical trial assessing nimacimab in obesity, also evaluating its combination with a GLP-1R agonist. The company is focused on modulating G-protein coupled receptors to unlock new therapeutic pathways for metabolic health. With analyst price targets ranging from $9.50 to $21.00, market experts maintain optimistic projections despite current challenges. For detailed analysis and valuation metrics, investors can access the comprehensive Pro Research Report available on InvestingPro, which provides in-depth coverage of Skye Bioscience among 1,400+ US equities.
In other recent news, Skye Bioscience reported its financial results for 2024, showing a narrowed net loss of $26.6 million, down from $37.6 million the previous year. The company ended the year with $68.4 million in cash, enough to fund operations through the first quarter of 2027. Research and development expenses more than tripled to $18.7 million as Skye Bioscience intensified efforts on its clinical trials. Cantor Fitzgerald maintained an Overweight rating on Skye Bioscience, with a $14.00 price target, highlighting the company’s progress and the anticipated release of topline data for nimacimab between late third quarter and early fourth quarter of 2025.
Citizens JMP also reiterated a Market Outperform rating with a $15.00 price target, noting nimacimab’s potential and the strategic decision to release full Phase 2a data. The analyst emphasized nimacimab’s unique mechanism and safety profile, with no neuropsychiatric adverse events observed in trials. Skye Bioscience plans to extend its Phase 2a study for nimacimab to 52 weeks, aiming to collect more comprehensive safety and efficacy data. The company is also organizing an analyst event at the American Diabetes Association meeting in June 2025 to discuss expectations for the Cbeyond data and nimacimab’s role in obesity treatment.
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