Placement Agent on Skye Bioscience's $50MM Private Placement Financing

Skye Bioscience, Inc. (the “Company”) (OTCQB: SKYE), a clinical stage biotechnology company focused on the discovery, development and commercialization of novel classes of therapeutic drugs that modulate the endocannabinoid system, announced that it entered into a securities purchase agreement for the sale of (i) 11,713,664 shares of its common stock at $2.305 per share and (ii) to certain investors, in lieu of common stock, pre-funded warrants to purchase up to 9,978,739 shares of common stock at a price of $2.3049 per pre-funded warrant in a private placement (the “PIPE”) to certain qualified institutional buyers. The pre-funded warrants will have an exercise price of $0.001 per share, will be exercisable immediately and will be exercisable until exercised in full. Gross proceeds from the PIPE amounted to $50 million.

The PIPE financing was co-led by a life sciences-focused investor and existing investor 5AM Ventures, with participation from Ally Bridge Group, Sphera Healthcare, Altium Capital, Driehaus Capital Management and other institutional investors. The Company expects the PIPE financing net proceeds to fund its operations into early 2026 through a set of key milestones and operations encompassing: a Phase 2 clinical trial for nimacimab in obesity; a Phase 2a clinical trial for SBI-100 Ophthalmic Emulsion (“OE”) in glaucoma and ocular hypertension; and a Phase 2b trial of SBI-100 OE for glaucoma and ocular hypertension.