Skye Bioscience, Inc.

Ladies and gentlemen, thank you for standing by. My name is Jordan, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Sky Bioscience third quarter 2025 financial results and business update call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. I would now like to turn the conference over to Bernie Hertel, head of investor relations. Please go ahead.

Hello, and thank you all for participating in today's call. Before we begin, I'd like to caution that comments made during this conference call will contain forward-looking statements under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including statements about Sky's expectations regarding its development activities, timelines, and milestones. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially and adversely, and reported results should not be considered as an indication of future performance. These forward-looking statements speak only as of today's date, and the company undertakes no obligation to revise or update any statements made today. I encourage you to review all of the company's filings with the Securities and Exchange Commission concerning these and other matters. I'll now turn the call over to Caitlin Arsenault, Sky's CFO.

Thanks, Bernie. After the market closed today, we issued a press release and filed Sky's Form 10Q with the Securities and Exchange Commission, outlining our quarterly financial results. We encourage you to reference our filings for the details of our financials and the risk factors described therein. I will now provide a brief overview of our key financial results for the third quarter ended September 30th, 2025. We ended the third quarter with cash equivalents and short-term investments totaling $35.3 million. We expect our current working capital to fund operations and key clinical milestones into 2027. This includes the completion of the extension of our phase 2A study for namazumab and certain manufacturing and preparatory clinical activities needed to initiate the next study. In addition, our runway continues to include a modest discovery R&D budget and the dose concentration and process intensification work required to support our expected TPP and scale and support later stage studies for namazumab. R&D expenses for the three months ended September 30th, 2025 were $9.4 million as compared to $4.9 million for the same period in 2024. The increase was primarily due to contract manufacturing, clinical trial costs associated with our obesity study for namazumab, discovery R&D expenses, salary and stock-based compensation expense, and consulting advisory and professional fees. General and administrative expenses for the three months ended September 30th, 2025 were 3.9 million as compared to 4.6 million for the same period in 2024. The decrease was primarily related to decreases in consulting, advisory and professional fees, recruitment fees, salaries, and stock-based compensation expense. Our net loss for the three months ended September 30th, 2025 totaled 12.8 million, including non-cash share-based compensation expense of 1.9 million. compared to $3.9 million for the same period in 2024 with non-cash share-based compensation expense of $1.9 million. Now, I'll turn the call over to our President and CEO, Vineet Dhillon.