Filing Analysis
Skye Bioscience entered into a Securities Purchase Agreement with Redmile Biopharma Investments III, L.P. for an Equity Line of Credit (ELOC) of up to $22,000,000. This follows a recent PIPE financing and is linked to the company's proposed acquisition of Redx Pharma Limited.
🚩 Red Flags
- Equity Line of Credit (ELOC) structure often leads to significant shareholder dilution.
- The pricing mechanism (discount to Market Price) can create downward pressure on the stock price.
- The transaction is part of a complex series of financings (PIPE + ELOC) often used by micro-cap companies to bridge liquidity gaps during M&A activity.
📋 Key Facts
- Entered into a Securities Purchase Agreement with Redmile Biopharma Investments III, L.P. (an affiliate of Redmile Group, LLC).
- The ELOC allows for the sale of up to $22,000,000 in common stock/non-voting shares over a three-year term.
- The ELOC amount is subject to reduction if the company raises more than $103,000,000 via the recent PIPE financing.
- The purchase price for ELOC shares is the lesser of the PIPE price or the current Market Price, with a floor at a 10% discount to the PIPE price.
- The agreement includes a warrant to purchase up to $5,000,000 worth of common stock, exercisable between Jan 1, 2027, and Jan 1, 2030.
- The company must seek stockholder approval if issuances exceed 19.99% of outstanding shares.
- A Registration Rights Agreement was also executed to ensure resale of the ELOC shares.
Skye Bioscience, Inc. has announced the effective date for a reverse stock split. The new common stock is scheduled to begin trading on a split-adjusted basis on August 24, 2026.
🚩 Red Flags
- Reverse stock split (often used to regain Nasdaq compliance)
- Explicit mention of the need to 'regain compliance with Nasdaq’s minimum bid price requirement'
📋 Key Facts
- The reverse stock split becomes effective at 12:01 am ET on Thursday, August 24, 2026.
- Common stock will begin trading on a split-adjusted basis at market open on August 24, 2026.
- The ticker symbol 'SKYE' remains unchanged.
- The new CUSIP number for the common stock following the split is 83086J309.
Skye Bioscience received a deficiency notice from Nasdaq for failing to meet the minimum stockholders' equity requirement of $2,500,000. As of June 30, 2026, the company reported negative stockholders' equity of ($497,307).
🚩 Red Flags
- Negative stockholders' equity of ($497,307) indicates significant capital erosion.
- Delisting warning/deficiency notice from Nasdaq.
- Potential for a reverse stock split to regain compliance (mentioned in forward-looking statements risk factors).
📋 Key Facts
- Nasdaq deficiency notice received on August 18, 2026.
- Stockholders' equity as of June 30, 2026, was ($497,307).
- Nasdaq Listing Rule 5550(b)(1) requires a minimum of $2,500,000 in stockholders' equity.
- The company has 45 days (until October 2, 2026) to submit a plan to regain compliance.
- If a plan is accepted, the company may receive an extension until February 14, 2027, to demonstrate compliance.
- The company is currently evaluating alternative courses of action to regain compliance.
Skye Bioscience has entered into a definitive agreement to acquire Redx Pharma Limited via a scheme of arrangement, effectively resulting in a reverse takeover. The transaction involves significant dilution for existing Skye shareholders and includes a massive concurrent financing round.
🚩 Red Flags
- Extreme dilution: Existing Skye shareholders face massive dilution (down to ~5.38% ownership).
- Reverse takeover structure: Redx is effectively the acquirer in terms of control and equity weight.
- Mandatory reverse stock split: The filing explicitly mentions seeking shareholder approval for a 'reverse stock split' as part of the transaction requirements.
- Management overhaul: Complete replacement of Skye's current executive team and board.
📋 Key Facts
- Skye will acquire the entire issued share capital of Redx Pharma Limited through a UK Scheme of Arrangement.
- Redx equityholders are expected to own ~46.17% of the combined company post-transaction.
- Existing Skye Bioscience shareholders are expected to be diluted to approximately 5.38% ownership.
- The transaction includes a $36.0 million Series A financing for Redx and a concurrent financing for Skye (expected gross proceeds ~$67.9 million).
- Redx management will take control of the combined company, including CEO Lisa Anson and CFO Peter Collum.
- Skye's current executive officers and board members are expected to resign upon closing.
Skye Bioscience is transferring its listing from the Nasdaq Global Market to the Nasdaq Capital Market due to a failure to meet the $10 million minimum stockholders' equity requirement. The company remains in violation of the $1.00 minimum bid price requirement and has until September 14, 2026, to regain compliance.
🚩 Red Flags
- Delisting/Tier downgrade (Nasdaq Global to Nasdaq Capital Market)
- Stockholders' equity below required threshold ($9.0M vs $10.0M requirement)
- Minimum bid price deficiency (trading below $1.00 for 30+ consecutive business days)
- Risk of continued delisting if compliance is not met by September 2026
📋 Key Facts
- Stockholders' equity was $9,011,804 as of March 31, 2026, failing the Nasdaq Global Market $10M requirement.
- The company received approval to transfer listing to the Nasdaq Capital Market (which requires $3M minimum equity) effective June 23, 2026.
- Ticker symbol 'SKYE' remains unchanged despite the tier transfer.
- The company is currently in violation of the $1.00 minimum bid price requirement.
- Compliance period for the minimum bid price extends until September 14, 2026.
Skye Bioscience, Inc. has amended its Articles of Incorporation to significantly increase the number of authorized shares of common stock. This change was approved by stockholders at the 2026 Annual Meeting held on May 26, 2026.
🚩 Red Flags
- Significant increase in authorized shares (3x increase) creates substantial potential for future equity dilution.
📋 Key Facts
- Authorized common stock increased from 100,000,000 to 300,000,000 shares.
- The amendment was filed with the Nevada Secretary of State on May 28, 2026.
- Stockholders approved the amendment with 20,594,286 votes 'For' and 2,875,605 votes 'Against'.
- The company held its 2026 Annual Meeting on May 26, 2026, with a quorum of 66.98% represented.
- CBIZ CPAs P.C. was ratified as the independent registered public accounting firm for the fiscal year ending December 31, 2026.
Skye Bioscience received a deficiency notice from Nasdaq on May 13, 2026, because its stockholders' equity fell below the $10 million minimum requirement for continued listing on the Nasdaq Global Market. The company reported stockholders' equity of $9,011,804 in its March 31, 2026, quarterly report, creating a shortfall of approximately $1 million.
🚩 Red Flags
- Non-compliance with Nasdaq minimum stockholders' equity standards.
- Potential for dilutive capital raises to increase equity above the $10 million threshold.
- Uncertainty regarding Nasdaq's acceptance of the proposed compliance plan.
📋 Key Facts
- Notice received from Nasdaq Listing Qualifications Department on May 13, 2026.
- Stockholders' equity was $9,011,804 as of March 31, 2026, failing Nasdaq Rule 5450(b)(1)(A).
- The company has 45 calendar days (until June 29, 2026) to submit a plan to regain compliance.
- If the plan is accepted, Nasdaq may grant an extension of up to 180 days (until November 9, 2026) to evidence compliance.
- The notice has no immediate effect on the listing or trading of the common stock (SKYE).
Skye Bioscience filed an 8-K/A amendment to correct a scrivener's error in a previous filing dated April 3, 2026. The amendment specifically updates the total number of common stock shares underlying Repriced Options.
📋 Key Facts
- The filing is an amendment (8-K/A) to a report filed on April 3, 2026.
- The purpose is to correct a 'scrivener's error' regarding the number of shares in Repriced Options.
- The corrected total number of shares of common stock underlying all Repriced Options is 2,458,158 shares.
Skye Bioscience announced a massive stock option repricing for all employees and executives, reducing exercise prices from as high as $14.56 to $0.615. Simultaneously, the company appointed John P. Sharp as CFO on a fractional basis through a consulting agreement with Lohman & Associates.
🚩 Red Flags
- Significant insider-friendly option repricing following a massive decline in share price (approx. 95% drop from the high end of the original exercise prices).
- Appointment of a 'fractional' CFO (64 hours/month) is often indicative of severe cost-cutting or a company in a distressed financial state.
- The new exercise price of $0.615 indicates the stock is trading in penny-stock territory, posing delisting risks.
📋 Key Facts
- Repriced 2,420,978 outstanding stock options to a new exercise price of $0.615 per share.
- CEO Punit Dhillon received repricing on 1,103,959 options, previously priced between $2.89 and $14.56.
- COO Tuan Diep received repricing on 396,295 options, previously priced between $2.89 and $14.56.
- John P. Sharp appointed as CFO and principal financial officer effective March 31, 2026.
- CFO services are fractional, provided via Lohman & Associates at a rate of $25,600 for up to 64 hours per month.
Skye Bioscience, Inc. received a deficiency letter from Nasdaq on March 17, 2026, because its common stock failed to maintain the minimum $1.00 bid price for 30 consecutive business days. The company has 180 days, until September 14, 2026, to regain compliance with the listing requirements.
🚩 Red Flags
- Failure to meet Nasdaq minimum bid price requirements.
- Explicit mention of a potential reverse stock split to regain compliance.
- Risk of delisting if compliance is not met within the 180-day window or a subsequent extension.
📋 Key Facts
- Received Nasdaq deficiency notice on March 17, 2026, for violating Rule 5450(a)(1).
- Stock price remained below $1.00 for 30 consecutive business days.
- Compliance deadline set for September 14, 2026.
- Regaining compliance requires a closing bid price of at least $1.00 for 10 consecutive business days.
- The company explicitly mentioned a reverse stock split as a potential remedy to be completed by early September 2026.
Skye Bioscience, Inc. reported its financial results for the fourth quarter and full year ended December 31, 2025. The filing serves as a formal dissemination of the company's year-end financial performance via a press release.
📋 Key Facts
- Reported financial results for the fourth quarter and fiscal year ended December 31, 2025
- The filing was made on March 10, 2026, under Item 2.02 (Results of Operations and Financial Condition)
- A press release detailing the results was included as Exhibit 99.1
- The company's common stock is registered on the Nasdaq Global Market under the ticker SKYE
Skye Bioscience's CFO Kaitlyn Arsenault stepped down effective February 20, 2026, receiving a severance package totaling approximately $566,172. The CEO Punit Dhillon has been appointed as principal accounting officer in addition to his existing roles, leaving the company without a dedicated finance executive.
🚩 Red Flags
- CFO departure at a micro-cap bioscience company — loss of the chief financial officer raises governance and financial reporting risk
- CEO now serving as principal accounting officer — concentration of financial oversight in one person with no dedicated finance executive is a significant internal controls concern
- Generous severance ($566K+) with continued equity vesting suggests negotiated exit rather than purely voluntary departure despite 'new professional opportunities' language
- Change in Control accelerated vesting clause within 1 year of departure may signal the company is exploring or anticipating a sale or merger
- No replacement CFO announced — no indication of a search or timeline for hiring a dedicated financial officer
- Full Separation and Advisor Agreements not filed with this 8-K — details deferred to next 10-Q, reducing immediate transparency
- No securities registered on a national exchange (Section 12(b) shows N/A) — limited liquidity and oversight
📋 Key Facts
- CFO Kaitlyn Arsenault departed effective February 20, 2026, described as stepping down 'to pursue new professional opportunities'
- Total severance package: $450,000 cash severance + $45,000 bonus + $30,000 legal fees + $41,172.48 COBRA (12 months) = ~$566,172
- CEO Punit Dhillon appointed as principal accounting officer effective February 20, 2026, in addition to Director, President, and CEO roles
- Ms. Arsenault retained as advisor for initial 6-month term with continued equity vesting
- Change in Control provision: if a Change in Control occurs within one year of separation, all unvested equity awards auto-vest
- Company explicitly states departure is NOT due to disagreements with auditors or on financial statements, internal controls, operations, policies, or practices
- Separation and Advisor Agreements will be filed as exhibits to the next 10-Q, not included with this 8-K
- No securities registered under Section 12(b) — not listed on a national exchange
Skye Bioscience reported positive interim results from its Phase 2a extension study of nimacimab in combination with semaglutide, showing a mean weight loss of 22.3% after 52 weeks. However, the company noted that current cash reserves are only expected to fund operations into Q4 2026.
🚩 Red Flags
- Limited cash runway: Current capital only covers operations through Q4 2026.
- Funding gap: Existing cash excludes the clinical and manufacturing costs required for the planned Phase 2b study.
📋 Key Facts
- Nimacimab + semaglutide combination group showed 22.3% mean weight loss at 52 weeks (n=7 completed extension).
- Placebo + semaglutide group showed -19.7% mean weight loss at 52 weeks.
- No Serious Adverse Events (SAEs) or AESIs were reported during the extension period.
- Full topline reporting for Phase 2a extension data is expected in Q3 2026.
- Current capital is projected to fund operations into Q4 2026, excluding anticipated costs for a proposed Phase 2b study.
Skye Bioscience entered into a non-exclusive collaboration and license agreement with Halozyme, Inc. to develop a subcutaneous formulation of nimacimab using Halozyme's ENHANZE® technology. The deal includes milestone payments and mid-single digit royalties on future net sales.
📋 Key Facts
- Agreement date: December 18, 2025
- Partner: Halozyme, Inc.
- Technology licensed: ENHANZE® drug delivery technology for subcutaneous formulation of nimacimab.
- Supply agreement: Halozyme to be the exclusive supplier of clinical and commercial supplies of rHuPH20 API.
- Financial terms: Milestone payments for development/commercialization and net sales, plus mid-single digit royalties on worldwide net sales.
Skye Bioscience, Inc. filed an 8-K to provide a corporate update and report financial results for the period ended September 30, 2025.
📋 Key Facts
- Reporting date: November 10, 2025
- Period covered: Quarter ended September 30, 2025
- The filing includes a press release (Exhibit 99.1) containing corporate updates and financial results.
Skye Bioscience, Inc. issued a press release reporting topline Phase 2a data from its Nimacimab monotherapy and combination clinical trial (CBeyond). The company scheduled a conference call to discuss these clinical results.
📋 Key Facts
- Reported topline Phase 2a data for Nimacimab monotherapy and combination trials.
- Data pertains to the 'CBeyond' clinical program.
- Company scheduled a conference call/webcast for October 6, 2025, at 8:00 a.m. ET to discuss results.
Skye Bioscience, Inc. filed an 8-K to announce its quarterly corporate update and financial results for the period ending June 30, 2025.
📋 Key Facts
- Reporting date of event: August 7, 2025
- Financial period covered: Period ended June 30, 2025
- The filing includes a press release (Exhibit 99.1) containing corporate updates and financial results.
Skye Bioscience, Inc. announced the resignation of Marcum LLP as its independent auditor and the immediate engagement of CBIZ CPAs P.C. for the fiscal year ending December 31, 2025. The filing also reports results from the company's 2025 Annual Meeting of Stockholders.
🚩 Red Flags
- Auditor change (Marcum LLP resigned), which can sometimes signal underlying accounting issues despite management's claims of no disagreements.
📋 Key Facts
- Marcum LLP resigned as the independent registered public accounting firm on June 9, 2025.
- CBIZ CPAs P.C. was engaged as the new independent auditor, effective immediately for the fiscal year ending December 31, 2025.
- The company reported no disagreements with Marcum LLP regarding accounting principles, financial statement disclosure, or auditing scope.
- All six nominees for the Board of Directors were elected at the 2025 Annual Meeting held on June 6, 2025.
- Stockholders approved the advisory frequency of executive compensation votes to be conducted annually through 2031.
Skye Bioscience, Inc. filed an 8-K to announce the release of its financial results for the quarterly period ended March 31, 2025.
📋 Key Facts
- Reported date: May 8, 2025
- Reporting period end date: March 31, 2025
- The filing serves to accompany a press release containing financial results (Exhibit 99.1).
Skye Bioscience, Inc. issued a press release reporting its financial results for the fourth quarter and full year ended December 31, 2024.
📋 Key Facts
- Reporting period: Fourth quarter and full year ended December 31, 2024.
- Filing date: March 20, 2025.
- The filing serves to provide financial results via a press release (Exhibit 99.1).
Skye Bioscience, Inc. has amended and restated its 2024 Inducement Equity Incentive Plan. The primary change grants the Administrator broader authority to manage equity awards in the event of a Change in Control.
🚩 Red Flags
- The expansion of authority regarding award treatment during a Change in Control can sometimes be used to facilitate M&A activity by providing flexibility for management compensation adjustments.
📋 Key Facts
- The Board of Directors approved the Amended and Restated 2024 Inducement Equity Incentive Plan on February 24, 2025.
- The amendment provides broader authority to handle outstanding equity awards during a 'Change in Control'.
- Management options under the plan include cancellation of vested/unvested awards, assumption or substitution of awards, acceleration of vesting, or replacement with cash incentives.
Skye Bioscience, Inc. filed an 8-K to announce the release of its financial results for the quarterly period ended September 30, 2024.
📋 Key Facts
- The filing is a standard announcement of quarterly earnings results (Item 2.02).
- Reporting period: Quarter ended September 30, 2024.
- Filing date: November 7, 2024.
Skye Bioscience, Inc. announced compensation adjustments for its CEO and CFO effective January 1, 2025, including base salary increases and stock option grants. Additionally, the company reported a change in leadership at the Board level with Punit Dhillon resigning as Chairman and Paul Grayson being appointed to the role.
🚩 Red Flags
- None identified in this filing.
📋 Key Facts
- CEO Punit Dhillon's annual base salary will increase to $610,000 effective January 1, 2025.
- CFO Kaitlyn Arsenault's annual base salary will increase to $450,000 effective January 1, 2025.
- Punit Dhillon granted 650,000 stock options with a 10-year term and 48-month monthly vesting.
- Kaitlyn Arsenault granted 125,000 stock options with a 10-year term and 48-month monthly vesting.
- Punit Dhillon resigned as Chairman of the Board; Paul Grayson appointed as new Chairman.
Skye Bioscience, Inc. announced that stockholders approved the second amendment and restatement of the company's 2014 Omnibus Incentive Plan during a special meeting on October 22, 2024.
🚩 Red Flags
- Significant increase in share pool (over 1.5M shares) which can lead to future dilution for existing shareholders.
📋 Key Facts
- Stockholders approved an increase in common stock issuable under the plan by 1,535,655 shares.
- The number of incentive stock options that may be granted under the plan was increased to 4,000,000.
- The expiration date of the plan was extended to September 10, 2034.
- A quorum was established with 23,686,215 shares present in person or by proxy.
- The proposal passed with 17,444,443 votes in favor and 6,228,672 against.
Skye Bioscience, Inc. announced the appointment of Dr. Puneet S. Arora as its new Chief Medical Officer, effective September 3, 2024. The filing details his professional background and the terms of his employment agreement.
📋 Key Facts
- Dr. Puneet S. Arora appointed as Chief Medical Officer effective September 3, 2024.
- Annual base salary is set at $475,000 with a target discretionary annual performance bonus of 40%.
- Includes an inducement grant of 225,000 stock options vesting over four years (25% on the first anniversary).
- Dr. Arora previously held leadership roles at Lassen Therapeutics, Principia Biopharma (Sanofi), and Genentech.
- Employment agreement includes severance provisions: 6 to 12 months of salary/COBRA depending on tenure and termination type.
Skye Bioscience, Inc. announced a restructuring of its Board of Directors, including the appointment of Dr. Karen L. Smith to an expanded nine-member board and the planned resignations of two directors, Keith Ward and Praveen Tyle.
🚩 Red Flags
- Departure of two board members within a single filing (though no disagreement was noted).
📋 Key Facts
- Board size increased from eight to nine members on July 2, 2024.
- Dr. Karen L. Smith appointed as a director and member of the Nominating/Corporate Governance, Compensation (Chair), and Audit Committees.
- Dr. Smith granted an option to purchase 40,000 shares of common stock, vesting over one year in monthly installments.
- Keith Ward, PhD and Praveen Tyle, PhD will resign from the Board effective August 1, 2024.
- The company stated that the resignations are not due to any disagreement with the Company's operations, policies, or practices.
Skye Bioscience announced that its Phase 2a clinical trial for SBI-100 Ophthalmic Emulsion failed to meet its primary endpoint. Consequently, the company is discontinuing all research and development related to the SBI-100 ophthalmology pipeline.
🚩 Red Flags
- Failure of a primary clinical endpoint in a Phase 2a trial
- Complete discontinuation of an entire product pipeline (ophthalmology)
- Significant strategic pivot which indicates failure of previous core R&D focus
📋 Key Facts
- Phase 2a clinical trial of SBI-100 Ophthalmic Emulsion (OE) for glaucoma/ocular hypertension failed to meet its primary endpoint for lowering intraocular pressure.
- The company is discontinuing all clinical development and R&D associated with the SBI-100 program.
- Management intends to pivot all clinical development resources toward their obesity program.
Skye Bioscience provided unaudited pro forma financial statements to demonstrate compliance with Nasdaq's $5 million minimum stockholders' equity requirement. The adjustments reflect recent capital raises and a real estate sale that occurred after the 2023 fiscal year-end.
🚩 Red Flags
- Company was previously at risk of failing the minimum $5 million stockholders' equity requirement for Nasdaq listing, necessitating these pro forma disclosures to prove compliance.
📋 Key Facts
- The filing includes an unaudited pro forma balance sheet as of December 31, 2023.
- Adjustments include proceeds from private placement transactions closed on January 31, 2024, and March 13, 2024.
- Adjustments include the impact of a real estate sale completed on January 19, 2024.
- The purpose is to evidence compliance with Nasdaq Capital Market's $5 million stockholders' equity requirement for initial listing.
Skye Bioscience, Inc. entered into a $40 million private placement of 4,000,000 shares of common stock at $10.00 per share with institutional investors. The transaction includes registration rights and amendments to existing warrants.
🚩 Red Flags
- Potential dilution for existing shareholders due to the issuance of 4 million new shares.
- Requirement to file a resale registration statement within 60 days, which may lead to immediate market supply upon effectiveness.
📋 Key Facts
- Total gross proceeds from the Private Placement: $40,000,000 (before fees).
- Number of shares issued: 4,000,000 common stock shares.
- Price per share: $10.00.
- Closing date for the Private Placement: March 13, 2024.
- Lead placement agent: Piper Sandler; Second agent: Oppenheimer & Co.
- Registration Statement to be filed within 60 days of March 11, 2024.
Skye Bioscience, Inc. announced an expansion of its Board of Directors from seven to eight members with the appointment of Dr. Annalisa Jenkins. Additionally, the company disclosed the planned resignation of Margaret Dalesandro, Ph.D., effective August 1, 2024.
🚩 Red Flags
- Planned departure of a director (though non-dispute related).
📋 Key Facts
- Board size increased from seven to eight members.
- Dr. Annalisa Jenkins appointed as a director and member of the Nominating and Corporate Governance Committee and Compensation Committee.
- Dr. Jenkins will receive an annual cash retainer of $40,000 plus committee fees totaling $6,000 ($2,500 for Nom/Gov; $3,500 for Comp).
- Dr. Jenkins granted 40,000 stock options vesting over one year in equal monthly installments.
- Margaret Dalesandro, Ph.D. to resign from the Board and all committees effective August 1, 2024.
- The company stated Dr. Dalesandro's resignation is not due to any disagreement regarding operations, policies, or practices.
Skye Bioscience released unaudited pro forma balance sheet data to demonstrate compliance with Nasdaq's $5 million stockholders' equity requirement. The update reflects recent capital inflows from a private placement and real estate sales.
🚩 Red Flags
- The filing implies a recent struggle to meet the $5 million minimum stockholders' equity requirement for Nasdaq listing.
📋 Key Facts
- Company received proceeds from a private placement of common stock on January 31, 2024.
- The company completed the sale of real estate on January 19, 2024.
- As of February 12, 2024, the company believes stockholders' equity exceeds the $5 million minimum requirement for Nasdaq Capital Market listing.
- Pro forma balance sheet is based on unaudited figures as of September 30, 2023, adjusted for subsequent events.
Skye Bioscience entered into a $50.2 million private placement (PIPE) to issue common stock and pre-funded warrants at $2.305 per share. The proceeds are intended to fund clinical trials and operations through early 2026.
🚩 Red Flags
- Significant dilution: The issuance of nearly 10 million pre-funded warrants represents a substantial potential increase in share count.
- Restrictive covenants: Investors hold rights to block the sale or licensing of intellectual property related to 'nimacimab' unless they maintain at least 40% ownership.
📋 Key Facts
- Aggregate gross proceeds from the Private Placement expected to be $50,249,991.
- Issuance of 11,822,124 shares of common stock at $2.305 per share.
- Issuance of pre-funded warrants to purchase up to 9,978,739 shares at $2.3049 per warrant.
- Pre-funded warrants are immediately exercisable at $0.001 per share and have no expiration date.
- Investors are subject to a 4.99% beneficial ownership cap upon exercise, with reset provisions up to 19.99%.
- Lock-up agreements for directors and officers for 90 days following closing.
- The company expects net proceeds to fund operations into early 2026.