Shares of Skye Bioscience, Inc. (SKYE) are slipping over 13% on Monday morning after the clinical-stage biopharmaceutical company announced that it would discontinue clinical development of its experimental glaucoma treatment.
SKYE is currently trading at $9.46, down $1.48 or 13.53%, on the Nasdaq. The stock opened its trading at $9.50 after closing Friday at $10.94. The stock has traded between $1.44 and $19.41 in the past 52-week period.
Skye Bioscience announced that its Phase 2a clinical trial of SBI-100 Ophthalmic Emulsion in patients with primary open-angle glaucoma or ocular hypertension did not meet its primary endpoint for lowering intraocular pressure.
Skye intends to discontinue clinical development and spending related to SBI-100 OE and any R&D associated with SBI-100, including its ophthalmology pipeline, and direct all clinical development resources to its metabolic program, extending its operating runway into 2027.
Skye's Phase 2 obesity clinical trial for its differentiated CB1 inhibitor, Nimacimab, is expected to begin dosing in third-quarter 2024.
"The results of this Phase 2a clinical trial of SBI-100 OE unfortunately did not meet our pre-set criteria for continuation and further development of this molecule as an alternative treatment for glaucoma and ocular hypertension. We will continue to evaluate the full data set and intend to publish findings," said Tu Diep, Skye's Chief Development Officer. "We thank the patients and investigators who supported our clinical investigation of SBI-100 OE in this study."
For comments and feedback contact: editorial@rttnews.com
Business News
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.