Skye Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Skye Bioscience (Nasdaq: SKYE), a clinical-stage biopharmaceutical company specializing in metabolic health therapeutics, has announced a new stock option grant under its Amended and Restated 2024 Inducement Equity Incentive Plan. The Board of Directors approved on April 23, 2025, a non-qualified stock option award for 19,000 shares to one new non-executive employee.

The stock options, granted at an exercise price of $1.73 per share (matching Nasdaq Global Select Market closing price), will vest over four years. The vesting schedule includes 25% after one year, followed by 36 monthly installments, contingent on continued employment. This grant aligns with Nasdaq Listing Rule 5635(c)(4) for inducement awards to new employees.

SAN DIEGO, April 25, 2025 (GLOBE NEWSWIRE) -- Skye Bioscience, Inc. (Nasdaq: SKYE) (“Skye”), a clinical-stage biopharmaceutical company focused on unlocking new therapeutic pathways for metabolic health, today announced that on April 23, 2025, the Board of Directors granted a non-qualified stock option award to purchase 19,000 shares of its common stock to one new non-executive employee under the Company’s Amended and Restated 2024 Inducement Equity Incentive Plan (the “2024 Inducement Plan”). The stock options were granted as an inducement material to the employee entering into employment with Skye in accordance with Nasdaq Listing Rule 5635(c)(4).

The 2024 Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Skye, or following a bona fide period of non-employment, as an inducement material to such individuals entering into employment with Skye, pursuant to Nasdaq Listing Rule 5635(c)(4). The stock options have an exercise price of $1.73 per share, which is equal to the closing price of Skye’s common stock on The Nasdaq Global Select Market on April 23, 2025. The shares subject to the stock options will vest over four years, with 25% of the shares vesting on the one-year anniversary of the applicable vesting commencement date and the balance of the shares vesting in a series of 36 successive equal monthly installments thereafter, subject to such employee’s continued employment with Skye on such vesting dates. The stock options are subject to the terms and conditions of the 2024 Inducement Plan and the terms and conditions of a stock option agreement covering the grant.

About Skye Bioscience

Skye is focused on unlocking new therapeutic pathways for metabolic health through the development of next-generation molecules that modulate G-protein coupled receptors. Skye's strategy leverages biologic targets with substantial human proof of mechanism for the development of first-in-class therapeutics with clinical and commercial differentiation. Skye is conducting a Phase 2 clinical trial (ClinicalTrials.gov: NCT06577090) in obesity for nimacimab, a negative allosteric modulating antibody that peripherally inhibits CB1. This study is also assessing the combination of nimacimab and a GLP-1R agonist (Wegovy®). For more information, please visit: www.skyebioscience.com. Connect with us on X and LinkedIn.

CONTACTS

Investor Relations

ir@skyebioscience.com

(858) 410-0266

LifeSci Advisors, Mike Moyer

mmoyer@lifesciadvisors.com

(617) 308-4306

Media Inquiries

LifeSci Communications, Michael Fitzhugh

mfitzhugh@lifescicomms.com

(628) 234-3889

FORWARD LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, forward-looking statements can be identified by terminology including “anticipated,” “plans,” “goal,” “focus,” “aims,” “intends,” “believes,” “can,” “could,” “challenge,” “predictable,” “will,” “would,” “may” or the negative of these terms or other comparable terminology. Such statements and other statements in this press release that are not descriptions of historical facts are forward-looking statements that are based on management’s current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition, and stock price could be materially negatively affected. We operate in a rapidly changing environment, and new risks emerge from time to time. As a result, it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements the Company may make. Risks and uncertainties that may cause actual results to differ materially include, among others, our capital resources, uncertainty regarding the results of future testing and development efforts and other risks that are described in the Company’s periodic filings with the Securities and Exchange Commission, including in the “Risk Factors” section of Skye’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Except as expressly required by law, Skye disclaims any intent or obligation to update these forward-looking statements.

FAQ

What are the terms of SKYE's new stock option grant announced on April 25, 2025?

The grant includes 19,000 shares at $1.73 per share, vesting over 4 years with 25% after year one and the remainder in 36 monthly installments.

How does the vesting schedule work for SKYE's 2024 Inducement Plan stock options?

The options vest 25% after the first year, with the remaining 75% vesting in 36 equal monthly installments over the following three years.

What is the exercise price for SKYE's newly granted stock options?

The exercise price is $1.73 per share, equal to SKYE's closing price on Nasdaq Global Select Market on April 23, 2025.

What is the purpose of SKYE's 2024 Inducement Plan?

The plan is exclusively for granting equity awards to new Skye Bioscience employees as an inducement for joining the company, per Nasdaq Rule 5635(c)(4).