Skye Bioscience (SKYE) 8-K Other Events

Exhibit 99.1

SKYE BIOSCIENCE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

	September 30, 2023		Pro Forma Adjustments			As Adjusted September 30, 2023
ASSETS
Current assets
Cash and cash equivalents	$	5,126,245	$	47,356,211	(1)(2)	$	52,482,456
Restricted cash	9,084,799					9,084,799
Prepaid expenses	207,226					207,226
Other current assets	867,919					867,919
Total current assets	15,286,189		47,356,211			62,642,400
Property and equipment, net	55,280					55,280
Operating lease right-of-use asset	254,552					254,552
Other assets	8,309					8,309
Total assets	$	15,604,330	$	47,356,211		$	62,960,541
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	1,631,451				$	1,631,451
Accounts payable - related parties	11,300					11,300
Accrued interest - related party	60,274					60,274
Accrued payroll liabilities	645,830					645,830
Insurance premium loan payable	22,654					22,654
Other current liabilities	921,549					921,549
Estimate for legal contingency	6,212,319					6,212,319
Convertible note - related party, net of discount	4,144,508					4,144,508
Operating lease liability, current portion	68,677					68,677
Total current liabilities	13,718,562		—			13,718,562
Non-current liabilities
Operating lease liability, net of current portion	190,510					190,510
Total liabilities	13,909,072		—			13,909,072
Commitments and contingencies (Note 12)

Stockholders’ equity
Preferred stock, $0.001 par value; 200,000 shares authorized at September 30, 2023; no shares issued and outstanding at September 30, 2023	—					—
Common stock, $0.001 par value; 100,000,000 shares authorized at September 30, 2023; 24,052,574 shares issued and outstanding at September 30, 2023	12,338		11,714		(1)(3)	24,052
Additional paid-in-capital	101,645,539		46,204,925		(1)	147,850,464
Accumulated deficit	(99,962,619)		1,139,572		(2)	(98,823,047)
Total stockholders’ equity	1,695,258		47,356,211			49,051,469
Total liabilities and stockholders’ equity	$	15,604,330	$	47,356,211		$	62,960,541

Notes to the Pro Forma Balance Sheet:

This Pro Forma Balance Sheet reflects the Skye Bioscience, Inc. (SKYE) Balance Sheet as reported in the Company's 10-Q for the quarter ended September 30, 2023, filed with the Securities and Exchange Commission on November 14, 2023, adjusted to reflect the subsequent events after the balance sheet date of September 30, 2023 through the date of filing, as set out in Note 13 of the 10-Q as described below:

(1)The sale of 11,713,664 shares of Common Stock and 9,978,739 pre-funded warrants under the Securities Purchase Agreement dated January 29, 2024 providing total gross proceeds of $50 million and net proceeds of approximately $46.2 million net of placement agent fees and offering costs.

(2)To record the gain from the sale of real estate held by Avalite Sciences, Inc.

(3)To reflect the increase in authorized shares, effective November 6, 2023.