Skye Bioscience (SKYE) 10-Q 9 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Aug. 08, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	000-55136
Entity Registrant Name	Skye Bioscience, Inc.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	45-0692882
Entity Address, Address Line One	11250 El Camino Real,
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92130
City Area Code	858
Local Phone Number	410-0266
Title of 12(g) Security	Common Stock, par value $0.001
Trading Symbol	SKYE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		30,338,290
Entity Central Index Key	0001516551
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 74,120,854	$ 1,256,453
Restricted cash	9,080,202	9,080,202
Prepaid expenses	1,096,039	194,259
Other current assets	2,707,368	1,119,929
Total current assets	87,004,463	11,650,843
Property and equipment, net	45,772	43,276
Operating lease right-of-use asset	202,987	237,983
Other assets	8,309	8,309
Total assets	87,261,531	11,940,411
Current liabilities
Accounts payable	1,079,493	1,155,785
Accrued interest - related party	124,658	126,027
Accrued payroll liabilities	556,573	888,381
Accrued interest - legal contingency	384,896	234,750
Other current liabilities	1,184,795	998,552
Estimate for legal contingency	6,053,468	6,053,468
Convertible note - related party, net of discount	4,859,525	4,371,998
Operating lease liability, current portion	79,165	72,038
Total current liabilities	14,322,573	13,900,999
Non-current liabilities
Operating lease liability, net of current portion	129,907	171,230
Total liabilities	14,452,480	14,072,229
Commitments and contingencies (Note 9)
Stockholders’ equity (deficit)
Preferred stock, $0.001 par value; 200,000 shares authorized at June 30, 2024 and December 31, 2023; no shares issued and outstanding at June 30, 2024 and December 31, 2023	0	0
Common stock, $0.001 par value; 100,000,000 shares authorized at June 30, 2024 and December 31, 2023; 28,067,907 and 12,349,243 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	28,068	12,349
Additional paid-in-capital	190,085,879	102,238,382
Accumulated deficit	(117,304,896)	(104,382,549)
Total stockholders’ equity (deficit)	72,809,051	(2,131,818)
Total liabilities and stockholders’ equity (deficit)	$ 87,261,531	$ 11,940,411

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	200,000	200,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	28,067,907	12,349,243
Common stock, shares outstanding (in shares)	28,067,907	12,349,243

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating expenses
Research and development	$ 4,078,751	$ 1,788,434	$ 6,025,201	$ 2,973,314
General and administrative	4,326,820	1,206,405	8,532,620	3,121,683
Estimated legal contingency	0	(151,842)	0	(151,842)
Total operating expenses	8,405,571	2,842,997	14,557,821	5,943,155
Operating loss	(8,405,571)	(2,842,997)	(14,557,821)	(5,943,155)
Other (income) expense
Interest expense	450,052	186,429	886,988	204,828
Interest income	(961,237)	(8,598)	(1,388,791)	(33,112)
(Gain) loss from asset sales	0	0	(1,145,141)	307,086
Debt conversion inducement expense	0	0	0	1,383,285
Wind-down costs	0	87,072	0	470,181
Other expense (income)	359	0	1,399	(3)
Total other (income) expense, net	(510,826)	264,903	(1,645,545)	2,332,265
Loss before income taxes	(7,894,745)	(3,107,900)	(12,912,276)	(8,275,420)
Provision for income taxes	8,071	3,600	10,071	3,600
Net loss	$ (7,902,816)	$ (3,111,500)	$ (12,922,347)	$ (8,279,020)
Loss per common share:
Basic (in dollars per share)	$ (0.20)	$ (0.80)	$ (0.39)	$ (2.16)
Diluted (in dollars per share)	$ (0.20)	$ (0.80)	$ (0.39)	$ (2.16)
Weighted average shares of common stock outstanding used to compute earnings per share:
Basic (in shares)	38,669,330	3,886,198	33,334,616	3,827,216
Diluted (in shares)	38,669,330	3,886,198	33,334,616	3,827,216

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (12,922,347)	$ (8,279,020)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	57,350	67,091
Stock-based compensation expense	4,306,653	234,450
Amortization of debt discount	487,527	0
Write-down of vendor deposits	246,000	0
Estimate for legal contingency	0	30,329
(Gain) loss from asset sales	(1,145,141)	307,086
Loss from disposal of assets	10,794	0
Debt conversion inducement expense	0	1,383,285
Accrued interest conversion expense	0	(15,952)
Foreign currency remeasurement gain	0	(45,350)
Changes in assets and liabilities:
Prepaid expenses	(901,780)	714,152
Other current assets	(1,833,439)	(432,975)
Accounts payable	(76,292)	(118,487)
Accounts payable - related parties	0	(16,600)
Accrued payroll liabilities	(331,808)	256,195
Operating lease liability	(34,196)	(45,794)
Other current liabilities	186,243	(28,995)
Other current liabilities - related parties	0	(94,078)
Net cash used in operating activities	(11,801,659)	(6,052,759)
Cash flows from investing activities:
Proceeds from the sale of assets, net of sales costs	1,145,141	5,532,266
Purchase of property and equipment	(35,644)	(1,860)
Net cash provided by investing activities	1,109,497	5,530,406
Cash flows from financing activities:
Proceeds from the issuance of common stock and warrants, net of equity issuance costs of $6,434,447	83,556,563	0
Repayment of insurance premium loan payable	0	(168,720)
Net cash provided by (used in) financing activities	83,556,563	(168,720)
Net increase (decrease) in cash and restricted cash	72,864,401	(691,073)
Cash, cash equivalents and restricted cash, beginning of period	10,336,655	1,249,107
Cash, cash equivalents and restricted cash, end of period	83,201,056	558,034
Reconciliation of cash, cash equivalents and restricted cash:
Cash, and cash equivalents	74,120,854	553,443
Restricted cash	9,080,202	4,591
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	83,201,056	558,034
Supplemental disclosures of non-cash financing activities:
Common stock warrant exercises	0	282,905
Conversion of multi-draw credit agreement	0	1,565,470
Conversion of accrued interest due to related party	0	31,766
Financing of insurance premium	0	203,884
Release of share liability to additional paid-in-capital	0	241,134
Related Party
Changes in assets and liabilities:
Accrued interest - related party	(1,369)	0
Nonrelated Party
Changes in assets and liabilities:
Accrued interest - related party	$ 150,146	$ 0

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parentheticals)	6 Months Ended
	Jun. 30, 2024 USD ($)
Statement of Cash Flows [Abstract]
Debt issuance costs	$ 6,434,447

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ (DEFICIT) EQUITY (UNAUDITED) - USD ($)	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022		3,654,119
Beginning balance at Dec. 31, 2022	$ (3,008,054)	$ 3,654	$ 63,726,057	$ (66,737,765)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	131,579		131,579
Exercise of pre-funded warrants (in shares)		66,566
Exercise of pre-funded warrants	282,905	$ 66	282,839
Conversion of multi-draw credit agreement - related party and accrued interest (in shares)		165,517
Conversion of multi-draw credit agreement - related party and accrued interest	2,980,521	$ 166	2,980,355
Net loss	(5,167,520)			(5,167,520)
Ending balance (in shares) at Mar. 31, 2023		3,886,202
Ending balance at Mar. 31, 2023	(4,780,569)	$ 3,886	67,120,830	(71,905,285)
Beginning balance (in shares) at Dec. 31, 2022		3,654,119
Beginning balance at Dec. 31, 2022	(3,008,054)	$ 3,654	63,726,057	(66,737,765)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(8,279,020)
Ending balance (in shares) at Jun. 30, 2023		3,886,202
Ending balance at Jun. 30, 2023	(7,789,198)	$ 3,886	67,223,701	(75,016,785)
Beginning balance (in shares) at Mar. 31, 2023		3,886,202
Beginning balance at Mar. 31, 2023	(4,780,569)	$ 3,886	67,120,830	(71,905,285)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	102,871		102,871
Net loss	(3,111,500)			(3,111,500)
Ending balance (in shares) at Jun. 30, 2023		3,886,202
Ending balance at Jun. 30, 2023	(7,789,198)	$ 3,886	67,223,701	(75,016,785)
Beginning balance (in shares) at Dec. 31, 2023		12,349,243
Beginning balance at Dec. 31, 2023	(2,131,818)	$ 12,349	102,238,382	(104,382,549)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	2,478,179		2,478,179
Issuance of common stock and warrants, net of issuance costs (in shares)		15,713,664
Issuance of common stock and warrants, net of issuance costs of $6,434,447	83,556,563	$ 15,714	83,540,849
Net loss	(5,019,531)			(5,019,531)
Ending balance (in shares) at Mar. 31, 2024		28,062,907
Ending balance at Mar. 31, 2024	78,883,393	$ 28,063	188,257,410	(109,402,080)
Beginning balance (in shares) at Dec. 31, 2023		12,349,243
Beginning balance at Dec. 31, 2023	(2,131,818)	$ 12,349	102,238,382	(104,382,549)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(12,922,347)
Ending balance (in shares) at Jun. 30, 2024		28,067,907
Ending balance at Jun. 30, 2024	72,809,051	$ 28,068	190,085,879	(117,304,896)
Beginning balance (in shares) at Mar. 31, 2024		28,062,907
Beginning balance at Mar. 31, 2024	78,883,393	$ 28,063	188,257,410	(109,402,080)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense (in shares)		5,000
Stock-based compensation expense	1,828,474	$ 5	1,828,469
Net loss	(7,902,816)			(7,902,816)
Ending balance (in shares) at Jun. 30, 2024		28,067,907
Ending balance at Jun. 30, 2024	$ 72,809,051	$ 28,068	$ 190,085,879	$ (117,304,896)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ (DEFICIT) EQUITY (UNAUDITED) (Parenthetical)	Mar. 31, 2024 USD ($)
Statement of Stockholders' Equity [Abstract]
Debt issuance costs, gross	$ 6,434,447

Organization, Basis of Presenta

Organization, Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Organization, Basis of Presentation and Significant Accounting Policies	Organization, Basis of Presentation and Significant Accounting Policies Nature of Operations Skye Bioscience, Inc. (the “Company” or “Skye”) was incorporated in Nevada on March 16, 2011. The Company is a clinical stage biopharmaceutical company developing next-generation molecules that modulate G protein-coupled receptors to treat obesity and metabolic diseases. As of June 30, 2024, the Company has devoted substantially all its efforts to securing its product pipeline, carrying out its own research and development, preparing for and conducting clinical trials, building infrastructure and raising capital. The Company has not yet realized revenue from its planned principal operations and is a number of years away from potentially being able to do so. Basis of Presentation The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Interim financial results are not necessarily indicative of results anticipated for the full year, or any future periods. The Unaudited Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q should be read in conjunction with the Audited Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, from which the prior year balance sheet information herein was derived. Certain reclassifications have been made to the amounts in prior periods to conform to the current period’s presentation, primarily the separate classification of prepaid expenses and other current assets on the Company's condensed balance sheet, and condensed statement of cash flows and change in fair value of derivative liability and interest expense on the condensed statement of operations. Such reclassifications did not have a material impact on the Unaudited Condensed Consolidated Financial Statements. During the six months ended June 30, 2024 , there were no changes to the Company's significant accounting policies as described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Pronouncements Implemented In November 2023, the Financial Account Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The amendments in this ASU require disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. This ASU requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. This ASU is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted. The amendments in this ASU should be applied retrospectively to all prior periods presented in the financial statements. The Company early adopted the ASU as of January 1, 2024, and determined that its adoption did not have a material impact on the Company’s consolidated financial statements and related disclosures. As defined in the ASU, operating segments are components of an enterprise about which discrete financial information is available that is evaluated regularly by the CODM in making decisions on how to allocate resources and assess performance for the organization. The Company operates and manages its business as one reportable and operating segment — pharmaceutical development. The Company’s CODM is the Chief Executive Officer. The Company’s CODM reviews consolidated operating results to make decisions about allocating resources and assessing performance for the entire Company. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) . The new standard reduces the number of accounting models for convertible debt instruments, amends the accounting for certain contracts in an entity’s own equity, and modifies how certain convertible instruments and contracts that may be settled in cash or shares impact the calculation of diluted earnings per share. Specifically, the guidance removes certain accounting models that separate the embedded conversion features from the host contract for convertible instruments and requires the use of the if-converted method to calculate diluted earnings per share. This standard was effective for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. The Company adopted this standard as of January 1, 2024 and the adoption of this standard did not have an impact on the Company's Unaudited Condensed Consolidated Financial Statements or related disclosures. Recent Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. This ASU requires greater disaggregation of information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. This ASU applies to all entities subject to income taxes and is intended to help investors better understand an entity’s exposure to potential changes in jurisdictional tax legislation and assess income tax information that affects cash flow forecasts and capital allocation decisions. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. This ASU should be applied on a prospective basis although retrospective application is permitted. The Company is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements and related disclosures.

Asset Dispositions

Asset Dispositions	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Asset Dispositions	Asset Dispositions Sale of real estate The wind down of Emerald Health Therapeutics, Inc. ("EHT's") operations included the disposition of real estate held by AVI (the "AVI building"). At the time of the Company’s acquisition of EHT on November 10, 2022 (the “EHT Acquisition”) , none of the purchase consideration was allocated to the fair value of the AVI building. As a result of the sale of the AVI building, for the six months ended June 30, 2024, the Company recorded a gain of $1,145,141 in other (income) expense, net of sales costs. Divestiture of VDL

Prepaid Expenses, Other Current

Prepaid Expenses, Other Current Assets and Liabilities	6 Months Ended
	Jun. 30, 2024
Other Assets And Liabilities, Current [Abstract]
Prepaid Expenses, Other Current Assets and Liabilities	Prepaid Expenses, Other Current Assets and Liabilities Prepaid expenses consist of the following: As of June 30, 2024 As of December 31, 2023 Clinical expenses $ 74,866 $ 61,352 Financial advisory service agreement 568,340 — Other prepaid expenses 452,833 132,907 $ 1,096,039 $ 194,259 Other current assets consist of the following: As of June 30, 2024 As of December 31, 2023 AusIndustry incentive $ 548,646 $ 540,604 Vendor deposits 2,158,702 403,439 Excise tax bonds — 125,784 Other tax receivables 20 32,458 Other current assets — 17,644 $ 2,707,368 $ 1,119,929 Other current liabilities consist of the following: As of June 30, 2024 As of December 31, 2023 Research and development costs $ 750,049 $ 467,784 Legal fees 233,282 258,213 EHT Acquisition related liabilities — 180,897 Travel and entertainment expenses 25,479 — Consulting Fees 23,756 — Professional and consulting fees 141,100 69,468 Other accrued liabilities 11,129 22,190 $ 1,184,795 $ 998,552

Warrants

Warrants	6 Months Ended
	Jun. 30, 2024
Warrants and Rights Note Disclosure [Abstract]
Warrants	Warrants There are significant judgements and estimates inherent in the determination of the fair value of the Company’s warrants. These judgements and estimates include assumptions regarding the Company’s future operating performance and the determination of the appropriate valuation methods. Warrants Warrants vested and outstanding as of June 30, 2024 are summarized as follows: Source Exercise Weighted Number of 2015 Common Stock Warrants $ 1,250.00 0.82 400 2016 Common Stock Warrants to Service Providers 287.50 2.34 160 2019 Common Stock Warrants 87.50 0.39 32,000 2020 Common Stock Warrants to Placement Agent 20.00 1.08 32,668 2021 Inducement Warrants 37.50 2.07 84,667 2021 Inducement Warrants to Placement Agent 47.00 2.07 5,927 2021 Common Stock Warrants 22.50 2.25 311,113 2021 Common Stock Warrants to Placement Agent 27.50 2.25 21,778 November 2019 EHT Common Stock Warrants 72.25 0.42 34,213 December 2019 EHT Common Stock Warrants 37.25 0.50 3,783 February 2020 EHT Common Stock Warrants 37.25 0.62 80,694 August 2023 Convertible Note Common Stock Warrants 5.16 9.14 340,000 August 2023 PIPE Financing Common Stock Warrants 5.16 9.14 2,325,537 January 2024 Pre-Funded Warrants Common Stock 0.001 Indefinite 9,978,739 Total warrants outstanding as of June 30, 2024 13,251,679 As of June 30, 2024, all of the Company's warrants are fully vested . January 2024 Pre-Funded Warrants In connection with the January 2024 PIPE Financing (as defined below), the Company issued the Pre-Funded Warrants (as defined below) (See Note 6). The Pre-Funded Warrants have an exercise price of $0.001 per share, and were exercisable immediately upon issuance until exercised in full. The gross proceeds from the issuance of these Pre-Funded Warrants was $22,991,015. The Company determined that the Pre-Funded Warrants are freestanding instruments that do not meet the definition of a liability or derivative. The Pre-Funded Warrants are indexed to the Company’s common stock and meets all other conditions for equity classification. Accordingly, the Pre-Funded Warrants are classified as equity and are accounted for as a component of additional paid-in capital at the time issued. The Company also determined that the Pre-Funded Warrants should be included in the determination of basic and diluted earnings per share. `

Debt

Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt The Company’s convertible debt consists of the following: As of June 30, 2024 As of December 31, 2023 Total principal value of convertible note - related party, net of discount $ 5,000,000 $ 5,000,000 Unamortized debt discount (136,616) (610,749) Unamortized debt issuance costs (3,859) (17,253) Carrying value of total convertible debt - related party $ 4,859,525 $ 4,371,998 Convertible Note - Related Party On August 15, 2023, the Company entered into a Secured Note and Warrant Purchase Agreement with MFDI, LLC (“MFDI”), pursuant to which the Company issued to MFDI a $5,000,000 secured convertible promissory note (the "Convertible Note") and a warrant to purchase 340,000 shares of common stock on August 18, 2023 (the "Convertible Note Financing") (See Note 4). The Convertible Note bears interest at a rate of 10% per annum and matures on August 18, 2024, unless earlier repurchased or converted. MFDI can elect to convert the Convertible Note at any time and the conversion price is fixed at $5.16. Accrued interest is payable quarterly within 30 days of the last day of each calendar quarter. The Company may prepay the principal or interest outstanding under the Convertible Note at any time without penalty. The debt discounts related to the warrants, and debt issuance costs, are being amortized over the term of the Convertible Note using the effective interest rate method. Amortization of the debt discount is recognized as non-cash interest expense in Other (income) expense within the Consolidated Statements of Operations. As of June 30, 2024, the fair value of the Convertible Note approximates its intrinsic value which is equal to $2,761,474 . The intrinsic value of the Convertible Note was calculated as the excess fair value of the underlying conversion shares over the principal value of the Convertible Note. The Convertible Note is classified as Level 2 of the fair value hierarchy model based on market prices that can be corroborated with observable market data for the Company's common stock. For the three and six months ended June 30, 2024, the effective interest rate on the Convertible Note was 31.39%. Subsequent to June 30, 2024, the conversion option on the Convertible Note was exercised (See Note 10). Interest Expense The Company’s interest expense consists of the following: Three Months Ended Six Months Ended 2024 2023 2024 2023 Related party interest expense – stated rate $ 124,658 $ — $ 249,315 $ 15,952 Legal judgment interest expense 75,189 182,171 150,146 182,171 Other interest expense — 4,258 — 6,705 Non-cash interest expense: Amortization of debt discount 243,331 — 474,133 — Amortization of transaction costs 6,874 — 13,394 — $ 450,052 $ 186,429 $ 886,988 $ 204,828

Stockholders' Equity and Capita

Stockholders' Equity and Capitalization	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Stockholders' Equity and Capitalization	Stockholders’ Equity and Capitalization PIPE Financings January 2024 PIPE Financing On January 29, 2024 , the Company entered into a Securities Purchase Agreement with certain institutional investors, pursuant to which on January 31, 2024 , the Company issued an aggregate of 11,713,664 shares of common stock and 9,978,739 pre-funded warrants (the "Pre-Funded Warrants") to purchase up to 9,978,739 shares of common stock (the "January 2024 PIPE Financing") for an aggregate purchase price of $49,991,010 . The January 2024 PIPE Financing was priced at $2.31 per common share and $2.30 per Pre-Funded Warrant based on the 5-day average share price preceding January 29, 2024. The Ore-Funded Warrants are exercisable at any time for an exercise price of $0.001 . In connection with the January 2024 PIPE Financing, the Company incurred $3,823,752 in direct equity issuance costs for net proceeds of $46,167,258. March 2024 PIPE Financing On March 11, 2024, the Company entered into a Securities Purchase Agreement with certain institutional investors , pursuant to which on March 13, 2024, the Company issued an aggregate of 4,000,000 shares of common stock (the "March 2024 PIPE Financing") for an aggregate purchase price of $40,000,000. The March 2024 PIPE Financing was priced at $10.00 per common share. In connection with the March 2024 PIPE Financing, the Company incurred $2,610,695 in direct equity issuance costs for net proceeds of approximately $37,389,305.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock Incentive Plan On October 31, 2014, the Board of Directors ("Board") approved the Company’s 2014 Omnibus Incentive Plan. On June 14, 2022, the Board approved the 2014 Amended and Restated Omnibus Incentive Plan (the “2014 Amended and Restated Plan”) which replaced the 2014 Omnibus Incentive Plan in its entirety. On September 29, 2023, the Board and holders of the voting power of the outstanding capital stock of the Company adopted and approved Amendment No. 1 to the 2014 Amended and Restated Plan. Amendment No. 1 to the 2014 Amended and the Restated Plan became effective on November 6, 2023. As of June 30, 2024, 2,464,345 shares were authorized for the issuance under the 2014 Amended and Restated Plan. The Company has reserved shares for issuance under 2014 Amended and Restated Plan upon share option exercise. As of June 30, 2024, the Company had 137,833 shares available for future grant under the 2014 Amended and Restated Plan. Stock Options The following is a summary of option activities under the Company’s 2014 Amended and Restated Plan for the six months ended June 30, 2024: Number of Weighted Weighted Aggregate Intrinsic Value* Outstanding, December 31, 2023 498,298 $ 8.96 7.24 $ 20,441 Granted 768,100 14.40 Cancelled (2,926) 400.00 Forfeited (72,873) 8.32 Outstanding, June 30, 2024 1,190,599 $ 11.54 9.14 $ 1,532,218 Exercisable, June 30, 2024 345,887 $ 11.08 8.23 $ 591,698 *The aggregate intrinsic value is the sum of the amounts by which the quoted market price of the Company’s stock exceeded the exercise price of the stock options at June 30, 2024 for those stock options for which the quoted market price was in excess of the exercise price ("in-the-money options"). The weighted-average grant-date fair value of stock options granted during the six months ended June 30, 2024, was $11.42 . The fair value of the Company's stock option grants were estimated on the date of grant using the Black-Scholes option-pricing model under the following assumptions: Six Months Ended Dividend yield 0.00% Volatility factor 99.58% - 99.96% Risk-free interest rate 4.26% - 4.48% Expected term (years) 5.27 - 6.08 Restricted Stock Units On February 29, 2024, the Company granted restricted stock units ("RSUs") to its executive management team and to certain members of the Board with market-based vesting conditions. The RSUs are eligible to vest subject to the achievement and attainment of certain market capitalization target goals and share price targets (market-based vesting conditions). The Company used the Monte Carlo Simulation model to evaluate the derived service period and fair value of awards with market and performance conditions, including assumptions of historical volatility and risk-free interest rate commensurate with the vesting term. The fair value of the Company's market-based RSUs were estimated on the date of grant under the following assumptions: Six Months Ended Dividend yield 0.00% Volatility factor 93.71% Risk-free interest rate 4.16% Derived service periods (years) 1.27 - 2.48 The following is a summary of RSU activity during the period ended June 30, 2024 : Number of Weighted Average Grant Date Fair Value Unvested, December 31, 2023 847,777 $ 3.66 Granted 275,000 14.21 Unvested, June 30, 2024 1,122,777 $ 6.24 Common Stock Issued for Services Additionally, during the three months ended June 30, 2024, the Company issued 5,000 shares of common stock to a service provider as compensation for services provided. Such shares were issued in a private placement outside of the 2014 Amended and Restated Plan. Stock-Based Compensation Expense The Company recognizes stock-based compensation expense using the straight-line method over the requisite service period or derived service period. The Company recognized stock-based compensation expense for the stock options and the RSUs discussed above, in its Unaudited Condensed Consolidated Statements of Operations as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Research and development $ 303,081 $ 12,533 $ 695,719 $ 57,001 General and administrative 1,525,388 90,338 3,610,934 177,449 $ 1,828,469 $ 102,871 $ 4,306,653 $ 234,450 During the three and six months ended June 30, 2024, the first three market based vesting conditions of the RSUs granted in August 2023 were met. The total amount of unrecognized compensation cost was $11,848,634 as of June 30, 2024. This amount will be recognized over a weighted average period of 2.92 years

Loss Per Share of Common Stock

Loss Per Share of Common Stock	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Loss Per Share of Common Stock	Loss Per Share of Common Stock The following tables are a reconciliation of the numerators and denominators used in the calculation of basic and diluted net loss per share computations: Three Months Ended Six Months Ended 2024 2023 2024 2023 Basic EPS and diluted EPS: Loss (Numerator) Net loss $ (7,902,816) $ (3,111,500) $ (12,922,347) $ (8,279,020) Shares (Denominator) Weighted average common shares outstanding (1) 38,669,330 3,886,198 33,334,616 3,827,216 Per-Share Amount $ (0.20) $ (0.80) $ (0.39) $ (2.16) The following outstanding shares of common stock equivalents were excluded from the computation of diluted net loss per share of common stock for the periods presented because including them would have been anti-dilutive: Three Months Ended Six Months Ended 2024 2023 (1) 2024 2023 (1) Stock options 1,190,599 151,903 1,190,599 151,903 Warrants 3,272,940 615,392 3,272,940 615,392 Unvested restricted stock units 503,446 10,667 503,446 10,667 Convertible Debt 968,973 Convertible Debt — 968,973 — ___________________ (1) Previously reported o utstanding shares of common stock equivalents were adjusted for the effects of the reverse stock split at a ratio of one-for-two hundred and fifty (1-for-250). The reverse stock split was transacted on September 6, 2023.

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies General Litigation and Disputes From time to time, in the normal course of operations, the Company may be a party to litigation and other dispute matters and claims. Litigation can be expensive and disruptive to normal business operations. Moreover, the results of complex legal proceedings are difficult to predict. An unfavorable outcome to any legal matter, if material, could have a materially adverse effect on the Company’s operations or financial position, liquidity or results of operations. Wendy Cunning vs Skye Bioscience, Inc. The Company is a party to a legal proceeding with a former employee alleging, among other things, wrongful termination, violation of whistleblower protections under the Sarbanes-Oxley Act of 2002, and retaliation under California law against the Company relating to certain actions and events that occurred with the Company's former management during the employee's employment term from March 2018 to July 2019. The case, entitled Wendy Cunning vs Skye Bioscience, Inc. , was filed in U.S. District Court (the "District Court") for the Central District of California (the “Cunning Lawsuit”). On January 18, 2023, a jury rendered a verdict in favor of Ms. Cunning and awarded her $512,500 in economic damages (e.g., lost earnings, future earnings and interest), $840,960 in non-economic damages (e.g., emotional distress) and $3,500,000 in punitive damages. On February 13, 2023, the Company received the final judgment on the special verdict (the "Final Judgment") from the District Court. On August 2, 2023, the District Court ruled on the plaintiff's motion for attorney fees and awarded the plaintiff $1,200,008. Based on this order, the Company reduced the aggregate estimate for the legal contingency by $151,842, the difference between the attorney fees awarded by the District Court and the Company's previous estimate. On August 17, 2023, the Company obtained a stay on enforcement of the judgment in the Cunning Lawsuit by posting an appeal bond in the amount of $9,080,202. On October 19, 2023, the Company received the final orders from the District Court denying the post-trial motions that the Company filed with the District Court in March 2023 seeking judgment as a matter of law, a new trial, and/or a reduction of the judgment. Additionally, in March of 2023, the Company appealed the judgment in the Cunning Lawsuit to the Ninth District Court of Appeals (the "Ninth Circuit"). Oral argument before the Ninth Circuit is scheduled in the third quarter of 2024. The Company believes that this case was incorrectly decided as to liability, the amount of compensatory damages, and the appropriateness and amount of punitive damages. While the Company is challenging the verdict in the Ninth Circuit and is pursuing reimbursement under its existing insurance policies, there is no guarantee that the Company will be successful in these efforts. Given the jury verdict, the Company has determined that a loss is probable and accordingly has recorded a legal contingency expense and a current balance sheet liability for the total amount of the jury verdict. The Company has recorded an aggregate estimate for the legal contingency of $6,053,468 plus accrued interest of $384,896 at an annual interest rate of 4.9% on the judgment and 5.38% on the legal fees, which is determined by the Superior Court of California. Depending on the outcome of the appeal, it is reasonably possible that the legal contingency booked could materially change after the issuance of these financials. For the three and six months ended June 30, 2024, the Company recorded interest expense of $75,189 and $150,146 respectively, which is included in Legal judgment interest expense in Other (income) expense in the Unaudited Condensed Consolidated Statements of Operations (See Note 5). Skye Bioscience, Inc. vs Partner Re Ireland Insurance In February 2023, the Company brought a suit against the Company's D&O insurance carrier, Partner Re Ireland Insurance DAC ("Partner Re"), bringing claims for (a) breach of contract, (2) tortious breach of the implied covenant of good faith and fair dealing and (3) declaratory relief that Partner Re is obligated to reimburse the Company for the defense fees and costs incurred in defense of the Cunning Lawsuit and must indemnify the Company for any settlement or judgment in the Cunning Lawsuit. The Company's allegations arise out of Partner Re's refusal to reimburse the Company for costs incurred by the Company in defending the Cunning Lawsuit. The case, entitled Skye Bioscience, Inc., v. Partner Re Ireland Insurance DAC , was filed in the United Stated District Court for the Central District of California. On April 17, 2023, Partner Re filed a motion to dismiss the Company's complaint pursuant to Federal Rule of Civil Procedure 12(b)(6). On June 20, 2023, the court issued a ruling in favor of the Company and denied Partner Re's motion to dismiss the Company's lawsuit. In April 2024, the Company filed a motion for judgment on the pleadings. In June of 2024, the court granted in part and denied in part the Company's motion for judgment on the pleadings. The court granted the Company's motion for judgment on the pleadings with respect to Partner Re's affirmative defense related to whether the Cunning Lawsuit constituted a “Securities Claim” as defined in the Partner Re policy, rejecting what had been Partner Re's primary basis for denying coverage. The Company is pursuing up to $5,000,000 in coverage less the deductible to cover legal expenses incurred and to be incurred pending the final verdict or settlement of the Cunning Lawsuit.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events 2024 Inducement Equity Incentive Plan On July 2, 2024, the Board of Directors of the Company adopted the Skye Bioscience, Inc. 2024 Inducement Equity Incentive Plan (the "Inducement Plan"). The Inducement Plan was adopted in order to grant share-based awards to newly hired employees as an inducement to join the Company. The terms of the Inducement Plan are substantially similar to the terms of the Company’s 2014 Amended and Restated Plan with the exception that awards may only be made to an employee who has not previously been an employee or member of the Board of Directors of the Company if the award is in connection with commencement of employment . The Company has reserved 600,000 shares of the Company’s common stock for issuance pursuant to awards granted under the Inducement Plan. VDL Transaction, Release and Discharge Agreement On July 17, 2024, the Company reached a transaction, release and discharge agreement with the purchaser of VDL. Under the transaction, release and discharge agreement, the purchase price of VDL was adjusted in exchange for a full release of any future claims. As part of the agreement, the parties agreed to an installment payment schedule for the remaining aggregate balance of the purchase price of $2,047,080 through December 2027. The note receivable bears interest at 8%. Upon signing the transaction, release and discharge agreement the Company received the first installment payment of $73,110. Stock Option Grants Subsequent to June 30, 2024 , the Company granted an aggregate of 153,000 common stock options to consultants, employees and directors under the 2014 Amended and Restated Plan. Subsequent to June 30, 2024 , the Company granted 60,000 common stock options and 15,000 RSUs under Inducement Plan. Prefunded Warrant Exercise Subsequent to June 30, 2024, 1,301,573 pre-funded warrants with an intrinsic value of $10,424,294 were cashless exercise in exchange for 1,301,410 shares of common stock. Settlement of Convertible Note

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net loss for three months ended	$ (7,902,816)	$ (5,019,531)	$ (3,111,500)	$ (5,167,520)	$ (12,922,347)	$ (8,279,020)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization, Basis of Presen_2

Organization, Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Interim financial results are not necessarily indicative of results anticipated for the full year, or any future periods. The Unaudited Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q should be read in conjunction with the Audited Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, from which the prior year balance sheet information herein was derived. Certain reclassifications have been made to the amounts in prior periods to conform to the current period’s presentation, primarily the separate classification of prepaid expenses and other current assets on the Company's condensed balance sheet, and condensed statement of cash flows and change in fair value of derivative liability and interest expense on the condensed statement of operations. Such reclassifications did not have a material impact on the Unaudited Condensed Consolidated Financial Statements.
Pronouncements Implemented and Recent Accounting Pronouncements Not Yet Adopted	Pronouncements Implemented In November 2023, the Financial Account Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The amendments in this ASU require disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. This ASU requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. This ASU is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted. The amendments in this ASU should be applied retrospectively to all prior periods presented in the financial statements. The Company early adopted the ASU as of January 1, 2024, and determined that its adoption did not have a material impact on the Company’s consolidated financial statements and related disclosures. As defined in the ASU, operating segments are components of an enterprise about which discrete financial information is available that is evaluated regularly by the CODM in making decisions on how to allocate resources and assess performance for the organization. The Company operates and manages its business as one reportable and operating segment — pharmaceutical development. The Company’s CODM is the Chief Executive Officer. The Company’s CODM reviews consolidated operating results to make decisions about allocating resources and assessing performance for the entire Company. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) . The new standard reduces the number of accounting models for convertible debt instruments, amends the accounting for certain contracts in an entity’s own equity, and modifies how certain convertible instruments and contracts that may be settled in cash or shares impact the calculation of diluted earnings per share. Specifically, the guidance removes certain accounting models that separate the embedded conversion features from the host contract for convertible instruments and requires the use of the if-converted method to calculate diluted earnings per share. This standard was effective for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. The Company adopted this standard as of January 1, 2024 and the adoption of this standard did not have an impact on the Company's Unaudited Condensed Consolidated Financial Statements or related disclosures. Recent Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. This ASU requires greater disaggregation of information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. This ASU applies to all entities subject to income taxes and is intended to help investors better understand an entity’s exposure to potential changes in jurisdictional tax legislation and assess income tax information that affects cash flow forecasts and capital allocation decisions. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. This ASU should be applied on a prospective basis although retrospective application is permitted. The Company is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements and related disclosures.

Prepaid Expenses, Other Curre_2

Prepaid Expenses, Other Current Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Other Assets And Liabilities, Current [Abstract]
Schedule of prepaid expenses	Prepaid expenses consist of the following: As of June 30, 2024 As of December 31, 2023 Clinical expenses $ 74,866 $ 61,352 Financial advisory service agreement 568,340 — Other prepaid expenses 452,833 132,907 $ 1,096,039 $ 194,259
Schedule of other current assets	Other current assets consist of the following: As of June 30, 2024 As of December 31, 2023 AusIndustry incentive $ 548,646 $ 540,604 Vendor deposits 2,158,702 403,439 Excise tax bonds — 125,784 Other tax receivables 20 32,458 Other current assets — 17,644 $ 2,707,368 $ 1,119,929
Schedule of other current liabilities	Other current liabilities consist of the following: As of June 30, 2024 As of December 31, 2023 Research and development costs $ 750,049 $ 467,784 Legal fees 233,282 258,213 EHT Acquisition related liabilities — 180,897 Travel and entertainment expenses 25,479 — Consulting Fees 23,756 — Professional and consulting fees 141,100 69,468 Other accrued liabilities 11,129 22,190 $ 1,184,795 $ 998,552

Warrants (Tables)

Warrants (Tables)	6 Months Ended
	Jun. 30, 2024
Warrants and Rights Note Disclosure [Abstract]
Schedule of warrants vested and outstanding	Warrants vested and outstanding as of June 30, 2024 are summarized as follows: Source Exercise Weighted Number of 2015 Common Stock Warrants $ 1,250.00 0.82 400 2016 Common Stock Warrants to Service Providers 287.50 2.34 160 2019 Common Stock Warrants 87.50 0.39 32,000 2020 Common Stock Warrants to Placement Agent 20.00 1.08 32,668 2021 Inducement Warrants 37.50 2.07 84,667 2021 Inducement Warrants to Placement Agent 47.00 2.07 5,927 2021 Common Stock Warrants 22.50 2.25 311,113 2021 Common Stock Warrants to Placement Agent 27.50 2.25 21,778 November 2019 EHT Common Stock Warrants 72.25 0.42 34,213 December 2019 EHT Common Stock Warrants 37.25 0.50 3,783 February 2020 EHT Common Stock Warrants 37.25 0.62 80,694 August 2023 Convertible Note Common Stock Warrants 5.16 9.14 340,000 August 2023 PIPE Financing Common Stock Warrants 5.16 9.14 2,325,537 January 2024 Pre-Funded Warrants Common Stock 0.001 Indefinite 9,978,739 Total warrants outstanding as of June 30, 2024 13,251,679

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of debt	The Company’s convertible debt consists of the following: As of June 30, 2024 As of December 31, 2023 Total principal value of convertible note - related party, net of discount $ 5,000,000 $ 5,000,000 Unamortized debt discount (136,616) (610,749) Unamortized debt issuance costs (3,859) (17,253) Carrying value of total convertible debt - related party $ 4,859,525 $ 4,371,998
Schedule of interest expense	The Company’s interest expense consists of the following: Three Months Ended Six Months Ended 2024 2023 2024 2023 Related party interest expense – stated rate $ 124,658 $ — $ 249,315 $ 15,952 Legal judgment interest expense 75,189 182,171 150,146 182,171 Other interest expense — 4,258 — 6,705 Non-cash interest expense: Amortization of debt discount 243,331 — 474,133 — Amortization of transaction costs 6,874 — 13,394 — $ 450,052 $ 186,429 $ 886,988 $ 204,828

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of stock option activity	The following is a summary of option activities under the Company’s 2014 Amended and Restated Plan for the six months ended June 30, 2024: Number of Weighted Weighted Aggregate Intrinsic Value* Outstanding, December 31, 2023 498,298 $ 8.96 7.24 $ 20,441 Granted 768,100 14.40 Cancelled (2,926) 400.00 Forfeited (72,873) 8.32 Outstanding, June 30, 2024 1,190,599 $ 11.54 9.14 $ 1,532,218 Exercisable, June 30, 2024 345,887 $ 11.08 8.23 $ 591,698 *The aggregate intrinsic value is the sum of the amounts by which the quoted market price of the Company’s stock exceeded the exercise price of the stock options at June 30, 2024 for those stock options for which the quoted market price was in excess of the exercise price ("in-the-money options").
Schedule of fair value assumptions of stock option granted	The fair value of the Company's stock option grants were estimated on the date of grant using the Black-Scholes option-pricing model under the following assumptions: Six Months Ended Dividend yield 0.00% Volatility factor 99.58% - 99.96% Risk-free interest rate 4.26% - 4.48% Expected term (years) 5.27 - 6.08 The fair value of the Company's market-based RSUs were estimated on the date of grant under the following assumptions: Six Months Ended Dividend yield 0.00% Volatility factor 93.71% Risk-free interest rate 4.16% Derived service periods (years) 1.27 - 2.48
Schedule of Nonvested Share Activity	The following is a summary of RSU activity during the period ended June 30, 2024 : Number of Weighted Average Grant Date Fair Value Unvested, December 31, 2023 847,777 $ 3.66 Granted 275,000 14.21 Unvested, June 30, 2024 1,122,777 $ 6.24
Schedule of stock-based compensation expense	The Company recognized stock-based compensation expense for the stock options and the RSUs discussed above, in its Unaudited Condensed Consolidated Statements of Operations as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Research and development $ 303,081 $ 12,533 $ 695,719 $ 57,001 General and administrative 1,525,388 90,338 3,610,934 177,449 $ 1,828,469 $ 102,871 $ 4,306,653 $ 234,450

Loss Per Share of Common Stock

Loss Per Share of Common Stock (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of earnings per share, basic and diluted	The following tables are a reconciliation of the numerators and denominators used in the calculation of basic and diluted net loss per share computations: Three Months Ended Six Months Ended 2024 2023 2024 2023 Basic EPS and diluted EPS: Loss (Numerator) Net loss $ (7,902,816) $ (3,111,500) $ (12,922,347) $ (8,279,020) Shares (Denominator) Weighted average common shares outstanding (1) 38,669,330 3,886,198 33,334,616 3,827,216 Per-Share Amount $ (0.20) $ (0.80) $ (0.39) $ (2.16)
Schedule of anti-dilutive securities	The following outstanding shares of common stock equivalents were excluded from the computation of diluted net loss per share of common stock for the periods presented because including them would have been anti-dilutive: Three Months Ended Six Months Ended 2024 2023 (1) 2024 2023 (1) Stock options 1,190,599 151,903 1,190,599 151,903 Warrants 3,272,940 615,392 3,272,940 615,392 Unvested restricted stock units 503,446 10,667 503,446 10,667 Convertible Debt 968,973 Convertible Debt — 968,973 — ___________________ (1) Previously reported o utstanding shares of common stock equivalents were adjusted for the effects of the reverse stock split at a ratio of one-for-two hundred and fifty (1-for-250). The reverse stock split was transacted on September 6, 2023.

Organization, Basis of Presen_3

Organization, Basis of Presentation and Significant Accounting Policies (Details)	6 Months Ended
	Jun. 30, 2024 segments
Accounting Policies [Abstract]
Number of Operating Segments	1
Number of Reportable Segments	1

Asset Dispositions (Details)

Asset Dispositions (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
(Gain) loss from asset sales	$ 0	$ 0	$ 1,145,141	$ (307,086)

Prepaid Expenses, Other Curre_3

Prepaid Expenses, Other Current Assets and Liabilities - Schedule of Prepaid Expenses (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Other Assets And Liabilities, Current [Abstract]
Clinical expenses	$ 74,866	$ 61,352
Prepaid Financial Advisory Service Agreement	568,340	0
Other prepaid expenses	452,833	132,907
Total prepaid expense	$ 1,096,039	$ 194,259

Prepaid Expenses, Other Curre_4

Prepaid Expenses, Other Current Assets and Liabilities - Schedule of Other Current Assets (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Other Assets And Liabilities, Current [Abstract]
AusIndustry incentive	$ 548,646	$ 540,604
Vendor deposits	2,158,702	403,439
Excise tax bonds	0	125,784
Other tax receivables	20	32,458
Other current assets	0	17,644
Other current assets	$ 2,707,368	$ 1,119,929

Prepaid Expenses, Other Curre_5

Prepaid Expenses, Other Current Assets and Liabilities - Schedule of Other Current Liabilities (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Other Assets And Liabilities, Current [Abstract]
Research and development costs	$ 750,049	$ 467,784
Legal fees	233,282	258,213
EHT Acquisition related liabilities	0	180,897
Travel and entertainment expenses	25,479	0
Consulting Fees	23,756	0
Professional and consulting fees	141,100	69,468
Other accrued liabilities	11,129	22,190
Total other current liabilities	$ 1,184,795	$ 998,552

Warrants - Schedule of Warrants

Warrants - Schedule of Warrants Vested and Outstanding (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Class of Warrant or Right [Line Items]
Number of Warrants Vested and Outstanding (in shares)	13,251,679
2015 Common Stock Warrants
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share) | $ / shares	$ 1,250
Weighted Average Remaining Contractual Term (Years)	9 months 25 days
Number of Warrants Vested and Outstanding (in shares)	400
2016 Common Stock Warrants to Service Providers
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share) | $ / shares	$ 287.50
Weighted Average Remaining Contractual Term (Years)	2 years 4 months 2 days
Number of Warrants Vested and Outstanding (in shares)	160
2019 Common Stock Warrants
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share) | $ / shares	$ 87.50
Weighted Average Remaining Contractual Term (Years)	4 months 20 days
Number of Warrants Vested and Outstanding (in shares)	32,000
2020 Common Stock Warrants to Placement Agent
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share) | $ / shares	$ 20
Weighted Average Remaining Contractual Term (Years)	1 year 29 days
Number of Warrants Vested and Outstanding (in shares)	32,668
2021 Inducement Warrants
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share) | $ / shares	$ 37.50
Weighted Average Remaining Contractual Term (Years)	2 years 25 days
Number of Warrants Vested and Outstanding (in shares)	84,667
2021 Inducement Warrants to Placement Agent
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share) | $ / shares	$ 47
Weighted Average Remaining Contractual Term (Years)	2 years 25 days
Number of Warrants Vested and Outstanding (in shares)	5,927
2021 Common Stock Warrants
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share) | $ / shares	$ 22.50
Weighted Average Remaining Contractual Term (Years)	2 years 3 months
Number of Warrants Vested and Outstanding (in shares)	311,113
2021 Common Stock Warrants to Placement Agent
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share) | $ / shares	$ 27.50
Weighted Average Remaining Contractual Term (Years)	2 years 3 months
Number of Warrants Vested and Outstanding (in shares)	21,778
November 2019 EHT Common Stock Warrants
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share) | $ / shares	$ 72.25
Weighted Average Remaining Contractual Term (Years)	5 months 1 day
Number of Warrants Vested and Outstanding (in shares)	34,213
December 2019 EHT Common Stock Warrants
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share) | $ / shares	$ 37.25
Weighted Average Remaining Contractual Term (Years)	6 months
Number of Warrants Vested and Outstanding (in shares)	3,783
February 2020 EHT Common Stock Warrants
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share) | $ / shares	$ 37.25
Weighted Average Remaining Contractual Term (Years)	7 months 13 days
Number of Warrants Vested and Outstanding (in shares)	80,694
August 2023 Convertible Note Common Stock Warrants
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share) | $ / shares	$ 5.16
Weighted Average Remaining Contractual Term (Years)	9 years 1 month 20 days
Number of Warrants Vested and Outstanding (in shares)	340,000
August 2023 PIPE Financing Common Stock Warrants
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share) | $ / shares	$ 5.16
Weighted Average Remaining Contractual Term (Years)	9 years 1 month 20 days
Number of Warrants Vested and Outstanding (in shares)	2,325,537
January 2024 Pre-Funded Warrants Common Stock
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share) | $ / shares	$ 0.001
Number of Warrants Vested and Outstanding (in shares)	9,978,739

Warrants - Narrative (Details)

Warrants - Narrative (Details) - January 2024 PIPE Financing - USD ($)		1 Months Ended
	Aug. 15, 2023	Jan. 31, 2024	Jan. 29, 2024
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share)			$ 2.31
Proceeds from issuance or sale of equity	$ 46,167,258	$ 22,991,015
January 2024 PIPE Financing Pre-Funded Warrants
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share)		$ 0.001	$ 0.001

Debt - Schedule of Convertible

Debt - Schedule of Convertible Debt (Details) - Convertible Debt - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Total principal value of convertible note - related party, net of discount
Debt Instrument [Line Items]
Total principal value of convertible note - related party, net of discount	$ 5,000,000	$ 5,000,000
Total principal value of convertible multi-draw credit agreement - related party
Debt Instrument [Line Items]
Unamortized debt discount	(136,616)	(610,749)
Unamortized debt issuance costs	(3,859)	(17,253)
Carrying value of total convertible debt - related party	$ 4,859,525	$ 4,371,998

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	Jun. 30, 2024	Aug. 15, 2023
Debt Instrument [Line Items]
Convertible debt, fair value disclosures	$ 2,761,474
Total principal value of convertible note - related party, net of discount
Debt Instrument [Line Items]
Debt, face amount		$ 5,000,000
Total number of warrants issued (in shares)		340,000
Interest rate (as a percent)		10%
Debt instrument, interest rate, effective percentage	31.39%
Total principal value of convertible note - related party, net of discount | Convertible Debt
Debt Instrument [Line Items]
Conversion price (in dollars per share)		$ 5.16

Debt - Schedule of Interest Exp

Debt - Schedule of Interest Expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Disclosure [Abstract]
Related party interest expense – stated rate	$ 124,658	$ 0	$ 249,315	$ 15,952
Legal judgment interest expense	75,189	182,171	150,146	182,171
Other interest expense	0	4,258	0	6,705
Non-cash interest expense:
Amortization of debt discount	243,331	0	474,133	0
Amortization of transaction costs	6,874	0	13,394	0
Interest expense	$ 450,052	$ 186,429	$ 886,988	$ 204,828

Stockholders' Equity and Capi_2

Stockholders' Equity and Capitalization (Details) - USD ($)				1 Months Ended
	Mar. 11, 2024	Jan. 29, 2024	Aug. 15, 2023	Jan. 31, 2024
January 2024 PIPE Financing
Equity [Line Items]
Number of shares issued in transaction (in shares)		11,713,664
Exercise price (in dollars per share)		$ 2.31
Common stock issuance costs			$ 3,823,752
Proceeds from issuance or sale of equity			$ 46,167,258	$ 22,991,015
March 2024 PIPE Financing
Equity [Line Items]
Number of shares issued in transaction (in shares)	4,000,000
Exercise price (in dollars per share)	$ 10
Common stock issuance costs	$ 2,610,695
Proceeds from issuance or sale of equity	37,389,305
Net proceeds from transaction	$ 40,000,000
January 2024 PIPE Financing Pre-Funded Warrants
Equity [Line Items]
Payments for Repurchase of Warrants		$ 49,991,010
January 2024 PIPE Financing Pre-Funded Warrants | January 2024 PIPE Financing
Equity [Line Items]
Class of warrant or right, outstanding (in shares)		9,978,739
Exercise price (in dollars per share)		$ 0.001		$ 0.001
Sale of stock (in dollars per share)		$ 2.30
Class of warrant or right, average share price, threshold trading days		5 days

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($) shares	Jun. 30, 2024 USD ($) market_based_condition $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued for services (in shares)	5,000
Amount of unrecognized compensation cost | $	$ 11,848,634	$ 11,848,634
Recognized weighted average period (in years)		2 years 11 months 1 day
Share-Based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average fair value of stock options granted (in dollars per share) | $ / shares		$ 11.42
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of market based conditions met | market_based_condition		3
2014 Amended and Restated Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of authorized shares reserved for future grants (in shares)	2,464,345	2,464,345
Common stock, capital shares reserved for future issuance	137,833	137,833

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) - 2014 Amended and Restated Plan - Share-Based Payment Arrangement, Option - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Number of Shares
Balance at the beginning (in shares)	498,298
Granted (in shares)	768,100
Cancelled (in shares)	(2,926)
Forfeited (in shares)	(72,873)
Balance at the ending (in shares)	1,190,599	498,298
Exercisable (in shares)	345,887
Weighted Average Exercise Price
Balance at the beginning (in dollars per share)	$ 8.96
Granted (in dollars per share)	14.40
Cancelled (in dollars per share)	400
Forfeited (in dollars per share)	8.32
Balance at the ending (in dollars per share)	11.54	$ 8.96
Exercisable (in dollars per share)	$ 11.08
Weighted Average Remaining Contractual Term (Years)
Weighted Average Remaining Contractual Term (Years)	9 years 1 month 20 days	7 years 2 months 26 days
Weighted Average Remaining Contractual Term, Exercisable	8 years 2 months 23 days
Aggregate Intrinsic Value	$ 1,532,218	$ 20,441
Aggregate Intrinsic Value, Exercisable	$ 591,698

Stock-Based Compensation - Fair

Stock-Based Compensation - Fair Value Assumptions of Stock Option Granted (Details)	6 Months Ended
	Jun. 30, 2024
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.26%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.48%
Share-Based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0%
Share-Based Payment Arrangement, Option | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility factor	99.58%
Expected term (years)	5 years 3 months 7 days
Share-Based Payment Arrangement, Option | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility factor	99.96%
Expected term (years)	6 years 29 days
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0%
Volatility factor	93.71%
Risk-free interest rate	4.16%
Restricted Stock Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	1 year 3 months 7 days
Restricted Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	2 years 5 months 23 days

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Restricted Stock Activity (Details) - Restricted Stock Units	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Number of Shares
Unvested, beginning balance (in shares) | shares	847,777
Granted (in shares) | shares	275,000
Unvested, ending balance (in shares) | shares	1,122,777
Weighted Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share) | $ / shares	$ 3.66
Granted (in dollars per share) | $ / shares	14.21
Unvested, ending balance (in dollars per share) | $ / shares	$ 6.24

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 1,828,469	$ 102,871	$ 4,306,653	$ 234,450
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	303,081	12,533	695,719	57,001
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 1,525,388	$ 90,338	$ 3,610,934	$ 177,449

Loss Per Share of Common Stoc_2

Loss Per Share of Common Stock - Schedule of earnings per share, basic and diluted (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share, Basic:
Net loss	$ (7,902,816)	$ (3,111,500)	$ (12,922,347)	$ (8,279,020)
Weighted average common shares outstanding – basic (in shares)	38,669,330	3,886,198	33,334,616	3,827,216
Basic (in dollars per share)	$ (0.20)	$ (0.80)	$ (0.39)	$ (2.16)
Earnings Per Share, Diluted [Abstract]
Net loss	$ (7,902,816)	$ (3,111,500)	$ (12,922,347)	$ (8,279,020)
Weighted average common shares outstanding – diluted (in shares)	38,669,330	3,886,198	33,334,616	3,827,216
Diluted (in dollars per share)	$ (0.20)	$ (0.80)	$ (0.39)	$ (2.16)

Loss Per Share of Common Stoc_3

Loss Per Share of Common Stock - Anti-dilutive Securities (Details)		3 Months Ended		6 Months Ended
	Sep. 06, 2023	Jun. 30, 2024 shares	Jun. 30, 2023 shares	Jun. 30, 2024 shares	Jun. 30, 2023 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stockholders' equity note, stock split, conversion ratio	0.004
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive excluded from the calculation of diluted loss per common share (in shares)		1,190,599	151,903	1,190,599	151,903
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive excluded from the calculation of diluted loss per common share (in shares)		3,272,940	615,392	3,272,940	615,392
Unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive excluded from the calculation of diluted loss per common share (in shares)		503,446	10,667	503,446	10,667
Convertible Debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive excluded from the calculation of diluted loss per common share (in shares)			0	968,973	0

Contingencies - Narrative (Deta

Contingencies - Narrative (Details) - USD ($)				3 Months Ended		6 Months Ended
	Aug. 02, 2023	Feb. 13, 2023	Jan. 18, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Aug. 17, 2023
Loss Contingencies [Line Items]
Other interest expense				$ 0	$ 4,258	$ 0	$ 6,705
Legal judgment interest expense				75,189	$ 182,171	150,146	$ 182,171
Coverage received to cover legal expenses				$ 5,000,000		5,000,000
Wendy Cunning Vs Skye Bioscience, Inc
Loss Contingencies [Line Items]
Total compensatory damages	$ 1,200,008
Loss contingency, appeal bond								$ 9,080,202
Potential outcome			$ 6,053,468
Other interest expense						$ 384,896
Loss contingency, interest rate on damages		4.90%
Loss contingency, interest rate on legal fees		5.38%
Wendy Cunning Vs Skye Bioscience, Inc | Economic Damages
Loss Contingencies [Line Items]
Total compensatory damages			512,500
Wendy Cunning Vs Skye Bioscience, Inc | Non-Economic Damages
Loss Contingencies [Line Items]
Total compensatory damages			840,960
Wendy Cunning Vs Skye Bioscience, Inc | Punitive Damages
Loss Contingencies [Line Items]
Total compensatory damages			$ 3,500,000
Loss contingency accrual, period increase (decrease)	$ 151,842

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)			1 Months Ended
	Aug. 08, 2024	Jul. 17, 2024	Aug. 09, 2024	Jul. 02, 2024	Jun. 30, 2024
2014 Amended and Restated Plan
Subsequent Event [Line Items]
Number of authorized shares reserved for future grants (in shares)					2,464,345
Subsequent Event
Subsequent Event [Line Items]
Disposal group, including discontinued operation, consideration receivable, interest rate		8%
Disposal group, including discontinued operation, consideration, first installment received		$ 73,110
Conversion of multi-draw credit agreement - related party and accrued interest (in shares)	968,973
Subsequent Event | Discontinued Operations, Disposed of by Sale | VDL
Subsequent Event [Line Items]
Aggregate purchase price		$ 2,047,080
Subsequent Event | Inducement Plan
Subsequent Event [Line Items]
Number of authorized shares reserved for future grants (in shares)				600,000
Subsequent Event | 2014 Amended and Restated Plan
Subsequent Event [Line Items]
Granted (in shares)			60,000
Granted (in shares)			15,000
Subsequent Event | 2014 Amended and Restated Plan | Share-Based Payment Arrangement, Employee
Subsequent Event [Line Items]
Granted (in shares)			153,000
Subsequent Event | Prefunded Warrants
Subsequent Event [Line Items]
Class of warrant or right, outstanding (in shares)			1,301,573
Fair value of warrants			$ 10,424,294
Total number of warrants issued (in shares)			1,301,410