Dilution profile // every instrument, one screen, from SEC filings

Skye Bioscience, Inc. (SKYE)

CIK 1516551 · all EDGAR filings →

Overall dilution risk
HIGHworst of 4 computed signals (offering ability)
= the worst band among the computed sub-ratings, no hidden weighting
Offering ability
HIGHS-3 on file 2024-05-10
= is there a registration (S-1/S-3 family) on file without a later withdrawal
no structured fee data on the live registrations, so this is a yes/no, not a size
Overhead supply
LOWwarrants = 0% of O/S
= warrant shares outstanding divided by current shares outstanding (bands: 20% / 50%)
warrants only; converts, ATMs and equity lines are not in free structured data, so the true overhead is AT LEAST this
Historical dilution
LOW-96% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
a reverse-split-sized cliff is in this window; read the chart
Cash need
HIGH~4.8 months of runway
= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)
the company itself flagged going-concern doubt

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

2020-08-122026-05-08

Latest: 35.1M shares as of May 8, 2026 (10-Q). Share count fell from 971.5M to 12.3M between Aug 4, 2023 and Nov 12, 2023, a pattern consistent with a reverse split (roughly 1-for-79); simultaneous issuance can skew the raw ratio, so confirm in the filings. The red bar marks the cliff.

Cash runway

Going-concern warning

auditor flagged substantial doubt

The company itself flagged going-concern doubt in a filing.

Full breakdown: cash runway tool · source filing →

Warrants

TrancheWarrantsExercise priceTermNotes
January2024 PIPE Financing Pre Funded Warrants1.8Mnot taggedFV $1.4M
Two Thousand Sixteen Common Stock Warrants To Service Providersnot tagged$287.5
Two Thousand and Twenty One Inducement Warrantsnot tagged$37.5
Two Thousand and Twenty One Inducement Warrants To Placement Agentnot tagged$47
Two Thousand and Twenty One Common Stock Warrantsnot tagged$22.5
Two Thousand and Twenty Pre Funded Warrantsnot tagged$27.5
August2023 Convertible Note Common Stock Warrantsnot tagged$5.16
August2023 PIPE Financing Common Stock Warrantsnot tagged$5.16
January2024 Pre Funded Warrants Common Stocknot tagged$0.001

Tranches exactly as the company dimensioned them in its 10-Q filed May 11, 2026. Groupings can overlap (a “Series E and F” row is not additive with a “Series E” row), so do not sum this column. A tranche the filer did not tag is absent here, not absent from the cap table. DOWN-ROUND = the filer tagged price-protection accounting scoped to that tranche.

Warrants outstanding: 0 underlying shares, as reported Feb 16, 2023 (10-Q).

Reported exercise price: $25 (aggregate figure as tagged; individual tranches vary).

Balance-sheet fair value of warrants: $2.0M as of Mar 31, 2019.

Rough fully diluted estimate: 35.1M = 35.1M O/S + 0 warrant shares. An estimate, not a filing figure: it ignores converts, options and RSUs, and the two inputs carry different as-of dates.

Convertible notes

No convertible-note facts tagged in the 10-Q filed May 11, 2026. If convertible notes exist, their terms live in exhibit prose for this filer and are not parsed; absence of a tag is not proof of absence. The exhibits are the ground truth.

Fully diluted build-up

Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.

Shares outstanding35.1MMay 8, 2026
+ January2024 PIPE Financing Pre Funded Warrants (if exercised)1.8MMar 11, 2026
Fully diluted estimate36.9M+5.0% vs O/S

Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.

Registrations and offerings

S-3May 10, 2024no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →
S-3May 10, 2024no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →
S-1Mar 27, 2024no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →

Last 12 months: 0 executed · 0 registered.

UPDATEMay 17, 2024Prospectus update — often a resale registration, not necessarily new capital424B3
EFFECTIVEMay 17, 2024SEC declared a registration effective — selling can beginEFFECT
EFFECTIVEMay 17, 2024SEC declared a registration effective — selling can beginEFFECT
REGISTEREDMay 10, 2024S-3 registration — capacity to sell shares, not a sale yetS-3
REGISTEREDMay 10, 2024S-3 registration — capacity to sell shares, not a sale yetS-3
EFFECTIVEApr 26, 2024SEC declared a registration effective — selling can beginEFFECT
UPDATEApr 10, 2024Prospectus update — often a resale registration, not necessarily new capital424B3
EFFECTIVEApr 10, 2024SEC declared a registration effective — selling can beginEFFECT
REGISTEREDApr 4, 2024S-1/A registration — capacity to sell shares, not a sale yetS-1/A
REGISTEREDMar 27, 2024S-1 registration — capacity to sell shares, not a sale yetS-1
EXECUTEDMar 13, 2024Unregistered share sale disclosed (8-K item 3.02)8-K
EXECUTEDJan 29, 2024Unregistered share sale disclosed (8-K item 3.02)8-K

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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