1001slide/E+ via Getty Images Skye Bioscience ( NASDAQ: SKYE ) stock tumbled 15% Monday after the company announced it was discontinuing development of its ophthalmology product SBI-100 OE due to disappointing study results and would instead focus on its anti-obesity drug candidate nimacimab. The San Diego-based company said a Phase 2a study of SBI-100 OE had failed to meet its primary endpoint of lowering intraocular pressure. The study evaluated the drug in the treatment of primary open-angle glaucoma and ocular hypertension.
Skye now intends to focus its resources on developing nimacimab for the treatment of obesity. A Phase 2 study of the product is expected to begin dosing in Q3, with data anticipated in 2025. The company said the move will extend its operating cash runway into 2027.
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