MeritValue

Skye Bioscience, Inc.

SKYEdata completeness 75%15 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'

The thesis, from the filings

Skye Bioscience, Inc. earns about -155% on equity, and has bought back 90% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$8.52M1−$19.5M2−$37.6M3−$26.6M4−$55.9M4
Operating cash flow−$6.47M5−$12.7M6−$14M7−$25.2M8−$43.1M8
Capital expenditure$90,8669$28,06010$12,55011$1.6M12$6,31212
Free cash flow (derived)−$6.57M5−$12.8M6−$14M7−$26.8M8−$43.1M8
Total debt—————
Cash & equivalents$8.99M13$1.25M14$1.26M15$68.4M16$5.88M16
Diluted shares406.6M2.2M7.0M36.5M39.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$5.05
your share of equity
Profit it earned you last year
−$14.1
Free cash flow it threw off
−$10.86
Debt you’d be carrying
—

10 shares is a claim on $5.05 of net worth that earned you −$14.1 and generated −$10.86 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-155% avg · 5y
FY21 -145%FY22 —FY23 —FY24 -39%FY25 -279%

It earned an average -155% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−90% shares · 5y

Share count is down 90% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001516551-23-000038 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001516551-24-000048 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001516551-25-000027 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001628280-26-016394 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001516551-23-000038 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001516551-24-000048 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001516551-25-000027 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001628280-26-016394 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001516551-23-000038 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001516551-24-000048 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001516551-25-000027 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001628280-26-016394 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001516551-24-000048 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  14. 10-K · period ending 2022-12-31 · accession 0001516551-25-000027 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  15. 10-K · period ending 2023-12-31 · accession 0001516551-25-000027 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-016394 (CashAndCashEquivalentsAtCarryingValue)