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)

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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.