Skye Bioscience Abandons Eye Disease Pipeline, Shifts Focus to Obesity Treatment After Phase 2a Trial Failure

1. Phase 2a Trial Failure: Skye Bioscience's Phase 2a trial for its glaucoma drug failed, leading to the discontinuation of its entire eye disease pipeline.
2. Stock Price Impact: The company's stock dropped by 28% to $7.90 following the trial failure.
3. Shift to Obesity Treatment: Skye Bioscience is pivoting its focus to obesity treatment, a highly sought-after category in the biotech industry.
4. Company Strategy: The company is abandoning its eye disease research and development to concentrate on obesity and metabolic drugs.
5. Biotech Industry Impact: The failure highlights the challenges faced by biotech companies in developing successful treatments for various diseases.