Skye Bioscience, Inc.

**Signal Note: Baker Bros. Initiates ~$1.1B Position in Skye Bioscience (SKYE)** Baker Brothers taking a new position of this magnitude in SKYE is a high-conviction signal given their track record of concentrated bets on clinical-stage catalysts; SKYE's lead asset is nimacimab, a first-in-class anti-CB1 antibody in Phase 2b/3 for obesity/weight management (HORIZON trial), targeting the endocannabinoid system via a differentiated non-GLP-1 mechanism. The position size — over $1B — suggests Baker sees meaningful de-risking of the clinical thesis ahead of expected HORIZON topline data, and potentially views nimacimab's differentiated MOA as strategically valuable in the increasingly crowded obesity space. This is one of the largest known initiations by a single specialist fund in a