Skye Bioscience’s Redx Deal Creates Fibrx Therapeutics With $125 Million in Funding

Key Points

• The companies expect the transaction to close in Q4 2026, subject to shareholder, regulatory, court, Nasdaq, and other approvals.
• Fibrx will be led by Redx’s executive team, with Lisa Anson expected to become CEO.
• Lead candidate RXC008 is being developed for fibrostenotic Crohn’s disease, an intestinal-scarring condition that can cause narrowing, blockages, and surgery.
• Fibrx expects to start a Phase 2 RXC008 trial in the second half of 2026 and release top-line data in the second half of 2028.
• Current SKYE shareholders are expected to own approximately 5.38% of the combined company on a fully diluted basis.
• Existing Skye shareholders will receive contingent value rights tied to a possible nimacimab transaction.

 Skye Bioscience, Inc. (Nasdaq: SKYE) plans to acquire Redx Pharma Limited in a transaction that would form Fibrx Therapeutics, Inc., a Nasdaq-listed biotechnology company focused on fibrosis. The combined company expects roughly $125 million in financing commitments to support operations into 2029 and advance its lead drug candidate, RXC008.

Redx Transaction Shifts Skye Toward Fibrosis

The deal represents a major change for Skye. The company paused development of nimacimab, its former weight-loss drug candidate, and is now pursuing Redx’s fibrosis-focused pipeline.

Fibrosis is excessive scar-tissue formation that can damage normal organ function. Fibrx plans to focus on treatments for diseases involving fibrosis in the gastrointestinal tract, lungs, liver, kidneys, and other tissues.

RXC008 Becomes the Main Clinical Program

RXC008 is an oral, gastrointestinal-restricted pan-ROCK inhibitor designed for fibrostenotic Crohn’s disease. The drug is intended to act primarily in the gastrointestinal tract, potentially limiting drug exposure elsewhere in the body.

RXC008 has an active U.S. investigational new drug application and received FDA Fast Track designation in January 2026. Phase 1 results supported continued development, but the program has not yet demonstrated clinical benefit in patients. The planned Phase 2 trial will be the key value-driving event for Fibrx.

Financing Provides Runway but Creates Dilution

The companies disclosed approximately $125 million in financing commitments, including a roughly $68 million PIPE, a $36 million Redx Series A financing, and a committed equity line of up to $22 million. Investors include Abingworth, British Business Bank, NEXTBio Capital, 5AM Ventures, and Redmile.

The financing is expected to fund Fibrx through the planned RXC008 Phase 2 data readout. However, the transaction substantially dilutes current Skye shareholders, who are expected to hold only about 5.38% of Fibrx on a fully diluted basis.

Skye Shareholders Retain Potential Nimacimab Value

Each Skye share held before closing will receive one contingent value right, or CVR. CVR holders, as a group, may receive 90% of net cash proceeds from a sale, license, or other monetization of nimacimab and related intellectual property within 12 months after closing.

No payment is guaranteed. The CVRs will have value only if a nimacimab transaction occurs and generates net cash proceeds during that period.

What Investors Should Watch

Near-term attention will center on transaction completion, final ownership structure, financing details, and the start of the RXC008 Phase 2 study. Longer term, the most important catalyst will be Phase 2 data expected in the second half of 2028.