Skye Bioscience Inc. (NASDAQ:SKYE) shares gained 5.3% in premarket trading on Monday after the company revealed a collaboration with Halozyme Therapeutics (NASDAQ:HALO) to develop a subcutaneous version of its obesity drug candidate, nimacimab.
The non-exclusive, worldwide collaboration and licensing agreement, signed in December 2025, gives Skye access to Halozyme’s ENHANZE drug delivery technology. The partnership is intended to enable Skye to study higher subcutaneous doses of nimacimab by allowing for the administration of larger injection volumes, a key step in evaluating the drug’s full potential for obesity treatment.
As part of the agreement, Skye will make milestone payments linked to development and commercialization progress, while Halozyme will be entitled to mid-single-digit royalties on net sales of nimacimab products developed using ENHANZE for a period of at least 10 years.
“To fully evaluate nimacimab’s potential, we need to test higher doses and we need a practical way to deliver them subcutaneously,” said Punit Dhillon, President and Chief Executive Officer of Skye. “Partnering with Halozyme to co-formulate nimacimab with ENHANZE gives us a validated approach to evaluate multiple dose-ranging strategies, including in combination with GLP-1 receptor agonists.”
Skye said it plans to launch a Phase 2b clinical trial of nimacimab formulated with ENHANZE for obesity by mid-2026. The study will also examine the drug in combination with a GLP-1 receptor agonist, potentially positioning Skye within the fast-growing obesity therapeutics market.
For Halozyme, the collaboration extends the reach of its ENHANZE delivery platform into obesity treatments. Dr. Helen Torley, President and CEO of Halozyme, said the agreement “reinforces the scalability of ENHANZE across diverse indications” and aligns with the company’s strategy to drive long-term, sustainable royalty growth.