Sec Form 3 Filing - Versant Ventures III, LLC @ Skye Bioscience, Inc. - 2023-08-18

FORM 3 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Versant Ventures III, LLC 2. Issuer Name and Ticker or Trading Symbol Skye Bioscience, Inc. [ SKYE] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director X __ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) ONE SANSOME STREET, SUITE 1650 3. Date of Earliest Transaction (MM/DD/YY) 08/18/2023 (Street) SAN FRANCISCO, CA94104 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 498,978,878 I By Versant Venture Capital III, L.P. ( 1 ) Common Stock 2,946,924 I By Versant Side Fund III, L.P. ( 2 )

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Warrant (Right to Buy) $ 0.0206 08/18/2023 08/18/2033 Common Stock 130,043,230 I By Versant Venture Capital III, L.P. ( 1 ) Warrant (Right to Buy) $ 0.0206 08/18/2023 08/18/2033 Common Stock 768,124 I By Versant Side Fund III, L.P. ( 2 )

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Versant Ventures III, LLC ONE SANSOME STREET, SUITE 1650 SAN FRANCISCO, CA94104 X Versant Venture Capital III, L.P. ONE SANSOME STREET, SUITE 1650 SAN FRANCISCO, CA94104 X Versant Side Fund III, L.P. ONE SANSOME STREET, SUITE 1650 SAN FRANCISCO, CA94104 X Signatures Versant Ventures III, LLC, By /s/ Max Eisenberg, Chief Operating Officer 08/28/2023 Signature of Reporting Person Date Versant Venture Capital III, L.P., By Versant Ventures III, LLC, its General Partner, By /s/ Max Eisenberg, Chief Operating Officer 08/28/2023 Signature of Reporting Person Date Versant Side Fund III, L.P., By Versant Ventures III, LLC, its General Partner, By /s/ Max Eisenberg, Chief Operating Officer 08/08/2023 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Securities are directly held by Versant Venture Capital III, L.P. ("Versant III"). Versant Ventures III, LLC ("Versant Ventures III") is the sole general partner of Versant III and may be deemed to share voting and dispositive power over the securities held by Versant III. Versant Ventures III disclaims beneficial ownership of such securities, except to the extent of its pecuniary interest therein. ( 2 )Securities are directly held by Versant Side Fund III, L.P. ("Side Fund III"). Versant Ventures III is the sole general partner of Side Fund III and may be deemed to share voting and dispositive power over the securities held by Side Fund III. Versant Ventures III disclaims beneficial ownership of such securities, except to the extent of its pecuniary interest therein.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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