Cybin Secures Up to US $500 Million via Convertible Debentures to Fuel Clinical Growth

LOS ANGELES- Cybin Inc. has entered into a securities purchase agreement with High Trail Special Situations LLC to raise up to US $500 million through unsecured convertible debentures, aiming to strengthen its position in neuropsychiatric therapeutics and support its lead programs, CYB003 and CYB004. The first tranche of US $50 million closed on June 30, 2025, with an additional US $450 million available in future tranches upon mutual agreement. The debentures carry a two‑year term at a prepaid 5.5 % annual interest rate—rising to 18 % upon event of default—and can convert to common shares at a 30 % premium over market price. The financing was arranged by Joseph Gunnar & Co., LLC.

Proceeds are earmarked for advancing clinical trials—Phase 3 for CYB003 in major depressive disorder, which previously showed 71 % remission at 12 months—and mid-2025 completion of the CYB004 Phase 2 anxiety study. Cybin also plans to scale manufacturing capacity, expand its intellectual property (more than 90 issued and 230 pending patents), and pursue regulatory milestones through 2026 . Analysts characterize the financing as strategically timed to align funding with trial milestones, offering non-dilutive capital initially and flexibility for future financing—though they note the structured nature and interest obligations introduce both upside and leverage considerations