Cybin Announces Third Quarter Fiscal Year 2025 Financial Results and Business Updates

LOS ANGELES- Cybin Inc., has released its unaudited financial results for the third quarter ending December 31, 2024, alongside recent business developments.

Financial Highlights:

• Cash Position: As of December 31, 2024, Cybin reported cash holdings of C$136.3 million.

• Net Loss: The company experienced a net loss of C$10.5 million for the quarter, a significant improvement compared to the C$30.3 million net loss in the same period the previous year.

• Operating Expenses: Cash-based operating expenses, including research and general administrative costs, totaled C$28.0 million, up from C$17.1 million in the prior year’s corresponding quarter.

Clinical Program Developments:

• CYB003 (Deuterated Psilocin Analog): Cybin has initiated the PARADIGM program, a multinational Phase 3 clinical trial evaluating CYB003 as an adjunctive treatment for major depressive disorder (MDD). The program comprises two 12-week randomized, double-blind, placebo-controlled studies—APPROACH and EMBRACE—and a long-term extension study named EXTEND. Collectively, these studies aim to enroll approximately 550 patients across more than 40 clinical sites in the United States and Europe. The APPROACH study has already commenced, targeting 220 participants.

• CYB004 (Deuterated DMT Molecule): The company is conducting a Phase 2 proof-of-concept study of CYB004 for the treatment of generalized anxiety disorder (GAD). Topline safety and efficacy results are anticipated in the first half of 2025.

Strategic Partnerships:

To support the PARADIGM program, Cybin has established strategic clinical site partnerships aimed at enhancing trial operations and site performance. Segal Trials, a network of six research sites in South Florida with expertise in psychiatry, neurology, addiction, and psychedelics research, has been named as the first partner in this initiative.

At-The-Market Equity Program:

Cybin has launched a new at-the-market equity program, allowing the company to issue and sell up to US$100 million of common shares. The proceeds are intended to fund growth opportunities and working capital initiatives.