Cybin Inc. Reports Psychedelic Treatments and Financial Growth in Q3

LOS ANGELES- Cybin Inc., a development of next-generation psychedelic treatments for mental health disorders, today unveiled its unaudited financial outcomes for the third quarter ending December 31, 2023, alongside key business achievements. This period has been marked by significant advancements in the company’s psychedelic research, particularly within its CYB003 and DMT programs, showcasing Cybin’s commitment to revolutionizing mental healthcare.

Doug Drysdale, CEO of Cybin, highlighted the recent milestones, stating, “During the past three months, we have continued to make exciting progress with positive topline data from our CYB003 and DMT programs.” The company has reported promising results, including a 79% remission rate from depression at six weeks in the Phase 2 CYB003 trial, alongside crucial safety and dosage findings in Phase 1 DMT studies. These developments are paving the way for upcoming trials, with plans to initiate a Phase 3 multisite trial for CYB003 in Major Depressive Disorder (MDD) and a Phase 2a study of CYB004 for Generalized Anxiety Disorder (GAD), pending FDA clearance.

Recent Business and Pipeline Highlights:

• CYB003: Cybin announced positive Phase 2 efficacy and safety data for its proprietary deuterated psilocybin analog in MDD, achieving a significant mean 14-point difference in depression rating scale scores versus placebo. These results support the progression to an international Phase 3 trial.
• DMT Program: Completed Phase 1 studies of CYB004 and SPL028 reported positive safety, pharmacokinetic, and pharmacodynamic data, with plans to advance to a Phase 2a study in GAD.
• Patent Portfolio: Cybin has strengthened its intellectual property with the addition of six new patents, enhancing protection for its CYB003 and dDMT programs across key jurisdictions.

Financial Highlights for Q3:

• Liquidity: As of December 31, 2023, Cybin reported a cash reserve of C$39.0 million, with access to over C$121 million considering the potential exercise of warrants and current at-the-market equity programs.
• Net Loss: The company experienced a net loss of C$30.3 million for the quarter, an increase from the previous year, reflecting the escalated investment in its research and development activities.
• Operating Expenses: Cash-based operating expenses reached C$17.1 million, highlighting the company’s continued investment in its groundbreaking clinical programs.
• Financing Activities: Cybin secured C$42.4 million from financing activities during the quarter, mainly through the issuance of common shares, underscoring strong investor confidence in its innovative approach to mental health treatment.

As Cybin Inc. moves forward with its clinical trials and expands its patent portfolio, the company is solidifying its position as a leader in the development of psychedelic-based treatments. With a focus on creating more effective and patient-friendly options for mental health disorders, Cybin’s progress reflects a promising future for both the company and the field of psychedelic medicine.