HELUS Pharma: An Update

A reminder that Helus Pharma was formerly Cybin and changed the name in early 2026.

 

The psychedelic space is now under consolidation, as ATAI today has announced LLY to Acquire ATAI, for up to $3.8 billion consideration. This post is regarding Helus Pharma, ticker symbol (HELP), and the prospects of them being acquired in the future.

Helus's (HELP) main asset is HLP003, which is a deuterated form of psilocybin in phase 3 clinical trials for adjunctive MDD. The top line readout for the 1st phase 3 APPROACH is scheduled to be released by the end of 2026. The second phase 3 EMBRACE is scheduled to complete in 2027, and the company will seek FDA approval once completing.

 

There are a number of larger companies already approved for adjunctive MDD that might find interest in obtaining Helus's asset HLP003, as the patent runs until 2041. 

Here is a list in any order of the larger companies already approved for aMDD which might see value in obtaining a quick acting psychedelic drug, with a long patent runway of 2041.

AbbVie: Drug Vraylar is approved for aMDD with patent expiring in 2030. Vraylar is a valuable asset for AbbVie and is producing total annual revenue of $3.6 billion for the company. Revenue is not broken out per indication as Vraylar has been approved for adjunctive MDD, Bi-Polar Depression and Schizophrenia. The company has already expressed an interest in the psychedelic field, as they previously purchased Gilgamesh Pharmaceuticals psychedelic drug compound Bretisilocin here, Gilgamesh-Pharmaceutical.

Johnson & Johnson: January 13th 2025 is the date that J&J made the acquisition of Intra-Cellular. After that acquisition, lead Intra-Cellular drug Caplyta was approved for aMDD in November 2025. The patent expiration for composition of matter expires in 2028, with additional patents extending out to 2034 and 2040. 

Otsuka/Lundbeck: Rexulti has been approved for aMDD since 7/10/2015, with patent expiring in 2026.  

Definium Therapeutics: DFTX is a mid-cap psychedelic stock with a $6.2 billion market cap, and looks like the best bet to go it alone in the psychedelic space, as they have substantiated clinical data for GAD, and MDD with an abundance of cash on hand. Adding a potential approval of adjunctive MDD to their offering could make them a psychedelic powerhouse. Helus also has in their pipeline HLP004 for GAD, which might also appeal to Definium by eliminating competition from their main asset DT120, or potentially modifying clinical development of HLP004, to bring a second GAD option to patients. 

I would expect AbbVie and Definium Therapeutics, to be most interested in Helus Pharma as a potential buyout. The patent for Vraylar is expiring in 2030, which means generics can proceed with gaining access to selling a generic version. AbbVie may start seeking revenue replacement for the future patent cliff.

An acquisition of Helus Pharma would not be too complicated, as the company is small with 60 million shares outstanding, additional warrants outstanding, and little debt. 

It will be interesting to see how this sector plays out over the next year. Chart below of the five major psychedelic stocks and their year-to-date performance. Thank you for reading. 

Disclaimer: This stock, or any other stock referenced on this site, is for educational purposes only, not personalized advice. Consult with your investment advisor professional, prior to buying stocks, precious metals, commodity's, or crypto.

Psychedelic Sector Update #2

A quick valuation update of the psychedelic sector. Listed are the five most advanced companies pursuing psychedelic therapies. 

Psychedelic Sector Update #1

Late last year we wrote about psychedelic stocks here Psychedelic Therapeutics. Here is quick update in the sector, of the five most advanced companies pursuing therapies.

ATAI is entering phase 3 clinical trials for lead drug candidate BLP-003 for TRD in 2026. The company is also exploring social anxiety disorder (SAD) with EMP-01, having just competed a phase 2 trial.

GHRS is also tackling TRD with an inhalant device, and will be entering phase 3 clinical trials in 2026. Both ATAI and GHRS are utilizing psychedelic mebufotenin for TRD with an inhaling device. 

CMPS is preparing for NDA filing with COMP360 for TRD through FDA discussions. They are also advancing COMP360 for PTSD, with phase 3 studies scheduled in 2026.

DFTX is using LSD for GAD and MDD, with MDD readout of the EMERGE study late second quarter.  They have BTD for GAD. GAD is their primary program.  DT120 had an effect on MDD also, in their phase 2 study. 

HELP is the only adjunctive for MDD, as concomitant is allowed in their phase 3 clinical trials. Their first phase 3 read-out for trial APPROACH is anticipated for the 4th quarter of 2026. 

DXFT’s MDD readout, anticipated by the end of the second quarter is the next catalyst for the sector.

A chart below of the five companies and their stock performance year to date. 

Definium Therapeutics

Definium Therapeutics (DFTX)  formerly MindMed, is in late stage psychedelic-based development, with drug DT120 for General Anxiety Disorder (GAD) and depression (MDD). We wrote about psychedelic drug companies last year, Psychedelic Therapeutics.  DT120 was granted FDA Breakthrough Therapy Designation for GAD, after they completed phase 2 testing. The year is full of catalyst's of clinical data readout, with expected timelines below. 

Catalysts:

- Phase 3 MDD study Emerge expected to read-out topline in late 2nd quarter
- Phase 3 GAD study Voyage expected to read-out topline early 3rd quarter
- Phase 3 GAD study Panorama expected to read-out topline 2nd half 2026

Clinical Trials: 

- Emerge NCT06941844

- Voyage NCT06741228

- Panorama NCT06809595

Financial Statistics:

- US $411 million of cash on hand (approximation)

- Debt - minimal

- 104 million shares outstanding

- 1.8 billion market cap

Intellectual Property: 

- DT120 Expected to expire in 2041

Definium's lead indication GAD, looks to be the only psychedelic company on the verge of completing pivotal clinical trials for that indication. The stock is a high risk investment at this time, as they have zero commercial assets, and are in late stage clinical development, with results expected in 2026. Thank you for reading.

HELUS Pharma: Formerly Cybin - Update #4

Cybin whom we wrote about here Cybin history, has changed their name and ticker symbol as they have moved from the NYSE exchange to the Nasdaq exchange starting on January 5th. The companies name is now Helus Pharma with ticker symbol HELP. The move suits the companies prospects better trading on the Nasdaq, because of their focus on growth-oriented development. Chart of HELP below. 

Psychedelic Therapeutics

Second generation therapies using psychedelic drugs to treat mental health, is moving to the forefront at a rapid pace. The conversation now is which psychedelic will hit the market first, to serve their unmet need. We initially wrote about the subject here Psychedelic-Based Therapeutics. 

Not all psychedelics are identical in nature. Psilocin, DMT, and MDMA are the popular ones, all produced to act quickly with minimal dosing requirements. Here’s a list of five companies furthest along in their clinical trials, that have successfully raised the needed capital to progress further toward FDA approval, and commercialization.

ATAIBeckley, Compass Pathways, Cybin, GH Research, and MindMed.

ATAIBeckley - BLP-003

ATAI is addressing treatment resistant depression with their psychedelic drug (BLP-003) mebufotenin benzoate, and their means of dosing is an intranasal inhalant. The company has completed Phase 2b Results and is now in the process of meeting with the FDA to discuss the design of their phase 3 clinical trials. Those phase 3 trials are expected to commence in the second quarter of 2026. BLP-003 has Breakthrough Therapy Designation.

Compass Pathways - COMP360

Compass is furthest along in their clinical trials addressing treatment resistant depression with their lead oral candidate psilocybin COMP360. Completion their first phase 3 clinical trial (COMP005) is posted here COMP360 Phase 3  With their second phase 3 clinical trial with (COMP006), to be completed in the first quarter of 2026. COMP360 has Breakthrough Therapy Designation.

Cybin - CYB003

Cybin is addressing adjunctive major depression disorder (MDD) with their lead deuterated psilocybin oral candidate CYB003. The company has completed Phase 2 Results and has recently raised the needed cash to fund the operation through phase 3 readouts. Cybin is currently running three phase 3 clinical trials with CYB003 as an adjunctive therapy for patients. The first phase 3 APPROACH will have data by the fourth quarter 2026. EMBRACE to begin a global phase 3 in the fourth quarter of 2025, and EXTEND which is the long-term open label study currently enrolling the completers of APPROACH and EMBRACE to confirm long-term safety and efficacy. CYB003 has Breakthrough Therapy Designation.

GH Research - GH001

Similar to ATAI, GH Research is addressing TRD with an intranasal inhalant with psychedelic mebufotenin. The company has completed Phase 2b Results, and is on schedule to meet with the FDA for a post phase 2 meeting to discuss phase 3 clinical design. The company is well funded, having raised capital after the announcement of phase 2 results. Their goal is to commence phase 3 testing in 2026.

Definium ( formerly MindMed) - DT120 

Definium’s lead candidate is lysergide D-tartrate (LSD) with DT120 for generalized anxiety disorder (GAD). The company has completed Phase 2b Results and currently has two phase 3 clinical trials running called Voyage and Panorama. The potential completion for Voyage is late 2026 and Panorama mid-year 2027. The long-term open label 40-week extension study Part B, is available for the completers of Voyage and Panorama. The company is well financed and has Breakthrough Therapy Designation for MM120 and GAD.

The companies listed have set up intervention protocols for the patients, after the dosing of their therapeutic. The five companies written about here hold great potential for new innovative therapeutics for mental health, and at the same time, there are many challenges getting the therapies approved. At this writing we are only interested in Cybin for investment. Thank you for reading. 

CYBN: Cybin - Update #3

Psychedelic drug company Cybin is tackling two unmet medical needs, MDD and GAD with investigative psychedelic drugs CYB003 and CYB004. We wrote about psychedelic based therapeutics here Psychedelic Based Therapeutics. Today, Cybin updated investors on their recent quarter ending September 30. Below are some highlights from the conference call.

CYB003 

• Phase 3 dosing for clinical trial APPROACH NCT06564818 continues
• APPROACH to complete and report results by 4th quarter 2026
• Global Phase 3 EMBRACE to begin 4th quarter 2025
• EXTEND long term safety study is currently enrolling completers 

CYB004

• Phase 2 study for GAD to report results first quarter 2026

CYB005

• Under early investigational studies

Financial

• $226 million current cash on hand
• 49,894 million shares outstanding
• 16,810 million warrants outstanding, avg weighted conversion price of $10.11

CYBN: Cybin

Cybin is in late stage psychedelic-based development, with drug CYB003 for depression. We wrote about psychedelic drug emergence last year, Psychedelic-Based Therapeutics. The drug was granted FDA Breakthrough Therapy Designation, after they completed phase 2 testing.

Current developments: The company raised $50 million US Dollars with a financing agreement with High Trail Special Situations on June 30th. With this current financing completed, their financial situation for ongoing clinical development is estimated to be.

Financial Statistics:

- US $120 million of cash on hand (approximation)

- Debt - minimal

- 23 million shares outstanding

- 182 million market cap

- 50 million convertible debt

Intellectual Property: 

- CYB003 Expected to expire in 2041

- CYB004 Expected to expire in 2041

Cybin is a high risk investment at this time, as they have zero commercial assets, and are in late stage clinical development with lead drug CYB003 with results expected in 2026. Thank you for reading. 

MM120 for Generalized Anxiety Disorder

MindMed (MNMD) is a psychedelic company addressing unmet medical need GAD (Generalized Anxiety Disorder) with lead drug MM120. The companies website is here MindMed. Some quick facts regarding MindMed. 

• 540 Million Market Cap
• 80M Shares outstanding
• 295 Million cash
• MM120 Breakthrough Therapy Designation
• MM120 Patent to 2041
• MM120 in Phase 3 for GAD
• Share Price $7.20

The company has successfully completed a phase 2b for GAD, and received Breakthrough Therapy Designation for MM120 afterwards. The company is now in phase 3 for GAD. They will be using the HAM-A assessment at 12 weeks, after a single dose of MM120. Here is where you can find the company's medical Presntations. The goal of MindMed is to have two phase 3 clinical trials and a 40 week long-term extension study all completed by the end of 2026. Their past and current clinical trails MM-120 Clinical Trials. Thank you for reading.

Psychedelic-Based Therapeutics

Therapies for mental health conditions are changing at rapid speed. Cybin.com (CYBN) is a biopharmaceutical company developing therapies for mental health conditions. Their lead drug CYB003 is a proprietary deuterated psilocybin analog, which the FDA has granted as Breakthrough Therapy Designation (BTD), for depression. WebMD describes Psilocybin as a schedule 1 drug. The scheduled list looks like this below.

• Schedule I: Drugs with no current medical use, high potential for abuse and/or addiction.
• Schedule II: Drugs with some medically acceptable uses, but with high potential for abuse and/or addiction. These drugs can be obtained through prescription.
• Schedule III: Drugs with low to moderate potential for abuse and/or addiction, but less dangerous than Schedule I or II. These drugs can be obtained through prescription, but generally are not available over the counter.
• Schedule IV: Drugs with viable medical use and low probability of use or misuse.
• Schedule V: Drugs with low potential for abuse (lower than Schedule IV).

The company has completed a phase 2 clinical trial with strong efficacy, and is now in the process of starting two large phase 3 clinical trials with combined over 500 participants. The first of two phase 3 trails is here NCT06564818.  The patent for CYB003 extends out to 2041.

Cybin is high risk, with a market cap of around 180 million, which fits into the micro capitalization category. The stock should be a small percentage of any portfolio suitable for those with high risk tolerance, and willing to hold the shares on a longer term basis. The stock trades around 9.00 per share. Chart of Cybin below. Thank you for reading.