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. 

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.