Cybin Announces FY 2024 Financials and Business Updates

Cybin Inc., a clinical-stage biopharmaceutical company, has recently announced substantial progress in its quest to revolutionize mental healthcare with new treatment options. The company reported audited financial results for the fiscal year ending March 31, 2024, and shared significant business updates.

CEO Doug Drysdale expressed pride in the company's advancements, particularly in its two primary programs: CYB003, aimed at treating Major Depressive Disorder (MDD), and CYB004, targeting Generalized Anxiety Disorder (GAD). Drysdale highlighted the FDA's Breakthrough Therapy Designation (BTD) for CYB003, which accelerates its development and review process. CYB003’s Phase 2 study results showed a significant reduction in depressive symptoms, with a notable percentage of patients achieving remission. The company plans to initiate a Phase 3 multinational study for CYB003 in the summer of 2024.

CYB004, Cybin’s proprietary deuterated dimethyltryptamine (DMT) program, also gained momentum with the initiation of a Phase 2 study. This study will explore its efficacy in treating GAD, with results expected to demonstrate the drug's potential as a scalable intermittent treatment.

Cybin has strengthened its intellectual property portfolio, securing over 60 patents and more than 200 pending applications. This includes newly granted patents in the U.S., Canada, and China, providing extended exclusivity for CYB003 and CYB004 programs.

Financially, Cybin reported cash reserves totaling C$209 million as of March 31, 2024. The company closed a private placement, raising U.S.$150 million. Despite reporting a net loss of C$78 million for the fiscal year, the cash infusion from financing activities provided a significant boost to its financial stability.

The company has meticulously planned its upcoming clinical milestones. The Phase 3 study for CYB003 will involve 30 sites across the U.S. and Europe, all experienced in conducting psychedelic clinical trials. For CYB004, the topline safety and efficacy readout from the Phase 2 GAD study is anticipated around the end of 2024.

Cybin’s mission is supported by a network of globally recognized scientists and partners. The company, founded in 2019 and headquartered in Canada, operates in multiple countries including the U.S., the UK, the Netherlands, and Ireland. It aims to innovate in drug discovery, delivery systems, and treatment regimens.

With substantial financial backing and successful clinical trials, Cybin is well-positioned to make significant strides in the treatment of mental health disorders. The company's progress in 2024 is set to be marked by further regulatory engagement and accelerated clinical programs, fostering optimism for the future of mental healthcare.