Cybin (NEO: CYBN) (NYSE American: CYBN), a clinical-stage biopharmaceutical company committed to revolutionizing mental healthcare by developing new and innovative psychedelic-based treatment options, is reporting unaudited financial results for its first quarter, the period ended June 30, 2023, as well as recent business highlights. Financial numbers show cash total of C$9.3 million as of June 30, 2023, with the total increasing to C$18 million as of Aug. 14, 2023. Net loss for the quarter totaled C$14.5 million for the quarter with operating expenses reaching C$12.7 million for the quarter. Business highlights include the initiation of dosing in cohort 6, the final cohort of the company’s phase 2 study of CYB003 in Major Depressive Disorder (“MDD”), following the successful completion of cohort 5; a partnership with Worldwide Clinical Trials to support the future clinical development and regulatory strategy for CYB003 in MDD; the development of EMBARK(CT), a scalable psychedelic facilitation training program, designed to support larger pivotal studies; and continued advancement of the phase 1 CYB004-E study, with CYB004 dosing underway in part C, the final portion of the study. In addition, the company announces results of the Flow Kernel feasibility study, which Cybin sponsored; the results were published in the “Scientific Reports” journal.
The company also closed an $8.25 million marketed public offering to support the clinical development of CYBN’s CYB003 and CYB004 programs. “The steady clinical progress we have made over the past few months is truly encouraging, with dosing initiated in the final cohort of our phase 2 CYB003 MDD study and CYB004 dosing underway in part C of our phase 1 CYB004-E study,” said Cybin CEO Doug Drysdale in the press release. “We expect topline data for our CYB003 and CYB004 programs later this year, which we anticipate will provide insights into the therapeutic profile of our deuterated molecules as potentially differentiated treatments for mental health conditions. The recent marketed public offering further strengthens our position to deliver on these value-driving milestones. I am proud of the Cybin team’s thoughtful approach and strategic decisions that have enabled us to accelerate our clinical-stage programs. We look to build on this momentum as we advance to future pivotal studies, with work already underway in developing a scalable version of our EMBARK psychedelic facilitation program and through our partnership with Worldwide Clinical Trials, a global contract research organization.”
To view the full press release, visit https://ibn.fm/88k4b
About Cybin Inc.
Cybin is a clinical-stage biopharmaceutical company on a mission to create safe and effective psychedelic-based therapeutics to address the large unmet need for new and innovative treatment options for people who suffer from mental health conditions. Cybin’s goal of revolutionizing mental healthcare is supported by a network of world-class partners and internationally recognized scientists aimed at progressing proprietary drug-discovery platforms, innovative drug-delivery systems, novel formulation approaches and treatment regimens. The company is currently developing CYB003, a proprietary deuterated psilocybin analog for the treatment of major depressive disorder, and CYB004, a proprietary deuterated DMT molecule for generalized anxiety disorder; the company also has a research pipeline of investigational psychedelic-based compounds. For more information, visit the company’s website at www.Cybin.com.
NOTE TO INVESTORS: The latest news and updates relating to CYBN are available in the company’s newsroom at https://ibn.fm/CYBN
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