Cybin Inc. Announces $175 Million Registered Direct Offering to Advance Mental Health Treatments

Cybin Inc. announced a registered direct offering of 22,277,750 common shares and pre-funded common share purchase warrants priced at US$6.51 per share, generating aggregate gross proceeds of US$175,009,911.45. The financing includes participation from both new and existing institutional investors such as Venrock Healthcare Capital Partners, OrbiMed, Point72, Deep Track Capital, and several other prominent healthcare investment firms. Each share or pre-funded warrant is accompanied by 0.35 of one common share purchase warrant exercisable at US$8.14 per share, with specific conditions governing the exercise period.

The capital infusion comes at a critical time for Cybin as the company advances its late-stage clinical programs in mental healthcare. The company is developing CYB003, a proprietary deuterated psilocin analog currently in Phase 3 studies for the adjunctive treatment of major depressive disorder. This compound has received Breakthrough Therapy Designation from the U.S. Food and Drug Administration, recognizing its potential to address significant unmet medical needs. The warrant exercise timeline is specifically tied to clinical milestones, including 30 days after topline data is released for the APPROACH trial of CYB003, demonstrating the direct connection between financing terms and clinical development progress.

Beyond CYB003, Cybin is also advancing CYB004, a proprietary deuterated N, N-dimethyltryptamine molecule in a Phase 2 study for generalized anxiety disorder. The company maintains an additional research pipeline of investigational compounds focused on 5-HT receptors. The substantial funding will support the continued development of these novel treatment options that aim to provide effective and durable results for patients suffering from mental health conditions. Additional information about Cybin's developments can be found at https://ibn.fm/CYBN.

The financing structure includes acceleration provisions where warrants become exercisable earlier if Cybin's NYSE American closing price equals or exceeds US$19.53 for five consecutive trading days, creating potential for earlier capital infusion based on stock performance. This offering represents one of the larger financings in the neuropsychiatry sector and signals strong institutional confidence in Cybin's approach to revolutionizing mental healthcare through innovative treatment development. The company's operational presence spans Canada, the United States, the United Kingdom, and Ireland, positioning it for global development of its psychiatric treatments.