Cybin raises $175 million in direct offering to fund clinical programs

TORONTO - Cybin Inc. (NYSE American:CYBN) (Cboe CA:CYBN) announced Tuesday a registered direct offering of 22,277,750 common shares at $6.51 per share, raising approximately $175 million in gross proceeds. According to InvestingPro analysis, the company currently holds more cash than debt on its balance sheet, though it has been rapidly burning through cash reserves. The stock is currently trading below its Fair Value, suggesting potential upside opportunity.

The Phase 3 clinical-stage neuropsychiatry company’s financing attracted participation from several prominent biotech investors, including Venrock Healthcare Capital Partners, OrbiMed, Point72, Deep Track Capital, and Acorn Bioventures, among others. With a current ratio of 9.87x, the company maintains strong liquidity to meet its short-term obligations. InvestingPro subscribers can access 5 additional key financial tips and comprehensive analysis of Cybin’s financial health.

Each common share comes with 0.35 of one common share purchase warrant. Each whole warrant will be exercisable at $8.14 per share until the earlier of June 30, 2027, or 30 days following specific company announcements regarding its clinical trials.

Jefferies, TD Cowen, and Cantor are serving as joint lead placement agents, with Bloom Burton Securities acting as a placement agent. The offering is expected to close on October 31, 2025, subject to market conditions and regulatory approvals.

Cybin plans to use the proceeds to repay its outstanding unsecured convertible debentures held by High Trail Special Situations LLC, advance its clinical programs including CYB003, CYB004, and CYB005, and for working capital purposes.

The company has delivered notice to High Trail to prepay the complete outstanding principal balance and a prepayment premium on or about October 31, 2025.

Cybin is developing CYB003, a proprietary deuterated psilocin analog currently in Phase 3 studies for major depressive disorder that has received Breakthrough Therapy Designation from the U.S. Food and Drug Administration. The company is also advancing CYB004, a proprietary deuterated N, N-dimethyltryptamine molecule in Phase 2 studies for generalized anxiety disorder. With a beta of 1.06, the stock shows moderate market correlation, while analysts maintain a strong buy consensus, despite projecting continued losses this fiscal year. Discover more detailed financial metrics and analyst forecasts with an InvestingPro subscription.

This information is based on a press release statement from the company.

In other recent news, Cybin Inc. has completed enrollment in its Phase 2 study of CYB004, a deuterated dimethyltryptamine (DMT) program aimed at treating Generalized Anxiety Disorder (GAD). The study has enrolled 36 participants, and top-line data is expected in the first quarter of 2026. Additionally, Cybin is advancing its CYB003, a deuterated psilocin analog, in Phase 3 studies for major depressive disorder, with the first pivotal study currently dosing patients across 45 U.S. clinical sites. Analyst firm Cantor Fitzgerald has reiterated its Overweight rating on Cybin, noting a significant shift in psychiatry with psychedelics emerging as a new therapeutic class. The firm emphasized Cybin’s lead candidate CYB003, which has Breakthrough Designation status. Meanwhile, H.C. Wainwright has maintained its Buy rating and $150 price target for Cybin, citing multiple upcoming catalysts, including the CYB004 Phase 2 trial. These developments highlight Cybin’s ongoing efforts in the field of psychedelic-based therapeutics.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.