How are energy investors positioned?
TORONTO - Cybin Inc. (NYSE American:CYBN) (Cboe CA:CYBN), a clinical-stage neuropsychiatry company with a market capitalization of $130.6 million, announced the granting of a U.S. patent for its CYB003 program, a proprietary deuterated psilocin analog, aimed at treating Major Depressive Disorder (MDD). According to InvestingPro analysis, the company appears undervalued based on its Fair Value estimates. The patent, expected to provide market exclusivity until 2041, covers pharmaceutical compositions and oral dosage forms within the program.
The U.S. Patent and Trademark Office issued patent number 12,291,499, which reinforces the company’s intellectual property portfolio, now comprising over 80 granted patents and more than 230 pending applications. CEO Doug Drysdale emphasized the importance of robust patent protection for drug development and the company’s commitment to addressing mental health disorders. InvestingPro data reveals that while the company maintains strong liquidity with a current ratio of 12.6, it faces challenges with cash burn - one of several key metrics available to subscribers.
Cybin’s CYB003 program is currently undergoing patient dosing in its first pivotal Phase 3 study, APPROACH, as an adjunctive treatment for MDD. The second Phase 3 study, EMBRACE, is slated to commence in mid-2025. Financial metrics from InvestingPro indicate the company’s focus on development, with an EBITDA of -$93.87 million in the last twelve months, though it maintains more cash than debt on its balance sheet. The company is also developing CYB004, a deuterated N, N-dimethyltryptamine program, for generalized anxiety disorder, currently in a Phase 2 study.
Founded in 2019, Cybin operates across Canada, the United States, the United Kingdom, the Netherlands, and Ireland. The company aims to revolutionize mental healthcare with next-generation treatment options and is recognized for its proof-of-concept data in the field of neuropsychiatry. With an overall Financial Health score of "FAIR" and liquid assets exceeding short-term obligations, the company shows promising operational stability despite being in its growth phase.
The announcement of the new patent comes with the caution that forward-looking statements are based on current expectations and projections, subject to risks and uncertainties that could cause actual results to differ materially. Cybin makes no claims about the medical or health benefits of its products pending evaluation by regulatory authorities like the U.S. Food and Drug Administration and Health Canada. The company acknowledges the need for rigorous scientific research and clinical trials for its products.
This news is based on a press release statement from Cybin Inc. and does not constitute an endorsement of the company or its products.
In other recent news, Cybin Inc. has expanded its strategic partnership agreements to 18 clinical sites in the United States as part of its Phase 3 program for the treatment of Major Depressive Disorder (MDD) with its proprietary therapy, CYB003. This expansion is part of the company’s APPROACH study phase, aiming to streamline trial operations and potentially reduce the time to trial completion. Meanwhile, H.C. Wainwright has adjusted its price target for Cybin, lowering it from $190 to $150, while maintaining a Buy rating. This revision follows Cybin’s recent financial report and updates on its compounds CYB003 and CYB004, with the latter showing potential for a commercial launch in fiscal year 2028.
Canaccord Genuity also revised its price target for Cybin shares, reducing it from $86 to $73, while continuing to endorse the stock with a Buy rating. This adjustment is attributed to increased research and development costs and an anticipated capital raise in mid-2025. Canaccord’s analyst, Sumant Kulkarni, expressed continued confidence in CYB003, assigning a 40% probability of approval and anticipating a potential market launch in fiscal year 2029. Cybin recently implemented a $100 million at-the-market offering program as part of its preparation for future fundraising efforts. These financial strategies are aligned with Cybin’s ongoing development activities and anticipated Phase 3 data for CYB003 in fiscal year 2027.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.