Cybin Reports Q3 Earnings, Says Psilocybin Tial Is Progressing As MDD Treatment

Cybin Inc. CYBN has shared its unaudited financial results for the third quarter that ended Dec. 31, 2022.

The company held total cash of $16.9 (CA$22.5) million as of Dec. 31, 2022, and $15 million as of Feb. 14, 2023.

The quarter’s net loss was $8 million compared to $12.9 million in the same period in 2021, with cash-based operating expenses of $8.3 million compared to $9 million in the same period the prior year.

The period’s operating activities used cash flows of a total $8.1 million compared to the $9.6 million used in the same period of 2021.

As for shares, Cybin’s at-the-market (ATM) $35 million equity program allows the company to issue and sell up to an additional $26 million of common shares.

“Looking ahead, we remain well positioned to deliver on multiple near-term clinical milestones and data catalysts across our pipeline programs,” says CEO Doug Drysdale. “With a cash runway that will support upcoming value-driving clinical milestones, we will continue our focus on clinical execution with the goal of ultimately bringing improved therapeutic options to patients in need.”

A Recap On Recent Pipeline Milestones, Upcoming R&D Day

Novel DMT molecule CYB004 will begin first-in-human dosing following approval from an independent ethics committee in the Netherlands. The drug demonstrated better results with IV and inhaled routes administration than original DMT molecule in preclinical trials, and the company has selected Generalized Anxiety Disorder (GAD), with or without Major Depressive Disorder (MDD) as CYB004’s target indication together with the issuance of a US patent protecting it as a putative new chemical entity (NCE).

Psilocybin analog CYB003 continues progressing in a Phase 1/2a trial towards the treatment of MDD. The new drug is designed to address the challenges and limitations of oral psilocybin, and preclinical data has shown it could potentially provide more consistent and predictable dosing as well as low individual variability, thus reducing time and resource burden on the healthcare system.

Cybin will host a virtual R&D day on Feb. 28 when it will provide an interim results readout from the Phase 1/2a CYB003 trial and updates on the Phase 1 CYB004 trial and the CYB004 program for GAD treatment. 

The event will feature key opinion leader Dr. Maurizio Fava, psychiatrist-in-chief and vice chair of the Massachusetts General Hospital executive committee on research and psychiatry professor at Harvard Medical School.

Photo: Benzinga edit with photo by Sbrools and Benjah-bmm27 on Wikimedia Commons and philippfalkenhagen on Pixabay.