Cybin's Q1 2023 Financials, Deuterated Psychedelics Moving 'Steadily' Through The Clinic

Canadian clinical-stage psychedelics company Cybin CYBN shared its unaudited financial results for the first quarter ended June 30, 2023:

• Total cash of $6.9 (CA$9.3) million as of June 30, a mere 20.5% from the $31.6 million held on June 30, 2022. Each period began with the company holding cash of $12.3 million and $39.8 million, respectively. 

• Total cash held is reportedly $13.4 million.

• Quarterly R&D expenses of $4.7 million vs. $4.5 million spent in the same period in 2022. 

• Quarterly G&A expenses of $3.7 million vs. $3.8 million in the same period in 2022.

• Quarterly operating expenses of $9.4 million vs. $10 million in the same period of 2022.

• Cash flows used in operating activities of $7.9 million vs. $8.2 million in the same period in 2022.

• Quarterly net loss of $10.8 million vs. $9.6 million in the same period in 2022.

Achieved & Upcoming Clinical Milestones

Cybin is currently developing CYB003, a proprietary deuterated psilocybin analog for the treatment of Major Depressive Disorder (MDD) and CYB004, a proprietary deuterated DMT molecule for Generalized Anxiety Disorder (GAD). The company also owns a research pipeline of investigational psychedelic-based compounds.

CEO Doug Drysdale says the company has made a “steady” and “encouraging” clinical progress over the past few months. This includes dosing in the final cohort of its Phase 2 CYB003 MDD study and in the Phase 1 CYB004 study. 

Topline data for both programs is expected later this year and would provide insights into the therapeutic profile of the deuterated molecules “as potentially differentiated treatments” for mental health conditions. 

Drysdale believes the recently marketed public offering for top $8.25 million “further strengthens” the company’s position, and stated he is proud of the team’s “thoughtful approach and strategic decisions” that have enabled the acceleration of the clinical-stage programs. 

Specifically, a new partnership with CRO Worldwide Clinical Trials would support Cybin in the future clinical development and regulatory strategy for CYB003 in MDD. After dosing is completed, the company would submit the Phase 1/2a data to the FDA for the end of Phase 2 meeting expected in the fourth quarter this year. 

Cybin is also working on its therapist-training branch by developing a scalable version of its EMBARK psychedelic facilitation program toward supporting the company’s larger -and upcoming- pivotal studies.

To date, approximately 1,500 individuals have enrolled in Cybin’s free online intro to psychedelic facilitator training, titled EMBARK Open Access.

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Photo: Benzinga edit with photo by anaterate and sergeitokmakov on Pixabay.