Cybin Closes Fiscal Year 2022, Reports Financial Results And Major Achievements

Cybin Inc. CYBN CYBN, a biopharma company focused on progressing “psychedelics to therapeutics” through proprietary drug discovery platforms announced its financial and business results ended March 31, 2022.

The monetary assessment (in Canadian dollars) showed:

• Cash and cash equivalents totaled C$53.6 million. 

• Cash-based operating expenses equaled C$13.0 million for the quarter, of which C$3.8 million were one-time, non-recurring costs. Non-cash expenses summed C$5.1 million for a net loss of C$18.1 million.

• Cash-based operating expenses added up to C$45.8 million for the year, of which C$11.6 were one-time, non-recurring costs. Non-cash expenses totaled C$21.8 million for a net loss of C$67.6 million.

• Cash flows used in operating activities were C$9.7 million for the quarter, of which C$1.4 million were one-time, non-recurring costs.

• Cash flows used in operating activities were C$45.2 million for the year, of which C$10.7 million were one-time, non-recurring costs.

Commenting on the results, Cybin CEO Doug Drysdale reinforced the company’s standpoint: “Our financial position remains strong. Despite the overall softness in the markets, we are pleased with our industry leadership position and remain confident that we are on the right path forward to progress psychedelics into therapeutics.” 

Some of the most recent business peaks achieved by the company include the U.S. Institutional Review Board approval (pending IND approval) for the Phase 1/2a trial of CYB003 in Major Depressive Disorder; the accelerated clinical development of CYB004 (DMT molecule) for the potential treatment of anxiety disorders through the Phase 1 study from Entheon; positive preliminary data reports from pilot study of Flow, a wearable neuroimaging technology device that can quantify brain activity in real time during a psychedelic experience, confirming its ability to measure psychedelic effects on the brain; and public introduction of EMBARK, Cybin’s model of psychedelic-assisted psychotherapy. 

“Cybin made important progress across the board in recent months, accelerating both our pipeline of proprietary investigational psychedelic-based treatments and strategic partnership programs. Our successful preclinical work has set the foundation for a seamless transition to in-human trials,” said Drysdale, who stressed that the company has evolved “into a multi-program clinical-stage company” in a short period of time.  

Photo Courtesy of Jeffrey Blum on Unsplash.