Cybin (NYSE American: CYBN) (Cboe CA: CYBN), a clinical-stage biopharmaceutical company developing new and innovative next-generation psychedelic-based treatment options, today reported unaudited financial results for its first quarter of fiscal 2025 ended June 30, 2024 (“Q1 2025”) and provided recent business highlights. In the report, the company noted continued progress towards initiating its Phase 3 multinational study for the CYB003 program in late summer of 2024.
The company reported that it has strengthened its research and development team with two key additions: Dr. Atul R. Mahableshwarkar M.D., DLFAPA, Senior Vice President, Clinical Development, and Dr. Tom Macek, Pharm.D., Ph.D., Senior Vice President, Clinical Development. Cybin also strengthened its intellectual property portfolio with additional patents in support of the CYB004 program. In addition, the report listed upcoming clinical milestones and future studies, including the CYB003, its deuterated psilocybin analog program, and CYB004, its deuterated DMT program.
Financial information for Q1 2025 included cash totaling C$183 million as of June 30, 2024; a net loss of C$15 million for the first quarter ended June 30, 2024, compared to a net loss of C$15 million in the same period last year; and cash-based operating expenses totaling C$16 million in Q1 2025, compared to C$11 million in the prior year quarter.
“During the recent quarter we continued to move quickly, having achieved meaningful progress on the development of our two lead product candidates: CYB003, our proprietary deuterated psilocybin analog program in development for the adjunctive treatment of Major Depressive Disorder, and CYB004, our proprietary deuterated dimethyltryptamine program in development for the treatment of Generalized Anxiety Disorder. The path towards approval and commercialization for our novel therapeutics is coming into focus as we work efficiently to provide improved outcomes for patients and their families,” said Doug Drysdale, CEO of Cybin.
To view the full press release, visit https://ibn.fm/Xjday
About Cybin Inc.
Cybin is a clinical-stage biopharmaceutical company on a mission to create safe and effective psychedelic-based therapeutics to address the large unmet need for new and innovative treatment options for people who suffer from mental health conditions. Cybin’s goal of revolutionizing mental healthcare is supported by a network of world-class partners and internationally recognized scientists aimed at progressing proprietary drug discovery platforms, innovative drug delivery systems, and novel formulation approaches and treatment regimens. The company is currently developing CYB003, a proprietary deuterated psilocybin analog for the treatment of major depressive disorder and CYB004, a proprietary deuterated DMT molecule for generalized anxiety disorder and has a research pipeline of investigational psychedelic-based compounds. Headquartered in Canada and founded in 2019, Cybin is operational in Canada, the United States, the United Kingdom, the Netherlands and Ireland. For company updates and to learn more about Cybin, visit www.Cybin.com.
NOTE TO INVESTORS: The latest news and updates relating to CYBN are available in the company’s newsroom at https://ibn.fm/CYBN
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