Cybin (NEO: CYBN) (NYSE American: CYBN), a clinical-stage biopharmaceutical company committed to revolutionizing mental healthcare by developing new and innovative psychedelic-based treatment options, is reporting on its audited financial results for the fiscal year ended March 31, 2023. Highlights of the report include total cash of C$16.6 million with net loss of C$13.7 million for the quarter, compared to a net loss of C$18.1 million in the same period last year, and net loss of C$47.5 million for the fiscal year, compared to a net loss of C$67.6 million in the same period last year. Operating expenses decreased, coming in at C$51.5 million for the year compared to C$63.8 million in the previous year. Corporate highlights included promising interim safety and pharmacodynamic data released from the company’s ongoing phase 1/2a study in major depressive disorder (“MDD”); the company’s accelerated clinical development path for CYB004; the initiation of first in-human dosing of CYB004 in its phase 1 trial evaluating IV DMT and CYB004; and the launching of EMBARK Open Access, a free online foundational training course offering psychedelic facilitation training.
“During the past year, we have made significant progress advancing our two lead clinical programs, CYB003 and CYB004,” said Cybin CEO Doug Drysdale in the press release. “We expect to share topline results later this year, with the potential to submit CYB003 phase 1/2a data to the FDA in the fourth calendar quarter of 2023 for an end of phase 2 meeting. We are also encouraged by the recently announced draft FDA guidelines signaling the FDA’s commitment to a clear regulatory pathway for psychedelic drug development. Importantly, these guidelines also help remove regulatory uncertainty for investors and clinical trial sponsors. With these catalysts in our sights, we believe that we are moving ever closer to our goal of developing treatment options, as demonstrated in our phase 1 and phase 2 studies to date.”
To view the full press release, visit https://ibn.fm/ClULk
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, 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; the company also has a research pipeline of investigational psychedelic-based compounds. For more information, visit the company’s website at 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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