Cybin Inc.

For the quarter ended September 30, 2025, cash-based operating expenses were $28.5 million versus $18.2 million a year ago. Operating loss was $28.9 million; net loss was $33.7 million, or $1.39 per basic and diluted share, versus a net loss of $41.9 million in the prior-year period. Cash flows used in operating activities were $34.5 million versus $19.1 million last year, and the company ended the quarter with $83.8 million of cash, cash equivalents and investments. Subsequent to quarter-end, Cybin closed a $175 million financing, repaid $20 million of High Trail debt with a 10% repayment fee, and said current resources should fund key data readouts in 2026 and operations into 2027.

Eric So framed the quarter as a transition-and-execution period, noting his move into the interim CEO role after Doug Drysdale stepped down. His message centered on discipline: tighter operating cadence, clearer disclosure, selective hiring, and capital deployment tied to specific milestones. Strategically, he kept returning to the idea that Cybin’s programs must fit into real clinic workflows, with predictable sessions, simple staffing, and durability that lowers visit burden.

Greg Cavers reported $28.5 million of cash-based operating expenses for the quarter, $28.9 million of operating loss, and $33.7 million of net loss, or $1.39 per share. He said the company ended the quarter with $83.8 million in cash, cash equivalents and investments, then added that the post-quarter $175 million financing gives Cybin flexibility to execute its plan. He also said the company expects its cash resources to fund key data readouts in 2026 and operations into 2027.

Analysts focused on what would count as success for CYB004 and how that program could advance into Phase III; management said it is a proof-of-concept study, not formally powered, and that directional improvement and dose response are the main goals, though statistical significance would be welcome. On CYB003, management said enrollment should finish by mid-2026 and top-line data should arrive by the end of 2026, while also saying 12 weeks of durability would meet the agency’s minimum expectation and that the company is aiming higher based on prior 12-month Phase II durability. Management also said payer engagement has begun, site selection is emphasizing data quality and experience, and the CEO search is active but still in progress.