Cybin Inc.

Cybin reported cash-based operating expenses of $28.5 million for the quarter ended September 30, 2025, compared with $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 quarter. Cash flows used in operating activities were $34.5 million, compared with $19.1 million last year, and the company ended the quarter with $83.8 million in cash, cash equivalents and investments. Subsequent to quarter end, Cybin closed a $175 million financing; management said this, together with the quarter-end balance, should fund key data readouts in 2026 and fund operations into 2027.

Eric So framed the quarter as a transition period that did not change strategy: keep execution disciplined, advance clinical milestones, and prepare for eventual commercialization. He repeatedly stressed a practical, clinic-ready model for both CYB003 and CYB004, with predictable treatment sessions, existing infrastructure, and durability built into the treatment plan. His tone was orderly and confident, emphasizing continuity during the CEO search and a conservative, milestone-based capital plan.

Greg Cavers reported quarterly cash-based operating expenses of $28.5 million, operating loss of $28.9 million, net loss of $33.7 million, and cash flow used in operations of $34.5 million. He noted cash, cash equivalents and investments of $83.8 million at quarter end, then highlighted the subsequent $175 million financing as a major liquidity boost. Management said the company used part of the proceeds to repay High Trail $20 million, with a 10% repayment fee, and stated that cash resources should fund key data readouts in 2026 and operations into 2027.

Analysts focused on what would make CYB004 good enough to advance into Phase III, and management said it is looking for directional separation and dose response between the two arms, with a clinically meaningful HAM-A improvement around 4 to 5 points; the trial is not formally powered, though statistical significance would be welcome. On CYB003, management said APPROACH and EMBRACE patients must stay on background antidepressants, that enrollment in APPROACH remains on track to finish by mid-2026 with top-line by year-end 2026, and that the FDA discussions suggest the safety database across the three studies should be sufficient for an NDA, subject to long-term retreatment frequency. Asked about durability versus Spravato, management said 12 weeks would meet the agency’s minimum expectation for CYB003, though it hopes for more, and reiterated prior Phase II durability out to a year.