Cybin Posts C$47.5 Million Loss for 2023 Fiscal Year

Toronto-based Cybin Inc. (NEO: CYBN) (NYSE: CYBN) trimmed its losses C$47.5 million in its most recent fiscal year, which ended March 31, compared with C$67.6 million the year prior.

The psychedelics company also delivered a note of hope to shareholders in its annual financial filing, with news of a $30 million common share purchase agreement reached with Lincoln Park Capital Fund.

Combined with the C$16.6 million Cybin was left with at the end of March, the cash infusion will help carry Cybin through its current and future drug trials with treatment regimens that involve psilocybin and dimethyltryptamine (DMT).

CEO Doug Drysdale said in a press release that he’s “encouraged” by the new guidelines released by the U.S. Food and Drug Administration on psychedelic drug approval processes, and said that the company has made “significant progress” over the past year on its two clinical treatment programs that are still in development.

“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,” Drysdale said.

Drysdale said Cybin hopes to submit data to the FDA in the fourth quarter of this year for an “end of Phase 2 meeting,” but it’s not clear when the treatments, which still need to complete Phase 3 trials, may get federal sign-off for widespread availability to patients.

Cybin reported that its clinical trials with its psilocybin regimen, which it’s using to treat patients with depression, have been “well-tolerated at the doses evaluated,” and that there have been no negative side effects reported. The trial doses have been between 1-10 milligrams.

“At the 8 milligram and 10 milligram doses, participants reported robust and meaningful psychedelic effects, confirming a complete mystical experience was achieved,” Cybin reported, adding that other trial participants have tried 12 milligram and also reported no ill effects.

With its DMT trials that are designed to treat generalized anxiety disorder, Cybin has found that intravenous dosing “led to robust psychedelic effects within two minutes, with a peak at approximately 13 minutes, and was safe and well-tolerated.”

The company reported that it expects those trials and the DMT regimen to become “more convenient and less invasive” over time as the company hones its dosing methodology.

But until Cybin gets FDA approval to begin marketing its treatments to patients, its financial woes are likely to continue.

The company posted a C$13.7 million loss for the most recent quarter alone, and operating expenses for the full fiscal year totaled C$51.5 million.

Cash flows, by contrast, were just C$10.8 million for the quarter and C$47.4 million for the full year.

Cybin is hoping that its at-the-market equity program – through which it is authorized to sell up to $35 million in common shares – will be sufficient for “growth opportunities and working capital.” As of June 27, the company said, it still has the option to sell another $30 million in shares.

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