Cybin's FY2023 Financials, Guidance And Appointment Of Sanford R. Climan As Strategic Advisor

Psychedelics biopharma company Cybin Inc. CYBN shared its financial results for the fiscal year ended this March 31 as well as recent business highlights.

Numbers show:

• Total cash of $12.5 (CA$16.6) million by March 31, 2023.

• Quarterly net loss of $10.3 million compared to $13.6 million in the quarter ended March 31, 2022; and a yearly net loss of $35.6 million compared to $51.0 million during the year ended March 31, 2022.

• Operating expenses totaled $10.3 million quarterly (vs. $12.3 million in the same period in 2022,) and $38.9 million yearly (vs. $48.1 million in the same period in 2022.)

• $8.1 million in cash used in operating activities for the quarter ended March 31, 2023 (vs. $7.3 million in the comparative 2022 period,) and $35.7 million for the year ended March 31, 2023 (vs. $34.1 million in the comparative 2022 period.)

Cybin’s new financing options include issuing and selling up to an additional $22 million in common shares within the recently announced $35 million ATM equity program upon favorable market conditions and operating needs; as well as selling up to an extra $29.5 million in common shares at discretion within the purchase agreement with Lincoln Park Capital Fund inked in May.

Business And Pipeline: FY2023 And Ahead

CEO Doug Drysdale stated that Cybin has made “significant progress” advancing its two lead clinical programs, CYB003 and CYB004 during the past year, and expects to share topline results later this 2023, with the potential submission of CYB003’s Phase 1/2a Major Depressive Disorder (MDD) data to the FDA in the fourth quarter for an end of Phase 2 meeting.

Cybin received approval for a protocol amendment accelerating CYB004’s development path for the treatment of Generalized Anxiety Disorder (GAD,) and recently completed dosing in Part B of the Phase 1 study, with Part C now underway and set to compare the effects of IV DMT and the novel compound. 

Additionally, Cybin launched a free online foundational training course called “EMBARK Open Access” and continued expanding its IP portfolio, now encompassing over 50 granted or pending applications across 6 patent families.

Upcoming milestones include the completion of CYB003 dosing in MDD cohorts within the ongoing Phase 2 trial expected in the third quarter, with topline efficacy data expected before the year ends, and the FDA submission.

Phase 1 topline data readout including safety, dosing and pharmacokinetic and pharmacodynamic (PK/PD) data is expected between the third and fourth quarters.

The company also announced that venture investor and advisor and media expert Sanford R. Climan has joined in as a strategic advisor. 

Climan is the CEO and founder of L.A.-based Entertainment Media Ventures and has held senior management positions in the media and entertainment industry, including serving as corporate executive VP and president of Universal Studios' worldwide business development and senior positions in motion picture and television production and distribution at MGM Studios and its affiliated production companies.

Photo: Benzinga edit with photo by PublicDomainPictures and janjf93 on Pixabay.