Cybin Stock Price, News & Analysis

Cybin Inc. (historically trading under the ticker CYBN on NYSE American and Cboe Canada) is a clinical-stage pharmaceutical and neuropsychiatry company focused on developing next-generation treatment options for mental health conditions. The company describes itself as a breakthrough Phase 3 clinical-stage neuropsychiatry and pharmaceutical company that aims to revolutionize mental healthcare by addressing large unmet needs for people who suffer from mental health conditions.

According to company disclosures, Cybin is advancing a pipeline of proprietary drug candidates and investigational compounds. Its lead program, CYB003, is described as a proprietary deuterated psilocin analog being evaluated in Phase 3 studies for the adjunctive treatment of major depressive disorder (MDD). The company states that CYB003 has received Breakthrough Therapy Designation from the U.S. Food and Drug Administration for this indication. A second key program, CYB004, is described as a proprietary deuterated N, N-dimethyltryptamine (DMT) molecule being evaluated in a Phase 2 study for generalized anxiety disorder (GAD). Cybin also reports that it maintains a research pipeline of investigational, 5-HT-receptor focused compounds.

Cybin characterizes its work as introducing novel drugs intended to provide effective and durable results for patients with mental health conditions. It also refers to proprietary drug discovery platforms and delivery systems in some of its communications, as part of its approach to developing next-generation treatments in neuropsychiatry. The company emphasizes that rigorous scientific research and clinical trials are required and notes that regulatory authorities such as the U.S. Food and Drug Administration and Health Canada have not evaluated claims regarding psilocin, psychedelic tryptamine, tryptamine derivatives, deuterated tryptamines, or other psychedelic compounds, and that the efficacy of such products has not been confirmed by approved research.

Cybin reports that it is operational in Canada, the United States, the United Kingdom, and Ireland. The company indicates that it was founded in 2019. Its public filings list its principal executive offices in Toronto, Ontario, Canada. Cybin has been listed on Cboe Canada and previously listed its common shares on the NYSE American under the symbol CYBN.

Corporate evolution and ticker transition

In a news release referenced in its SEC filings, Cybin announced that it would voluntarily transfer its U.S. stock exchange listing from the NYSE American to the Nasdaq Global Market. The company stated that it expected its common shares to cease trading on the NYSE American and to commence trading on Nasdaq under the new ticker symbol HELP. Concurrent with the commencement of trading on Nasdaq, the company indicated that it would no longer trade under the ticker symbol CYBN and would also trade under the symbol HELP on Cboe Canada. The company noted that, with this transition, it would be doing business as Helus Pharma.

Cybin subsequently filed a Form 25 with the U.S. Securities and Exchange Commission, indicating the voluntary withdrawal of its common shares from listing and registration on the NYSE American. In that filing, the company certified that it had complied with the rules of the exchange and the requirements governing voluntary withdrawal. This means that the historical ticker CYBN on the NYSE American has been removed from that exchange, while the business continues under the new ticker HELP as described in the company’s news release.

Clinical and research focus

Across multiple news releases, Cybin describes itself as a late-stage or Phase 3 clinical-stage neuropsychiatry company. The company highlights its focus on developing novel drugs for major depressive disorder and generalized anxiety disorder through its CYB003 and CYB004 programs. CYB003 is being studied in Phase 3 programs, including pivotal and extension studies, for adjunctive treatment of MDD. CYB004 is being evaluated in a Phase 2 study for GAD. Cybin also notes that it has an extensive or growing research pipeline of investigational compounds focused on 5-HT receptors and other areas of pre-clinical research and discovery.

In its public statements, Cybin emphasizes that there is a large unmet need in mental health and that it aims to change the mental health treatment landscape through the introduction of novel drugs. It also notes that it does not make medical, treatment, or health benefit claims about its proposed products and that there is no assurance that psilocin, psychedelic tryptamine, tryptamine derivatives, deuterated tryptamines, or other psychedelic compounds can diagnose, treat, cure, or prevent any disease or condition without further research and regulatory approvals.

Capital markets activity

Cybin has reported several capital markets transactions in its news releases. These include a registered direct offering of common shares and pre-funded common share purchase warrants, with associated common share purchase warrants, and the closing of that offering. The company has described the participation of various institutional investors in that financing and has stated that it intends to use the net proceeds to repay outstanding unsecured convertible debentures, to progress its CYB003, CYB004, and CYB005 programs, and for working capital and general corporate purposes.

Cybin has also announced the establishment of an at-the-market equity program that allows it to issue and sell common shares from treasury through agents in transactions deemed to be at-the-market offerings or distributions on exchanges where its shares are listed or traded. The company has indicated that it intends to use any net proceeds from the at-the-market program for growth opportunities and working capital initiatives. These activities are documented in its news releases and related Form 6-K filings, which incorporate equity distribution agreements, material change reports, and prospectus supplements by reference into its Canadian base shelf prospectuses and U.S. registration statements on Form F-10.

Regulatory filings and reporting framework

As a foreign private issuer, Cybin files reports with the U.S. Securities and Exchange Commission on Form 40-F and Form 6-K. Its Form 6-K filings include interim consolidated financial statements, management’s discussion and analysis, certifications of interim filings, and news releases. The company also files material change reports and other documents under Canadian securities laws, which are referenced in its Form 6-K filings and incorporated by reference into its U.S. registration statements. These filings provide investors with information about its financial position, clinical progress, capital raising activities, and changes in listing status.

Status of CYBN ticker

For investors researching the historical ticker CYBN, it is important to note that Cybin has voluntarily withdrawn its common shares from listing on the NYSE American, as reflected in its Form 25 filing. The company has communicated that its shares are expected to trade on the Nasdaq Global Market and Cboe Canada under the new ticker symbol HELP, and that it will be doing business as Helus Pharma in connection with that transition. The CYBN symbol therefore primarily represents the company’s historical listing on the NYSE American and related disclosures up to the time of the voluntary delisting and ticker change.