[D] Cybin Inc. SEC Filing

Rhea-AI Filing Summary

Cybin Inc. (CYBN) filed a Form D announcing the completion of a Rule 506(b) private placement. The Ontario-based psychedelic therapeutics company sold $50 million in a mix of debt securities, warrants/options, and underlying shares. The first sale occurred on 30 June 2025 and the offering will not extend beyond one year. All of the targeted amount has been placed, leaving $0 remaining.

Key terms

• Total offering size: $50,000,000
• Securities type: Debt plus equity-linked instruments
• Number of investors: 1 (accredited status not disclosed)
• Sales commissions: $2,670,000 (Joseph Gunnar & Co., LLC)
• Finder’s fees: $0
• Proceeds earmarked for insiders: $0

The issuer declined to disclose revenue or asset size. The financing adds fresh capital without immediate payments to executives or directors and is not tied to a merger or acquisition. The exemption selected (Rule 506(b)) restricts general solicitation and requires sales only to accredited investors or up to 35 non-accredited sophisticated purchasers.

Positive

• $50 million in gross proceeds secured, bolstering Cybin’s cash position for ongoing development.
• No insider payments disclosed, reducing potential conflicts of interest.
• Reasonable commission rate of roughly 5.3%, indicating cost-effective capital raising.

Negative

• Financing includes debt and warrant components, introducing leverage and future equity dilution.
• Single-investor structure concentrates ownership and negotiation power.
• Company declined to disclose revenue, limiting visibility into leverage capacity.

Insights

Financial Analyst

TL;DR: Cybin secures $50 M via private debt + warrants, strengthening liquidity but adding leverage and potential dilution.

The completed $50 million raise delivers meaningful cash for R&D and clinical programs without immediate insider payouts. Using debt alongside warrants implies future dilution and interest expense, but avoids an all-equity raise that could have pressured the share price today. A single investor simplifies negotiations yet concentrates counter-party risk. At 5.3% (2.67/50) selling cost, placement expenses are reasonable for a Rule 506(b) deal. Overall, the financing improves near-term funding capacity and signals investor confidence, though leverage metrics will need monitoring once terms are disclosed.

Corporate Governance Expert

TL;DR: Form D shows compliance with Reg D; minimal governance red flags observed.

The filing adheres to Rule 506(b) requirements and discloses all executive and director relationships. No proceeds are directed to insiders, mitigating conflict-of-interest concerns. Commission disclosure is clear, and the absence of finder’s fees reduces related-party risk. Lack of revenue data limits transparency but is permissible under Reg D. Concentration in a single investor increases influence over company decisions, a point boards should address through covenant management.

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM D

Notice of Exempt Offering of Securities

OMB APPROVAL

OMB Number:			3235-0076
Estimated average burden
hours per response:			4.00

1. Issuer's Identity

CIK (Filer ID Number)

Previous Names

X None

Entity Type

0001833141

X	Corporation
	Limited Partnership
	Limited Liability Company
	General Partnership
	Business Trust
	Other (Specify)

Name of Issuer

CYBIN INC.

Jurisdiction of Incorporation/Organization

ONTARIO, CANADA

Year of Incorporation/Organization

X	Over Five Years Ago
	Within Last Five Years (Specify Year)
	Yet to Be Formed

2. Principal Place of Business and Contact Information

Name of Issuer
CYBIN INC.
Street Address 1		Street Address 2
100 King St. West, Suite 5600
City	State/Province/Country	ZIP/PostalCode	Phone Number of Issuer
Toronto	ONTARIO, CANADA	M5X 1C9	866-292-4601

3. Related Persons

Last Name	First Name	Middle Name
Drysdale	Douglas
Street Address 1	Street Address 2
100 King St. West, Suite 5600
City	State/Province/Country	ZIP/PostalCode
Toronto	ONTARIO, CANADA	M5X 1C9

Relationship: X Executive Officer Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Tziras	George
Street Address 1	Street Address 2
100 King St. West, Suite 5600
City	State/Province/Country	ZIP/PostalCode
Toronto	ONTARIO, CANADA	M5X 1C9

Relationship: X Executive Officer X Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
So	Eric
Street Address 1	Street Address 2
100 King St. West, Suite 5600
City	State/Province/Country	ZIP/PostalCode
Toronto	ONTARIO, CANADA	M5X 1C9

Relationship: X Executive Officer X Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Fahel	Gabriel
Street Address 1	Street Address 2
100 King St. West, Suite 5600
City	State/Province/Country	ZIP/PostalCode
Toronto	ONTARIO, CANADA	M5X 1C9

Relationship: X Executive Officer Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Glavine	Paul
Street Address 1	Street Address 2
100 King St. West, Suite 5600
City	State/Province/Country	ZIP/PostalCode
Toronto	ONTARIO, CANADA	M5X 1C9

Relationship: X Executive Officer X Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Cavers	Greg
Street Address 1	Street Address 2
100 King St. West, Suite 5600
City	State/Province/Country	ZIP/PostalCode
Toronto	ONTARIO, CANADA	M5X 1C9

Relationship: X Executive Officer Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Bartlone	Aaron
Street Address 1	Street Address 2
100 King St. West, Suite 5600
City	State/Province/Country	ZIP/PostalCode
Toronto	ONTARIO, CANADA	M5X 1C9

Relationship: X Executive Officer Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Firestone	Theresa
Street Address 1	Street Address 2
100 King St. West, Suite 5600
City	State/Province/Country	ZIP/PostalCode
Toronto	ONTARIO, CANADA	M5X 1C9

Relationship: Executive Officer X Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Lawson	Mark
Street Address 1	Street Address 2
100 King St. West, Suite 5600
City	State/Province/Country	ZIP/PostalCode
Toronto	ONTARIO, CANADA	M5X 1C9

Relationship: Executive Officer X Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Froese	Grant
Street Address 1	Street Address 2
100 King St. West, Suite 5600
City	State/Province/Country	ZIP/PostalCode
Toronto	ONTARIO, CANADA	M5X C19

Relationship: Executive Officer X Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Hoskins	Eric
Street Address 1	Street Address 2
100 King St. West, Suite 5600
City	State/Province/Country	ZIP/PostalCode
Toronto	ONTARIO, CANADA	M5X 1C9

Relationship: Executive Officer X Director Promoter

Clarification of Response (if Necessary):

4. Industry Group

Agriculture

Banking & Financial Services

Commercial Banking

Insurance

Investing

Investment Banking

Pooled Investment Fund

Is the issuer registered as
an investment company under
the Investment Company
Act of 1940?

Yes No

Other Banking & Financial Services

Business Services

Energy

Coal Mining

Electric Utilities

Energy Conservation

Environmental Services

Oil & Gas

Other Energy

	Health Care
	Biotechnology
	Health Insurance
	Hospitals & Physicians
	Pharmaceuticals
	Other Health Care
	Manufacturing
	Real Estate
	Commercial
	Construction
	REITS & Finance
	Residential
	Other Real Estate

Retailing

Restaurants

Technology

Computers

Telecommunications

Other Technology

Travel

Airlines & Airports

Lodging & Conventions

Tourism & Travel Services

Other Travel

X

Other

5. Issuer Size

Revenue Range		OR	Aggregate Net Asset Value Range
	No Revenues			No Aggregate Net Asset Value
	$1 - $1,000,000			$1 - $5,000,000
	$1,000,001 - $5,000,000			$5,000,001 - $25,000,000
	$5,000,001 - $25,000,000			$25,000,001 - $50,000,000
	$25,000,001 - $100,000,000			$50,000,001 - $100,000,000
	Over $100,000,000			Over $100,000,000
X	Decline to Disclose			Decline to Disclose
	Not Applicable			Not Applicable

6. Federal Exemption(s) and Exclusion(s) Claimed (select all that apply)

		Rule 504(b)(1) (not (i), (ii) or (iii))
		Rule 504 (b)(1)(i)
		Rule 504 (b)(1)(ii)
		Rule 504 (b)(1)(iii)
	X	Rule 506(b)
		Rule 506(c)
		Securities Act Section 4(a)(5)

Investment Company Act Section 3(c)

Section 3(c)(1) Section 3(c)(9)

Section 3(c)(2) Section 3(c)(10)

Section 3(c)(3) Section 3(c)(11)

Section 3(c)(4) Section 3(c)(12)

Section 3(c)(5) Section 3(c)(13)

Section 3(c)(6) Section 3(c)(14)

Section 3(c)(7)

7. Type of Filing

X	New Notice			Date of First Sale	2025-06-30				First Sale Yet to Occur
	Amendment

8. Duration of Offering

Does the Issuer intend this offering to last more than one year? Yes X No

9. Type(s) of Securities Offered (select all that apply)

	Equity		Pooled Investment Fund Interests
X	Debt		Tenant-in-Common Securities
X	Option, Warrant or Other Right to Acquire Another Security		Mineral Property Securities
X	Security to be Acquired Upon Exercise of Option, Warrant or Other Right to Acquire Security		Other (describe)

10. Business Combination Transaction

Is this offering being made in connection with a business combination transaction, such as a merger, acquisition or exchange offer? Yes X No

Clarification of Response (if Necessary):

11. Minimum Investment

Minimum investment accepted from any outside investor $0 USD

12. Sales Compensation

Recipient	Recipient CRD Number None
Joseph Gunnar & Co., LLC	24795
(Associated) Broker or Dealer X None	(Associated) Broker or Dealer CRD Number X None
None	None
Street Address 1	Street Address 2
1000 RXR Plaza
City	State/Province/Country	ZIP/Postal Code
Uniondale	NEW YORK	11556
State(s) of Solicitation (select all that apply) Check "All States" or check individual States All States	Foreign/non-US
CONNECTICUT

13. Offering and Sales Amounts

Total Offering Amount	$50,000,000	USD	or Indefinite
Total Amount Sold	$50,000,000	USD
Total Remaining to be Sold	$0	USD	or Indefinite

Clarification of Response (if Necessary):

14. Investors

Select if securities in the offering have been or may be sold to persons who do not qualify as accredited investors, and enter the number of such non-accredited investors who already have invested in the offering.

Regardless of whether securities in the offering have been or may be sold to persons who do not qualify as accredited investors, enter the total number of investors who already have invested in the offering:

1

15. Sales Commissions & Finder's Fees Expenses

Provide separately the amounts of sales commissions and finders fees expenses, if any. If the amount of an expenditure is not known, provide an estimate and check the box next to the amount.

Sales Commissions	$2,670,000	USD	Estimate
Finders' Fees	$0	USD	Estimate

Clarification of Response (if Necessary):

16. Use of Proceeds

Provide the amount of the gross proceeds of the offering that has been or is proposed to be used for payments to any of the persons required to be named as executive officers, directors or promoters in response to Item 3 above. If the amount is unknown, provide an estimate and check the box next to the amount.

$0

USD

Estimate

Clarification of Response (if Necessary):

Signature and Submission

Please verify the information you have entered and review the Terms of Submission below before signing and clicking SUBMIT below to file this notice.

Terms of Submission

In submitting this notice, each issuer named above is:

• Notifying the SEC and/or each State in which this notice is filed of the offering of securities described and undertaking to furnish them, upon written request, in the accordance with applicable law, the information furnished to offerees.*

• Irrevocably appointing each of the Secretary of the SEC and, the Securities Administrator or other legally designated officer of the State in which the issuer maintains its principal place of business and any State in which this notice is filed, as its agents for service of process, and agreeing that these persons may accept service on its behalf, of any notice, process or pleading, and further agreeing that such service may be made by registered or certified mail, in any Federal or state action, administrative proceeding, or arbitration brought against the issuer in any place subject to the jurisdiction of the United States, if the action, proceeding or arbitration (a) arises out of any activity in connection with the offering of securities that is the subject of this notice, and (b) is founded, directly or indirectly, upon the provisions of: (i) the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment Company Act of 1940, or the Investment Advisers Act of 1940, or any rule or regulation under any of these statutes, or (ii) the laws of the State in which the issuer maintains its principal place of business or any State in which this notice is filed.

• Certifying that, if the issuer is claiming a Regulation D exemption for the offering, the issuer is not disqualified from relying on Rule 504 or Rule 506 for one of the reasons stated in Rule 504(b)(3) or Rule 506(d).

Each Issuer identified above has read this notice, knows the contents to be true, and has duly caused this notice to be signed on its behalf by the undersigned duly authorized person.

For signature, type in the signer's name or other letters or characters adopted or authorized as the signer's signature.

Issuer	Signature	Name of Signer	Title	Date
CYBIN INC.	/s/ Douglas Drysdale	Douglas Drysdale	CEO	2025-07-09

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.

* This undertaking does not affect any limits Section 102(a) of the National Securities Markets Improvement Act of 1996 ("NSMIA") [Pub. L. No. 104-290, 110 Stat. 3416 (Oct. 11, 1996)] imposes on the ability of States to require information. As a result, if the securities that are the subject of this Form D are "covered securities" for purposes of NSMIA, whether in all instances or due to the nature of the offering that is the subject of this Form D, States cannot routinely require offering materials under this undertaking or otherwise and can require offering materials only to the extent NSMIA permits them to do so under NSMIA's preservation of their anti-fraud authority.

FAQ

How much capital did Cybin Inc. (CYBN) raise in the 2025 Form D offering?

Cybin sold $50,000,000 of securities, with no remaining amount to be sold.

What types of securities were issued in Cybin’s private placement?

The offering includes debt instruments, warrants/options, and shares issuable upon warrant exercise.

Which Regulation D exemption did Cybin rely on?

The company claimed Rule 506(b), which limits general solicitation and generally restricts sales to accredited investors.

What sales commissions were paid on the offering?

Cybin disclosed $2,670,000 in commissions to Joseph Gunnar & Co., LLC; no finder’s fees were reported.

How many investors participated in the offering?

The filing lists one investor who purchased the entire $50 million allocation.

Is the financing connected to a merger or acquisition?

No. The filing states the offering is not related to any business combination transaction.

Were any proceeds allocated to Cybin’s executives or directors?

$0 of the gross proceeds are designated for payments to insiders.