Deep Track reports 6.09% passive stake in Cybin (3,072,250 shrs)

Rhea-AI Filing Summary

Cybin Inc. (CYBN) received a Schedule 13G showing that Deep Track Capital, LP, Deep Track Biotechnology Master Fund, Ltd., and David Kroin collectively report beneficial ownership of 3,072,250 common shares, representing 6.09% of the class as of the reported date.

The filing lists shared voting and dispositive power over 3,072,250 shares and no sole voting or dispositive power. The ownership calculation references 50,431,381 shares, derived from 49,894,131 shares outstanding as of October 28, 2025 plus 537,250 warrants that are exercisable subject to a 9.99% Maximum Percentage beneficial ownership cap. The certification states the securities were not acquired to change or influence control.

Insights

Equity ownership analyst

Routine 13G discloses a 6.09% passive stake in CYBN.

The report identifies Deep Track Capital, its biotech master fund, and David Kroin as reporting persons with 6.09% beneficial ownership, totaling 3,072,250 common shares. Voting and dispositive powers are shared, with no sole power indicated, consistent with a coordinated investment structure.

The share count is based on 49,894,131 shares outstanding as of Oct 28, 2025 plus 537,250 warrants counted within the 9.99% Maximum Percentage limit. The certification states the position is not held to influence control, aligning this with a passive 13G filing.

The mechanics of any future changes depend on holder actions and warrant constraints disclosed; the filing itself does not specify timing for transactions.

FAQ

What ownership stake in Cybin (CYBN) is reported?

The filing reports 6.09% beneficial ownership, or 3,072,250 common shares.

Who are the reporting persons in this Schedule 13G for CYBN?

Deep Track Capital, LP, Deep Track Biotechnology Master Fund, Ltd., and David Kroin.

How is voting and dispositive power allocated?

The reporting persons have shared voting power over 3,072,250 shares and shared dispositive power over 3,072,250 shares; no sole power.

What baseline share count was used for the percentage calculation?

It references 50,431,381 shares, based on 49,894,131 shares outstanding as of October 28, 2025 plus 537,250 warrants.

What is the 9.99% Maximum Percentage referenced?

It is a beneficial ownership cap of 9.99% limiting warrant exercises so ownership does not exceed that threshold.

Are the securities held to influence control of Cybin?

The certification states they were not acquired and are not held to change or influence control.

What is the date of the event requiring this filing?

The date of event is October 28, 2025.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 11/04/2025 - 04:06 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

CYBIN INC.

(Name of Issuer)

Common Shares, no par value

(Title of Class of Securities)

23256X407

(CUSIP Number)

10/28/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 23256X407

1

Names of Reporting Persons

Deep Track Capital, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,072,250.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,072,250.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,072,250.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.09 %

12

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13G

CUSIP No. 23256X407

1

Names of Reporting Persons

Deep Track Biotechnology Master Fund, Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,072,250.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,072,250.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,072,250.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.09 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 23256X407

1

Names of Reporting Persons

David Kroin

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,072,250.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,072,250.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,072,250.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.09 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: CYBIN INC.
(b)	Address of issuer's principal executive offices: 100 King Street West, Suite 5600, Toronto, Ontario, M5X IC9
Item 2.
(a)	Name of person filing: (i) Deep Track Capital, LP (ii) Deep Track Biotechnology Master Fund, Ltd. (iii) David Kroin
(b)	Address or principal business office or, if none, residence: (i) 200 Greenwich Ave, 3rd Floor, Greenwich, CT 06830 (ii) c/o Walkers Corporate Limited, 190 Elgin Ave, George Town, KY1-9001, Cayman Islands (iii) c/o Deep Track Capital, LP, 200 Greenwich Ave, 3rd Floor, Greenwich, CT 06830
(c)	Citizenship: (i) Delaware (ii) Cayman Islands (iii) United States
(d)	Title of class of securities: Common Shares, no par value
(e)	CUSIP No.: 23256X407
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 3,072,250
(b)	Percent of class: 6.09%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 3,072,250
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 3,072,250
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Deep Track Capital, LP is the relevant entity for which David Kroin may be considered a control person.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Deep Track Capital, LP

Signature:	/s/ David Kroin
Name/Title:	David Kroin, Managing Member of the General Partner of the Investment Adviser
Date:	11/04/2025

Deep Track Biotechnology Master Fund, Ltd.

Signature:	/s/ David Kroin
Name/Title:	David Kroin, Director
Date:	11/04/2025

David Kroin

Signature:	/s/ David Kroin
Name/Title:	David Kroin
Date:	11/04/2025

Exhibit Information

Item 4: Information with respect to the Reporting Persons' ownership of the Common Stock as of November 4, 2025, is incorporated by reference to items (5) - (9) and (11) of the cover page of the respective Reporting Person. The amount beneficially owned by each Reporting Person is determined using 50,431,381 shares, calculated using 49,894,131 Common Stock outstanding as of October 28, 2025, and 537,250 Warrants that would be converted to Common Stock by the Reporting Person up to the Maximum Percentage. The beneficially owned shares include 537,250 Warrants exercisable to common stock, subject to a 9.99% Maximum Percentage exercise limitation. The Issuer shall not effect the exercise of any portion of the Warrants, to the extent that after giving effect to such exercise, the holder collectively would beneficially own in excess of 9.99% (the "Maximum Percentage") of the number of Common Stock outstanding immediately after giving effect to such exercise. JOINT FILING STATEMENT PURSUANT TO RULE 13d-1(k) The undersigned acknowledge and agree that the foregoing statement on SCHEDULE 13G, is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on SCHEDULE 13G, shall be filed on behalf of each of the undersigned without the necessity of filing additional joint acquisition statements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate. Dated: November 4, 2025 Deep Track Capital, LP By: /s/ David Kroin David Kroin, Managing Member of the General Partner of the Investment Adviser Deep Track Biotechnology Master Fund, Ltd. By: /s/ David Kroin David Kroin, Director David Kroin By: /s/ David Kroin David Kroin