Cybin Inc. (NYSE American: CYBN) has launched an at‑the‑market (ATM) equity program that allows the company to issue and sell up to US$100 million of common shares from its treasury. The program, announced on December 30, 2025, gives Cybin the flexibility to raise capital on an as‑needed basis, matching funding needs with the timing of clinical milestones and operational requirements.
The ATM program follows a US$175 million registered direct offering completed in October 2025, which lifted Cybin’s cash balance to US$248 million from US$83.8 million at the end of September 2025. The new program is intended to extend the company’s runway as it continues to invest heavily in its deuterated psychedelic pipeline, which currently generates no revenue and incurs significant operating losses.
Cybin’s lead product, CYB003, a deuterated psilocin analog, is in Phase 3 development for major depressive disorder and has received FDA Breakthrough Therapy designation. The company is also advancing CYB004, a deuterated DMT molecule, in a Phase 2 study for generalized anxiety disorder. The additional capital is expected to support these programs and other research and development initiatives.
Investors have reacted to the announcement with concern over potential share dilution, a common response to equity financing in the biotech sector. The market’s short‑term reaction reflects the typical dilution risk associated with ATM programs, even as the long‑term benefit lies in sustaining the company’s clinical pipeline.
CEO Doug Drysdale emphasized that the program is a strategic move to secure the necessary resources for the company’s “paradigm‑shifting” therapies. He noted that the financing will allow Cybin to maintain momentum in its clinical development while preserving flexibility for future growth opportunities.
In addition to the ATM program, Cybin has announced a voluntary transfer of its U.S. listing from NYSE American to the Nasdaq Global Market, effective January 5, 2026, and a rebranding to Helus Pharma with the ticker HELP. The transition is part of a broader strategy to position the company for commercialization once regulatory approvals are achieved.
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