Cybin Inc. completed a registered direct offering of 22,277,750 common shares and 7,792,312 pre‑funded warrants, raising $175 million in gross proceeds. The offering closed on Friday, October 31, 2025.
Shares were priced at $6.51 each, and each share is accompanied by a 0.35‑share purchase warrant exercisable at $8.14. The pre‑funded warrants provide additional upside for investors.
Proceeds will be used to fund the company’s clinical development pipeline, including the multinational Phase 3 program for its lead candidate CYB003 (deuterated psilocin) and the Phase 2 program for CYB004 (deuterated DMT). The company also plans to repay convertible debentures held by High Trail and to support working capital and general corporate purposes.
Cybin’s cash balance was C$135 million as of March 31, 2025, and the company has been experiencing a net loss of C$113 million for the year ended March 31, 2025. The new capital injection extends the operating runway and provides the financial flexibility needed to advance its high‑cost Phase 3 trials.
The financing was led by prominent biotech investors including Venrock Healthcare Capital Partners, OrbiMed, and Point72, underscoring confidence in Cybin’s proprietary deuterated psychedelic platform and its potential to accelerate regulatory approval.
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