Cybin Inc. reported its fiscal 2026 second‑quarter results on November 13 2025, announcing a robust cash position and the completion of a major financing round. The company’s cash and cash equivalents stood at $248 million as of September 30 2025, a figure that reflects the $175 million raised in a registered direct offering and the full repayment of its convertible debentures to High Trail Special Situations LLC.
The direct offering closed on October 31 2025 after being announced on October 28 2025, and the proceeds were used to pay down the $50 million convertible debenture that had been issued on June 30 2025. Repaying the debt eliminates a significant financial obligation and improves Cybin’s balance‑sheet strength, giving the company greater flexibility to fund its clinical pipeline without the burden of interest or conversion risk.
Cybin’s clinical pipeline remains a key driver of its future prospects. The Phase 3 PARADIGM study of CYB003, a deuterated psilocin analog for major depressive disorder, is on track to meet its primary endpoints. Meanwhile, the Phase 2 study of CYB004, a deuterated N,N‑dimethyltryptamine (DMT) molecule for generalized anxiety disorder, completed enrollment on September 8 2025 and is expected to report topline data in the first quarter of 2026.
Because Cybin is a clinical‑stage biopharmaceutical company, it does not generate revenue and its earnings are driven by cash burn from research and development. The consensus earnings‑per‑share estimate for the quarter was $‑0.95 to $‑1.44, while Zacks projected $‑0.74. The company’s cash burn for the quarter was $34.5 million, up from $19.1 million in the same period a year earlier, reflecting increased investment in its two flagship programs.
Interim CEO Eric So said the financing demonstrates strong investor confidence in Cybin’s science and execution. Former CEO Doug Drysdale has previously highlighted the company’s progress and the strategic importance of its financing and clinical programs, underscoring management’s confidence in the company’s long‑term trajectory.
With the new capital and debt repayment in place, Cybin has a runway that supports continued development of CYB003 and CYB004. While the company has not issued new guidance, the strengthened balance sheet signals management’s intent to maintain momentum in its clinical programs and to position Cybin for future milestones.
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