Cybin Inc. announced a significant financing agreement, entering into a securities purchase agreement with High Trail Special Situations LLC for up to US$500,000,000 in aggregate principal amount of unsecured convertible debentures. An initial US$50,000,000 principal amount was completed on June 30, 2025, with the remaining US$450,000,000 to be determined at a future date by mutual agreement.
The convertible debentures have a two-year term and carry a guaranteed interest rate of 5.5% per annum, which was pre-paid on closing for the initial tranche. The conversion formula includes a potential 30% premium upon conversion, positioning the company for growth and accelerated advancement of its clinical pipeline programs, CYB003 and CYB004.
For the fiscal year ended March 31, 2025, Cybin reported audited financial results, with cash and cash equivalents totaling C$135 million. The company recorded a net loss of $78.57 million, with R&D expenses at $38.13 million and SG&A at $31.51 million, reflecting its intensive capital requirements as a clinical-stage biotechnology company. This financing provides critical capital to advance its deep clinical pipeline through pivotal trials.
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