Cybin posts second-quarter loss widens as clinical trials advance
The company still ended the quarter on a pile of cash to support its R&D efforts.
Toronto-based Cybin Inc. (NYSE: CYBN) reported financials for its fiscal second quarter 2025 ending Sept. 30, with higher R&D costs from its clinical programs. The company also announced it has initiated a phase 3 program evaluating its psilocin-based CYB003 for the adjunctive treatment of major depressive disorder.
The company posted a net loss of C$57.2 million for the period, widening from a C$11.9 million loss a year earlier.
According to filings, the clinical-stage neuropharmaceutical firm said research expenses jumped to C$9.1 million from C$6.7 million, driven by the “progression of the company’s various research programs, primarily related to the advancement of its clinical trials” for its CYB003 and CYB004 programs. General and administrative costs more than doubled to C$15.7 million.
“Just three years after filing an (IND) for CYB003, the initiation of our phase 3 program is a truly significant and gratifying milestone,” CEO Doug Drysdale said in a statement.
Cybin ended the quarter with a strong cash position of C$154.3 million. It expects to report 12-month efficacy data from the phase 2 CYB003 study next week, with topline results from a phase 3 trial anticipated in 2026.
“We believe that our phase 3 program can build on the positive results demonstrated in phase 2 to-date and could potentially lead to the approval and commercialization of a novel treatment modality whose effects are consistent and durable for patients with MDD,” said Amir Inamdar, chief medical officer.
The company also noted dosing is underway in a phase 2 trial of CYB004 in generalized anxiety disorder, with topline safety and efficacy data expected in the first quarter of 2025. According to Cybin, CYB003 is targeting a major depressive disorder market of over 300 million people worldwide and 21 million in the U.S.
