Cybin Inc. (NYSE American: CYBN) (Cboe CA: CYBN) reported audited financial results for its fiscal year ended March 31, 2024. The company does not have any revenue to report at this time and has cash of C$209 million as of the end of the fourth quarter.
The net loss for the quarter was C$21 million, while the operating expenses for the quarter were C$24, which was higher than last year’s expenses of C$13 million for the same period.
For the full fiscal year, the company reported a net loss of C$78 million and had operating expenses of C$65 million, which was higher than the previous year’s expenses of C$47 million.
Cybin completed a private placement in 2023 and combined with the company’s current cash position and current at-the-market equity program it has access to over C$285 million.
“I am proud of the swift and meaningful progress we have made advancing our two lead programs – CYB003 for the adjunctive treatment of MDD (major depressive disorder) and CYB004 for the treatment of GAD (generalized anxiety disorder) – this past year. As we stand poised to commence our Phase 3 study of CYB003, Cybin has evolved into a mature, late-stage company with critical milestones on the near-term horizon,” stated Doug Drysdale, Chief Executive Officer of Cybin. “Supported by the BTD from the FDA and positive four-month durability data for our CYB003 program, and the initiation of our Phase 2 study of CYB004, we are progressing quickly to potentially change the treatment paradigm for MDD and GAD and bring to market innovative treatment options for patients in need.”
The company currently has four significant projects, which have not yet generated revenue:
- Deuterated Psilocybin Analog Program (CYB003)
- Deuterated Dimethyltryptamine Program (CYB004, SPL028, and SPL026)
- Phenethylamine Derivatives Program (CYB005)
- Technology Programs
Upcoming milestones
Upcoming milestones for its lead drug CYB003 include plans to initiate a multinational, multisite Phase 3 program in the summer of 2024 to further evaluate the safety and efficacy of CYB003 capsules as a potential adjunctive treatment in a larger MDD patient population. Cybin received the U.S. patent 11,958,807 in support of its CYB003 program. The patent includes claims to pharmaceutical compositions within the company’s CYB003 program and is expected to provide exclusivity until at least 2041.
Cybin said that it is expected to be the first Phase 3 trial evaluating a deuterated psilocybin analog for the adjunctive treatment of MDD and estimates it will spend C$13 million on the study. Clinical site selection is complete for the first Phase 3 study, which will include thirty study sites across the United States and Europe, all of which are experienced with conducting psychedelic clinical trials.
The company also expects updates for its CYB004 drug’s Phase 2 results expected around the end of 2024. In January 2024, the FDA cleared the company’s Investigational New Drug application for CYB004. CYB004 is being developed as a potentially highly scalable intermittent treatment with a relatively short psychedelic experience. The company says that a single intramuscular dose is expected to result in acute psychedelic effects lasting approximately 90 minutes.
The post Cybin reports comfortable cash cushion at its fiscal year end appeared first on Green Market Report.
KahliBuds Tea News 
Leave a comment