CYBN:CC - InvestorNewsBreaks - Cybin Inc. (NEO: CYBN) (NYSE American: CYBN) Releases Q3 Financial Report Corporate Highlights
Cybin (NEO: CYBN) (NYSE American: CYBN), a biopharmaceutical company focused on progressing Psychedelics to Therapeutics(TM), is reporting on its third quarter performance as well as recent business highlights; the report is for the period ended Dec. 31, 2022. In the report, the company noted that it had received approval from an independent ethics committee in the Netherlands to begin the first-in-human dosing of its CYB004 through a protocol amendment to its ongoing phase 1 CYB004-E trial; CYB004 is the company’s proprietary deuterated N,N-dimethyltryptamine (“DMT”) molecule. The company is also making progress on its phase 1/2a clinical trial evaluating CYB003 for the potential treatment of major depressive disorder (“MDD”); CYB003 is Cybin’s proprietary deuterated psilocybin analog for the potential treatment of MDD. The company anticipates releasing an interim readout from the trial at its upcoming virtual R&D Day, which is slated for Feb. 28, 2023. In addition, the company noted promising results from a feasibility study that is evaluating Kernel Flow wearable technology. Financial information for Q3 includes cash for the company totaling C$22.5 million as of Dec. 31, 2022, and C$20 million as of Feb. 14, 2023; net loss of C$10.7 million for third quarter ended December 31, 2022, down from last year’s reported net loss of C$17.2 million in the same period; and cash-based operating expenses coming in at C$11.1 million with cash flows used in operating activities totaling C$10.8 million for the quarter. “Looking ahead, we remain well-positioned to deliver on multiple near-term clinical milestones and data catalysts across our pipeline programs,” said Cybin CEO Doug Drysdale in the press release. “With interim data expected imminently for our phase 1/2a study of CYB003 and approval to begin dosing CYB004 in humans, the stage is set for continued momentum and strong clinical execution. With a cash runway that will support upcoming value-driving clinical milestones, we will continue our focus on clinical execution with the goal of ultimately bringing improved therapeutic options to patients in need.”
To view the full press release, visit https://ibn.fm/91O2D
About Cybin Inc.
Cybin is a leading ethical biopharmaceutical company working with a network of world-class partners and internationally recognized scientists on a mission to create safe and effective therapeutics for patients to address a multitude of mental health issues. Headquartered in Canada and founded in 2019, Cybin is operational in Canada, the United States, the United Kingdom, the Netherlands and Ireland. The company is focused on progressing Psychedelics to Therapeutics(TM) by engineering proprietary drug-discovery platforms, innovative drug-delivery systems, novel formulation approaches and treatment regimens for mental health disorders. For more information, visit the company’s website at www.Cybin.com.
NOTE TO INVESTORS: The latest news and updates relating to CYBN are available in the company’s newsroom at https://ibn.fm/CYBN
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