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Cybin (TSE:CYBN)
NEO-L:CYBN

Cybin (CYBN) AI Stock Analysis

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TSE:CYBN

Cybin

(NEO-L:CYBN)

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Neutral 48 (OpenAI - 5.2)
Rating:48Neutral
Price Target:
C$0.13
▼(-4.29% Downside)
The score is held down primarily by weak financial performance (no revenue, widening losses, and significant cash burn). Offsetting this somewhat are constructive earnings-call updates (financing runway into 2027 and advancing late-stage/near-term clinical milestones) and positive corporate visibility catalysts (Nasdaq move/rebrand), while technical signals and valuation metrics provide limited support.

Cybin (CYBN) vs. iShares MSCI Canada ETF (EWC)

Cybin Business Overview & Revenue Model

Company DescriptionCybin Inc., a biopharmaceutical company, focuses on developing psychedelic-based therapeutics. The company's development pipeline includes CYB003, a deuterated psilocybin analog to treat major depressive and alcohol use disorders; CYB004, a deuterated dimethyltryptamine for treating anxiety disorders; and CYB005, a phenethylamine derivative to treat neuroinflammation. It has also developed EMBARK, a psychedelic-assisted psychotherapy. The company is headquartered in Toronto, Canada.
How the Company Makes MoneyCybin makes money through the development and commercialization of psychedelic-based therapeutics. The company's revenue streams primarily include partnerships and collaborations with research institutions and pharmaceutical companies, conducting clinical trials, and potentially licensing its proprietary drug formulations and delivery technologies. As Cybin progresses through clinical trials and moves towards regulatory approval, it may also generate income through milestone payments and eventual sales of approved drugs. Strategic partnerships and collaborations play a significant role in supporting Cybin's research initiatives, contributing to funding and resources for its development programs.

Cybin Earnings Call Summary

Earnings Call Date:Nov 13, 2025
(Q2-2026)
|
% Change Since: |
Next Earnings Date:Feb 17, 2026
Earnings Call Sentiment Neutral
The earnings call reflects a company making significant progress in advancing its clinical programs and strengthening its financial position, despite facing challenges such as leadership transition and increased expenses. The overall sentiment is balanced, with solid achievements in clinical and operational fronts but offset by financial and leadership concerns.
Q2-2026 Updates
Positive Updates
Advancement in Clinical Programs
CYB003 Phase III program for major depressive disorder and CYB004 Phase II program for generalized anxiety disorder are progressing as planned. The CYB004 study completed enrollment and is on track for a top line readout in the first calendar quarter of 2026.
Successful Financing and Strengthened Capital Position
Closed a $175 million financing, providing flexibility to execute plans and retire convertible debentures. Ended the quarter with $83.8 million in cash, cash equivalents, and investments.
Global Study Expansion
EMBRACE Phase III study for CYB003 has been cleared to commence in the United States, U.K., multiple European Union countries, and Australia.
Operational and Commercial Readiness
Partnership with Thermo Fisher for manufacturing and Osmind for point-of-care software to enhance clinic workflow and data management.
Positive Market and Investor Confidence
Participation from prominent institutional healthcare investors in recent financing reflects confidence in Cybin's science and programs.
Negative Updates
Leadership Transition
Doug Drysdale stepped down as CEO, and the company is currently searching for a permanent CEO, which could impact leadership stability.
Increased Operating Expenses
Cash-based operating expenses increased to $28.5 million for the quarter, up from $18.2 million in the same period last year.
Significant Net Loss
Reported a net loss of $33.7 million for the quarter ended September 30, 2025, compared to a net loss of $41.9 million in the same period last year.
Challenges in Site Activation
Competition for resources at clinical trial sites due to the number of ongoing psychedelic trials posed a challenge in site selection and activation.
Company Guidance
In the recent call, Cybin provided several key metrics and updates regarding their ongoing programs and financial status. The company has raised $175 million in recent financing, aiming to advance their lead programs, CYB003 and CYB004, towards significant data readouts. CYB003, a deuterated psilocin analog, is in Phase III for major depressive disorder and has expanded its global footprint, targeting 330 participants across approximately 60 clinical sites. CYB004, targeting generalized anxiety disorder, has completed Phase II enrollment, with top-line data expected in Q1 2026. For the fiscal quarter ending September 30, 2025, Cybin reported cash-based operating expenses of $28.5 million and a net loss of $33.7 million. The company ended the quarter with $83.8 million in cash, cash equivalents, and investments, projecting these funds to support operations into 2027. Cybin emphasizes a disciplined approach to capital deployment, focusing on measurable milestones, global site activations, and manufacturing readiness to ensure successful execution of their clinical and commercial strategies.

Cybin Financial Statement Overview

Summary
Cybin faces financial difficulties with no current revenue and persistent net losses. Despite a strong equity base and cash reserves, the lack of revenue and positive cash flow poses sustainability risks.
Income Statement
Cybin has been experiencing significant financial challenges, evident from the absence of revenue in recent periods and substantial net losses. The company reported a negative EBIT and EBITDA, indicating operational inefficiencies and high costs relative to its revenue base. Historically, there was some revenue in 2021, but it has since dropped to zero, highlighting a concerning trend in revenue generation.
Balance Sheet
The balance sheet shows a strong equity position with zero debt, suggesting a conservative capital structure. However, the lack of revenue is a significant concern. The equity ratio is high, showcasing reliance on equity rather than debt. The company maintains a healthy cash position, but sustained losses could erode this over time.
Cash Flow
Cash flow from operations is negative, reflecting ongoing operational cash burn. Although the company has raised substantial financing, the free cash flow remains negative, indicating cash outflows exceed inflows. This trend suggests potential liquidity issues if the cash burn continues without revenue improvement.
BreakdownTTMDec 2025Dec 2025Dec 2024Dec 2023Dec 2022
Income Statement
Total Revenue0.000.000.000.000.00
Gross Profit-92.53K0.00-424.00K-251.00K-168.00K
EBITDA-135.37M-142.67M-78.58M-47.24M-63.67M
Net Income-112.18M-113.14M-78.08M-47.49M-67.63M
Balance Sheet
Total Assets252.19M258.62M302.02M53.90M92.11M
Cash, Cash Equivalents and Short-Term Investments116.53M135.02M208.99M16.63M64.03M
Total Debt40.19M0.00291.00K0.000.00
Total Liabilities42.25M21.42M10.10M5.66M5.99M
Stockholders Equity193.40M237.20M291.93M48.23M86.12M
Cash Flow
Free Cash Flow-114.32M-103.27M-69.62M-50.74M-19.26M
Operating Cash Flow-112.27M-101.30M-68.91M-47.43M-19.03M
Investing Cash Flow-2.04M-1.97M6.92M-3.31M-1.19M
Financing Cash Flow75.29M20.20M254.51M13.56M35.78M

Cybin Peers Comparison

Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
53
Neutral
C$932.51M-69.57-30.79%-43.64%
51
Neutral
$7.86B-0.30-43.30%2.27%22.53%-2.21%
48
Neutral
C$1.92M-0.02-53.20%33.28%
47
Neutral
C$1.39M-3.36-107.76%34.22%
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TSE:CYBN
Cybin
0.14
0.00
0.00%
TSE:ENBI
Entheon Biomedical
0.10
-0.16
-60.78%
TSE:DRUG
Bright Minds Biosciences
119.75
63.75
113.84%
TSE:MYND
MYND Life Sciences
0.07
-0.02
-26.32%
TSE:NIRV
Nirvana Life Sciences Inc
0.08
-0.43
-85.00%
TSE:MBIO
Mindbio Therapeutics Corp.
1.20
-4.80
-80.00%

Cybin Corporate Events

Business Operations and StrategyDelistings and Listing Changes
Helus Pharma Rebrands, Moves to Nasdaq as It Advances Late-Stage Mental Health Drugs
Positive
Jan 5, 2026

Helus Pharma, the new operating name of Cybin Inc., has rebranded to better reflect its evolution from a discovery-focused clinical-stage biotech to a commercial-ready pharmaceutical company targeting mental health disorders with its portfolio of novel serotonergic agonists. The company has transferred its U.S. stock listing from NYSE American to the Nasdaq Global Market and will trade under the ticker symbol HELP in both the United States and on Cboe Canada, as it prepares for potential commercialization of its lead NSA HLP003 for major depressive disorder, which is in Phase 3 and holds FDA Breakthrough Therapy Designation, and advances HLP004 for generalized anxiety disorder with key data readouts expected in 2026, positioning the business for a pivotal year that could reshape its market standing and deliver new treatment options for patients and value for stakeholders.

The most recent analyst rating on (TSE:CYBN) stock is a Hold with a C$0.13 price target. To see the full list of analyst forecasts on Cybin stock, see the TSE:CYBN Stock Forecast page.

Business Operations and StrategyDelistings and Listing Changes
Cybin to Rebrand as Helus Pharma and Shift U.S. Listing to Nasdaq
Positive
Dec 20, 2025

Cybin Inc. will transfer its U.S. stock market listing from NYSE American to the Nasdaq Global Market, with trading on NYSE American ending on January 2, 2026 and Nasdaq trading beginning January 5, 2026. Concurrent with the move, the company will adopt the business name Helus Pharma and change its ticker symbol to “HELP” on both Nasdaq and Cboe Canada, a rebranding that management frames as a key step in its evolution and alignment with a larger peer group of global pharmaceutical companies, potentially enhancing its visibility with investors and its positioning within the mental health therapeutics sector.

The most recent analyst rating on (TSE:CYBN) stock is a Buy with a C$55.00 price target. To see the full list of analyst forecasts on Cybin stock, see the TSE:CYBN Stock Forecast page.

Business Operations and StrategyDelistings and Listing Changes
Cybin to Rebrand as Helus Pharma and Shift U.S. Listing to Nasdaq
Positive
Dec 18, 2025

Cybin Inc. will transfer its U.S. stock exchange listing from NYSE American to the Nasdaq Global Market, with trading on Nasdaq expected to begin January 5, 2026 under a new ticker, “HELP,” as the company adopts the business name Helus Pharma in both the U.S. and on Cboe Canada. Management positions the move as a key step in its evolution into a global pharmaceutical player, aligning the mental-health drug developer with a larger peer group on Nasdaq and potentially increasing its visibility among investors as it advances late-stage clinical programs in depression and anxiety.

The most recent analyst rating on (TSE:CYBN) stock is a Buy with a C$55.00 price target. To see the full list of analyst forecasts on Cybin stock, see the TSE:CYBN Stock Forecast page.

Business Operations and StrategyDelistings and Listing Changes
Cybin to Shift U.S. Listing to Nasdaq and Rebrand Ticker as HELP
Positive
Dec 18, 2025

Cybin announced it will move its U.S. stock exchange listing from NYSE American to the Nasdaq Global Market, with trading on NYSE American ending on January 4, 2026 and Nasdaq trading beginning January 5, 2026 under a new ticker symbol, HELP; its Cboe Canada listing will also adopt the HELP symbol on the same date. Management framed the switch as a key milestone in Cybin’s evolution into a global pharmaceutical player, positioning the mental-health-focused drug developer alongside larger peers on a more biotech-centric exchange, a move that could enhance visibility with investors focused on innovative healthcare and potentially support future capital-raising and strategic growth initiatives.

The most recent analyst rating on (TSE:CYBN) stock is a Buy with a C$48.00 price target. To see the full list of analyst forecasts on Cybin stock, see the TSE:CYBN Stock Forecast page.

Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Cybin Inc. Advances Clinical Trials with Strong Financial Backing
Positive
Nov 13, 2025

Cybin Inc. reported its financial results for the second quarter of fiscal year 2026, highlighting a successful $175 million financing round led by biopharmaceutical investors. The company is progressing with its Phase 2 and Phase 3 clinical trials for CYB004 and CYB003, targeting GAD and MDD respectively, with key data readouts expected in 2026. The recent financing has strengthened Cybin’s cash position, enabling it to advance its late-stage programs, prepare for commercialization, and retire debt. The company is also expanding its intellectual property portfolio, which supports its competitive positioning in the neuropsychiatry sector.

The most recent analyst rating on (TSE:CYBN) stock is a Buy with a C$150.00 price target. To see the full list of analyst forecasts on Cybin stock, see the TSE:CYBN Stock Forecast page.

Business Operations and Strategy
Cybin to Present at Jefferies Global Healthcare Conference
Positive
Nov 12, 2025

Cybin announced that its Chief Business Officer, George Tziras, will present at the Jefferies Global Healthcare Conference in London, highlighting the company’s commitment to advancing mental healthcare. This participation underscores Cybin’s strategic efforts to strengthen its industry position and engage with stakeholders, potentially impacting its operations and market presence.

The most recent analyst rating on (TSE:CYBN) stock is a Buy with a C$150.00 price target. To see the full list of analyst forecasts on Cybin stock, see the TSE:CYBN Stock Forecast page.

Business Operations and StrategyFinancial Disclosures
Cybin to Release Q2 Financial Results and Business Update
Neutral
Nov 6, 2025

Cybin Inc. announced it will release its second quarter financial results and provide a business update on November 13, 2025, through a conference call and webcast. This announcement highlights Cybin’s ongoing efforts to advance its clinical programs and strengthen its position in the mental healthcare industry, potentially impacting stakeholders by showcasing its progress and financial health.

The most recent analyst rating on (TSE:CYBN) stock is a Buy with a C$150.00 price target. To see the full list of analyst forecasts on Cybin stock, see the TSE:CYBN Stock Forecast page.

Business Operations and Strategy
Cybin to Engage in Healthcare Innovation Conference
Positive
Nov 5, 2025

Cybin announced its participation in the Guggenheim 2nd Annual Healthcare Innovation Conference, where its Chief Business Officer, George Tziras, will engage in a fireside chat. This participation underscores Cybin’s commitment to advancing mental healthcare solutions and highlights its strategic positioning in the neuropsychiatry industry.

The most recent analyst rating on (TSE:CYBN) stock is a Buy with a C$150.00 price target. To see the full list of analyst forecasts on Cybin stock, see the TSE:CYBN Stock Forecast page.

Business Operations and Strategy
Cybin’s CMO to Join Panel at 2025 Milken Institute Health Summit
Positive
Nov 3, 2025

Cybin announced that its Chief Medical Officer, Amir Inamdar, will participate in a panel at the 2025 Milken Institute Future of Health Summit. This participation underscores Cybin’s commitment to advancing mental health treatment through innovation and highlights its strategic positioning in the neuropsychiatry industry.

The most recent analyst rating on (TSE:CYBN) stock is a Buy with a C$150.00 price target. To see the full list of analyst forecasts on Cybin stock, see the TSE:CYBN Stock Forecast page.

Business Operations and StrategyPrivate Placements and Financing
Cybin Secures $175 Million in Direct Offering to Boost Mental Health Initiatives
Positive
Oct 31, 2025

Cybin announced the closing of a $175 million registered direct offering, involving the issuance of common shares and pre-funded warrants. The proceeds will be used to repay outstanding unsecured convertible debentures and to advance the company’s CYB003, CYB004, and CYB005 programs, as well as for general corporate purposes. This financing round, which includes notable investors such as Venrock Healthcare Capital Partners and OrbiMed, positions Cybin to further its research and development efforts in the mental health sector.

The most recent analyst rating on (TSE:CYBN) stock is a Buy with a C$150.00 price target. To see the full list of analyst forecasts on Cybin stock, see the TSE:CYBN Stock Forecast page.

Business Operations and StrategyPrivate Placements and Financing
Cybin Inc. Secures $175 Million in Direct Offering to Fund Clinical Programs
Positive
Oct 28, 2025

Cybin Inc. has announced a registered direct offering of common shares and pre-funded warrants, raising approximately $175 million. The proceeds will be used to repay existing debt and fund the company’s clinical programs, including CYB003, CYB004, and CYB005, as well as for general corporate purposes. This financing, supported by prominent biotech investors, is expected to enhance Cybin’s operational capabilities and strengthen its position in the neuropsychiatry industry.

The most recent analyst rating on (TSE:CYBN) stock is a Buy with a C$150.00 price target. To see the full list of analyst forecasts on Cybin stock, see the TSE:CYBN Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Dec 30, 2025