Cybin's Q1 2023 Financials, Deuterated Psychedelics Moving 'Steadily' Through The Clinic
Portfolio Pulse from Lara Goldstein
Cybin (NYSE:CYBN) has released its Q1 2023 financial results, showing a total cash of $6.9 million, a decrease of 20.5% from the previous year. The company's R&D expenses were $4.7 million, slightly higher than the $4.5 million spent in the same period in 2022. Cybin is currently developing CYB003 and CYB004, treatments for Major Depressive Disorder and Generalized Anxiety Disorder respectively. The company expects topline data for both programs later this year.
August 14, 2023 | 10:08 pm
News sentiment analysis
Sort by:
Descending
NEUTRAL IMPACT
Cybin's financial results show a decrease in total cash and an increase in R&D expenses, indicating investment in product development. The company's ongoing development of treatments for MDD and GAD could potentially impact its stock positively if the topline data is favorable.
Cybin's decrease in total cash and increase in R&D expenses indicate that the company is investing in the development of its products. The success of these products could potentially increase the company's stock value. However, the outcome of these developments is uncertain, hence the neutral score.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100