Biopharma Co. Cybin Reports $78M Loss Amid Accelerating Expansion In Psychedelic Therapies, Drug Development
Portfolio Pulse from Patricio Liddle
Cybin Inc. (AMEX:CYBN) reported a net loss of $57 million for FY 2024, up from $34 million the previous year, amid significant investments in psychedelic therapy development. Despite the losses, the company maintains a strong cash reserve of $152 million, bolstered by a $150 million private placement. Key advancements include FDA Breakthrough Therapy Designation for CYB003 and initiation of Phase 2 trials for CYB004. Shares of CYBN were trading 3.90% lower at $0.2537.

June 26, 2024 | 4:14 pm
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Cybin Inc. reported a significant increase in net loss for FY 2024, driven by aggressive investment in psychedelic therapy development. Despite the financial loss, the company maintains a strong cash position and has received FDA Breakthrough Therapy Designation for CYB003, with Phase 3 trials set to begin in summer 2024. Shares are down 3.90%.
The significant increase in net loss and higher operating expenses are likely to weigh on investor sentiment in the short term. However, the strong cash reserves and FDA designations for key therapies provide a positive long-term outlook. The immediate market reaction has been negative, with shares down 3.90%.
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