Cybin Inc. (NEO:CYBN) (OTCQB:CLXPF) released financial and business highlights for its financial year ended March 31, 2021. The company noted that it had a net loss of $32.2 million for the year ended March 31, 2021 of which non-cash expenses totaled $13.1 million and cash-based operating expenses totaled $19,120,000.
Cybin also reported that it had cash and cash equivalents of $64 million as of March 31, 2021. The company had closed an upsized bought deal financing for gross proceeds of $30 million, with a total of approximately $90 million raised since 2019 through private and public financings.
“It has been an incredibly busy and successful year for the Cybin team, expanding both our product development capabilities and our drug development programs,” stated Doug Drysdale, CEO of Cybin. “The enormous progress that we have made serves to strengthen the foundation of our organization, upon which we plan to build further in the coming 12 months as we continue our clinical research activities.”
Adelia Therapeutics Positive Results
Cybin’s wholly-owned subsidiary Adelia Therapeutics Inc. has achieved certain earn-out milestones for the period beginning January 1, 2021. Adelia’s primary focus is on the development of treatment regimens consisting of proprietary psychedelic molecules and related clinical protocols. Positive pre-clinical results determined that proprietary deuteration modifications in multiple lead new chemical entity candidates did not alter pharmacodynamic properties and did not alter safety as assessed in in-vitro toxicity tests as compared to non-deuterated analogs. Cybin said it believes that these initial results add value to Cybin’s pipeline of proprietary novel psychedelic compounds by demonstrating these molecules perform similarly to the naturally occurring molecules in certain important metrics. The development of these compounds differentiates Cybin from companies focused on naturally occurring psychedelic compounds.
The completion of these milestones has contributed to the advancement of Cybin’s portfolio of differentiated psychedelic-based therapeutics for a variety of mental health opportunities. The company’s current indications currently include major depressive disorder (CYB001), alcohol use disorder (CYB003) and anxiety disorders (CYB004). In addition, two programs in the research phase (CYB005 and CYB006) involved synthesis and testing of more than 50 novel compounds coupled with extensive in-vitro and in-vivo pharmacokinetic, receptor binding, behavioral and safety evaluations.
Other company highlights during the earnings announcement included the following items:
- Received Institutional Review Board approval to initiate phase II clinical trials on CYB001 which is targeting Major Depressive Disorder.
- Announced indication selection for 3 out of 4 active drug programs targeting Major Depressive Disorder (CYB001), Alcohol Use Disorder (CYB003), Anxiety Disorders (CYB004) and therapy-resistant psychiatric disorders (CYB005).
- Expanded patent portfolio to 12 patent filings which cover, amongst other things, novel psychedelic compounds, integration of delivery platforms, methods of use in psychiatric indications, drug discovery pipeline of modified and novel ergolines, tryptamines and phenethylamines.