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- **Clinical Momentum:** CYB003 Phase III global expansion (330 pts) and CYB004 Phase II readout (1Q26) highlight late-stage pipeline strength.
- **Financial Strength:** $175M financing secures 2026-2027 liquidity, with 70% allocated to CYB003 execution.
- **Operational Focus:** Real-world clinic workflow design (short sessions, no new infrastructure) and durability (12-month remission data) differentiate psilocin.
- **CEO Search:** Seeking leader with commercialization, big pharma, and capital management expertise.

**【Management Opening Remarks】**
- Leadership transition: Doug Drysdale stepped down as CEO; Eric So serves as Interim CEO during permanent CEO search.
- Strategic focus: Patient-centric care, rigorous science, disciplined execution, and transparent communication.
- Pipeline progress: CYB003 (Phase III for MDD) and CYB004 (Phase II for GAD) advancing with global site activations.
- Recent $175M financing strengthens balance sheet, supporting Phase III execution and manufacturing readiness.

**【CEO Commentary】**
- **CYB003 (MDD):** EMBRACE Phase III study cleared for global启动 in US, UK, EU, and Australia; 330-patient trial with 2 active doses vs. placebo. Design emphasizes real-world clinic workflow (short sessions, staff-light) and durability (12-month remission data from Phase II). APPROACH trial on track for mid-2026 enrollment completion.
- **CYB004 (GAD):** Phase II enrollment completed; IM administration supports efficient clinic throughput. 1Q26 readout will assess 6- and 12-week HAM-A scores, with optional 12-month follow-up.
- Commercial readiness: Thermo Fisher manufacturing partnership ensures reliable supply; Osmind partnership integrates protocols into existing clinic schedules.

**【CFO Commentary】**
- Q2 2025 financials: Operating expenses $28.5M (vs. $18.2M YoY), net loss $33.7M, cash balance $83.8M post-Q2.
- $175M financing (common shares + prefunded warrants) retired $20M High Trail debt with 10% prepayment penalty.
- Capital allocation: 70% for CYB003 (global Phase III, manufacturing), 20% for CYB004 (database lock, analysis), 10% corporate use.
- Liquidity: Funds secure through 2027, with key milestones (CYB004 readout, CYB003 Phase III top line) in 2026.

**【Q&A Highlights】**
- **CYB004 Phase II (GAD):** Seeking directional data (trend in HAM-A improvement) and dose response; 12-week efficacy data to be shared in 1Q26.
- **Durability vs. SPRAVATO:** Agency guidance seeks 12-week durability; Cybin Phase II shows 12-month remission, targeting 3+ months for Phase III.
- **Site Activation (CYB003):** 45 sites onboarded globally; enrollment on track for mid-2026 completion.
- **CYB005 Preclinical:** Ongoing receptor profiling and PK/PD studies; potential neuropsychiatric indications TBD.
- **FDA Safety Database:** No minimum retreatment frequency; data sufficiency will guide NDA submission.
- **CEO Qualities:** Commercialization experience, big pharma partnerships, and capital stewardship.

Cybin Inc. (CYBN) Q2 2026 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Operating Income

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Net Income

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Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

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