Adam JacksonClinical-stage biopharmaceutical Toronto-based Cybin Inc. (NYSE: CYBN) reported its financial outcomes for the third quarter ending Dec. 31, 2023.
The company said that its cash reserves stood at C$39 million at the end of the quarter, propped by a mix of public offerings and strategic financing activities, giving Cybin access to over C$121 million in funds.
Despite the strong cash position, Cybin reported a net loss of C$30.3 million for the quarter, a substantial increase from the C$10.7 million loss recorded in the same quarter the previous year.
The rise in net losses can be attributed to escalated cash-based operating expenses, which totaled C$17.1 million for the period, as the company ramps up its research and development efforts.
“During the past three months, we have continued to make exciting progress with positive topline data from our CYB003 and DMT programs,” CEO Doug Drysdale said in a statement.
“The data collected from our clinical trials forms the foundation of our next set of value-creating milestones, as we advance our key programs this year.”
The CYB003 program, focused on developing a deuterated psilocybin analog for treating major depressive disorder, has shown rosy results in early clinical trials.
Similarly, the DMT program (CYB004), which investigates the therapeutic potential of N,N-Dimethyltryptamine derivatives, has also reported positive developments.
“Promising outcomes, such as a 79% remission from depression at 6 weeks in our Phase 2 CYB003 trial, and important safety and dosing findings in our Phase 1 dDMT studies, validate our path forward,” Drysdale added.
“Plans are underway to initiate a Phase 3 multisite trial of CYB003 for MDD, and with FDA clearance, we are progressing to a Phase 2a study of CYB004 for the treatment of (generalized anxiety disorder).”
Additionally, Cybin reported the acquisition of six new patents across various jurisdictions such as the US, Canada and Japan, beefing its IP portfolio. The patents cover a broad range of compositions and medical applications for the firm’s psychedelic compounds.
