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Cybin closes $50-million (U.S.) offering

Helus Pharma closes $50M equity offering to fund Phase 3 MDD readout in Q4 2026, extending cash runway amid leadership transition.

By The Northwire Desk — AI Analysis Jun 25, 2026 · 19:03 HELP · 8.5 Cybin Inc

Executive Summary

Helus Pharma (formerly Cybin Inc.) closed a previously announced underwritten public offering of 10,309,280 common shares at $4.85 USD per share.
Gross proceeds totaled $50 million USD, with $3 million USD paid as a cash commission to underwriters (Cantor Fitzgerald and Barclays), leaving approximately $47 million USD in net proceeds.
Proceeds are allocated to advance the Phase 3 HLP003 program for major depressive disorder (MDD), the Phase 2 HLP004 program for generalized anxiety disorder (GAD), the HLP005 program, and general corporate purposes/working capital.
The offering was conducted under a prospectus supplement to a short-form base shelf prospectus, filed with the SEC on Form F-10 and Canadian securities commissions.
The closing follows the pricing announcement on June 24, 2026, and aligns with the company's stated plan to fund clinical development through the Q4 2026 APPROACH trial data readout.

Material Impact

Liquidity Extension: Prior-period context (Q3 FY2026) reported $195.1 million USD in cash. Adding ~$47 million USD net proceeds increases total liquidity to approximately $242 million USD.
Dilution Impact: The issuance of ~10.3 million shares increases the share count from ~49.9 million to ~60.2 million, representing approximately 20.6% dilution. The offering price of $4.85 sits below the prior-period book value per share of $5.49, indicating a modest discount to net asset value.
Strategic Execution: The capital raise directly funds the path to the Q4 2026 APPROACH Phase 3 topline data, removing near-term refinancing risk and allowing management to focus on clinical execution rather than immediate capital markets activity.
Market Reaction Calibration: Equity financings of this size and structure are standard for clinical-stage neuroscience companies. The market typically prices in the dilution and runway extension upon pricing; the closing itself is an administrative milestone rather than a fundamental re-rating event.

HELP · Price

Company Overview

Helus Pharma is a clinical-stage pharmaceutical company developing proprietary novel serotonergic agonists (NSAs) for serious mental health conditions.
Core pipeline includes HLP003 (Phase 3 for MDD, FDA Breakthrough Therapy Designation), HLP004 (Phase 2 for GAD), and HLP005.
Recent clinical milestones include positive Phase 2 signal detection data for HLP004, publication of SPL026 Phase 2a results in Nature Medicine demonstrating durable antidepressant effects, and APPROACH Phase 3 enrollment surpassing 86%.
The company operates under an expanded intellectual property portfolio protecting lead programs through at least 2041.

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