Cybin Announces Closing of $175 Million Registered Direct Offering

Executive Summary

• Cybin Inc. closed its registered direct offering of 22,277,750 common shares and 4,605,500 pre‑funded warrants, raising US$175.0 million in gross proceeds.
• The securities include attached purchase warrants (0.35 warrant per share/warrant) exercisable at US$8.14 per share under specific conditions tied to the APPROACH trial topline data and a share price trigger of US$19.53.
• Net proceeds will be used to repay outstanding unsecured convertible debentures, advance CYB003, CYB004, and CYB005 programs, and fund working capital/general corporate purposes.

Key Details

• Offering Size: 22,277,750 common shares + 4,605,500 pre‑funded warrants.
• Price per Unit: US$6.51 per common share or pre‑funded warrant.
• Gross Proceeds: US$175,009,911.45.
• Warrant Structure: Each common share and each pre‑funded warrant is accompanied by 0.35 of one common‑share purchase warrant (the “Warrant”).
• Warrant Exercise Price: US$8.14 per common share.
• Warrant Expiration Conditions: Earlier of (i) June 30 2027, (ii) 30 days after press release of APPROACH trial topline data for CYB003 in MDD, or (iii) 30 days after Company‑issued notice of acceleration right triggered by NYSE American closing price ≥ US$19.53 for five consecutive trading days.
• Pre‑Funded Warrant Terms: Entitles holder to acquire one common share at a nominal exercise price; non‑expiring.
• Placement Agents: Jefferies, TD Cowen, Cantor (joint lead); Bloom Burton Securities (placement).
• Use of Proceeds:
• Repayment of unsecured convertible debentures held by High Trail Special Situations LLC.
• Advancement of CYB003 (Phase 3 MDD), CYB004 (Phase 2 GAD), and CYB005 programs.
• Working capital and general corporate purposes.
• Investors: New and existing participants including Venrock Healthcare Capital Partners, OrbiMed, Point72, Deep Track Capital, Acorn Bioventures, Spruce Street Capital, Squadron Capital Management, Adage Capital Partners LP, Boxer Capital Management, ADAR1 Capital Management, Stonepine Capital Management, Pivotal Bioventure Partners, and Ally Bridge Group.

Notable Quotes

• No direct quotes were provided in the release.