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Helus Pharma Reports Recent Business Highlights and Fiscal Year 2026 Financial Results

Helus Pharma burns cash faster in Phase 3 ramp but secures $50M runway as HLP003 nears topline readout

By The Northwire Desk — AI Analysis Jun 29, 2026 · 07:40 HELP · 9.2 Contakt World Technologies Corp.

Executive Summary

Helus Pharma reported audited financial results for the fiscal year ended March 31, 2026, showing a net loss of $148.0 million ($47.0 million in Q4), compared to $81.6 million in the prior year.
Cash-based operating expenses (R&D, G&A) rose to $131.7 million for the year ($42.6 million in Q4), reflecting the operational scaling required for Phase 3 execution.
Cash flows used in operating activities were $133.3 million for the year ($37.3 million in Q4).
The company closed a $50 million underwritten equity offering on June 25, 2026, at $4.85 per share, bringing total cash to $157.3 million as of March 31, 2026.
Pipeline updates indicate the HLP003 (MDD) APPROACH Phase 3 trial has surpassed 88% enrollment, maintaining the Q4 2026 topline data timeline.
HLP004 (GAD) reported positive Phase 2 signal detection results, showing clinically meaningful improvement over standard of care.
Leadership transition: Eric So returns as Interim CEO following Michael Cola's departure in April 2026.

Material Impact

The $50 million capital raise is a standard, expected financing move for a clinical-stage biotech funding pivotal trials. It extends the cash runway but introduces near-term dilution.
The widening net loss ($148M vs $81.6M) and accelerated cash burn are consistent with the planned ramp-up of Phase 3 clinical operations and do not indicate operational mismanagement.
HLP003 enrollment at >88% de-risks the Q4 2026 catalyst and confirms execution capability. HLP004's positive Phase 2 data provides a secondary commercial option but does not alter the primary valuation driver.
The CEO transition introduces governance uncertainty, but the return of the co-founder mitigates immediate strategic disruption.

HELP · Price

Company Overview

Helus Pharma (formerly Cybin Inc.) is a clinical-stage pharmaceutical company developing proprietary novel serotonergic agonists (NSAs) for mental health conditions, primarily Major Depressive Disorder (MDD) and Generalized Anxiety Disorder (GAD).
Lead asset HLP003 is in Phase 3 development for MDD, holding FDA Breakthrough Therapy designation.
HLP004 is in Phase 2 for GAD, utilizing an intramuscular delivery system optimized for clinical scalability.
The company operates under a rebranded identity, trading on Nasdaq under the ticker HELP, with a strong IP portfolio protected through 2041.

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