Cybin's Dec. 31 cash at $195.1-million (U.S.)

Executive Summary

• Helus Pharma (Cybin Inc.) reported unaudited Q3 FY 2026 results ending Dec 31, 2025, showing cash of $195.1 M and a net loss of $42.7 M.
• The company highlighted continued progress on its lead programs: HLP003 (Phase 3 MDD) with data expected Q4 2026 and HLP004 (Phase 2 GAD) with top‑line readout anticipated Q1 2026.
• Leadership transition completed with Michael Cola appointed CEO; the firm also announced a rebranding to Helus Pharma and expanded its IP portfolio through 2041.

Key Details

• Cash Position: $195.1 million as of Dec 31, 2025 (pre‑post‑quarter adjustments).
• Net Loss: $42.7 million for the quarter vs. $7.5 million in Q3 FY 2025.
• Operating Expenses (cash‑based): $36.7 million (research + G&A) vs. $20 million YoY.
• Cash Used in Operating Activities: $31.9 million vs. $18.6 million YoY.
• Leadership Change: Michael Cola appointed Chief Executive Officer, overseeing transition toward a potential first commercial product launch.
• Rebranding: Company now operates under the Helus Pharma name.
• Program HLP003 (Phase 3 – MDD): Ongoing Approach pivotal study; top‑line data expected Q4 2026. Embrace complementary Phase 3 study initiated in prior quarter; Extend long‑term extension study ongoing for safety/durability data.
• Program HLP004 (Phase 2 – GAD): Top‑line readout anticipated Q1 2026.
• Intellectual Property: Expanded IP portfolio covering lead programs through at least 2041, enhancing strategic flexibility and potential blocking position.

Notable Quotes

“The third quarter reflects continued disciplined execution across Helus Pharma's clinical and operational priorities,” said Michael Cola, CEO. “We are advancing a differentiated, multi‑asset neuroscience portfolio… with a strong balance sheet… well positioned as we move toward upcoming clinical catalysts and long‑term value creation.”