Cybin Inc. (CYBN): Business Model Canvas [Dec-2025 Updated]

You're digging into Cybin Inc.'s strategy right now, likely trying to map the risk between their late-stage clinical execution and their pre-revenue status, and honestly, this Business Model Canvas tells a familiar biotech story: a pivot from pure R&D to commercial preparation. As an analyst who's seen this transition a hundred times, the key takeaway is their strong foundation: they're sitting on approximately US$248 million in cash as of September 30, 2025, which is funding the critical multinational Phase 3 for CYB003, their lead asset for Major Depressive Disorder. This isn't just about running trials; it's about building the supply chain with partners like Thermo Fisher Scientific and preparing the channels via Osmind's network, all while defending a portfolio of over 100 granted patents. So, what does this setup-backed by that cash and expedited FDA pathway-actually look like when you break down their costs, resources, and future revenue potential? Dive below to see the full nine-block map of their journey to market, which is defintely worth a close look.

Cybin Inc. (CYBN) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Cybin Inc. (CYBN) has built to move its pipeline, especially CYB003, from late-stage trials toward potential commercialization. These aren't just handshake agreements; they represent significant operational and financial commitments.

Thermo Fisher Scientific for Scalable Manufacturing of CYB003

Cybin Inc. engaged Thermo Fisher Scientific to handle the U.S.-based manufacturing for its lead program, CYB003. This partnership covers both the Phase 3 clinical supply and the potential future commercial manufacturing of the drug substance and drug product capsules. Production is slated for Thermo Fisher's pharmaceutical services sites in Florence, South Carolina, and Cincinnati, Ohio. This move secures a world-class Contract Development and Manufacturing Organization (CDMO) track record to support the drug's trajectory following strong Phase 2 data, which showed a 71% remission rate at 12 months for participants receiving two 16 mg doses of CYB003.

Osmind to Access its 800-Clinic Network for Commercial Preparation

To prepare for market launch, Cybin Inc. partnered with Osmind, a leading service provider for U.S. psychiatry practices. This collaboration is designed to accelerate commercial readiness by giving Cybin access to Osmind's infrastructure. Specifically, Cybin will leverage Osmind's network of over 800 psychiatry clinics in the U.S., along with their point-of-care software and real-world data capabilities. This is critical given the projected growth of the Major Depressive Disorder (MDD) market, which analysts estimate could reach USD 11.09 Bn by 2033. The partnership aims to align on operational needs like pharmacy options and patient access strategies.

Strategic Clinical Site Partnerships (SPAs) for Phase 3 Trial Execution

Execution of the multinational pivotal Phase 3 PARADIGM program for CYB003 relies heavily on the Strategic Clinical Site Partnership (SPA) model. As of April 2025, Cybin Inc. announced additional SPAs, bringing the total number of engaged clinical sites to 18 across the United States. The overall APPROACH study, the first part of the PARADIGM program, is expected to utilize approximately 45 clinical sites in the U.S. The second pivotal study, EMBRACE, expected to initiate in Q4 2025, is targeting 330 participants. The combined anticipated enrollment for APPROACH and EMBRACE is around 550 patients. These SPAs are structured to foster collaboration, share best practices, and enhance operational efficiency.

Here's a quick look at the scale of the Phase 3 commitment:

Trial Component	Target Enrollment/Site Count	Status/Timeline Reference
Total Engaged SPA Sites (as of April 2025)	18	Reported April 2025
APPROACH Study U.S. Clinical Sites	Approximately 45	Expected total for APPROACH
EMBRACE Study Target Enrollment	330 participants	Initiation expected Q4 2025
Combined Phase 3 Enrollment (APPROACH + EMBRACE)	Approximately 550 patients	Anticipated total

Collaborations with Leading Research Institutions for Drug Discovery

While specific financial terms for pure drug discovery collaborations aren't detailed, the strength of Cybin Inc.'s intellectual property underpins its research platform. The company has actively worked to secure its innovations through patents. As of mid-2025, Cybin's intellectual property portfolio includes over 90 granted patents and more than 230 pending applications supporting its lead programs. Furthermore, the company recently secured gross proceeds of US$175,009,911.45 in an October 2025 offering, which is earmarked for growth opportunities, including working capital initiatives to support pipeline advancement. For context on the company's financial standing supporting these efforts, cash totaled C$135 million as of March 31, 2025, against a net loss of C$113 million for the fiscal year ended on that date.

Key IP/Research Support Metrics:

• Granted Patents: Over 90
• Pending Applications: Over 230
• Recent Financing (Oct 2025): US$175.0 million gross proceeds
• Cash on Hand (Mar 31, 2025): C$135 million

Finance: draft 13-week cash view by Friday.

Cybin Inc. (CYBN) - Canvas Business Model: Key Activities

Executing the multinational Phase 3 CYB003 PARADIGM program.

The CYB003 PARADIGM program is for the adjunctive treatment of Major Depressive Disorder (MDD) and has received Breakthrough Therapy Designation from the U.S. Food and Drug Administration.

The program consists of three studies:

• APPROACH™ Study: Enrollment of 220 participants across 45 clinical sites in the U.S..
• EMBRACE™ Study: Expected initiation in Q4 2025, targeting 330 participants.
• EXTEND Study: Patient rollovers have begun.

Topline data for the APPROACH study is expected in the fourth quarter of 2026. Phase 2 data supporting this showed a 71% remission rate after two doses of 16 mg.

Advancing the Phase 2 CYB004 deuterated DMT program.

The CYB004 program is for Generalized Anxiety Disorder (GAD) and utilizes intramuscular (IM) dosing methods. Enrollment in the Phase 2 study was completed in September 2025 with 36 participants. Topline safety and efficacy data for this Phase 2 study are expected in the first quarter of 2026.

Continuous expansion and defense of the Intellectual Property (IP) portfolio.

Cybin Inc. has focused on securing IP across its development programs. As of October 2025, the Company has access to more than 35 patents and applications through internal filings and licensing. This includes more than 20 active patent filings across 6 patent families, with 14 of those filings occurring in 2025 alone.

Key patent exclusivity dates include:

Program/Asset	Patent Coverage Detail	Expected Exclusivity Until
CYB003 (Deuterated Psilocin)	Pharmaceutical compositions and oral dosage forms (U.S. patent 12,291,499)	2041
CYB004 (dDMT)	Novel formulations for intramuscular injection (U.S. patent 12,318,477)	2040

Establishing a robust, U.S.-based supply chain for clinical and commercial use.

The Company has established key manufacturing and commercial preparation partnerships within the U.S..

• Manufacturing Partner: Thermo Fisher Scientific.
• Clinical/Commercial Supply Site: Florence, South Carolina, for Phase 3 clinical supply and future commercialization.
• Capsule Production Site: Cincinnati, Ohio, for Phase 3 capsule production.
• Commercial Preparation Partner: Osmind, leveraging its 800-clinic network.

Financial figures supporting operations as of late 2025 include cash totaling US$118.7 million as of June 30, 2025, and a recent financing in October 2025 raising gross proceeds of US$175,009,911.45.

Cybin Inc. (CYBN) - Canvas Business Model: Key Resources

You're looking at the core assets that power Cybin Inc.'s strategy right now, as of late 2025. These aren't just line items; they are the tangible and intangible foundations supporting their clinical pipeline advancement.

Financial Strength

The immediate, most concrete resource is the capital base. Following a significant financing event, Cybin Inc. secured a strong financial footing to push through critical 2026 milestones. Specifically, the Company reported a cash position of US$248 million as of September 30, 2025, after accounting for the net proceeds from a Registered Direct Offering. This figure is key because it was stated to fund operations into 2027, based on the current operating plan.

Here's a quick look at the financial context around that cash balance:

Metric	Amount as of September 30, 2025
Reported Cash (Quarter End)	US$83.8 million
Cash Post-Financing (Adjusted)	US$248 million
Gross Proceeds from Registered Direct Offering	US$175 million
Cash Flows Used in Operating Activities (Q2 FY2026)	US$34.5 million

That financing, which brought in US$175 million in gross proceeds, retired debt and provided the necessary runway. Honestly, for a clinical-stage company, this level of liquidity is a massive de-risking factor for the near term.

Intellectual Property Fortress

The second pillar is the proprietary science, locked down by patents. Cybin Inc. maintains a sector-leading intellectual property portfolio. This IP is what protects their investment in developing novel compounds.

The scale of their IP protection as of late 2025 includes:

• Over 100 granted patents.
• Over 250 pending applications.

These filings span multiple patent families, including specific protection for their lead assets. For instance, a granted U.S. patent supporting the CYB003 program includes claims for pharmaceutical compositions and oral dosage forms, with expected exclusivity extending until 2041. Another patent covers novel formulations for CYB004, with exclusivity expected until 2040. This is defintely the moat around their core technology.

Lead Program Validation and Proprietary Library

The most valuable resources are the clinical assets themselves, particularly those that have achieved regulatory validation. The lead candidate, CYB003, has secured FDA Breakthrough Therapy Designation (BTD) for the adjunctive treatment of major depressive disorder (MDD). This designation is a huge resource, as it provides an expedited review pathway and increased FDA guidance throughout development.

The proprietary deuterated tryptamine drug library underpins both lead candidates, CYB003 (deuterated psilocin analog) and CYB004 (deuterated DMT molecule). The clinical data generated from this library is a critical resource for future development and potential partnerships. You need to see the numbers that earned the BTD:

Key Phase 2 Efficacy Data for CYB003 (Two 16 mg Doses):

• 100% of participants were responders.
• 71% of participants were in remission.
• Mean change from baseline in MADRS was approximately -23 points.

Furthermore, the CYB004 program for Generalized Anxiety Disorder (GAD) has completed enrollment, which is a major operational milestone. The resource here is the data set from the 36 participants enrolled in the Phase 2 study, with topline data anticipated in the first quarter of 2026. This data will help position Cybin Inc. for potential dual indication development.

Cybin Inc. (CYBN) - Canvas Business Model: Value Propositions

You're looking at the core value Cybin Inc. (CYBN) is trying to deliver to the mental healthcare market, which is heavily reliant on daily medication with limited long-term success. The proposition here centers on durable, infrequent dosing for serious conditions.

For Major Depressive Disorder (MDD), the value centers on an intermittent treatment model built on the durability seen in Phase 2 data for CYB003. This aims to shift the paradigm from chronic daily use to a treatment regimen that provides sustained relief after just a few administrations.

The company is advancing its Phase 3 PARADIGM program for CYB003, which includes the APPROACH study enrolling 220 participants across approximately 45 U.S. clinical sites. The second pivotal study, EMBRACE, was set to initiate in Q4 2025, targeting 330 participants, with the PARADIGM program anticipating combined enrollment of approximately 550 patients. Topline data for APPROACH is expected in Q4 2026. The total addressable market for MDD is stated as >300 million people worldwide.

The value proposition is underpinned by the novel chemistry of its pipeline, specifically the deuterated molecules designed for optimized performance. CYB003 is a proprietary deuterated psilocin analog, and CYB004 is a deuterated N, N-dimethyltryptamine molecule.

CYB004 offers a differentiated delivery mechanism, utilizing an Intramuscular (IM) formulation designed for clinical and commercial scalability. This IM delivery is expected to result in a short-duration experience lasting approximately 90 minutes. The company's intellectual property (IP) portfolio supports this differentiation, with patent protection for the CYB004 IM formulation expected to provide exclusivity until 2040.

The strength of the IP portfolio as of June 2025 includes over 90 granted patents and over 230 pending applications, with CYB003 protection extending to 2041.

Cybin Inc. (CYBN) has secured an expedited regulatory pathway for its lead asset, CYB003. The molecule received FDA Breakthrough Therapy Designation (BTD) for the adjunctive treatment of MDD. This designation provides an expedited review pathway and increased access to FDA guidance throughout development.

The potential for rapid-onset and durable efficacy is demonstrated by the following Phase 2 data points, which inform the Phase 3 design:

Metric	Dose/Regimen	Time Point	Result
Response Rate (MDD)	Two doses of 16 mg CYB003	12 months	100%
Remission Rate (MDD)	Two doses of 16 mg CYB003	12 months	71%
Mean MADRS Change (MDD)	Two doses of 16 mg CYB003	12 months	Approximately -23 points
Remission Rate (MDD)	Two doses of 16 mg CYB003	4 months	75%

For Generalized Anxiety Disorder (GAD), CYB004 completed enrollment of its Phase 2 study participants, totaling 36 individuals, in September 2025. Topline data from this GAD study is expected in Q1 2026.

The company's financial position as of mid-2025 supports the advancement of these value drivers:

• Cash on hand totaled US$118.7 million as of June 30, 2025.
• Cash on hand totaled C$135 million as of March 31, 2025.
• Total assets grew to $210.8 million as of June 30, 2025.
• A recent financing agreement provided US$50 million in principal amount of convertible debentures.

Cybin Inc. (CYBN) - Canvas Business Model: Customer Relationships

You're navigating the complex landscape of late-stage clinical development, where relationships with investigators, regulators, and capital providers are just as critical as the science itself. For Cybin Inc., customer relationships are segmented across the clinical execution team, the future commercial ecosystem, the FDA, and the investment community.

High-touch, direct engagement with clinical investigators and sites

Direct engagement with clinical investigators is the engine driving the Phase 3 PARADIGM program for CYB003 in Major Depressive Disorder (MDD). This isn't a passive vendor relationship; it's a structured collaboration via the Strategic Clinical Site Partnership (SPA) program, designed to enhance efficiency and ensure protocol consistency. The initial SPA program kicked off with Segal Trials, a network based in South Florida with six research sites specializing in psychiatry and psychedelics research. By April 2025, this expanded to 18 U.S.-based SPA sites.

The two pivotal trials under PARADIGM have distinct site footprints, showing a scaling effort to gather robust data:

Trial Name	Indication	Target Enrollment	U.S. Sites (Approx.)	Total Sites (Approx.)
APPROACH	MDD (Phase 3)	220 participants	~30	45 U.S. and European sites
EMBRACE	MDD (Phase 3)	330 participants	Not specified	~60 across U.S., UK, Europe, and Australia

The company is actively leveraging the expertise of key clinical figures, such as Kimball A. Johnson, M.D., and Paul Thielking, to support trial execution. Honestly, having this level of site infrastructure in place is what allows Cybin Inc. to project filing a New Drug Application (NDA) as early as 2026.

Strategic collaboration with psychiatry practices for market access

Preparing for commercialization means building the bridge to the prescribing physician now. Cybin Inc. established a key relationship with Osmind, which is described as a leading service provider to psychiatry practices in the U.S.. This partnership is explicitly designed to accelerate commercial preparation for the clinical-stage pipeline.

The value of this relationship centers on Osmind's existing infrastructure:

• Access to over 800 psychiatry clinics in the U.S..
• Integration of point-of-care software.
• Access to real-world data capabilities.

The focus here is mapping the operational needs for interventional treatments, specifically in areas like pharmacy, fulfillment, patient access, and reimbursement. That's the defintely unglamorous but necessary work for a successful launch.

Formal regulatory communication via the BTD process

The relationship with the U.S. Food and Drug Administration (FDA) is formalized and highly advantageous for Cybin Inc.'s lead asset, CYB003. The company received Breakthrough Therapy Designation (BTD) from the FDA for the adjunctive treatment of MDD. This designation, secured in February 2024, is a significant acknowledgment of the unmet need and the promising Phase 2 data, which showed 71% remission rates at 12 months after two 16mg doses.

The BTD status directly impacts the relationship by:

• Providing an expedited review pathway.
• Offering enhanced FDA guidance throughout development.

This regulatory fast-track status is a core component of the strategy to potentially become one of the first companies to commercialize a psychedelic-derived therapy for MDD.

Investor relations to maintain capital access and confidence

Maintaining confidence with the investment community is crucial for funding multi-year Phase 3 trials. Cybin Inc. has been active in securing capital to support its pipeline advancement, including CYB003 and CYB004. As of June 30, 2025, the company reported cash of US$118.7 million, following a C$135 million cash position as of March 31, 2025.

Key recent financial relationship milestones include:

• A registered direct offering in October 2025, raising aggregate gross proceeds of US$175,009,911.45.
• The net proceeds from that offering are earmarked to repay outstanding unsecured convertible debentures held by High Trail Special Situations LLC.
• Prior to that, on June 30, 2025, the company completed a US$50,000,000 principal amount placement of unsecured convertible debentures with High Trail, part of a potential up to US$500,000,000 financing agreement.

The company has a history of capital activity, having raised funds over 7 funding rounds in total, with the largest being a $150M Post IPO round in March 2024. Cybin Inc. currently has a total of 12 investors, with 11 identified as institutional investors. This consistent access to capital, even while burning cash to advance trials, signals strong investor belief in the near-term catalysts. Finance: review the Q4 2025 cash burn rate against the new capital infusion by next Tuesday.

Cybin Inc. (CYBN) - Canvas Business Model: Channels

You're looking at how Cybin Inc. plans to get its breakthrough neuropsychiatric treatments, like CYB003 for Major Depressive Disorder (MDD) and CYB004 for Generalized Anxiety Disorder (GAD), from the lab bench to the patient's bedside. This is all about the pathways they are building now, well before final approval.

Multinational Clinical Trial Sites

The Phase 3 PARADIGM program for CYB003 is the core engine driving near-term value, requiring a broad network of clinical sites across multiple jurisdictions. This multinational approach helps with enrollment speed and provides data relevant to global regulatory bodies.

The two pivotal studies within PARADIGM show the scale of the current channel deployment:

Study Component	Indication	Target Enrollment	Site Count/Geography
APPROACH™	MDD (Adjunctive)	220 participants	Approximately 45 clinical sites across the United States
EMBRACE™	MDD (Adjunctive)	330 participants	Approximately 60 clinical sites across the United States, United Kingdom, Europe, and Australia

The EMBRACE study received approval to initiate in the United Kingdom, Ireland, Poland, Greece, and Australia.

Specialized Mental Health Clinics and Hospital Networks

For commercialization readiness, Cybin Inc. is using strategic partnerships to map out the future delivery system. The collaboration with Osmind is key here, focusing on operational infrastructure before a sales force is fully built out.

• Partnered with Osmind to accelerate commercial preparation.
• Osmind provides access to an extensive network of over 800 psychiatry clinics in the U.S..
• The partnership focuses on end-to-end mapping for pharmacy, fulfillment, patient access, and reimbursement workflows.

This network access is designed to support the commercialization of both the CYB003 and CYB004 programs.

Direct Regulatory Submissions

The regulatory pathway itself is a primary channel for market entry, leveraging designations to expedite review. Cybin Inc. is focused on direct submissions to the U.S. Food and Drug Administration (FDA) and international bodies.

• CYB003 has received FDA Breakthrough Therapy Designation (BTD) for MDD.
• BTD provides benefits including eligibility for Priority Review and Accelerated Approval.
• BTD also includes all Fast Track Designation features, such as Rolling Review for NDA.
• For a typical Biologics License Application (BLA) submission of 30 GB, the FDA targets an average total duration of 12 hours, including an average upload duration target of 6 hours.

Future Specialized Pharmaceutical Sales Force

While the immediate focus is on clinical execution and commercial preparation via Osmind, the long-term channel for post-approval distribution will involve a dedicated sales force. The company is advancing its proprietary drug delivery systems, such as the intramuscular formulation for CYB004, which is expected to have an experience lasting approximately 90 minutes. Specific financial commitments or headcount numbers for a future specialized sales force have not been publicly detailed as of late 2025, though commercial preparation is underway.

Finance: draft 13-week cash view by Friday.

Cybin Inc. (CYBN) - Canvas Business Model: Customer Segments

You're looking at the core groups Cybin Inc. (CYBN) needs to win over to turn its pipeline into a commercial success. This isn't just about patients; it's about the entire ecosystem that enables access to these novel treatments.

Patients with Major Depressive Disorder (MDD) refractory to current treatment

This is the primary focus for CYB003, the deuterated psilocin analog. The unmet need here is substantial, as the Treatment-Resistant Depression (TRD) market was valued at USD 2.16 billion in 2025, with projections showing growth to USD 3.14 billion by 2030. Globally, TRD impacts roughly 30% of the estimated 280 million people living with MDD. Specifically in the United States, TRD is anticipated to affect approximately 21 million adults. Cybin Inc. is targeting this group with its Phase 3 PARADIGM program, which leverages Phase 2 data showing a 71% remission rate after two doses of CYB003. The company's cash position as of June 30, 2025, was US$118.7 million, bolstered by a recent financing agreement of US$50 million in convertible debentures, providing runway to fund these trials.

The Phase 3 enrollment numbers show the scale of the immediate patient pool being engaged:

Study Component	Target Enrollment	Geographic Scope
APPROACH (Phase 3)	220 participants	U.S. and Europe (across 45 clinical sites as of August 2025)
EMBRACE (Phase 3)	330 participants	U.S., UK, Europe, and Australia (across approximately 60 clinical sites)

The total addressable market for MDD treatment is cited as >300 million people worldwide. If the Phase 3 trials proceed as planned, Cybin Inc. is aiming to submit a New Drug Application (NDA) to the FDA in 2027.

Patients with Generalized Anxiety Disorder (GAD)

CYB004 is the candidate for GAD, utilizing a deuterated DMT molecule. This patient group is also significant, and Cybin Inc. is using a differentiated delivery method-intramuscular-optimized for scalability. The Phase 2 trial for CYB004 allowed for the co-administration of antidepressants, which is a key consideration for this patient segment. Enrollment for this Phase 2 study was expected to be completed in August 2025, with topline data anticipated in the first quarter of 2026. The potential here is to use the GAD data to support dual indication development across both MDD and GAD.

Clinical Psychiatrists and mental health specialists who prescribe novel therapies

These prescribers are the direct channel to the patients. Cybin Inc. has been strategically preparing for commercialization by building out its infrastructure. A key action here is the partnership with Osmind, which provides access to over 800 psychiatry clinics in the U.S., along with point-of-care software. The focus for this segment is demonstrating that the therapy is not just effective in a trial setting but is workable in the real world. The Phase 2 CYB004 trial specifically allowed concomitant antidepressant/anxiolytic treatment, which speaks directly to the real-world prescribing patterns of these specialists.

• Phase 2 CYB004 study allowed concomitant antidepressant/anxiolytic treatment.
• Partnership with Osmind provides access to over 800 U.S. psychiatry clinics.
• The company holds over 90 granted patents, with protections extending to 2041 for CYB003 and 2040 for CYB004, offering exclusivity to attract prescribers.

Global regulatory agencies (FDA, EMA, MHRA) as key gatekeepers

Regulatory buy-in dictates market entry and reimbursement. Cybin Inc. has secured several critical designations that streamline this process. The FDA granted Breakthrough Therapy Designation for CYB003 in 2024. Furthermore, the company received European CTA approval and MHRA approval to commence the EMBRACE study in the UK, establishing a multinational regulatory footprint. The FDA end-of-Phase 2 meeting for CYB003 was expected in early 2024 to finalize the Phase 3 design. The company's operating expenses for Q2 2025 were $28.5 million, reflecting the significant investment required to satisfy these agencies' data requirements.

Key regulatory milestones and financial context include:

• FDA Breakthrough Therapy Designation secured for CYB003 in 2024.
• MHRA approval received for EMBRACE study initiation.
• Projected NDA submission to the FDA is set for 2027.
• Q2 2025 net loss was $33.7 million, showing the cost of regulatory progression.

Finance: draft 13-week cash view by Friday.

Cybin Inc. (CYBN) - Canvas Business Model: Cost Structure

The Cost Structure for Cybin Inc. is heavily weighted toward advancing its lead clinical candidates through late-stage trials, which drives significant operating expenses.

High Research and Development (R&D) expenses for Phase 3 trials

The progression of the CYB003 program into pivotal Phase 3 studies under the PARADIGM program is a primary cost driver. Analyst estimates have been increased to reflect this higher clinical trial activity.

• R&D expense estimates were increased by Canaccord Genuity to account for higher clinical trial activity around the Phase 3 PARADIGM program.
• The second pivotal study, EMBRACE, was planned to enroll 330 participants at approximately 60 clinical sites across the United States, United Kingdom, Europe, and Australia.
• The first pivotal study, APPROACH, expects to enroll 220 participants at approximately 45 U.S. clinical sites.

Historical planned spending for the EMBRACE study initiation, as of December 31, 2024, included an approximate remaining spend of $3,900 (likely in thousands of USD) by mid-2025, following an initial expected spend of approximately $5,484 (likely in thousands of USD) to initiate the study. That's a substantial upfront cost just to get the trial running.

Cash-based operating expenses totaled US$28.5 million for Q2 FY26

Operating costs have increased year-over-year, reflecting the ramp-up in clinical activities.

Metric	Q2 FY26 (Ended Sept 30, 2025)	Q2 FY25 (Year-over-Year Comparison)
Cash-based operating expenses (Research, G&A)	US$28.5 million	US$18.2 million
Cash flows used in operating activities	US$34.5 million	US$19.1 million

The net loss for the same quarter was US$33.7 million.

Intellectual property creation and maintenance costs

Costs are incurred to secure and defend the proprietary nature of Cybin Inc.'s molecules and delivery systems, which is crucial for long-term value capture.

• As of September 30, 2025, the intellectual property portfolio included 100+ granted patents and 250+ pending applications.
• The U.S. patent for the CYB003 program is expected to provide exclusivity until 2041.
• A U.S. patent covering the CYB004 program is expected to provide exclusivity until 2040.

Manufacturing and clinical supply chain costs (e.g., Thermo Fisher Scientific)

Securing manufacturing capacity for late-stage trials and potential commercialization is a fixed and variable cost component, formalized through key partnerships.

Cybin Inc. engaged Thermo Fisher Scientific to support the Phase 3 clinical supply and potential future U.S. commercial manufacturing of CYB003. This engagement covers both drug substance and drug product capsule production at Thermo Fisher's U.S. manufacturing sites, including Florence, South Carolina, and Cincinnati, Ohio.

You're looking at significant commitments to external Contract Development and Manufacturing Organization (CDMO) services to ensure supply for the pivotal program.

Cybin Inc. (CYBN) - Canvas Business Model: Revenue Streams

Cybin Inc. (CYBN) is currently pre-revenue, which is typical for a late-stage clinical biotech company focused on research and development.

The company's financial performance through the second quarter of fiscal year 2026 (ended September 30, 2025) reflects this pre-revenue status, characterized by net losses as operating expenses are driven by clinical trial execution.

Reporting Period End Date	Net Loss (USD/CAD)	Cash Balance (USD/CAD)
December 31, 2024 (Q3 FY2025)	C$10.5 million	C$136.3 million
March 31, 2025 (Q4 & FY2025)	C$31 million (Quarter) / C$113 million (Year)	C$135 million
June 30, 2025 (Q1 FY2026)	US$24.6 million	US$118.7 million
September 30, 2025 (Q2 FY2026)	US$33.7 million	US$83.8 million (before recent financing adjustment)

Future revenue streams are entirely dependent on the successful regulatory approval and subsequent commercial launch of its lead drug candidates, CYB003 and CYB004.

• Future product sales of CYB003 for Major Depressive Disorder (MDD) target a market of >300 million people worldwide.
• The overall psychedelic therapy market is projected to reach $5 billion by 2030.
• CYB003 Phase 2 data showed 71% remission rate after two doses of 16 mg.
• CYB004 Phase 2 study enrollment completion was expected in August 2025, with topline data readout anticipated in Q1 2026.

The company is also positioned to generate revenue through potential non-product sales mechanisms based on its intellectual property and development progress.

• Potential milestone payments from future licensing or co-development deals are a possible revenue source, though no specific amounts are publicly detailed as of late 2025.
• Cybin Inc. holds more than 90 granted patents and has over 230 pending applications.
• Intellectual property protection extends exclusivity until 2041 for CYB003 and 2040 for CYB004.
• A specific U.S. patent (No. 12,318,477) covers the CYB004 intramuscular formulation, which may support premium pricing.

The company has established commercial preparation partnerships, such as with Osmind, which has an 800-clinic network, to support future product distribution.