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Biopharma Co. Cybin Reports $78M Loss Amid Accelerating Expansion In Psychedelic Therapies, Drug Development

Cybin Inc. (AMEX:CYBN) (CBOE: CYBN), a clinical-stage biopharmaceutical company focused on developing next-generation psychedelic treatments for mental health disorders, announced Wednesday its financial results for the fiscal quarter and year ending March 31, 2024, alongside significant strides in psychedelic therapy development.  Cybin reported a net loss of C$78 million ($57 million) for FY 2024, a noticeable increase from C$47 million the previous year. Fiscal Year 2024 Financial Highlights No profits or revenues reported. Net loss was C$78 million. Cash totaled C$209 million as of March 31, 2024. Closed oversubscribed private placement of $150 million led by a syndicate of leading biopharmaceutical institutional investors. Q4 2024 Financial Highlights Net loss was C$21 million for the quarter ended March 31, 2024, compared to a net loss of C$14 million in the same period last year. Cash-based operating expenses consisting of research, general, and administrative costs totaled C$24 million, compared to C$13 million, in the prior year quarter. Cash flows used in operating activities were C$21 million, compared to C$11 million in the same period last year. Despite these losses, the company maintained a robust cash reserve of C$209 million, bolstered by a ...