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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


Form 6-K/A
Amendment No. 1

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of February 2024.
Commission File Number: 001-40673


Cybin Inc.
(Exact Name of Registrant as Specified in Charter)

100 King Street West, Suite 5600, Toronto, Ontario, M5X 1C9
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F  □  Form 40-F
EXPLANATORY NOTE

Cybin Inc. (the "Company") is filing this Amendment No. 1 on Form 6-K/A (the "Amendment") solely to incorporate by reference Exhibits 99.1 and 99.2 to this Amendment into the
Company's Registration Statement on Form F-10 (File No. 333-276333). Except as set forth herein, the remainder of the version originally filed with the Securities and Exchange Commission on February 14, 2024 remains unchanged.
INCORPORATION BY REFERENCE

Exhibits 99.1 and 99.2 of this Amendment of the Company are hereby incorporated by reference into the Registration Statement on Form F-10 (File No. 333-272706) and the Registration Statement on Form F-10 (File No. 333-276333) of the Company, as amended or supplemented.

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
  CYBIN INC.
February 15, 2024(Registrant)
    
By:/s/ Doug Drysdale
  Name:Doug Drysdale
  Title:Chief Executive Officer





EXHIBIT INDEX

        













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CYBIN INC.
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2023
(UNAUDITED)






TO OUR SHAREHOLDERS
The accompanying unaudited condensed interim consolidated financial statements of Cybin Inc. ("Cybin") have been prepared by and are the responsibility of Cybin's management in accordance with International Accounting Standards (“IAS”) 34, Interim Financial Reporting as issued by the International Accounting Standards Board ("IASB''). These unaudited condensed interim consolidated financial statements do not include all the information and notes required by International Financial Reporting Standards ("IFRS'') for annual financial statements and should be read in conjunction with Cybin’s annual financial statements and notes for the year ended March 31, 2023, which are available on SEDAR+ at www.sedarplus.com.


CYBIN INC.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(All amounts expressed in thousands of Canadian dollars)
(Unaudited)
As at
Notes
December 31, 2023
March 31, 2023
 
$$
ASSETS
Current
Cash
38,99916,633
Accounts receivable
4,2563,050
Prepaid expenses
3,3121,733
               Other current assets
2,1521,769
 
Total Current Assets48,71923,185
 
Non-current
Equipment
4300450
Intangible assets
544,2475,470
Right-of-use asset6356
Goodwill
736,10224,792
 
Total Non-Current Assets81,00530,712
TOTAL ASSETS129,72453,897
LIABILITIES
Current
Accounts payable and accrued liabilities
8,1375,663
Lease liabilities6324
Total Current Liabilities8,4615,663
Non-current
Lease liabilities642
Total Non- Current Liabilities42
 
TOTAL LIABILITIES8,5035,663
SHAREHOLDERS' EQUITY
Share capital
8251,247158,162
Contributed surplus
4,2362,102
Options reserve
838,92227,283
Warrants reserve
832,13910,873
Accumulated other comprehensive loss
(438)(2,035)
Deficit
(204,885)(148,151)
 
TOTAL SHAREHOLDERS' EQUITY121,22148,234
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY129,72453,897
Corporate information (note 1)
Contracts, commitments and contingencies (note 12)
Subsequent events (note 16)
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
These condensed interim consolidated financial statements were approved for issue on February 14, 2024 by the board of directors and signed on its behalf by:
/s/ Paul Glavine Director                                 /s/ Eric So Director


CYBIN INC.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(All amounts expressed in thousands of Canadian dollars, except share and per share amounts)
(Unaudited)

Three months ended December 31,Nine months ended December 31,
Notes
2023
2022
2023
2022
$$$$
EXPENSES
Research
107,439
    6,256
20,519
    17,445
General and administrative costs
119,657
    4,859
20,505
    16,165
Share-based compensation
89,928
    978
12,617
    4,205
TOTAL EXPENSES27,02412,09353,64137,815
OTHER INCOME (EXPENSES)
Interest income
141
    157
277
    455
Foreign currency translation gain (loss)
(3,447)
    1,353
(3,370)
    4,067
 Change in fair value of investments measured at fair value through profit or loss
    (159)
    (135)
      Contingent consideration accretion
    —
    (13)
Change in fair value of contingent consideration
    —
    (329)
TOTAL OTHER INCOME (EXPENSES)(3,306)1,351(3,093)4,045
NET LOSS FOR THE PERIOD
    (30,330)
    (10,742)
    (56,734)
    (33,770)
OTHER COMPREHENSIVE LOSS
Foreign currency translation differences for foreign operations
    1,636
    (1,601)
    1,597
    (1,672)
COMPREHENSIVE LOSS FOR THE PERIOD
    (28,694)
    (12,343)
    (55,137)
    (35,442)
Basic loss per share for the period attributable to common shareholders(0.09)(0.06)(0.23)(0.19)
Weighted average number of common shares outstanding - basic333,679,544188,887,344248,756,408181,902,462
The accompanying notes are an integral part of these condensed interim consolidated financial statements.


CYBIN INC.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
For the nine-month periods ended December 31, 2023 and 2022
(All amounts expressed in thousands of Canadian dollars, except share amounts)
(Unaudited)
Share capitalReserves
NoteNumber of sharesAmountWarrantsOptionsContributed surplusDeficitAccumulated other comprehensive income (loss)Total
#$$$$$$$
Balance at March 31, 2022 
    175,111,654
    141,451
    11,423
    23,783
    525
    (100,661)
    (366)
    76,155
At-the-market offering - net of share issuance costs
    11,258,683
    8,057
    8,057
Shares issued on Adelia milestones
    3,603,742
    2,988
    —
    —
    —
    —
    —
    2,988
Warrants exercised8
    1,164,638
    527
    (165)
    —
    —
    —
    —
    362
Options forfeited
    —
    —
    —
    (1,180)
    1,180
    —
    —
    —
Warrants forfeited
    —
    —
    (397)
    —
    397
    —
    —
Finders' warrants8
    —
    (6)
    6
    —
    —
    —
    —
    —
Share-based compensation8
    —
    —
    6
    4,199
    —
    —
    —
    4,205
Unrealized gain on translation of foreign operations
    —
    —
    —
    —
    —
    —
    (1,672)
    (1,672)
Net loss for the period
    —
    —
    —
    —
    —
    (33,770)
    —
    (33,770)
Balance at December 31, 2022
    191,138,717
    153,017
    10,873
    26,802
    2,102
    (134,431)
    (2,038)
    56,325
Balance at March 31, 2023
    200,634,154
    158,162
    10,873
    27,283
    2,102
    (148,151)
    (2,035)
    48,234
Share issuance net of share issuance costs890,931,37326,12122,442
    —
    —
    —
    —
    48,563
Share issuance on business acquisition380,945,25451,805
    —
    —
    —
    —
    —
    51,805
At-the-market offering - net of share issuance costs834,140,50714,849
    —
    —
    —
    —
    —
    14,849
Shares issued through LPC purchase agreement - net of share issuance costs81,925,000234
    —
    —
    —
    —
    —
    234
Issuance of common shares as commitment fee for financing82,538,844
    —
    —
    —
    —
    —
    —
    —
Options expired8
    —
(978)978
    —
    —
    —
Warrants exercised8101,00076(20)
    —
    —
    56
Warrants expired8(1,156)1,156
    —
    —
    —
Share-based compensation8,9
    —
    —
    —
12,617
    —
    —
    12,617
Unrealized gain on translation of foreign operations
    —
    —
    —
    —
    —
1,597
    1,597
Net loss for the period 
    —
    —
    —
    —
    —
    (56,734)
    —
    (56,734)
Balance at December 31, 2023 
    411,216,132
    251,247
    32,139
    38,922
    4,236
    (204,885)
    —
    (438)
    —
    121,221
The accompanying notes are an integral part of these condensed interim consolidated financial statements.


CYBIN INC.
CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
(All amounts expressed in thousands of Canadian dollars)
(Unaudited)
Nine months ended December 31,
Notes
2023
2022
$$
OPERATING ACTIVITIES
Net loss for the period(56,734)(33,770)
Adjustments for items not affecting cash:
Interest income(18)
 Depreciation and amortization
4,5&6282183
Share-based compensation
12,6174,205
Lease interest64
Computer equipment write-down18
          Change in fair value of investments measured at fair value through profit or loss
135
Contingent consideration accretion
13
Change in fair value of contingent consideration
329
Unrealized foreign currency translation loss (gain)
2,483(4,021)
    (41,330)
    (32,944)
Net changes in non-cash working capital items:
Accounts receivable
(869)(495)
Prepaid expenses
(1,406)(1,620)
Other current assets
(383)(641)
Accounts payable and accrued liabilities
(4,213)(893)
Net cash flows used in operating activities
    (48,201)
    (36,593)
INVESTING ACTIVITIES
Cash acquired on acquisition7,632
Purchase of intangible assets5(482)(2,949)
Purchase of equipment
4(13)(142)
Net cash flows used in investing activities
    7,137
    (3,091)
FINANCING ACTIVITIES
Proceeds on issuance of common shares, net863,6468,057
Lease payments6(56)
Shares issued for cash - warrant exercise
856362
Net cash flows from financing activities
    63,646
    8,419
 
Effects of exchange rate changes on cash(216)135
 
Net change in cash
    22,366
    (31,130)
Cash, beginning of period16,63353,641
Cash, end of period
    38,999
    22,511
Certain non-cash transactions excluded from the condensed interim consolidated statements of cash flows are disclosed in note 3.
The accompanying notes are an integral part of these condensed interim consolidated financial statements.


CYBIN INC.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 December 31, 2023
(All amounts expressed in thousands of Canadian dollars, except share and per share amounts, and those otherwise stated in US dollars, Euros and Great Britain pounds which are in thousands.)
(Unaudited)

1.    CORPORATE INFORMATION
Cybin Inc. (“Cybin”), was incorporated under the Business Corporations Act (British Columbia) on October 13, 2016. These consolidated financial statements include the accounts of Cybin’s eight subsidiaries (together with Cybin, the “Company”): Cybin Corp., Natures Journey Inc. (“Journey”), Serenity Life Sciences Inc. (“Serenity”), Cybin US Holdings Inc. (“Cybin US”), Adelia Therapeutics Inc. (“Adelia”) Cybin IRL Limited (“Cybin IRL”), Cybin UK Ltd., and Small Pharma Inc. (“Small Pharma”). Cybin’s head office, principal address and registered address and records office is 100 King Street West, Suite 5600, Toronto, Ontario M5X 1C9.
The Company is a biopharmaceutical company focused on advancing psychedelic-based therapies, delivery mechanisms, novel compounds and protocols as potential treatments for various psychiatric and neurological conditions. The Company is developing technologies and delivery systems aimed at improving the pharmacokinetics of its psychedelic-based molecules while retaining therapeutic benefit. These new molecules and delivery systems are expected to be studied through clinical trials to confirm safety and efficacy.
These condensed interim consolidated financial statements as at, and for the three and nine months ended, December 31, 2023, were approved and authorized for issue by the board of directors on February 13, 2024.
Stock exchange listing
Cybin’s common shares (“Common Shares”) are listed for trading on Cboe Canada, and NYSE American LLC under the symbol “CYBN” and are quoted on the Frankfurt Stock Exchange under the symbol “R7E1”.
Going concern
These condensed interim consolidated financial statements are prepared on a going concern basis, which contemplates that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of business. At present, the Company’s operations do not generate cash flows and, as at December 31, 2023, the Company had an accumulated deficit of $204,885 (March 31, 2023 - $148,151 ), cash of $38,999(March 31, 2023 - $16,633) and working capital of $40,258 (March 31, 2023 - $17,522), and a net loss of $56,734 (2022 - $33,770) and negative cash flows from operations of $48,201 (2022 - $36,593) for the nine month period ended December 31, 2023. In order to continue as a going concern and meet its corporate objectives, the Company is dependent on its ability to obtain additional financing. There is no assurance that the Company will be able to obtain adequate financing in the future or that such financing will be on terms advantageous to the Company.
These condensed interim consolidated financial statements do not reflect the adjustments or reclassifications of assets and liabilities which would be necessary if the Company were unable to continue as a going concern and therefore were required to realize its assets and liquidate its liabilities and commitments in the normal course of business operations and at amounts different from those in the accompanying condensed interim consolidated financial statements.

Page 7 of 32

CYBIN INC.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 December 31, 2023
(All amounts expressed in thousands of Canadian dollars, except share and per share amounts, and those otherwise stated in US dollars, Euros and Great Britain pounds which are in thousands.)
(Unaudited)
2.    MATERIAL ACCOUNTING POLICY INFORMATION AND BASIS OF PREPARATION

Statement of compliance
These condensed interim consolidated financial statements for the three and nine months ended December 31, 2023 have been prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting”. Accordingly, certain information and footnote disclosure normally included in annual financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) have been omitted or condensed.
The accounting policies adopted in the preparation of the condensed interim consolidated financial statements are consistent with those set out in note 2 “Significant accounting policies and basis of preparation” of the Company’s annual consolidated financial statements for the year ended March 31, 2023.
These condensed interim consolidated financial statements should be read in conjunction with the consolidated financial statements for the year ended March 31, 2023.

Basis of measurement
These condensed interim consolidated financial statements have been prepared on a going concern basis, under the historical cost convention, except for certain financial instruments classified at fair value upon initial recognition.

Functional and presentation currency
The functional currency of a company is the currency of the primary economic environment in which the company operates. The presentation currency for a company is the currency in which the company chooses to present its financial statements.
These condensed interim consolidated financial statements are presented in Canadian dollars, the Company’s presentation currency. The Company’s and its subsidiaries functional currencies are as follows:
EntityCurrencyOwnership
Cybin Corp.Canadian dollars100%
JourneyCanadian dollars100%
SerenityCanadian dollars100%
Cybin US1
Canadian dollars100%
AdeliaU.S. dollars100%
Cybin IRLU.S. dollars100%
Cybin UK Ltd.2
Great Britain pounds100%
Small Pharma Inc.3
Canadian dollars100%
1 For accounting purposes, Cybin US is a wholly-owned subsidiary of Cybin. Certain former shareholders of Adelia hold Class B Shares (defined below) in Cybin US.
2 & 3Cybin UK Ltd and Small Pharma Inc. are wholly-owned subsidiaries of Cybin, which were acquired on October 23, 2023.
Page 8 of 32

CYBIN INC.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 December 31, 2023
(All amounts expressed in thousands of Canadian dollars, except share and per share amounts, and those otherwise stated in US dollars, Euros and Great Britain pounds which are in thousands.)
(Unaudited)

Material accounting policy information
These condensed interim consolidated financial statements have been prepared using the same accounting policies and methods as those used in the Company’s annual consolidated financial statements for the year ended March 31, 2023.
Use of significant estimates and assumptions
The preparation of financial statements in accordance with IAS 34 requires the use of certain significant estimates and assumptions. It also requires management to exercise judgment when applying the Company’s accounting policies. The critical accounting estimates and judgments have been set out in note 3 of the Company’s annual consolidated financial statements for the year ended March 31, 2023.


New standards and interpretations not yet adopted
A number of new standards, amendments to standards and interpretations are not yet effective as at December 31, 2023, and have not been applied in preparing these condensed interim consolidated financial statements. Management has determined that none of these will have a significant effect on the condensed interim consolidated financial statements of the Company.

3. ACQUISITION

On October 23, 2023, Cybin completed the acquisition of Small Pharma and its wholly-owned subsidiary Small Pharma Ltd. (the “Acquisition”) and issued 0.2409 Common Shares for every one common share of Small Pharma outstanding, resulting in a total of 80,945,254 Common Shares being issued to Small Pharma shareholders. As a result of the Acquisition, Small Pharma became a wholly-owned subsidiary of Cybin. On December 16, 2023 the Company changed the name of Small Pharma Ltd to Cybin UK Ltd.

In connection with the Acquisition, all unvested options of Small Pharma were vested and holders were able to exercise their options prior to the close of the transaction. All remaining stock options of Small Pharma at October 23, 2023 were cancelled and compensation of $0.001 per stock option was paid to the optionees.

As at October 23, 2023 Small Pharma’s patent portfolio consisted of 17 active patent families with 92 pending applications and 30 granted patents across its psychedelic and non-psychedelic portfolio.

The Company has determined that the Acquisition was a business combination under IFRS. In accordance with the measurement period permitted under IFRS 3 - Business Combinations, the fair value of the assets acquired and liabilities assumed have been estimated as follows for the purposes of these condensed interim consolidated financial statements. This fair valuation is provisional, and its finalization will be completed within one year from the business combination date as allowed under IFRS 3 and adjusted retrospectively.

Page 9 of 32

CYBIN INC.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 December 31, 2023
(All amounts expressed in thousands of Canadian dollars, except share and per share amounts, and those otherwise stated in US dollars, Euros and Great Britain pounds which are in thousands.)
(Unaudited)

Acquisition Summary
Share Consideration$    51,805
Fair value of purchaser consideration$    51,805
Provisional Allocation of Purchase Price
Current assets$    8,142
Net equipment37
Intellectual property38,443
Right of use asset412
Lease liability(415)
Liabilities assumed(6,686)
Goodwill11,872
Total allocation of purchase price$    51,805


A professional valuator has been engaged by the Company to estimate the value of the assets of Small Pharma for
the purpose of the final purchase price allocation. Accordingly, the above estimated values may be subject to change.

As at February 28, 2023, Small Pharma had Canadian loss carry forwards of $9,393 and UK loss carry forwards (stated in Canadian dollars) of $46,631. No value has been ascribed to loss carry forward in these condensed interim consolidated financial statements. Tax values of assets acquired may differ from their accounting values.
The following revenue and net income (loss) is attributable to the period subsequent to the Acquisition and included in the Company’s consolidated financial statements for the three months ended December 31, 2023:

Revenue$— 
Net loss$     (1,666)

Page 10 of 32

CYBIN INC.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 December 31, 2023
(All amounts expressed in thousands of Canadian dollars, except share and per share amounts, and those otherwise stated in US dollars, Euros and Great Britain pounds which are in thousands.)
(Unaudited)
4.    EQUIPMENT
Equipment consists as follows:
Cost
Lab Equipment
Computer Equipment
Total
$
$
$
Balance as at March 31, 2023664239903
Acquisition from Small Pharma3737
Additions1313
Computer equipment write-down(18)(18)
Effect of foreign exchange(15)1(14)
Balance as at December 31, 2023649272921
Accumulated Depreciation
Balance as at March 31, 2023290163453
Depreciation charge10472176
Effect of foreign exchange(8)(8)
Balance as at December 31, 2023386235621
Net book value as at March 31, 2023
    374
    76
    450
Net book value as at December 31, 202326337300

Page 11 of 32

CYBIN INC.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 December 31, 2023
(All amounts expressed in thousands of Canadian dollars, except share and per share amounts, and those otherwise stated in US dollars, Euros and Great Britain pounds which are in thousands.)
(Unaudited)
5.    INTANGIBLE ASSETS
Cost
IP Research & Development
Patents
Licenses
Software
Total
$
$
$
$
$
Balance as at March 31, 20233,0769781,37974
    5,507
Acquisition from Small Pharma38,443
    38,443
Additions482
    482
Effect of foreign exchange(49)(22)(31)
    (102)
Balance as at December 31, 2023
    41,470
    1,438
    1,348
    74
    44,330
Accumulated Amortization
Balance as at March 31, 2023191837
Amortization charge2818
    46
Balance as at December 31, 2023473683
Net book value as at March 31, 2023
    3,076
    978
    1,360
    56
5,470
Net book value as at December 31, 2023
    41,470
    1,438
    1,301
    38
    44,247
Page 12 of 32

CYBIN INC.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 December 31, 2023
(All amounts expressed in thousands of Canadian dollars, except share and per share amounts, and those otherwise stated in US dollars, Euros and Great Britain pounds which are in thousands.)
(Unaudited)
6. LEASES

RIGHT-OF-USE -ASSET
Cost
Balance as at March 31, 2023$    —
Additions412
Effect of foreign exchange5
Balance as at December 31, 2023$    417
Accumulated amortization
Balance as at March 31, 2023$    —
Amortization60
Effect of foreign exchange1
Balance as at December 31, 2023$    61
Net book value, December 31, 2023$    356
LEASE LIABILITY
Balance as at March 31, 2023$    —
Additions415
Interest accretion4
Effect of foreign exchange3
Payments(56)
Balance as at December 31, 2023366
Current lease liabilities$    324
Non-current lease liabilities$    42
Page 13 of 32

CYBIN INC.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 December 31, 2023
(All amounts expressed in thousands of Canadian dollars, except share and per share amounts, and those otherwise stated in US dollars, Euros and Great Britain pounds which are in thousands.)
(Unaudited)
7.    GOODWILL
Goodwill is recognized at the acquisition date when total consideration exceeds the net identifiable assets acquired.

Cost
$
Balance as at March 31, 202324,792
Addition (note 3)11,872
Effect of foreign exchange(562)
Balance as at December 31, 202336,102

8.    SHARE CAPITAL
a)Authorized share capital
The authorized share capital of Cybin consists of an unlimited number of Common Shares and an unlimited number of preferred shares without par value. The board of directors of Cybin would determine the designation, rights, privileges, and conditions attached to any preferred shares prior to issuance.
b)Issued share capital
Common Shares
On August 8, 2022, the Company established an at-the-market equity program (the “2022 ATM Program”) that allowed the Company to issue and sell up to US$35,000 of Common Shares from treasury to the public, from time to time. Distributions of Common Shares under the 2022 ATM Program were made pursuant to the terms and conditions of an at-the-market equity distribution agreement (the “2022 Distribution Agreement”) dated August 8, 2022 among the Company, Cantor Fitzgerald Canada Corporation and Cantor Fitzgerald & Co. The 2022 ATM Program was effective until August 5, 2023 when it automatically terminated in accordance with the terms of the Distribution Agreement.
On August 23, 2023, the Company established a new at-the-market equity program (the “2023 ATM Program” and together with the 2022 ATM Program, the “ATM Programs”) that allows the Company to issue and sell up to US$35,000 of Common Shares from treasury to the public, from time to time. Distributions of Common Shares under the 2023 ATM Program are made pursuant to the terms and conditions of an at-the-market equity distribution agreement (the “2023 Distribution Agreement”) dated August 23, 2023, among the Company, Cantor Fitzgerald Canada Corporation and Cantor Fitzgerald & Co. The 2023 ATM Program is to be effective until the earlier of the issuance and sale of all of the Common Shares issuable pursuant to the 2023 ATM Program and September 17, 2025, unless earlier terminated in accordance with the terms of the 2023 Distribution Agreement.
During the nine- month period ended December 31, 2023, the Company sold 34,140,507 Common Shares under the ATM Programs at an average price of $0.4549 (US$0.3374) per Common Share, for aggregate gross proceeds
Page 14 of 32

CYBIN INC.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 December 31, 2023
(All amounts expressed in thousands of Canadian dollars, except share and per share amounts, and those otherwise stated in US dollars, Euros and Great Britain pounds which are in thousands.)
(Unaudited)
of $15,532 (US$11,518). Share issuance costs related to the ATM Programs for the nine- month period ended December 31, 2023 were $683.
The Company sold a total of 54,894,627 Common Shares under the ATM Program at an average price of $0.5408 (US$0.4018) per Common Share, for aggregate gross proceeds of $29,684 (US$22,059).) Share issuance costs related to the ATM Program were $1,109.
On May 30, 2023, the Company entered into an agreement (the “LPC Agreement”) with Lincoln Park Capital Fund, LLC (“LPC”). Subject to the terms and conditions of the LPC Agreement, the Company has the right to sell, and LPC is obligated to purchase, up to US$30,000 of Common Shares over a 36-month period at prices that are based on the market price at the time of each sale to LPC. Cybin, in its sole discretion, controls the timing and amount of all sales of Common Shares under the LPC Agreement. During the nine-month period ended December 31, 2023, the Company sold 1,925,000 Common Shares, at an average price of $0.3236 (US$0.2417) per Common Shares, for aggregate gross proceeds of $623 (US$465) pursuant to the LPC Agreement. Share issuance costs related to the LPC Agreement for the nine-month period ended December 31, 2023 were $389 (US$288).
Cybin has the right to terminate the LPC Agreement at any time at no cost or penalty. LPC has agreed not to engage in any short selling or hedging activity of any kind in the Common Shares. As consideration for LPC’s obligation to purchase Common Shares from the Company at its direction under the LPC Agreement, Cybin issued 2,538,844 Common Shares to LPC as a commitment fee on May 30, 2023. The LPC Agreement provides that Cybin may not issue or sell any Common Shares to LPC under the LPC Agreement which, when aggregated with all other Common Shares then beneficially owned by LPC and its affiliates (as calculated pursuant to Section 13(d) of the U.S. Securities Exchange Act of 1934, as amended, and Rule 13d-3 thereunder), would result in LPC beneficially owning more than 9.99% of the outstanding Common Shares. On July 31, 2023, Cybin announced that it had suspended all sales under the LPC Agreement. On August 23, 2023, the Company filed a prospectus supplement to the base shelf prospectus dated August 17, 2023 to re-qualify sales of up to US$30,000 of the Company’s Common Shares pursuant to the LPC Agreement.
On August 4, 2023, the Company completed a public offering (the “August 2023 Offering”) of 24,264,706 units of the Company (the “August 2023 Units”) at a price of US$0.34 per August 2023 Unit for gross proceeds of $11,018(US$8,250) pursuant to a supplement to the Company’s short form base shelf prospectus dated July 5, 2021. Each August 2023 Unit is comprised of one Common Share and one Common Share purchase warrant (the “August 2023 Warrants”). Each August 2023 Warrant is exercisable to acquire one Common Share at a price of $0.53(US$0.40) for a period of 60 months from issuance, subject to acceleration in certain circumstances. In connection with the Offering, Cybin paid the underwriters a cash commission of $506(US$379) and incurred additional share issuance costs, being professional fees of $619(US$458).
On November 14, 2023, the Company completed a public offering (the “November 2023 Offering”) of 66,666,667 units of the Company (the “November 2023 Units”) at a price of US$0.45 per November 2023 Unit for gross proceeds of $41,107(US$30,000) pursuant to a supplement to the Company’s short form base shelf prospectus dated August 17, 2023. Each November 2023 Unit is comprised of one Common Share and one Common Share purchase warrant (the “November 2023 Warrants”). Each November 2023 Warrant is exercisable to acquire one Common Share at a price of$0.70 (US$0.51) between May 14, 2024 and May 14, 2029, subject to
Page 15 of 32

CYBIN INC.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 December 31, 2023
(All amounts expressed in thousands of Canadian dollars, except share and per share amounts, and those otherwise stated in US dollars, Euros and Great Britain pounds which are in thousands.)
(Unaudited)
acceleration in certain circumstances. In connection with the November 2023 Offering, Cybin paid the underwriters a cash commission of $2,096(US$1,530) and incurred additional share issuance costs being professional fees of $341(US$248).
Preferred Shares
As at December 31, 2023, the Company has nil preferred shares outstanding (March 31, 2023 - nil).
Cybin US Class B Shares
As at December 31, 2023, 530,542.1 class B common shares of Cybin US (“Class B Shares”) were outstanding, and were exchangeable for a total of 5,305,421, Common Shares. On January 3, 2024 holders exchanged an aggregate of 494,457.4 Class B Shares for 4,944,574 Common Shares. These condensed interim consolidated financial statements reflect all of the issued Class B Shares on an as-converted basis.
c) Warrants
On August 4, 2023, Cybin issued 24,264,706 “August 2023 Warrants” in connection with the August 2023 Offering. Each August 2023 Warrant is exercisable to acquire one Common Share at a price of US$0.40 per Common Share until August 4, 2028, subject to acceleration in certain circumstances.
The Company estimated the aggregate fair value of the August 2023 Warrants using the Black-Scholes option pricing model to be $4,559(US$3,442) with the following assumptions:
Risk-free interest rate                  3.87%
Expected annual volatility rate based on comparable companies                      95.0%
Expected life (in years)                                      5.00
Expected divided yield                                      0.00%
Share price                                         US$ 0.34
Exercise price                                     US$ 0.40
On November 14, 2023, Cybin issued 66,666,667 “November 2023 Warrants” in connection with the November 2023 Offering. Each November 2023 Warrant is not exercisable until the date that is six months after the issuance date (May 14, 2024). The November 2023 Warrants are exercisable for a five- year period (May 14, 2024 – May 14, 2029) to acquire one Common Share at a price of US$0.51, subject to acceleration in certain circumstances.
The Company estimated the aggregate fair value of the November 2023 Warrants using the Black-Scholes option pricing model to be $17,193(US$12,299) with the following assumptions:
Risk-free interest rate                  3.76%
Expected annual volatility rate based on comparable companies                      95.0%
Expected life (in years)                                      5.50
Expected divided yield                                      0.00%
Share price                                         US$ 0.46
Exercise price                                     US$ 0.51
Page 16 of 32

CYBIN INC.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 December 31, 2023
(All amounts expressed in thousands of Canadian dollars, except share and per share amounts, and those otherwise stated in US dollars, Euros and Great Britain pounds which are in thousands.)
(Unaudited)

The continuity of the outstanding warrants for the nine-month period ended December 31, 2023, is as follows:
Number of Warrants
Weighted average exercise price
$
Common Share Purchase Warrants
As at March 31, 202323,230,4851.29
Issued90,931,3730.67
Exercised(101,000)0.53
Expired(658,860)3.40
Outstanding as at December 31, 2023113,401,9980.77
Exercisable as at December 31, 202346,735,3310.87
Unit Purchase Warrants (1)
As at March 31, 2023868,7402.25
Exercised
    —
    —
Outstanding as at December 31, 2023868,7402.25
Exercisable as at December 31, 2023868,7402.25
(1) Each unit consists of one Common Share and one half of one Common Share purchase warrant, with each Common Share purchase warrant being exercisable to acquire one Common Share at an exercise price of $3.25 per Common Share.
Page 17 of 32

CYBIN INC.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 December 31, 2023
(All amounts expressed in thousands of Canadian dollars, except share and per share amounts, and those otherwise stated in US dollars, Euros and Great Britain pounds which are in thousands.)
(Unaudited)
The following summarizes information about warrants outstanding at December 31, 2023:
Date of Expiry
Warrants outstanding
Warrants exercisable
Weighted average of exercisable price
Estimated grant date fair value
Weighted average remaining contractual life
$
$000’s
Years
Common Share Purchase Warrants
February 4, 20247,146,5007,146,5003.255,5300.10
June 15, 202512,800,00012,800,0000.252,3191.46
August 20, 20251,475,1251,475,1250.646801.64
November 15, 20251,150,0001,150,0000.252201.88
August 4, 2028(1)
24,163,70624,163,706US$0.404,5784.59
May 14, 2029(2)
66,666,667US$0.5117,8425.37
113,401,99846,735,3310.8731,1694.34
Unit Purchase Warrants (3)
February 4, 2024868,740868,7402.259700.10
868,740868,7402.259700.10
1) On August 4, 2023, the August 2023 Warrants were issued at UD$0.40 which was equivalent to $0.53.
(2) On November 14, 2023, the November 2023 Warrants were issued at US$0.51 which was equivalent to $0.70.
(3) Each unit consists of one Common Share and one half of one Common Share purchase warrant, with each Common Share purchase warrant being exercisable to acquire one Common Share at an exercise price of $3.25 per Common Share.    
d)Stock options
On November 5, 2020, Cybin adopted an equity incentive plan. Under the plan, the board of directors may grant share-based awards to acquire such number of Common Shares as is equal to up to 20% of the total number of issued and outstanding Common Shares at the time such awards are granted. Options granted under the plan vest over a period of time at the discretion of the board of directors. On August 16, 2021, the board of directors and the shareholders approved an amendment to the equity incentive plan to modify certain provisions for
Page 18 of 32

CYBIN INC.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 December 31, 2023
(All amounts expressed in thousands of Canadian dollars, except share and per share amounts, and those otherwise stated in US dollars, Euros and Great Britain pounds which are in thousands.)
(Unaudited)
awards granted to residents of the United States, to increase the fixed number of Incentive Stock Options (as defined in the plan) and certain other housekeeping amendments.
The changes in options for the nine-month period ended December 31, 2023 are as follows:
Number of Options
Weighted average exercise price
$
As at March 31, 202329,569,8001.36
Granted38,425,0000.67
Forfeited/Expired(900,000)1.37
Outstanding as at December 31, 202367,094,8000.94
Exercisable as at December 31, 202354,787,3001.01
During the nine- month period ended December 31, 2023, the Company completed the following option issuances:

On June 29, 2023, the Company granted options to purchase up to 11,615,000 Common Shares, of which 3,991,000 were granted to employees, 3,763,000 were granted to officers of the Company, 3,076,000 were granted to consultants, and 785,000 were granted to directors of the Company. The granted options have an exercise price of $0.44 per Common Share and expire on June 30, 2028. The granted options have different vesting schedules; 1,500,000 options vested immediately, 700,000 options vest over three months, 100,000 options vest over one year, and 9,315,000 options vest over two years. The aggregate estimated grant date fair value was determined to be $4,080, calculated using the Black-Scholes option pricing model with the following assumptions:
Risk-free interest rate
    3.78    %
Expected annual volatility, based on comparable companies
    95.00    %
Expected life (in years)
5.00
Expected dividend yield
    0.00    %
Share price
$    0.47
Exercise price
$    0.44

On September 26, 2023, the Company granted options to purchase up to 1,210,000 Common Shares, of which 135,000 were granted to an employee and, 1,075,000 were granted to consultants. The granted options have an exercise price of $0.79 per Common Share, and 975,000 options expire on September 26, 2026 and the remaining 235,000 options expire on September 26, 2028. The granted options have different vesting schedules. 375,000 options vest over three months, 200,000 options vest over six months, 400,000 options vest over one year, 100,000 options vest over fifteen months, and 135,000 options vest over 18 months.

Page 19 of 32

CYBIN INC.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 December 31, 2023
(All amounts expressed in thousands of Canadian dollars, except share and per share amounts, and those otherwise stated in US dollars, Euros and Great Britain pounds which are in thousands.)
(Unaudited)
The aggregate estimated grant date fair value was determined to be $577, calculated using the Black-Scholes option pricing model with the following assumptions:
Options granted on September 26, 2023 and expiring on September 26, 2026.
Risk-free interest rate
    4.68    %
Expected annual volatility, based on comparable companies
    85.00    %
Expected life (in years)
    3.00
Expected dividend yield
    0.00    %
Share price
$    0.79
Exercise price
$    0.79

Options granted on September 26, 2023 and expiring on September 26, 2028.
Risk-free interest rate
      4.28    %
Expected annual volatility, based on comparable companies
    95.00    %
Expected life (in years)
    5.00
Expected dividend yield
    0.00    %
Share price
$    0.79
Exercise price
$    0.79


On November 16, 2023, the Company granted options to purchase up to 25,600,000 Common Shares, of which 22,200,000 were granted to officers, 1,600,000 were granted to directors, 1,300,000 were granted to employees and 500,000 were granted to a consultant. The granted options have an exercise price of CAD$0.715 per Common Share, 500,000 options expire on November 16, 2026 and the remaining 25,100,000 options expire on November 16, 2028. The granted options have different vesting schedules. 18,850,00 options vest immediately and 6,750,000 options vest over two years.
The aggregate estimated grant date fair value was determined to be $10,907, calculated using the Black-Scholes option pricing model with the following assumptions:
Options granted on November 16, 2023 and expiring on November 16, 2026.

Page 20 of 32

CYBIN INC.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 December 31, 2023
(All amounts expressed in thousands of Canadian dollars, except share and per share amounts, and those otherwise stated in US dollars, Euros and Great Britain pounds which are in thousands.)
(Unaudited)
Risk-free interest rate
    4.28    %
Expected annual volatility, based on comparable companies
    85.00    %
Expected life (in years)
    3.00
Expected dividend yield
    0.00    %
Share price
$    0.60
Exercise price
$    0.72


Options granted on November 16, 2023 and expiring on November 16, 2028.

Risk-free interest rate
    4.28    %
Expected annual volatility, based on comparable companies
    95.00    %
Expected life (in years)
    5.00
Expected dividend yield
    0.00    %
Share price
$    0.60
Exercise price
$    0.72
During the nine-month period ended December 31, 2023, the Company amended the expiry dates of certain options with former employees and consultants of the Company.
The following summarizes information about stock options outstanding on December 31, 2023:
Exercise Price
Number of
options
 outstanding
Number of
 options
exercisable
Weighted
 average
 remaining life
Recognized
estimated grant
date fair value
Expiry date
$
Years
$000’s
February 8, 20240.4433,75033,750
0.11
12
February 8, 20242.9020,00020,000
0.11
42
February 29, 20241.3946,30046,300
0.16
46
February 29, 20241.74570,000570,000
0.16
709
March 31, 20241.3556,25056,250
0.25
55
March 31, 20241.3925,00025,000
0.25
25
March 31, 20241.74100,000100,000
0.25
124
June 15, 20250.252,350,0002,350,000
1.46
420
June 30, 20250.90500,000500,000
1.50
183
August 14, 20251.00800,000700,000
1.62
421
September 30, 20250.75270,000251,2501.7596
October 12, 20250.753,000,0003,000,0001.781,607
November 4, 20250.755,700,0005,700,0001.853,057
November 13, 20250.88500,000500,0001.87315
Page 21 of 32

CYBIN INC.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 December 31, 2023
(All amounts expressed in thousands of Canadian dollars, except share and per share amounts, and those otherwise stated in US dollars, Euros and Great Britain pounds which are in thousands.)
(Unaudited)
November 15, 20250.75375,000375,0001.88110
November 15, 20250.91200,000200,0001.8853
December 11, 20251.48700,000700,0001.95740
December 14, 20251.741,589,1001,589,1001.951,971
December 28, 20251.89760,000760,0001.991,027
January 2, 20261.89225,000225,0002.01304
February 15, 20262.03150,000150,0002.13218
February 16, 20262.03150,000150,0002.13218
March 10, 20261.391,186,3001,186,3002.191,185
March 15, 20261.55300,000300,0002.20360
March 28, 20261.361,575,0001,575,0002.241,540
March 29, 20261.3237,50037,5002.2436
March 31, 20261.35250,000250,0002.25243
June 28, 20262.903,160,0003,160,0002.496,589
August 16, 20262.48215,000215,0002.63383
August 18, 20262.48300,000300,0002.63519
September 26, 20260.79975,000575,0002.74368
September 27, 20262.87195,000195,0002.74403
September 27, 20263.15545,000545,0002.741,105
November 15, 20260.715500,00062,5002.8740
December 31, 20261.501,250,0001,250,0003.001,351
December 31, 20263.1520,00020,0003.0018
March 4, 20271.131,075,6001,075,6003.17878
March 4, 20273.1540,00040,0003.1725
March 8, 20271.02400,000400,0003.18295
June 30, 20271.0065,00056,8753.5032
August 14, 20271.0020,00017,5003.6214
September 30, 20271.00220,000163,7503.7589
June 30, 20280.4411,310,0005,653,7504.52,868
September 26, 20280.79235,00075,6254.7472
November 15, 20280.71525,100,00019,631,2504.888,756
0.9467,094,80054,787,3002.2138,922
The Company recognized share-based payments expense related to the issuance of stock options for the three and nine months ended December 31, 2023 of $9,928 and $12,617 (2022 - $978 and $4,205), respectively.
The outstanding options and warrants disclosed above were anti-dilutive for the three and nine months ended December 31, 2023 and did not impact the calculation of the loss per share.
Page 22 of 32

CYBIN INC.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 December 31, 2023
(All amounts expressed in thousands of Canadian dollars, except share and per share amounts, and those otherwise stated in US dollars, Euros and Great Britain pounds which are in thousands.)
(Unaudited)
9.    RELATED PARTY TRANSACTIONS AND BALANCES
Key management personnel include persons having the authority and responsibility for planning, directing, and controlling the activities of the Company as a whole. The Company has determined its key management personnel to be executive officers and directors of the Company.
The remuneration of key management personnel for the three and nine-month periods ended December 31, 2023 and 2022 are as follows:
Three-months ended
Nine-months ended
December 31,
December 31,
2023
2022
2023
2022
$
$
$
$
Payroll, consulting and benefits (1)
1,0291,4363,3424,216
Share-based compensation
Options7,8643798,1692,143
Warrants3
Total8,8931,81511,5116,362
(1) For the three months ended December 31, 2023 includes $833 presented in the statement of loss and comprehensive loss as a part of “General and administrative costs” and $196 presented in the statement of loss and comprehensive loss as a part of “Research”. For the nine months ended December 31, 2023, includes $2,495 presented in the statement of loss and comprehensive loss as a part of “General and administrative costs” and $847 presented in the statement of loss and comprehensive loss as a part of “Research”.
Page 23 of 32

CYBIN INC.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 December 31, 2023
(All amounts expressed in thousands of Canadian dollars, except share and per share amounts, and those otherwise stated in US dollars, Euros and Great Britain pounds which are in thousands.)
(Unaudited)

10.    RESEARCH EXPENSES

Three-months ended
Nine-months ended
December 31,
December 31,
2023
2022
2023
2022
$
$
$
$
Advancement of development programs5,2323,39814,5909,390
Payroll and benefits1,7942,1635,0036,279
Lab and administration373279778849
Professional and consulting fees40416148927
Total
    7,439
    6,256
    20,519
    17,445
Page 24 of 32

CYBIN INC.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 December 31, 2023
(All amounts expressed in thousands of Canadian dollars, except share and per share amounts, and those otherwise stated in US dollars, Euros and Great Britain pounds which are in thousands.)
(Unaudited)
11.    GENERAL AND ADMINISTRATIVE EXPENSES

Three-months ended
Nine-months ended
December 31,
December 31,
2023
2022
2023
2022
$
$
$
$
Capital market3,3771,7887,6004,052
Payroll, consulting and benefits1,5971,4194,3884,664
Office and administration8838962,1023,046
Professional and consulting fees1,5742573,0801,908
Business development20371692609
Investor relations1,9342902,375713
Listing fees6672218304
Marketing media236650869
Total
    9,657
    4,859
    20,505
    16,165
Page 25 of 32

CYBIN INC.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 December 31, 2023
(All amounts expressed in thousands of Canadian dollars, except share and per share amounts, and those otherwise stated in US dollars, Euros and Great Britain pounds which are in thousands.)
(Unaudited)
12.    CONTRACTS, COMMITMENTS AND CONTINGENCIES
As at December 31, 2023, the Company had entered into agreements for various studies which may require the Company to spend up to an additional $8,684. The Company expects to pay this amount within the 12 months ending December 31, 2024, however the timing and certainty of the payments are contingent on availability of materials and successful completion of certain milestones. The Company has the right to cancel the studies at its discretion, in which case a cancellation fee may apply, however the Company is not liable to pay the full amount of the studies.
In addition to the above, during the year ended March 31, 2022, the Company entered into an exclusive license agreement with Mindset Pharma Inc. to acquire access to a number of classes of tryptamine-based molecules to support Company’s early-stage research programs and a fully-paid, perpetual non-exclusive license to a separate class of tryptamine-based molecules. Upon the successful completion of certain milestones contemplated in the exclusive license, the Company may have to pay additional consideration of up to $12,844 (US$9,500). At the sole discretion of Cybin, the milestones may be paid in cash or in Common Shares, or a combination thereof, subject to the approval of the Cboe Canada Exchange Inc. Due to the nature of the arrangement, the timing and probability of future potential payments cannot be determined at this time, and no accrual has been recorded. Further, there is no assurance that the aforementioned milestones will be met at all. The agreement also contemplates a sales royalty of approximately 2% for all commercialized licensed products within the scope of the agreement.
The Company is party to certain employee and management contracts that contain severance obligations. These contracts contain clauses requiring additional payments to be made upon the occurrence of involuntary termination. As the likelihood of these events taking place is not determinable, no contingent liabilities have been recorded in the consolidated financial statements.
In the normal course of business, the Company may be subject to legal proceedings and claims. As at December 31, 2023, there was no ongoing litigation and therefore no contingent liabilities have been recorded.
13.    CAPITAL MANAGEMENT
The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to pursue business opportunities and to maintain a flexible capital structure that optimizes the costs of capital at an acceptable risk. The Company’s intentions are to (i) provide financial capacity and flexibility in order to preserve its ability to meet its strategic objectives and financial obligations; (ii) maintain a capital structure which allows the Company to respond to changes in economic and marketplace conditions and affords the Company the ability to participate in new investments; (iii) optimize the use of its capital to provide an appropriate investment return to its shareholders equal with the level of risk; and (iv) maintain a flexible capital structure which optimizes the cost of capital at acceptable levels of risk.
Page 26 of 32

CYBIN INC.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 December 31, 2023
(All amounts expressed in thousands of Canadian dollars, except share and per share amounts, and those otherwise stated in US dollars, Euros and Great Britain pounds which are in thousands.)
(Unaudited)
The Company’s financial strategy is formulated and adapted according to market conditions in order to maintain a flexible capital structure that is consistent with its objectives and the risk characteristics of its underlying assets. The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of its underlying assets. The Company maintains or adjusts its capital level to enable it to meet its objectives by raising capital through the issuance of securities.
The Company’s capital management objectives, policies and processes generally remained unchanged during the nine- month period ended December 31, 2023.
The Company requires capital to fund existing and future operations and meet regulatory capital requirements. The Company’s policy is to maintain adequate levels of capital at all times.
The Company’s capital structure includes the following:
As atDecember 31, 2023March 31, 2023
$
$
Shareholders’ equity comprised of:
Share capital251,247158,162
Contributed surplus4,2362,102
Options reserve38,92227,283
Warrants reserve32,13910,873
Accumulated other comprehensive loss(438)(2,035)
Deficit(204,885)(148,151)
Total
    121,221
    48,234

14.    FINANCIAL INSTRUMENTS
The Company’s financial instruments are exposed to certain financial risks, which include currency risk, credit risk, liquidity risk and interest rate risk.
The Company has classified its financial instruments as follows:
As atDecember 31, 2023March 31, 2023
$
$
Financial assets, measured at fair value:
Cash38,99916,633
Financial assets, measured at amortized cost:
Accounts receivable53442
Financial liabilities, measured at amortized cost:
Accounts payable and accrued liabilities8,1375,663
Lease liabilities366
The carrying value of the Company’s financial instruments approximate their fair value.
Page 27 of 32

CYBIN INC.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 December 31, 2023
(All amounts expressed in thousands of Canadian dollars, except share and per share amounts, and those otherwise stated in US dollars, Euros and Great Britain pounds which are in thousands.)
(Unaudited)
Fair value Hierarchy of Financial Instruments
The Company has categorized its financial instruments that are carried at fair value, based on the priority of the inputs to the valuation techniques used to measure fair value, into a three-level fair value hierarchy as follows:
Level 1: Fair value is based on unadjusted quoted prices for identical assets or liabilities in an active market. The types of assets and liabilities classified as Level 1 generally included cash.
Level 2: Fair value is based on quoted prices for similar assets or liabilities in active markets, valuation that is based on significant observable inputs, or inputs that are derived principally from or corroborated with observable market data through correlation or other means. Currently, the Company has no financial instruments that would be classified as Level 2.
Level 3: Fair value is based on valuation techniques that require one or more significant inputs that are not based on observable market inputs. These unobservable inputs reflect the Company’s assumptions about the assumptions market participants would use in pricing the asset or liability. Currently, the company has no financial instruments that would be classified as Level 3.
There were no transfers between levels of the fair value hierarchy for the three and nine months ended December 31, 2023.
Financial risk management
Credit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Company’s cash is exposed to credit risk. The Company reduces its credit risk on cash by placing these instruments with institutions of high credit worthiness. As at December 31, 2023, the Company’s maximum exposure to credit risk is the carrying value of its financial assets.
Liquidity risk
Liquidity risk is the risk that an entity will encounter difficulty in raising funds to meet commitments associated with financial instruments. The Company manages liquidity by maintaining adequate cash balances to meet liabilities as they become due.
As at December 31, 2023, the Company had cash of $38,999 (March 31, 2023 - $16,633) in order to meet current liabilities. Accounts payable and accrued liabilities include trade payables and other obligations of $8,503 (March 31, 2023 - $5,663), all amounts are due within the next 12 months.
Market risk
The significant market risks to which the Company is exposed are interest rate risk and currency risk.
Page 28 of 32

CYBIN INC.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 December 31, 2023
(All amounts expressed in thousands of Canadian dollars, except share and per share amounts, and those otherwise stated in US dollars, Euros and Great Britain pounds which are in thousands.)
(Unaudited)
Interest rate risk
Interest rate risk is the risk that the fair value or the future cash flows of a financial instrument will fluctuate because of changes in the market interest rate. In seeking to minimize the risks from interest rate fluctuations, the Company manages exposure through its normal operating and financing activities. As at December 31, 2023, the Company has determined its exposure to interest rate risk is minimal.
Currency risk
The Company is exposed to currency risk to the extent that monetary operational expenses are denominated in both CAD and USD while the functional currency of CAD is used for reporting. The Company has not entered into any foreign currency contracts to mitigate this risk.
At December 31, 2023, the Company had the following balances in monetary assets and monetary liabilities which are subject to fluctuation against CAD:
Denominated in:
US$000’s
GBP 000’s
EUR 000’s
Cash22,02074146
Accounts receivable125128
Accounts payable and accrued liabilities(215)(77)(136)
Lease liability(217)
21,930(92)10
Foreign currency rate1.32261.68371.4626
Equivalent in Canadian dollars$    29,005$    (155)$    15
Impact of 10% change in foreign currency rate$    2,901$    (16)$    2
Based on the above net exposures as at December 31, 2023, and assuming that all other variables remain constant, a 10% change of the USD, GBP and EUR, against the CAD would impact net loss by approximately $2,919.
15.    INCOME TAX
Major items causing the Company’s income tax rate to differ from the Canadian statutory rate of approximately 26.50% are as follows:
Page 29 of 32

CYBIN INC.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 December 31, 2023
(All amounts expressed in thousands of Canadian dollars, except share and per share amounts, and those otherwise stated in US dollars, Euros and Great Britain pounds which are in thousands.)
(Unaudited)
Three-months Ended
Nine-months Ended
December 31,
December 31,
2023
2022
2023
2022
Net loss and comprehensive loss before income taxes
$    30,330
$    10,742
$    56,734
$    33,770
Expected income tax recovery
    8,038
    2,847
    15,035
    8,949
Non-capital losses acquired on acquisition of subsidiary
    11,658
    —
    11,658
    —
Share-based compensation
    (2,631)
    —

    (3,344)
    —
Share issuance costs
    692
    —
    1,237
    —
Difference between Canadian and foreign tax rates
    (1,366)
    (1,510)
    (3,259)
    (2,805)
Effect of exchange on unbooked deferred tax assets
    (227)
    —
    217
    —
Adjustments to prior year loss carryforwards
    —
    —
    239
    —
Non-deductible expenses
    (40)
    (10)
    (74)
    (861)
Change in unrecognized deferred tax assets
    (16,124)
    (1,327)
    (21,709)
    (5,283)
Income tax recovery
$    —
$    —
$    —
$    —

Note 1 - The three month ended December 31, 2023 amounts were determined by deducting the 6 months ended September 30, 2023 portion out of December 31, 2023 amounts per above.
The significant components of the Company’s deferred tax assets resulting from temporary differences, unused tax credits and unused tax losses, that have not been included on the consolidated statements of financial position, are as follows:
As at
December 31, 2023
March 31, 2023
Non-capital loss carryforwards
$    40,124
$    20,248
Deferred compensation
    1,474
    1,089
R&D expenditures
    1,843
    1,053
Share issuance costs
    1,990
    1,303
Depreciation/CCA differences
    (36)
    (6)
Other
    7
    6
    45,402
    23,693
Valuation allowance
    (45,402)
    (23,693)
$    —
$    —
These deferred tax assets have not been recognized because it is not probable that future taxable profit will be available against which the Company will be able to use these potential benefits.


Page 30 of 32

CYBIN INC.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 December 31, 2023
(All amounts expressed in thousands of Canadian dollars, except share and per share amounts, and those otherwise stated in US dollars, Euros and Great Britain pounds which are in thousands.)
(Unaudited)
Non-capital loss balance
As at December 31, 2023, the Company has non-capital losses in Canada, which under certain circumstances can be used to reduce the taxable income of future years. The non-capital losses expire as follows:

Year of expiry

2040$740
2041
$    19,193
2042
$    12,234
2043
$    10,704
2044
$    17,830
$    60,701
As at December 31, 2023, the Company has non-capital losses in the United States, which under certain circumstances can be used to reduce the taxable income of future years. The non-capital losses, stated in Canadian dollars, that will expire as follows:
The loss carryforward in the United States consists of:
Year of expiry

2041 - Pre-acquisition loss generated up to December 4, 2020$969
2041 - Loss generated in the period from December 4, 2020 to March 31, 2021$1,293
2042 - Loss generated in the year ended March 31, 2022$5,849
2043 - Loss generated in the year ended March 31, 2023$5,311
2044 - Loss generated in the nine-month period ended December 31, 2023$2,792
$16,214
Although the US federal losses carryforward indefinitely, they are subject to restrictions on their deductibility. The deductibility of the pre-acquisition loss and the post-acquisition loss is restricted to 80% of taxable income in the year of deduction. The pre-acquisition loss is further restricted to an annual limitation under Section 382. As at December 31, 2023, the annual limitation was $144.
Massachusetts allows for a 20-year carryforward period for restricted and unrestricted losses without limitation.
As at December 31, 2023, the Company has non-capital losses in Ireland, which under certain circumstances can be used to reduce the taxable income of future years. The non-capital losses, stated in Canadian dollars, expire as follows:
Page 31 of 32

CYBIN INC.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 December 31, 2023
(All amounts expressed in thousands of Canadian dollars, except share and per share amounts, and those otherwise stated in US dollars, Euros and Great Britain pounds which are in thousands.)
(Unaudited)
Year of expiry

2042
$    22,965
2043
$    23,017
2044
$    13,318
$    59,300
As at December 31, 2023, the Company has $48,297 of non-capital losses in the UK, which under certain circumstances can be used to reduce the taxable income of future years. There is no expiry date on these non-capital losses.

16.    SUBSEQUENT EVENT

Expired Warrants and Options.

On February 4, 2024, 868,740 unit purchase warrants exercisable at $2.25 per unit and 7,146,500 Common Share purchase warrants exercisable at $3.25 per warrant expired.
On February 8, 2024, options to purchase up to 33,750 Common Shares at $0.44 per Common Share and options
to purchase up to 20,000 Common Shares at $2.90 per Common Share expired.

Page 32 of 32

    









cybinlogo2023a.jpg



Cybin Inc.

Management’s Discussion and Analysis
of Financial Condition and Operating Performance
For the three and nine months ended December 31, 2023

Date: February 13, 2024






CYBIN INC.
Management’s Discussion and Analysis
This Management’s Discussion and Analysis (“MD&A”) has been prepared by management of Cybin Inc. (“Cybin” or the “Company”) and should be read in conjunction with Cybin’s interim condensed consolidated financial statements and notes for the three and nine months ended December 31, 2023 (the “Interim Financial Statements”). This MD&A does not address all of the changes to the Company and its business, such changes are addressed in the Company’s most recently filed annual information form (the “AIF”) on SEDAR+. The Interim Financial Statements have been prepared using International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. All amounts are in Canadian dollars unless otherwise indicated. The Interim Financial Statements may be viewed on the SEDAR+ profile of Cybin at www.sedarplus.ca.

This MD&A contains disclosure related to Cybin occurring up to and including February 13, 2024. Unless otherwise indicated, all amounts in this MD&A are in thousands of Canadian dollars.
Cybin was incorporated under the laws of the Province of British Columbia. Its wholly owned subsidiary, Cybin Corp. was incorporated under the laws of the Province of Ontario. Prior to November 5, 2020, the Company’s operations were conducted through Cybin Corp. On November 5, 2020, the Company completed a reverse takeover transaction pursuant to the terms of an amalgamation agreement dated June 26, 2020, as amended on October 21, 2020, among the Company, Cybin Corp. and 2762898 Ontario Inc. (“SubCo”), a wholly-owned subsidiary of the Company (the “Reverse Takeover”). The Reverse Takeover was completed by way of a “three-cornered” amalgamation pursuant to the provisions of the Business Corporations Act (Ontario) whereby Cybin Corp. amalgamated with SubCo to form an amalgamated corporation and a wholly owned subsidiary of the Company. Cybin Corp. is deemed to be the acquirer in the Reverse Takeover. As a result, the consolidated statements of financial position are presented as a continuance of Cybin Corp. and the comparative figures presented are those of Cybin Corp.
Forward-Looking Statements
Certain statements contained in this MD&A constitute “forward-looking information” and “forward-looking statements”. All statements, other than statements of historical fact, contained in this MD&A are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, budgets, research and development and plans and objectives of management for future operations. Such statements can, in some cases, be identified by the use of forward-looking terminology such as “expect,” “likely”, “may,” “will,” “should,” “intend,” or “anticipate,” “potential,” “proposed,” “estimate” and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy. The forward-looking statements included in this MD&A are made only as of the date of this MD&A and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by applicable securities laws.
Forward-looking statements in this MD&A are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements. Management provides forward-looking statements because it believes they provide useful information to readers when considering their investment objectives and cautions readers that the information may not be appropriate for other purposes.
Some of the risks which could affect future results and could cause results to differ materially from those expressed in the forward-looking statements contained herein include:
ongoing impact of the novel coronavirus “COVID-19”;
limited operating history;
achieving publicly announced milestones;
speculative nature of investment risk;
early stage of the industry and product development;
regulatory risks and uncertainties
risks of operating in European countries;
“foreign private issuer” status under U.S. Securities Laws;
plans for growth;
2


limited products;
limited marketing and sales capabilities;
no assurance of commercial success;
no profits or significant revenues;
reliance on third parties for clinical development activities;
risks related to third party relationships;
reliance on contract manufacturers;
safety and efficacy of products;
clinical testing and commercializing products;
completion of clinical trials;
commercial grade product manufacturing;
nature of regulatory approvals;
market access and acceptance;
unfavourable publicity or consumer perception;
social media;
biotechnology and pharmaceutical market competition;
reliance on key executives and scientists;
employee misconduct;
business expansion and growth;
negative results of external clinical trials or studies;
product liability;
enforcing contracts;
product and material recalls;
distribution and supply chain interruption;
difficulty to forecast;
promoting the brand;
product viability;
success of quality control systems;
reliance on key inputs;
liability arising from fraudulent or illegal activity;
operating risk and insurance coverage;
costs of operating as public company;
management of growth;
conflicts of interest;
foreign operations;
exchange rate fluctuations;
cybersecurity and privacy risk;
environmental regulation and risks;
decriminalization of psychedelics;
forward-looking statements may prove to be inaccurate;
effects of inflation;
political and economic conditions;
application and interpretation of tax laws;
enforcement of civil liabilities;

Risks Related to Intellectual Property:
trademark protection;
trade secrets;
patent law reform;
patent litigation and intellectual property;
protection of intellectual property;
third-party licences;

Financial and Accounting Risks:
substantial number of authorized but unissued Common Shares (as defined herein);
dilution;
3


negative cash flow from operating activities and going concern;
additional capital requirements;
lack of significant product revenue;
estimates or judgments relating to critical accounting policies;
inadequate internal controls;

Risks related to the Common Shares:
market for the Common Shares;
significant sales of Common Shares;
volatile market price for the Common Shares;
tax issues; and
no dividends.

Although the forward-looking statements contained in this MD&A are based upon what management currently believes to be reasonable assumptions, the Company cannot assure prospective investors that actual results, performance or achievements will be consistent with these forward-looking statements. In particular, the Company has made assumptions regarding, among other things:
substantial fluctuation of losses from quarter to quarter and year to year due to numerous external risk factors, and anticipation that we will continue to incur significant losses in the future;
uncertainty as to the Company’s ability to raise additional funding to support operations;
the Company’s ability to access additional funding;
the fluctuation of foreign exchange rates;
the duration of COVID-19 and the extent of its economic and social impact;
the risks associated with the development of the Company’s product candidates which are at early stages of development;
reliance upon industry publications as the Company’s primary sources for third-party industry data and forecasts;
reliance on third parties to plan, conduct and monitor the Company’s preclinical studies and clinical trials;
reliance on third party contract manufacturers to deliver quality clinical and preclinical materials;
the Company’s product candidates may fail to demonstrate safety and efficacy to the satisfaction of regulatory authorities or may not otherwise produce positive results;
risks related to filing investigational new drug applications to commence clinical trials and to continue clinical trials if approved;
the risks of delays and inability to complete clinical trials due to difficulties enrolling patients;
competition from other biotechnology and pharmaceutical companies;
the Company’s reliance on the capabilities and experience of the Company’s key executives and scientists and the resulting loss of any of these individuals;
the Company’s ability to fully realize the benefits of acquisitions;
the Company’s ability to adequately protect the Company’s intellectual property and trade secrets;
the risk of patent-related or other litigation; and
the risk of unforeseen changes to the laws or regulations in the United States (the “United States” or the “U.S.”), the United Kingdom (the “United Kingdom” or the “UK”), Canada, the Netherlands, Ireland and other jurisdictions in which the Company operates.

Drug development involves long lead times, is very expensive and involves many variables of uncertainty. Anticipated timelines regarding drug development are based on reasonable assumptions informed by current knowledge and information available to the Company. Every patient treated on future studies can change those assumptions either positively (to indicate a faster timeline to new drug applications and other approvals) or negatively (to indicate a slower timeline to new drug applications and other approvals). This MD&A contains certain forward-looking statements regarding anticipated or possible drug development timelines. Such statements are informed by, among other things, regulatory guidelines for developing a drug with safety studies, proof of concept studies, and pivotal studies for new drug application submission and approval, and assumes the success of implementation and results of such studies on timelines indicated as possible by such guidelines, other industry examples, and the Company’s development efforts to date.

4


In addition to the factors set out above and those identified in this MD&A under “Risk Factors”, other factors not currently viewed as material could cause actual results to differ materially from those described in the forward-looking statements. Although Cybin has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be anticipated, estimated or intended. Accordingly, readers should not place any undue reliance on forward-looking statements.
Corporate Structure Overview
The Company is a clinical-stage biopharmaceutical company focused on advancing psychedelic-based therapies, delivery mechanisms, novel compounds and protocols as potential treatments for various psychiatric and neurological conditions. The Company is developing technologies and delivery systems aimed at improving the pharmacokinetics of its psychedelic-based molecules while retaining the therapeutic benefit. These new molecules and delivery systems are expected to be studied through clinical trials to confirm safety and efficacy.
On November 5, 2020, the Company completed a reverse takeover transaction pursuant to the terms of an amalgamation agreement dated June 26, 2020, as amended on October 21, 2020, among the Company, Cybin Corp. and SubCo, a wholly-owned subsidiary of the Company. The Reverse Takeover was completed by way of a “three-cornered” amalgamation pursuant to the provisions of the Business Corporations Act (Ontario) whereby Cybin Corp. amalgamated with SubCo to form an amalgamated corporation and a wholly owned subsidiary of the Company.

Immediately prior to the completion of the Reverse Takeover, the Company completed a consolidation of all of its issued and outstanding common shares (the “Common Shares”) on the basis of 6.672 old Common Shares into one new Common Share. All Common Share and per Common Share amounts expressed herein reflect the post-consolidation Common Shares.

In connection with the Reverse Takeover, Clarmin Explorations Inc. (“Clarmin”) changed its name to “Cybin Inc.” and the Common Shares became listed for trading on the Neo Exchange Inc., now operating as Cboe Canada (the “Exchange”) under the trading symbol “CYBN”. In accordance with IFRS 3, Business Combinations, the substance of the Reverse Takeover was a reverse takeover of a non-operating company. The Reverse Takeover does not constitute a business combination as Clarmin did not meet the definition of a business under IFRS 3. As a result, the Reverse Takeover is accounted for as a capital transaction with Cybin being identified as the acquirer and the equity consideration being measured at fair value. The resulting consolidated statement of financial position is presented as a continuation of Cybin Corp. and comparative figures presented in the consolidated financial statements after the Reverse Takeover are those of Cybin Corp.

Prior to completing the Reverse Takeover, and during fiscal 2020, the Company was inactive and evaluating business opportunities.

On July 8, 2021, the Company announced the scale-up of its European operations and research activities with various academic and clinical research organizations, including the transfer of its intellectual property assets to its wholly owned Ireland subsidiary, Cybin IRL Limited (“Cybin Ireland”).

On August 5, 2021, the Common Shares commenced trading on the NYSE American LLC stock exchange (the “NYSE American”) under the symbol “CYBN”. Concurrent with the commencement of trading on the NYSE American, the Common Shares ceased to be quoted on the OTCQB® Venture Market.
On October 23, 2023, the Company announced the completion of the previously-announced acquisition by Cybin of Small Pharma Inc. (“Small Pharma”) by way of a statutory plan of arrangement under the provisions of the Business Corporations Act (British Columbia) (the “Arrangement”). The Arrangement was completed pursuant to the terms of an arrangement agreement entered into between the Company and Small Pharma dated August 28, 2023 (the “Arrangement Agreement”). As a result of the Arrangement, Small Pharma is now a wholly-owned subsidiary of Cybin.

Please refer to “General Development of the Business” in the AIF for additional information on the background and operational highlights of Cybin. The AIF may be viewed under the SEDAR+ profile of Cybin at www.sedarplus.ca.


5


Business Overview

Cybin is a clinical-stage biopharmaceutical company on a mission to create safe and effective psychedelic-based therapeutics to address the unmet need for new and innovative treatment options for people who suffer from mental health conditions. Cybin’s goal of revolutionizing mental healthcare is supported by a network of world-class partners and internationally recognized scientists aimed at progressing proprietary drug discovery platforms, innovative drug delivery systems, and novel formulation approaches and treatment regimens.1

Cybin’s research and development work focuses on a three-pillar strategy that leverages the Company’s core competencies in preclinical innovation and clinical development. This strategy supports the creation of intellectual property ("IP") focused on developing the Company’s platform technology, the progression of clinical development programs including CYB003, a deuterated psilocybin analog, CYB004, a deuterated version of N, N-dimethyltryptamine (“DMT”), CYB005, phenethylamine derivatives, and an expansive list of preclinical molecules to facilitate future drug development opportunities.

On October 23, 2023, the Company completed the Arrangement pursuant to which Small Pharma became a wholly-owned subsidiary of Cybin. Small Pharma is a biotechnology company focused on developing short-duration psychedelic-assisted therapies for the treatment of mental health conditions. Small Pharma initiated programs across its “First-generation” and “Second-generation” psychedelics portfolio. First-generation psychedelics refer to the well-known classic psychedelics which includes psilocybin, DMT, and Lysergic acid diethylamide (“LSD”). Second-generation psychedelics refer to those that have been chemically modified with the aim to optimize their therapeutic benefit.

With a common goal to create novel, optimized psychedelic-based therapeutics, the combination of Cybin and Small Pharma creates a leading international, clinical-stage company with potential to transform the treatment paradigm for mental health conditions. The companies’ combined development portfolios are highly complementary and provide multiple opportunities to create operational and cost synergies.

As a result of the Arrangement, Cybin currently now has over 50 granted patents and over 170 pending applications. See “
Intellectual Property”.

Advancement of Mental Healthcare

The Company is conducting research and development of psychedelic therapeutics that aim to address unmet needs in the treatment of mental health conditions. This comprehensive development work is predicated on structural modifications of known tryptamine and phenethylamine derivatives to improve their pharmacokinetic properties while maintaining their respective pharmacology.
Across its extensive research and development programs, Cybin is evaluating a wide array of novel, synthetic psychedelic active pharmaceutical ingredients (“API”) intended to be delivered through innovative drug delivery systems including via inhalation, via intravenous (“IV”), and intramuscular, or subcutaneous administration2.
The Company intends to apply for regulatory approval for therapies targeting indications such as major depressive disorder (“MDD”), alcohol use disorder (“AUD”), generalized anxiety disorder ("GAD") and potentially other various mental health conditions3. The Company is also developing compounds that may have the potential to address neuroinflammation, central nervous system (“CNS”) disorders, and psychiatric disorders4.

Further, over the next 12-month period, the Company will continue to seek to establish strategic partnerships that advance the Company’s scientific research and IP for new psychedelic-based compounds and novel delivery
1 This is a forward-looking statement that involves material assumptions by the Company. Drug development involves long lead times, is very expensive and involves many variables of uncertainty. Anticipated timelines regarding drug development are based on reasonable assumptions informed by current knowledge and information available to the Company. Such statements are informed by, among other things, regulatory guidelines for developing a drug with safety studies, proof of concept studies, and pivotal studies for new drug application submission and approval, and assumes the success of implementation and results of such studies on timelines indicated as possible by such guidelines, other industry examples, and the Company’s development efforts to date.
2 See footnote 1.
3 See footnote 1.
4 See footnote 1.
6


mechanisms5. The Company will also continue to sponsor select internal and partner-related clinical trials that advance the understanding of safety and efficacy for various psychedelic agents that target mental health conditions6.
Stage of Development
Like most life sciences and pharmaceutical companies, the Company's psychedelic business is focused on research and development and any future revenue will be dependent on a number of factors, including the outcome of the Company’s clinical trials and the receipt of all necessary regulatory approvals.
In order to establish its business operations, Cybin intends to leverage the extensive professional network of its management to build working partnerships with (i) existing producers of psychedelic products based in Canada, the United States, the European Union ("EU") and the UK to source the psychedelic pharmaceutical products the Company intends to develop and distribute under its specific brand, and (ii) to explore options to facilitate the development and distribution and sale of its specific brand of psychedelic pharmaceutical products.7
Prescription drugs are classified and regulated under the federal Food and Drugs Act (Canada) (the “Canadian FDA”). Labeling, marketing and selling of any prescription drug must comply with the Canadian FDA, including by ensuring that the Company’s products are not packaged or marketed in a manner that is misleading or deceptive to a consumer.
In the United States, foods, drugs and dietary supplements are subject to extensive regulation. The Federal Food, Drug, and Cosmetic Act (the “FFDCA”) and other federal and state statutes and regulations govern, among other things, the research, development, testing, manufacturing, storage, recordkeeping, approval, labeling, promotion and marketing, distribution, post-approval monitoring and reporting, sampling, and import and export of pharmaceutical products. The Company must ensure that all promotion and marketing, distribution, and labeling of any pharmaceutical products comply with the U.S. regulations, including the FFDCA and the U.S. Food and Drug Administration (the “FDA”).
On November 4, 2021, the Company announced that it had been granted a Schedule I manufacturing license from the U.S. Drug Enforcement Administration (“DEA”). The DEA license is for the Company’s research lab in the Boston area. The license allows the Company to further become a hub for innovation and drug discovery. Previously, the Company conducted much of its R&D work through globally licensed research organizations in the U.S., Canada, and the UK, and through certain in-house capabilities. With the DEA license, the Company has expanded its internal R&D capabilities to support innovative drug discovery and delivery involving Schedule I compounds.

Non-Revenue Generating Projects8
The Company currently has four significant projects, which have not yet generated revenue:
1.Deuterated Psilocybin Analog Program (CYB003)
2.Deuterated Dimethyltryptamine Program (CYB004, SPL028, and SPL026)
3.Phenethylamine Derivatives Program (CYB005)
4.Technology Programs
The Company has developed EMBARK, a psychological support model that integrates leading clinical approaches to promote supportive healing with psychedelic medicine. EMBARK’s six clinical domains (Existential-Spiritual, Mindfulness, Body Aware, Affective-Cognitive, Relational, Keeping Momentum) represent the broad spectrum of ways in which therapeutic benefits may arise in psychedelic treatment and the equally broad training needed to prepare therapists to support them all. The Company launched its EMBARK training program in June 2021, which prepares facilitators to work within all of these domains, while inviting facilitators to bring in their own therapeutic
5 A material factor and assumption underlying this forward-looking statement is that the Company will be able to successfully negotiate strategic partnerships.
6 The material factors and assumptions underlying this forward-looking statement are: (a) that the Company will be able to successfully negotiate strategic partnerships; and (b) all necessary approvals for the studies will be obtained. As of the date hereof, the Company and the University of Washington are co-sponsoring a randomized, placebo-controlled clinical trial of psychedelic-assisted psychotherapy with psilocybin for frontline clinicians experiencing Covid-related distress.
7 At this time the Company has not entered into commercial supply agreements and has no control over price or conditions. The Company’s assumption is that it will be able to enter into agreements at such a time when there will be sufficient competition in the market which will render prices reasonable.
8 All quarter references in this section are based on calendar year-end.
7


training and expertise in a flexible, yet structured way. The EMBARK curriculum additionally emphasizes trauma-informed, culturally competent, and ethically rigorous care. On April 12, 2023, the Company announced the launch of EMBARK Open Access (“EMBARK OA”), a free online foundational training course for psychedelic facilitation. EMBARK Open Access is the first and only free massive open online course that offers foundational psychedelic facilitation training for healthcare professionals and people interested in offering psychological support. On July 12, 2023, the Company announced that it has commenced the development of a streamlined, scalable version of its EMBARK Training Program, known as EMBARKCT, which is designed for individuals with existing knowledge, skills, and experience in psychedelic facilitation. The EMBARKCT training program is expected to enable the Company to effectively screen, qualify, and train facilitators on a multi-site, international level, to provide support and in-person monitoring for study participants receiving the Company’s investigational therapeutics in larger pivotal trials.

The Company is continuing to assess the research and development programs of Small Pharma acquired through the Arrangement and will provide further information and updates upon completion of the integration of Small Pharma’s business, including the anticipated spend associated with any programs.

Deuterated Psilocybin Analog Program (CYB003)

The Company has been investigating the development of short-acting tryptamines with the aim of creating clinical development candidates, utilizing (i) the chemical modification of tryptamine derivatives through the selective substitution of hydrogen atoms with deuterium (i.e. deuteration); and (ii) the combination of such deuterated tryptamine derivative molecules with selected drug delivery methods, including but not limited to oral, inhalation methods, IV and intramuscular delivery.
The Company's lead program, CYB003, is an orally delivered deuterated psilocybin analog that aims to address the limitations of oral psilocybin, including side effects, scalability and accessibility of treatment.

The Company completed its CYB003 Investigational New Drug ("IND")-enabling preclinical studies and Chemistry, Manufacturing and Control ("CMC") development, including the production of clinical materials required for clinical trials, in the second quarter of calendar 2022. In the same period, the Company submitted an IND application to the FDA and received a “may proceed letter” and IND application clearance from the FDA as well as Institutional Review Board (the “IRB”) approval in the U.S. to commence its first-in-human Phase 1/2a study of CYB003 in participants with moderate to severe MDD. The Company has engaged Clinilabs Drug Development Corporation (“Clinilabs”), a full-service contract research organization with deep expertise in central nervous system drug development, to carry out the Phase 1/2a clinical trial of CYB003. On August 30, 2022, the Company announced that the first two participants have been dosed in the Phase 1/2a study.

About the CYB003 Phase 1/2a Clinical Trial

The Phase 1/2a trial was a randomized, double-blind, placebo-controlled study evaluating CYB003 in participants with moderate to severe MDD and in healthy volunteers. Per a protocol amendment to the initial Phase 1/2a study design that was announced on February 28, 2023, the study introduced healthy volunteers for the lower (sub-therapeutic) dose cohorts and added a bioequivalence cohort to facilitate the transition to pivotal studies. Healthy volunteers received two administrations (placebo/active and active/active) one week apart, and measures of psychedelic effect were assessed after each dose. Participants with MDD received two administrations (placebo/active and active/active) three weeks apart and response/remission were assessed three weeks after each dose. MDD participants in the trial that were being treated with antidepressants were allowed to remain on their antidepressant medication.

The study investigated the safety, tolerability, pharmacokinetics ("PK") and pharmacodynamics ("PD"), and psychedelic effect of ascending oral doses of CYB003. In participants with MDD, the trial evaluated rapid onset of antidepressant effect on the day of dosing, using the Montgomery-Asberg Depression Rating Scale ("MADRS"), and evaluated the incremental benefit of a second dose of CYB003 when administered at Week 3. An optional period of assessment will help determine the durability of treatment effect out to 12 weeks. The study is listed on ClinicalTrials.gov under Identifier: NCT05385783.

On February 28, 2023, the Company announced positive interim safety and pharmacokinetics and pharmacodynamics data from the Phase 1/2a study of CYB003. Interim findings showed that CYB003 exhibited rapid, short-acting
8


effects, low variability in plasma levels, and achieved a psychedelic effect at low doses. At the 8mg and 10mg dose levels, most of the participants reported robust and meaningful psychedelic effects, confirming a complete mystical experience was achieved. All doses evaluated (single oral doses of CYB003 up to 10mg) were well-tolerated with no serious adverse events reported.

On July 24, 2023, the Company announced that it had completed dosing in Cohort 5 of the Phase 2a portion of the study with no serious adverse events or other adverse events that may preclude continued dosing, with recruitment underway for Cohort 6. The Phase 2a trial, consisting so far of completed Cohorts 4 and 5, evaluated two 12mg doses of CYB003. On August 2, 2023, the Company announced that it had initiated dosing in Cohort 6, the final cohort of the CYB003 Phase 2a study.

On September 21, 2023, the Company announced that it had completed enrollment in its Phase 2a study of CYB003, its proprietary deuterated psilocybin analog program being developed for the potential treatment of MDD. All participants in the sixth, and final, cohort received at least one dose (placebo or 16mg of CYB003) with several second doses already administered, and no serious adverse events observed in participants. As of that date, CYB003 demonstrated a favorable safety and tolerability profile at all doses evaluated in the five completed cohorts (1mg, 3mg, 8mg, 10mg, and 12mg).

On October 3, 2023, the Company announced that it had completed dosing in Cohort 6 of its Phase 2a study of CYB003. The following doses were evaluated in the six cohorts that comprised the Phase 2a study: 1mg, 3mg, 8mg, 10mg, 12mg, and 16mg. As of that date, CYB003 has been shown to be safe and tolerable at all doses evaluated with no serious adverse events or discontinuations due to adverse events having been observed in the final dose cohort.

On October 31, 2023, the Company announced Phase 2a interim results for CYB003, its proprietary deuterated psilocybin analog, demonstrating a rapid, robust and statistically significant reduction in symptoms of depression three weeks following a single 12mg dose compared to placebo, in participants with moderate to severe MDD. At the 3-week primary efficacy endpoint, the reduction in MDD symptoms, defined as change from baseline in the MADRS total score, was superior in participants assigned to CYB003 compared to the participants who received placebo by 14.08 points (p=0.0005, Cohen’s d=2.15).

On November 30, 2023, the Company announced positive Phase 2a topline results for CYB003, showing rapid and robust improvements in symptoms of depression after single doses of CYB003, with an average 13.75 point difference in MADRS score reduction between CYB003 and placebo which was statistically significant at 3 weeks (p<0.0001). The study also demonstrated a clear incremental benefit of a second dose, with a further 5.8 point improvement on the MADRS total score with a second dose of CYB003 (12mg) at 6 weeks, and 79% of patients were in remission from depression at 6 weeks after two doses of CYB003 (12mg). CYB003 exhibited a favorable safety and tolerability profile with no treatment-related serious adverse events at 12mg and 16mg doses. These results support progression to a Phase 3 study in MDD which is expected to begin in Q2 2024.

The Company spent approximately $8,576 on the Deuterated Psilocybin Analog Program during the nine months ended December 31, 2023.

As the Company continues to progress through the CYB003 program, additional milestones related to the Phase 1/2a clinical trial have been identified. The Company intends to:

Complete FDA IND submission in Q1 20249,10.
9 There is no assurance that the aforementioned timeline will be met or that the program will advance to clinical trials, at all. Anticipated timelines regarding drug development are based on reasonable assumptions informed by current knowledge and information available to the Company. Such statements are informed by, among other things, regulatory guidelines for developing a drug with safety studies, proof of concept studies, and pivotal studies for new drug application submission and approval, and assumes the success of implementation and results of such studies on timelines indicated as possible by such guidelines, other industry examples, and the Company’s development efforts to date.
10 See footnote 9. The advancement of the Company’s Deuterated Psilocybin Analog Program (CYB003) program beyond providing a topline data readout from the Phase 1/2a study in Q4 2023 is contingent on the Company's ability to continue raising capital under its current and future financing arrangements. No assurances can be given that the Company will be able to raise the additional capital that it may require for its anticipated future development. See “Risk Factors” for further information.
9


Initiate a Phase 3 study of CYB003 in MDD in Q2 202411,12.

The Company spent approximately $9,289 to receive its top line data readout from the Phase 1/2a study and to complete FDA submission of CYB003 Phase 1/2a data for end of phase 2 meeting in Q4 2023 of which approximately $7,897 was spent during the nine months ended December 31, 2023 and approximately $1,392 was spent in the financial year ended March 31, 202313.

The Company expects to spend approximately $2,300 to complete its FDA IND submission by Q1 2024. The Company also expects to spend approximately $17,550 to initiate a Phase 3 study of CYB003 in MDD in Q2 2024 , of which approximately nil was spent during the nine months ended December 31, 2023. The Company intends to continue funding the Deuterated Psilocybin Analog (CYB003) Program.

The Company intends to complete future clinical trials for this program in the U.S., Canada, and/or Europe.

Deuterated Dimethyltryptamine Program

The Company’s Deuterated Dimethyltryptamine Program is comprised of deuterated DMT (“dDMT”) molecules CYB004 and SPL028, which have the potential for less invasive, more convenient and patient-friendly dosing methods, in addition to SPL026, intravenous (“IV”) DMT.

To date, the Company has completed five clinical trials providing proof-of-concept and important dosing information for its DMT/dDMT assets, including:

Phase 2a safety and efficacy data for SPL026 (IV DMT) in 34 participants with MDD, demonstrating a clinically relevant and statistically significant reduction in depression symptoms at two weeks after dosing (-7.4 point difference in MADRS between SPL026 and placebo). Durable antidepressant response and remission rates were observed at six months. Among participants who had achieved remission within three months with SPL026, 64% sustained remission to six months.

Phase 1 studies evaluating intramuscular (“IM”) SPL026 and SPL028 supporting IM administration for patient-friendly dosing. The completed Phase 1 study of IV/IM SPL028 in healthy volunteers showed that SPL028 is safe and well-tolerated, and demonstrated that IM dosing of SPL028 produced robust psychedelic effects lasting a short duration in the majority of subjects

Phase 1b study evaluating the safety and efficacy of SPL026 in conjunction with selective serotonin reuptake inhibitors ("SSRIs") in 17 participants with MDD, demonstrating no relevant drug-drug interactions, a favorable safety profile and enhanced efficacy when SPL026 was administered with SSRIs, and a 92% remission rate at 4 weeks in the DMT + SSRI combination cohort (n=12).

Phase 1 results for IV CYB004 demonstrated robust and rapid-onset psychedelic effects at lower doses compared to native DMT, suggesting potential as a short-acting, scalable treatment

Exploratory analysis of the Phase 2a and Phase 1b data for SPL026 also shows significant improvements in symptoms of anxiety, as measured using the State Trait Anxiety Inventory – Trait version (STAI-T), with a 23 point improvement from baseline at the two week endpoint, in the DMT+ SSRI combination group.

The Company is currently advancing CYB004, a deuterated version of DMT, for the potential treatment of GAD. DMT has been shown to exert its psychedelic effects by activating the 5-HT2A receptor. In its regular form, DMT is
11 See footnotes 9 and 10.
12 The Company has updated this milestone. The Company had previously expected it would complete this milestone in Q1 2024. The Company now expects initiation of the Phase 3 study in Q2 2024.
13 The Company has completed both these milestones. The Company had previously estimated that its spending to provide topline data readout from the Phase 1/2a study would be $7,704 and to complete FDA submission of CYB003 Phase 1/2a data for end of phase 2 meeting would be $2,500 for a total of $10,204. Anticipated timing and spending regarding drug development is based on reasonable assumptions informed by current knowledge and information available to the Company. Such statements are informed by, among other things, regulatory guidelines for developing a drug with safety studies, proof of concept studies, and pivotal studies for new drug application submission and approval, and assumes the success of implementation and results of such studies on timelines indicated as possible by such guidelines, other industry examples, and the Company’s development efforts to date. Reflects actual spend during the financial year ended March 31, 2023, and during the period from April 1, 2022 to December 31, 2023.
10


an unstable molecule rapidly metabolized in the body, which significantly reduces its bioavailability. CYB004, as a deuterated molecule, has the potential to overcome the therapeutic limitations of native DMT. To date, CYB004 has demonstrated robust and rapid-onset psychedelic effects at lower doses compared to native DMT, suggesting potential as a short-acting, scalable treatment. Additionally, learnings from Phase 1 studies of IM SPL028 have supported IM administration as a viable dosing method for deuterated DMT, suggesting the potential for CYB004 to offer more convenient and patient-friendly dosing methods.

CYB004 is secured by a U.S. composition of matter patent with protection through 2041. The patent covers a range of deuteration forms of DMT and protects CYB004 as a putative new chemical entity.

On June 7, 2022, the Company announced it had entered into an agreement to acquire a Phase 1 DMT study (the “Asset Acquisition”) from Entheon Biomedical Corp. (“Entheon”) to accelerate the clinical development path for CYB004. On July 11, 2022, the Company announced that the Asset Acquisition was completed. The Phase 1 study, previously identified as EBRX-101 and now named CYB004-E, is being conducted in the Netherlands. Entheon acted as external consultants to the Company for approximately 10 months after the Asset Acquisition.

On January 12, 2023, the Company announced that it has selected GAD as the target indication for its proprietary deuterated DMT molecule, CYB004.

About the Phase 1 CYB004-E DMT Study

The Phase 1 trial was a three-part study evaluating the safety, pharmacokinetics, and pharmacodynamics of escalating doses of DMT and CYB004 in healthy volunteers. The three-part study design was established in a protocol amendment to the initial study design, allowing the Company to commence first-in-human dosing of CYB004 sooner than initially planned. The study provided essential safety and dosing optimization data informing the clinical path forward for CYB004. The CYB004-E study was conducted at the Centre for Human Drug Research in the Netherlands and is one of the largest Phase 1 DMT clinical trials to date.

On November 10, 2022, the Company announced that its CYB004-E Phase 1 trial evaluating IV DMT completed dosing for four out of five cohorts and that the Safety Review Committee had confirmed no safety issues.

On February 1, 2023, the Company announced that it had received approval from an independent ethics committee in the Netherlands to initiate first-in-human dosing of CYB004 through a protocol amendment to its ongoing Phase 1 CYB004-E study.

On February 28, 2023, the Company announced a protocol amendment to the initial Phase 1 study design that would allow the Company to initiate first-in-human dosing of CYB004 sooner than initially planned. Per the protocol amendment, Cybin established a three-part study to include Part A (IV DMT infusion), Part B (IV DMT bolus + infusion) and Part C (IV CYB004 bolus + infusion) in healthy volunteers. The Company was able to rely upon completed preclinical data to gain regulatory authorization to add CYB004 to the CYB004-E DMT Study. The Company also announced confirmatory data from Part A, the single ascending dose portion of the CYB004-E study, which assessed a continuous IV DMT infusion. The Part A data showed a dose-proportional increase in exposure and dose-related increase in behavioral measures of subjective psychedelic experience with IV DMT. IV DMT was also well-tolerated with no safety issues and no serious adverse events within the dose range evaluated.

On May 9, 2023, the Company announced that it had completed dosing for the last subject in Part B of the Phase 1 CYB004-E trial.

On May 24, 2023, the Company announced that it had initiated first-in-human dosing of CYB004 in Part C of the Phase 1 CYB004-E trial.

On January 8, 2024, the Company announced positive topline results from its Phase 1 studies of its proprietary deuterated DMT molecules, CYB004 and SPL028.
The Phase 1 CYB004 study results showed that IV CYB004 demonstrated robust and rapid-onset psychedelic effects at lower doses compared to native DMT. These psychedelic effects were rapid in onset when
11


administered as an IV bolus over five minutes and persisted for about 40 minutes after the bolus without the need for an extended infusion.
The Phase 1 SPL028 study identified an IM dose of SPL028 that resulted in a breakthrough psychedelic experience, with a total duration ranging from 55 to 120 minutes.
Both CYB004 (IV) and SPL028 (IM and IV) were well-tolerated with no serious adverse events, and the majority of adverse events were mild to moderate and self-limiting.

On January 23, 2024, the Company announced that it had received FDA clearance to initiate a Phase 2a study of CYB004 in GAD.

The Company spent approximately $5,272 on its Deuterated Dimethyltryptamine Program during the nine months ended December 31, 2023, related to the milestones detailed below.
As the Company continues to progress its Deuterated Dimethyltryptamine Program, additional milestones related to its clinical development have been identified. The Company intends to:

initiate a Phase 2a GAD study in Q1 202414.

The Company expects to spend approximately $7,24515,16 to complete FDA IND submission for CYB004 in January 2024 of which approximately $2,272 was spent during the nine months ended December 31, 2023 and approximately $4,973 was spent in the financial year ended March 31, 2023, resulting in an approximate remaining spend as of December 31, 2023 of $162 by Q1 2024. The Company expects to spend approximately $5,73317 to provide topline data from the Phase 1 CYB004-E trial in January 2024 of which approximately $2,725 was spent during the nine months ended December 31, 2023 and approximately $2,797 was spent in the financial year ended March 31, 2023 resulting in an approximate remaining spend as of December 31, 2023 of $211 by Q1 2024.

The Company expects to spend approximately $1,27018 to initiate a Phase 2a GAD study in Q1 2024 of which approximately $271 was spent during the nine months ended December 31, 2023, a, resulting in an approximate remaining spend as of December 31, 2023 of $999 by Q1 2024.

The Company intends to continue funding the Deuterated Dimethyltryptamine (CYB004) Program, subject to the Company's ability to continue raising capital under its current and future financing. See "Subsequent Events".

14 The advancement of the Company’s Deuterated Dimethyltryptamine Program (CYB004) program beyond providing topline data from the Phase 1 CYB004-E trial in January 2024 and completing FDA IND submission for CYB004 in January 2024 is contingent on the Company’s ability to continue raising capital under its current and future financing arrangements. No assurances can be given that the Company will be able to raise the additional capital that it may require for its anticipated future development. See “Risk Factors” for further information. See also footnote 9.
15 Anticipated timing and spending regarding drug development is based on reasonable assumptions informed by current knowledge and information available to the Company. Such statements are informed by, among other things, regulatory guidelines for developing a drug with safety studies, proof of concept studies, and pivotal studies for new drug application submission and approval, and assumes the success of implementation and results of such studies on timelines indicated as possible by such guidelines, other industry examples, and the Company’s development efforts to date.
16 The Company has completed this milestone. The Company had previously estimated that its spending to complete FDA IND submission for CYB004 would be $7,180. Anticipated timing and spending regarding drug development is based on reasonable assumptions informed by current knowledge and information available to the Company. Such statements are informed by, among other things, regulatory guidelines for developing a drug with safety studies, proof of concept studies, and pivotal studies for new drug application submission and approval, and assumes the success of implementation and results of such studies on timelines indicated as possible by such guidelines, other industry examples, and the Company’s development efforts to date. Reflects actual spend during the financial year ended March 31, 2023, during the period from April 1, 2022 to December 31, 2023 and expected spend during Q1 2024.
17 The Company has completed this milestone. The Company had previously estimated that its spending to advance the Phase 1 CYB004-E trial would be $5,174. Anticipated timing and spending regarding drug development is based on reasonable assumptions informed by current knowledge and information available to the Company. Such statements are informed by, among other things, regulatory guidelines for developing a drug with safety studies, proof of concept studies, and pivotal studies for new drug application submission and approval, and assumes the success of implementation and results of such studies on timelines indicated as possible by such guidelines, other industry examples, and the Company’s development efforts to date. Reflects actual spend during the financial year ended March 31, 2023, during the period from April 1, 2022 to December 31, 2023 and expected spend during Q1 2024.
18 Refer to footnotes 14 and 15.
12


In addition, following the acquisition of Small Pharma, the Company is continuing to assess and will provide further information and updates upon completion of the integration of Small Pharma’s business, including the anticipated spend associated with the SPL028 study19.

Phenethylamine Derivatives Program (CYB005)
The Company's Phenethylamine Derivatives Program (CYB005) is focused on the development of therapeutic phenethylamine derivatives. Multiple phenethylamines have been shown to have psychedelic properties and several, such as MDMA, have shown promise as therapeutics. Cybin’s proprietary approach to phenethylamines modification with novel chemistry, proprietary formulations and directed delivery systems has yielded a number of novel, IP-protected leads with significant therapeutic potential. Several compounds are now being further studied both in vitro and in vivo for selection of the best development candidates, including evaluating the benefits of sub-psychedelic, chronic dosing. The Company is investigating the effects of phenethylamine derivatives on neuroplasticity, and for the potential treatment of psychiatric disorders, neuroinflammation and other neurological conditions.20

In order to assess the feasibility and viability of these phenethylamine derivatives entering clinical studies, the Company has and will continue to contract with reputable and licensed third-party vendors to undertake extensive preclinical characterization of target molecules on the Company’s behalf. These activities include, but are not limited to: the synthesis of such molecules as API at laboratory scale, the development and optimization of production processes for such APIs, the development of stable formulations utilizing these APIs, the development and validation of analytical methods for such formulations, the scale up of API production processes beyond laboratory scale to deliver GLP and GMP material suitable for entry into animal and human studies, studies of the stability of such formulations suitable for human studies, the development of Chemistry, Manufacturing and Controls to meet cGMP.

In addition, utilizing the expertise of selected third parties, the Company intends to oversee the study of the pharmacokinetic profiles of its formulations in a number of animal models and the completion of Absorption, Distribution, Metabolism, and Excretion ("ADME") profiles. Further, the Company’s licensed third party vendors will be responsible for completing a range of additional preclinical programs including, but not limited to, dose-ranging studies in multiple animal species, toxicity studies in multiple animal species, genotoxicity studies, along with neuropharmacological, pulmonary, and cardiovascular profiling, before the final selection of drug candidates for entry into human trials.

The Company intends to complete these studies, and collect further relevant safety and toxicity data, prior to the filing for any IND application with the FDA, a CTA with Health Canada, or other similar application with regulatory bodies in other jurisdictions.

The Company spent approximately $83 on its preclinical Phenethylamine Derivatives Program during the nine months ended December 31, 2023.

The Company is currently identifying a viable drug candidate and completing its assessment of the potential path forward for this candidate, including whether it will be developed internally or by way of potential third party partners. The Company anticipates that its phenethylamine program may deliver a drug candidate suitable for entry into clinical studies by the end of calendar 202421.

19 See footnotes 9 and 17.
20 This statement is based on the following material factors and assumptions: (a) the Company assumes it will enter into a contract with a licensed third-party vendor to undertake extensive preclinical characterization of target molecules on the Company’s behalf; (b) the Company anticipates to complete a number of animal models and the completion of ADME profiles; (c) the Company assumes to enter into third party agreements in order to complete a range of additional preclinical programs including but not limited to dose-ranging studies in multiple animal species, toxicity studies in multiple animal species, genotoxicity studies, teratogenicity studies, along with neuropharmacological, pulmonary, and cardiovascular profiling before the final selection of drug candidates for entry into human trials; and (d) obtain an IND and/or a CTA to enter into clinical trials. As of the date hereof, it has not yet completed the aforementioned items. Such statements are informed by, among other things, regulatory guidelines for developing a drug with safety studies, proof of concept studies, and pivotal studies for new drug application submission and approval, and assumes the success of implementation and results of such studies on timelines indicated as possible by such guidelines, other industry examples, and the Company’s development efforts to date.
21 See footnote 9. The Company is prioritizing its progression of its Deuterated Psilocybin Analog Program (CYB003). The advancement of the Company’s Phenethylamine Derivatives Program (CYB005) is contingent on the Company's ability to continue raising capital under its current and future financing arrangements. No assurances can be given that the Company will be able to raise the additional capital that it may require for its anticipated future development. See “Risk Factors” for further information.
13


The Company expects to spend approximately $90022 to complete preclinical development of a phenethylamine drug candidate by 202423, of which approximately $83 was spent during the nine months ended December 31, 2023, and approximately $782 was spent during the financial year ended March 31, 2023 resulting in an approximate remaining spend as of December 31, 2023 of $35. The Company intends to continue funding the Phenethylamine Derivatives Program (CYB005) Program.

Technology Programs

Digital Therapy Platform
The Company has been working on the creation of a patient digital therapy platform (the “Digital Platform”). The Digital Platform is envisioned to help patients undergoing psychedelic therapies to memorialize the learning from their treatment sessions and to assist with the integration of such learnings into the patient’s psychotherapy program.
The Company’s digital therapy platform technology is designed to better enable the evaluation of patient outcomes through a highly secure, patient-centered data analytics platform for better pre- and post-psychedelic treatments. The digital therapy platform is proprietary to Cybin and the subject of one of the Company’s patent applications.

Proof-of-concept testing for the Company's Digital Platform was completed in Q2 2022. The Company is currently evaluating paths forward for its Digital Platform program.

Kernel Collaboration

On January 11, 2021, the Company announced that it entered into an agreement with HI, LLC dba Kernel (“Kernel”) that will enable the Company to use the Kernel Flow technology ("Flow") to potentially measure neural activity during psychedelic therapy.
On October 26, 2021, the Company announced that the FDA had authorized an IND application to proceed with a Cybin-sponsored feasibility study using Flow to measure ketamine’s psychedelic effect on cerebral cortex hemodynamics. On January 11, 2022, the Company announced that the IRB had approved the feasibility study. On May 9, 2022, the Company and Kernel announced results from the piloting of the feasibility study. The preliminary data confirmed Flow's ability to successfully measure neuro-effect of ketamine over 10 days.24 The Company completed its feasibility study sponsorship utilizing Flow in Q3 2022.
On January 18, 2023, the Company announced promising results from the completed feasibility study, evaluating Flow's wearable technology to measure ketamine's psychedelic effect on cerebral cortex hemodynamics. Key findings from the study provided proof-of-principle for Flow as a portable functional system that provides real-time measurements of changes in blood oxygenation in the brain associated with neural activity. The study demonstrated ketamine-induced changes to functional brain biomarkers associated with potential therapeutic effects, including changes in cortical function associated with psychedelic experiences. Additionally, Flow demonstrated reliable measurements of pulse rate ("PR") and pulse rate variability ("PRV"), therefore eliminating the need for external cardiac activity sensors in future studies. The study also observed physiological measures of the effects of ketamine, including increased PR, decreased PRV, increased absolute concentrations of oxy-hemoglobin and decreased deoxyhemoglobin, and elevated electrodermal activity.

22 Reflects actual spend during the financial year ended March 31, 2023, the nine months ended December 31, 2023, and expected spend during the period from January 1, 2024 until the achievement of preclinical development of a phenethylamine drug candidate by December 31, 2024. Anticipated timing and spending regarding drug development is based on reasonable assumptions informed by current knowledge and information available to the Company. Such statements are informed by, among other things, regulatory guidelines for developing a drug with safety studies, proof of concept studies, and pivotal studies for new drug application submission and approval, and assumes the success of implementation and results of such studies on timelines indicated as possible by such guidelines, other industry examples, and the Company’s development efforts to date.
23 The Company has updated this milestone. The Company had previously expected it would complete this milestone by Q 2023. The Company now expects to complete preclinical development of phenethylamine drug candidate by the end of Q4 2024.Change in anticipated timing due to the prioritization of the CYB003 Program. Anticipated spending and timelines regarding drug development are based on reasonable assumptions informed by current knowledge and information available to the Company. See also footnote 9.
24 Preliminary data from the piloting suggested that ketamine-induced changes in functional connectivity persisted for several days after administration. Flow successfully measured the neuro-effect of ketamine over 11 days (baseline at Days 1-5, dosing at Day 6, follow-up at Days 7-11), and confirmed changes in functional connectivity that are consistent with current scientific research (Scheidegger et al 2012; Zacharias et al 2019; Li et al 2022). The piloting was conducted to ensure the efficiency of the feasibility study design. Participants in the pilot received either a low dose of ketamine and/or a placebo while wearing the Flow headset.
14


On July 20, 2023, the Company commended Kernel on their publication titled "Measuring acute effects of subanesthetic ketamine on cerebrovascular hemodynamics in humans using TD-fNIRS" in the journal Scientific Reports from the Nature Portfolio of Journals. The publication highlights the results of the Cybin-sponsored Kernel Flow1 feasibility study demonstrating the capabilities of the Flow1 system to capture and analyze brain changes resulting from the administration of a psychoactive substance. The feasibility study is the largest functional near-infrared spectroscopy (“fNIRS”) study to measure the acute effect of a psychedelic and is the first ever fNIRS neuroimaging study evaluating ketamine in humans. In this single-blind, placebo-controlled study, employing a non-randomized design, the Flow1 system, built with time-domain functional near-infrared spectroscopy (TD-fNIRS) was utilized to measure acute brain dynamics following intramuscular subanesthetic ketamine (0.75 mg/kg) and placebo (saline) administration in a clinical setting. Results from the study are intended to inform the next steps forward for this program.

Results from the study are intended to inform the next steps forward for this program.

About the Phase 1 Kernel Flow Feasibility Study

The feasibility study was a single-blind, placebo-controlled, non-randomized design with participants completing study visits roughly once a week for four weeks. The four study visits were always conducted in the same order: a screening visit, two dosing visits, and a follow-up phone call. Dosing visits were always placebo (saline, 0.9% NaCl) first and ketamine second, with the ketamine visit occurring one week (7.1±0.5 days, mean ±standard deviation) after the saline visit. Ketamine and saline were administered via bolus intramuscular injection (deltoid muscle). Ketamine dosing was based on participant weight with a target of 0.75 mg/kg, up to the maximum dose of 60 mg. Two participants were administered the maximum dose. Participants included 15 healthy individuals who met eligibility criteria and consented to participation in the study. There were eight females and seven males, all 24-48 years old.

The main objective of the feasibility study was to evaluate a participant’s experience wearing Flow while in an altered state of consciousness following the administration of ketamine.

As part of the Company’s sponsorship of the feasibility study, the Company will retain an exclusive interest in any innovations that are discovered or developed through its independent analysis of the study findings.

Update on Use of Proceeds

August Prospectus Supplement

The table below covers the period beginning July 1, 2023 until June 30, 2024, and describes the differences between the Company’s anticipated use of proceeds of $10,018 as previously disclosed in the Company’s prospectus supplement dated August 1, 2023 (the “August Prospectus Supplement”) to the Company’s short form base shelf prospectus dated July 5, 2021 (the “ 2021 Base Shelf Prospectus”), the revised estimated costs as at December 31, 2023, for the same period, and the actual use of proceeds as at December 31, 2023.

15


Use of Available Funds ($000’s)(1)(2)
Previous Disclosure Regarding Use
of Proceeds in the August Prospectus Supplement
(July 1, 2023 to June 30 2024)


Actual Use of Proceeds as at December 31, 2023

Revised Estimated Use of Proceeds
Deuterated Psilocybin Analog Program
Complete FDA submission of Phase 1/2a data$2,500$2,500$2,500
Deuterated Dimethyltryptamine Program
Provide topline data from Phase 1 CYB004-E trial$1,269$1,269$1,269
Complete FDA IND submission$1,373$1,373$1,373
Phenethylamine Development Program
Progression of phenethylamine candidate to clinical studies
Nil
Nil
Nil
Other
Working Capital, and General Corporate Purposes(3)
$4,876$4,876$4,876
TOTAL:$10,018$9,267$10,018

Notes:
(1)Certain amounts have been converted from USD to CAD at an exchange rate of 1.35:1.
(2)Such amounts do not reflect the entire anticipated expenditures or budget related to the listed programs. For further information see “Non-Revenue Generating Projects”.
(3)Includes personnel costs, professional services, overhead expenses and general expenses to be incurred by the Company in the normal course of business. In addition, the Company intends to use a portion of these proceeds to continue funding both its Deuterated Psilocybin Analog and Deuterated Dimethyltryptamine programs. The allocation between these programs and specific milestones within the programs have not yet been determined.

November Prospectus Supplement

The table below covers the period beginning November 1, 2023 until October 31, 2024, and describes the differences between the Company’s anticipated use of proceeds of $28,070 as previously disclosed in the Company’s prospectus supplement dated November 10, 2023 (the “November Prospectus Supplement”) to the Company’s base shelf prospectus dated August 17, 2023 (the “2023 Base Shelf Prospectus”), the revised estimated costs as at December 31, 2023, for the same period, and the actual use of proceeds as at December 31, 2023.

Use of Available Funds (USD $000’s)(1)(2)
Previous Disclosure Regarding Use
of Proceeds in the November Prospectus Supplement
(November 1, 2023, to October 31, 2024)


Actual Use of Proceeds as at December 31, 2023

Revised Estimated Use of Proceeds
Deuterated Psilocybin Analog Program
Initiate a Phase 3 Study of CYB003 in MDD
$6,393
Nil
$6,393
Deuterated Dimethyltryptamine Program
Initiate a Phase 2 Proof-Of-Concept Study(3)
$597$271$597
Initiate a Subcutaneous Formulation Study
$780
Nil
Nil
Phenethylamine Development Program
Progression of phenethylamine candidate to clinical studies
Nil
Nil
Nil
Other
Working Capital, and General Corporate Purposes(4)
$20,300$14,167$21,080
TOTAL:$28,070$14,438$28,070
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Notes:
(1)Amounts in the chart are in USD. Certain amounts have been converted from CAD to USD at an exchange rate of 0.74:1.
(2)Such amounts do not reflect the entire anticipated expenditures or budget related to the listed programs. For further information see “Non-Revenue Generating Projects”.
(3)This milestone is now denoted as 'initiate a Phase 2a GAD study'. For further information see "Deuterated Dimethyltryptamine Program".
(4)Includes personnel costs, professional services, overhead expenses and general expenses to be incurred by the Company in the normal course of business. In addition, the Company intends to use a portion of these proceeds to continue funding both its Deuterated Psilocybin Analog and Deuterated Dimethyltryptamine programs. The allocation between these programs and specific milestones within the programs have not yet been determined.

The Company has negative cash flow from operating activities and has historically incurred net losses. To the extent that the Company has negative operating cash flows in future periods, it may need to deploy a portion of its existing working capital to fund such negative cash flows. The Company will be required to raise additional funds through the issuance of additional equity securities, through loan financing, or other means, such as through partnerships with other companies and research and development reimbursements. There is no assurance that additional capital or other types of financing will be available if needed or that these financings will be on terms at least as favourable to the Company as those previously obtained.

The expected use of net proceeds from the Company’s financing activities, as presented above, represents the Company’s current intentions based upon its present plans and business condition, which could change in the future as its plans and business conditions evolve. The amounts and timing of the actual use of the net proceeds will depend on multiple factors and there may be circumstances where, for sound business reasons, a reallocation of funds may be necessary in order for the Company to achieve its stated business objectives. The Company may also require additional funds in order to fulfill its expenditure requirements to meet existing and any new business objectives, and the Company expects to either issue additional securities or incur debt to do so.

Relationships with Third Parties

The Company’s research and development of its psychedelic pharmaceutical products is conducted by way of licensed partners. The Company also intends to sponsor clinical and other studies at various clinical trial sites.

University of Washington
The Company has licensed the use of its EMBARK psychological support model to the University of Washington for a randomized, placebo-controlled clinical trial of psilocybin for frontline clinicians experiencing COVID-19 related distress.

Greenbrook TMS
On July 6, 2021, the Company entered into a collaboration agreement with Greenbrook TMS to establish mental health centers of excellence for the purpose of facilitating research and development of innovative psychedelic compound-based therapeutics for patients suffering from depression.

Clinilabs Drug Development Corporation
On April 21, 2022, the Company announced that it had partnered with Clinilabs, a global, full-service contract research organization with deep expertise in central nervous system drug development, to carry out the Company’s Phase 1/2a clinical trial of CYB003, its proprietary deuterated psilocybin analog.

Entheon Biomedical Corp.
On July 11, 2022, the Company completed the acquisition of a Phase 1 DMT study from Entheon. As part of the Asset Acquisition, Entheon assigned its rights under the Master Services Agreement between Entheon and Centre For Human Drug Research (“CHDR”) to the Company. The Company now maintains a direct contractual relationship with CHDR to conduct the CYB004-E trial. CHDR is an independent institute in the Netherlands specializing in innovative early-stage clinical drug research.

Mindset Pharma Inc.
17


On September 27, 2022, the Company entered into an agreement, as amended, with Mindset Pharma Inc. (“Mindset”) to acquire an exclusive license to an extensive targeted class of tryptamine-based molecules. The agreement includes an initial license fee payment by Cybin to Mindset of US$500 as well as additional clinical development milestone payments of up to US$9,500, with the first milestone payment, in the amount of US$500, payable upon completion of a Phase 1 clinical trial. At the sole discretion of Cybin, the milestones may be paid in cash or in Common Shares, or a combination thereof, subject to the approval of the Exchange. There is no assurance that the aforementioned milestones will be met. The agreement also contemplates a sales royalty of approximately 2% for all commercialized licensed products within the scope of the agreement, which is customary for drug licensing agreements of this nature.

Worldwide Clinical Trials
On July 26, 2023, the Company announced that it has partnered with Worldwide Clinical Trials, a global, full-service contract research organization with deep expertise managing clinical trials for mental health conditions, including MDD.

Other Third-Party Partners
The Company has established contractual sources of synthetic GMP (as defined below) and non-GMP raw materials to support its development operations through licensed third-party suppliers located in Canada, the United States, the UK and Europe. Such raw materials are expected to be, in general, readily available and in adequate supply to meet the Company’s need for development quantities, or custom manufactured on the Company’s behalf.25 The prices of research quantities of psilocybin and novel psychedelic compounds are generally higher than commercial supply prices at significantly larger scale and the Company, therefore, expects its supply prices to reduce over time. Development and production of the Company’s proprietary novel compounds is performed under confidential contractual agreements.

The Company has conducted due diligence on each such third party, including but not limited to the review of necessary licences and the regulatory framework enacted in the jurisdiction of operation.
The allocation of capital towards the Company’s ongoing projects and programs is largely dependent on the success, or difficulties encountered, in any particular portion of the process and therefore the time involved in completing it; in turn the time and costs associated with completing each step are highly dependent on the incremental results of each step and the results of other programs, and the Company’s need to be flexible to rapidly reallocate capital to projects whose results show the greatest potential. As such, it is difficult for the Company to anticipate the timing and costs associated with taking the projects to their next planned stage, and the Company cannot make assurances that the foregoing estimates will prove to be accurate, as actual results and future events could differ materially from those anticipated. Accordingly, investors are cautioned not to put undue reliance on the foregoing estimates.

Moreover, identifying the timing and costs of such projects beyond their immediate next steps go to the core differentiating factors with respect to the Company and its competitors. The disclosure of prospective costs and timing other than as already disclosed by the Company would negatively impact shareholder value and undermine the Company’s proprietary technology. In keeping with pharmaceutical industry practice, it is the Company’s policy to disclose these details in conjunction with its financial statements, and to publicly disclose published patent applications, published scientific papers, scientific symposia and the attainment of key milestones only. In addition, the premature disclosure of proprietary data would have a material and adverse effect on the Company’s patent and other intellectual property rights and could result in the breach of confidentiality obligations.

The material factors or assumptions used to develop the estimated costs disclosed above are included in the “Cautionary Note Regarding Forward-Looking Information” section above. The actual amount that the Company spends in connection with each of the intended uses of proceeds will depend on a number of factors, including those listed under “Risk Factors” in this MD&A or unforeseen events.

Other than as described in the AIF and herein, to the knowledge of management, there are no other particular significant events or milestones that must occur for the Company’s business objectives in the next 12 months to be accomplished. However, there is no guarantee that the Company will meet its business objectives or milestones
25 At this time the Company has not entered into commercial supply agreements and has no control over price or conditions. The Company has assumed that it will be able to enter into commercial supply agreements at such a time when there will be sufficient competition in the market which will render prices reasonable.
18


described above within the specific time periods, within the estimated costs or at all. The Company may, for sound business reasons, reallocate its time or capital resources, or both, differently than as described above.
The Company has negative cash flow from operating activities and has historically incurred net losses. To the extent that the Company has negative operating cash flows in future periods, it may need to deploy a portion of its existing working capital to fund such negative cash flows. The Company will be required to raise additional funds through the issuance of additional equity securities, through loan financing, or other means, such as through partnerships with other companies and research and development reimbursements. There is no assurance that additional capital or other types of financing will be available if needed or that these financings will be on terms at least as favourable to the Company as those previously obtained.

Certain COVID-19 related risks could delay or slow the implementation of the planned objectives resulting in additional costs for the Company to achieve its business objectives. The extent to which COVID-19 may impact the Company business activities will depend on future developments, such as the ultimate geographic spread of the disease, the duration of the outbreak, travel restrictions, business disruptions, and the effectiveness of actions taken in Canada, the United States, and other countries to contain and treat the disease. As these events are highly uncertain and the Company cannot determine their potential impact on operations at this time. The COVID-19 pandemic may negatively impact the Company’s business through disruption of supply and manufacturing, which would influence the amount and timing of planned expenditure. For example, prolonged disruptions in the supply of goods and services relied on by the Company to develop its products or restrictions resulting from government regulations that impact the Company ability to conduct its studies and clinic trials, may adversely impact the Company’s business.

Intellectual Property
Cybin has title to thirteen granted US patents and thirty nine granted national (non-US) patents, including claims directed to compositions of matter and methods of use in support of its research and development and preclinical and clinical trial programs. Granted European patents are counted as a single granted patent (as opposed to multiple patents in each European territory in which the patent is in force).

Patent NumberJurisdiction of FilingDescription
1
11,242,318
United StatesDeuterated Tryptamine Derivatives And Methods Of Use
2
11,724,985
United StatesDeuterated Tryptamine Derivatives And Methods Of Use
3
11,746,088
United StatesDeuterated Tryptamine Derivatives And Methods Of Use
4
11,834,410
United StatesDeuterated Tryptamine Derivatives And Methods Of Use
52018311307AustraliaCrystalline Forms of Hydroxynorketamine
62020378647AustraliaMethod of Synthesis
72020381103AustraliaCompounds
82021334933AustraliaInjectable Formulation
92021204158AustraliaTherapeutic Compositions Comprising Deuterated or Partially Deuterated N,N-Dimethyltryptamine Compounds
101120220000000BrazilInjectable Formulation
113104072CanadaDrug Substance Compositions Comprising N,N-Dimethyltryptamine
123160337CanadaMethod of Synthesis
133179161CanadaTherapeutic Compositions Comprising Deuterated or Partially Deuterated N,N-Dimethyltryptamine Compounds
14ZL202080087091.0ChinaCompounds
153463323
European Patent Office
Solid Oral Dosage Forms of 2R,6R-Hydroxynorketamine or Derivatives Thereof
163687515European Patent OfficeSolid Oral Dosage Forms of Ketamine Derivatives
173532457European Patent OfficeCrystalline Forms of Hydroxynorketamine
183826632European Patent OfficeTherapeutic Compositions Comprising Deuterated or Partially Deuterated N,N-Dimethyltryptamine Compounds
19


Patent NumberJurisdiction of FilingDescription
193844147European Patent OfficeCompounds
203873883European Patent OfficeMethod of Synthesis
213902541European Patent OfficeTherapeutic Compositions Comprising Deuterated or Partially Deuterated N,N-Dimethyltryptamine Compounds
224031529European Patent OfficeDeuterated or Partially Deuterated N,N-Dimethyltryptamine Compounds
2340010285Hong KongCrystalline Forms of Hydroxynorketamine
2440042383Hong KongTherapeutic Compositions
2540035970Hong KongSolid Oral Dosage Forms of Ketamine Derivatives
2640056359Hong KongCompounds
2740060666Hong KongMethod of Synthesis
2840065709Hong KongTherapeutic Compositions Comprising Deuterated or Partially Deuterated N,N-Dimethyltryptamine Compounds
2940064531Hong KongTherapeutic Solid Dosage Forms
30507114
India
Therapeutic Compositions Comprising Deuterated or Partially Deuterated N,N-Dimethyltryptamine Compounds
31292753IsraelCompounds
327288154JapanTherapeutic Compositions Comprising Deuterated or Partially Deuterated N,N-Dimethyltryptamine Compounds
332023 500532JapanMethod of Synthesis
342022 546635JapanCompounds
352023 533436JapanInjectable Formulations
36404310MexicoCompounds
37788543New ZealandDimethyltryptamine derivatives and their use in psychedelic-assisted psychotherapy
38794833New ZealandTherapeutic Compositions Comprising Deuterated or Partially Deuterated N,N-Dimethyltryptamine Compounds
392589605Republic of KoreaTherapeutic Compositions Comprising Deuterated or Partially Deuterated N,N-Dimethyltryptamine Compounds
40
2585978
United KingdomTherapeutic Compositions
412586940United KingdomTherapeutic Compositions
422592822United KingdomTherapeutic Compositions
432595776United KingdomTherapeutic Solid Dosage Forms
44
11,377,416
United StatesCrystalline Forms of Hydroxynorketamine
45
11,771,681
United StatesTherapeutic Compositions
46
11,773,062
United StatesDeuterated Compounds
47
11,643,390
United StatesSynthesis of N,N-Dimethyltryptamine-Type Compounds, Methods, and Uses
48
11,471,417
United StatesDeuterated N,N-Dimethyltryptamine Compounds
49
11,406,619
United StatesInjectable Formulations
50
11,697,638
United States5-Methoxy-N,N-Dimethyltryptamine Crystalline Forms
51
11,660,289
United StatesDeuterated or Partially Deuterated N,N-Dimethyltryptamine Compounds
52
11,578,039
United StatesCompounds

In addition, Cybin has title to seventeen provisional patent applications, nineteen US non-provisional patent applications, one hundred and twenty six national (non-US) patent applications, and fourteen Patent Cooperation Treaty (“PCT”) applications, including claims directed to compositions of matter and methods of use in support of its research and development and preclinical and clinical trial programs.

20


Patent Application NumberJurisdiction of FilingStatusDescription
1PCT/EP2022/069109IrelandPendingIntegrated Data Collection Devices for Use in Various Therapeutic and Wellness Applications
2PCT/EP2022/058574IrelandPendingCombination Drug Therapies
3PCT/EP2022/076073IrelandPendingFormulations Of Psilocybin Analogs and Methods of Use
418/056,958United StatesPendingDeuterated Tryptamine Derivatives and Methods of Use
517/999,310United StatesPendingDeuterated Tryptamine Derivatives and Methods of Use
6PCT/EP2023/050702IrelandPendingTryptamine Compositions and Methods
7PCT/EP2023/053744IrelandPendingTherapeutic Phenethylamine Compositions and Methods of Use
8PCT/EP2023/053752IrelandPendingPhenethylamine Derivatives, Compositions, and Methods of Use
918/041,731United StatesPendingTherapeutic Phenethylamine Compositions and Methods of Use
1018/041,728United StatesPendingPhenethylamine Derivatives, Compositions, and Methods of Use
1163/487,078United StatesPendingMethods of Treating Disorders
1218/027,810United StatesPendingMethods For Delivery of Psychedelic Medications By Inhalation and Systems For Performing the Methods
13PCT/EP2023/057939IrelandPendingMethods For Delivery of Psychedelic Medications By Inhalation and Systems For Performing the Methods
14PCT/EP2023/058107IrelandPendingCombination Drug Therapies
1563/464,265United StatesPendingInjectable Pharmaceutical Formulations
1663/507,059United StatesPendingCompanion Animal Treatments
1763/507,062United StatesPendingInjectable Pharmaceutical Formulations
18PCT/EP2023/066900IrelandPendingFormulations of Psilocybin
1963/510,089United StatesPendingProcesses for Preparing Phenethylamine Compounds
2063/512,466United StatesPendingMethods of Treating Disorders with a Psilocybin Analog
2118/353,492United StatesPendingDeuterated Tryptamine Derivatives and Methods of Use
2263/519,992United StatesPendingMethods of Treating Disorders with a Psilocybin Analog
2318/547,100United StatesPendingPsilocybin Analogs, Salts, Compositions, and Methods of Use
24PCT/EP2023/073122IrelandPendingTryptamine Compounds, Compositions, and Methods of Use
2518/493,231United StatesPendingDeuterated Tryptamine Derivatives and Methods of Use
26PCT/EP2023/080027IrelandPendingPhenethylamine Compounds, Compositions, and Methods of Use
2763/599,483United StatesPendingInjectable Pharmaceutical Formulations
2818/561,152 United StatesPendingFormulations of Psilocybin
2963/600,179United StatesPendingCompanion Animal Treatments
3063/602,888United StatesPendingMethods of Treating Disorders with a Psilocybin Analog
3163/603,262United StatesPendingMethods of Treating Disorders with a Psilocybin Analog
3263/603,886United StatesPendingMethods of Treating Disorders with a Psilocybin Analog
3318/576,487United StatesPendingIntegrated Data Collection Devices for Use in Various Therapeutic and Wellness Applications
34793553New ZealandPendingDeuterated Tryptamine Derivatives and Methods of Use
35297492IsraelPendingDeuterated Tryptamine Derivatives and Methods of Use
363177454CanadaPendingDeuterated Tryptamine Derivatives and Methods of Use
37NC2022/0016662ColombiaPendingDeuterated Tryptamine Derivatives and Methods of Use
38MX/a/2022/014605MexicoPendingDeuterated Tryptamine Derivatives and Methods of Use
39202203191ChilePendingDeuterated Tryptamine Derivatives and Methods of Use
4010-2022-7040243Republic of KoreaPendingDeuterated Tryptamine Derivatives and Methods of Use
41EP21808464.8European Patent OfficePendingDeuterated Tryptamine Derivatives and Methods of Use
21


Patent Application NumberJurisdiction of FilingStatusDescription
42202180036163.3ChinaPendingDeuterated Tryptamine Derivatives and Methods of Use
431120220235658BrazilPendingDeuterated Tryptamine Derivatives and Methods of Use
442021276656AustraliaPendingDeuterated Tryptamine Derivatives and Methods of Use
4511202254530TSingaporePendingDeuterated Tryptamine Derivatives and Methods of Use
46202213256South Africa