Cybin Inc.

Canaccord analyst Sumant Kulkarni lowered the price target on Cybin D/B/A Helus Pharma to $42 from $45 while maintaining a Buy rating. The firm highlighted the lead candidate HLP003, a deuterated psilocin analog in a Phase 3 program for adjunctive treatment of major depressive disorder, with significant potential upside expected from the upcoming Phase 3 APPROACH trial results anticipated in the fourth quarter of 2026. Separately, on June 24, the company priced an underwritten public offering of 10,309,280 common shares at $4.85 each, generating approximately $50 million in gross proceeds to support ongoing operations and development programs.

Helus Pharma has surpassed 86% enrollment in its Phase 3 APPROACH trial for major depressive disorder and priced a US$50 million underwritten offering. The APPROACH study is evaluating HLP003, a novel serotonergic agonist that previously received Breakthrough Therapy Designation from the U.S. FDA, with topline data expected in the fourth quarter of 2026. The company priced 10,309,280 common shares at US$4.85 per share, with the offering expected to close on June 25, 2026, and proceeds will fund advancement of HLP003, the Phase 2 HLP004 program for generalized anxiety disorder, and the preclinical HLP005 candidate for treatment-resistant depression. Interim CEO Eric So stated the enrollment progress underscores execution of the clinical program. Helus Pharma is the commercial operating name of Cybin Inc.