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

Benzinga ·  Jun 27 00:14

Cybin Inc.(AMEX:CYBN) (CBOE: CYBN), a clinical-stage biopharmaceutical company focused on developing next-generation psychedelic treatments for mental health disorders,announced Wednesday its financial results for the fiscal quarter and year ending March 31, 2024, alongside significant strides in psychedelic therapy development.Cybin reported a net loss of C$78 million ($57 million) for FY 2024, a noticeable increase from C$47 million the previous year.

Fiscal Year 2024 Financial Highlights

  • No profits or revenues reported.
  • Net loss was C$78 million.
  • Cash totaled C$209 million as of March 31, 2024.
  • Closed oversubscribed private placement of $150 millionled by a syndicate of leading biopharmaceutical institutional investors.

Q4 2024 Financial Highlights

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