Mr. Doug Drysdale reports

CYBIN ANNOUNCES FINAL ADELIA MILESTONE ACHIEVEMENT

Adelia Therapeutics Inc., a wholly-controlled subsidiary of Cybin Inc., has achieved the milestone identified as Y2 Q4, (ii) as contemplated by the terms of a contribution agreement dated Dec. 4, 2020, among Cybin, Cybin Corp., Cybin U.S. Holdings Inc., a wholly-controlled subsidiary of Cybin, and all of the previous shareholders of Adelia.

"This final development milestone marks the completion of a detailed series of goals set between Cybin and Adelia almost two years ago. Our combined teams have executed well, progressing multiple development programs and transitioning Cybin into a clinical-stage development organization at a rapid pace," said Doug Drysdale, chief executive officer of Cybin. "While this marks the last equity-based milestone, we continue to execute our programs through the clinic, progressing our novel psychedelics to therapeutics for patients in need."

Pursuant to the terms of the transaction agreement, 33,190.1 Class B common shares in the capital of the acquirer shall be issued to the Adelia shareholders, in satisfaction of the $467,982.21 (approximately $357,894.01 (U.S.)) due to them on meeting the relevant milestone, at an effective issue price of $14.10 per Class B share, determined in accordance with the transaction agreement and applicable securities law. The Class B shares issued by the acquirer to the Adelia shareholders are exchangeable for common shares in the capital of Cybin on a 10-Cybin-share-for-one-Class-B-share basis, at the option of the holder thereof, subject to customary adjustments. No Class B shares were exchangeable prior to Dec. 14, 2021, and not more than: (i) 33 and one-third per cent of the Class B shares will be exchangeable prior to Dec. 14, 2022; (ii) 66 and two-thirds per cent of the Class B shares will be exchangeable prior to Dec. 14, 2023; and (iii) thereafter, 100 per cent of the Class B shares will be exchangeable.

Additional information related to the transaction is available in the transaction agreement, which is filed under Cybin's profile on SEDAR and with the U.S. Securities and Exchange Commission on EDGAR.

About Cybin Inc.

Cybin is a leading ethical biotechnology company, working with a network of world-class partners and internationally recognized scientists, on a mission to create safe and effective therapeutics for patients to address a multitude of mental health issues. Headquartered in Canada and founded in 2019, Cybin is operational in Canada, the United States, the United Kingdom, the Netherlands and Ireland. The company is focused on progressing psychedelics to therapeutics by engineering proprietary drug discovery platforms, innovative drug delivery systems, novel formulation approaches and treatment regimens for mental health disorders.

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