Mr. Gabriel Fahel reports

CYBIN ANNOUNCES OVERNIGHT MARKETED PUBLIC OFFERING OF UNITS

Cybin Inc. has launched an overnight marketed public offering of units of the company at a price per unit and for aggregate gross proceeds to be determined in the context of the market.

Each unit will be composed of one common share in the capital of the company and one common share purchase warrant. The terms of the warrants will be determined in the context of the market.

Cantor Fitzgerald & Co. is acting as the sole book-running manager for the offering. AGP/Alliance Global Partners is acting as lead manager for the offering.

The definitive offering terms will be confirmed at the time of pricing pursuant to the terms of an underwriting agreement to be entered into between the company and Cantor Fitzgerald & Co. There can be no assurance as to whether or when the offering may be completed or as to the actual size or terms of the offering. The offering is expected to close on or about Aug. 4, 2023, or such other date as Cantor Fitzgerald & Co. and the company may agree, and completion of the offering will be subject to market and other customary conditions, including approval of the NEO Exchange, now operating as Cboe Canada.

The company intends to use the net proceeds from the offering for the progression of the company's CYB003 and CYB004 programs, and for general corporate and working capital purposes.

The units will be offered in each of the provinces of Canada, excluding Quebec, and in the United States, pursuant to a prospectus supplement to the company's short form base shelf prospectus dated July 5, 2021. The prospectus supplement will also be filed with the U.S. Securities and Exchange Commission, as part of a registration statement on Form F-10, which was declared effective by the SEC on Oct. 8, 2021, in accordance with the Multijurisdictional Disclosure System established between Canada and the United States. Prior to forming an investment decision, prospective investors should read the base shelf prospectus and the documents incorporated by reference therein, including any marketing materials, which are available on the company's SEDAR profile and the company's EDGAR profile. When available, copies of the prospectus supplement and base shelf prospectus may be obtained by contacting Cantor Fitzgerald & Co., attention: capital markets, 499 Park Ave., fourth floor, New York, N.Y., 10022, or by e-mail at prospectus@cantor.com.

Suspension of the company's purchases under the LPC agreement

In the context of arranging for offering, on July 31, 2023, the company provided notice to Lincoln Park Capital Fund (LPC) of the company's intention to suspend purchases under its purchase agreement, effective immediately. The purchase agreement was entered on May 30, 2023, allowing the company to issue common shares with a value of up to $30-million (U.S.) from treasury to LPC from time to time at the company's discretion for a period of up to 36 months. The sale of common shares under the purchase agreement was qualified under a prospectus supplement dated May 30, 2023, to the base shelf prospectus. The company sold a total of $465,273 (U.S.) under the purchase agreement prior to the suspension of sales. No further common shares will be sold to LPC pursuant to the May supplement. Subject to receipt of all necessary regulatory approvals, the company intends to file a new supplement with respect to the purchase agreement to be filed under a new base shelf prospectus.

About Cybin Inc.

Cybin is a clinical-stage biopharmaceutical company on a mission to create safe and effective psychedelic-based therapeutics to address the large unmet need for new and innovative treatment options for people who suffer from mental health conditions.

Cybin's goal of revolutionizing mental health care 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. The company is currently developing CYB003, a proprietary deuterated psilocybin analogue for the treatment of major depressive disorder, and CYB004, a proprietary deuterated DMT molecule for generalized anxiety disorder, and has a research pipeline of investigational psychedelic-based compounds.

Headquartered in Canada and founded in 2019, Cybin is operational in Canada, the United States, the United Kingdom, the Netherlands and Ireland.

We seek Safe Harbor.