Mr. Gabriel Fahel reports

CYBIN ANNOUNCES SIZE AND PRICING OF PREVIOUSLY ANNOUNCED OVERNIGHT MARKETED PUBLIC OFFERING OF UNITS

Cybin Inc. has released the pricing of its previously announced overnight marketed public offering of an aggregate of 24,264,706 units of the company at a price of 34 U.S. cents per unit for aggregate gross proceeds of $8.25-million (U.S.).

Each unit will be composed of one common share in the capital of the company and one common share purchase warrant. Each warrant will be exercisable to acquire one common share at a price of 40 U.S. cents per common share for a period of 60 months.

Cantor Fitzgerald & Co. is acting as the sole book running manager for the offering. A.G.P./Alliance Global Partners is acting as lead manager for 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 exchange).

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 United States Securities and Exchange Commission (SEC) 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. Copies of the prospectus supplement and base shelf prospectus may be obtained by contacting Cantor Fitzgerald & Co., attention: Capital markets, 499 Park Ave., 4th floor, New York, N.Y., 10022, or by e-mail at prospectus@cantor.com.

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, novel formulation approaches and treatment regimens. The company is currently developing CYB003, a proprietary deuterated psilocybin analog 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.