Mr. Gabriel Fahel reports

CYBIN ANNOUNCES CLOSING OF OFFERING OF UNITS LED BY ONE OF THE COMPANY'S LARGEST INSTITUTIONAL SHAREHOLDERS

Cybin Inc. has closed its previously announced underwritten offering. In connection with the offering, the company issued an aggregate of 66,666,667 units of the company at a price of 45 U.S. cents per unit for aggregate gross proceeds of $30-million (U.S.).

Each unit comprises one common share in the capital of the company and one common share purchase warrant. Each warrant is exercisable to acquire one common share at a price of 51 U.S. cents per common share any time on or after the date that is six months after issuance until May 14, 2029, subject to acceleration in certain circumstances.

"Q4 of 2023 and 2024 will be pivotal for Cybin as we expect top-line clinical data readouts from both our phase 1/2a trial of CYB003, our deuterated psilocybin analog, and from our phase 1 trial of CYB004 and SPL028, our deuterated DMT programs. With the current financing, led by one of the company's largest institutional shareholders, and a combination of the company's current cash position, current at-the-market offering and assuming exercise in full of the warrants issued as part of the units, the company has access to over $100-million (U.S.). This capital is expected to provide Cybin with the cash runway needed to complete these value-driving clinical milestones and enable us to continue focusing on clinical execution with the ultimate goal of bringing improved therapeutic options to patients in need," said Doug Drysdale, chief executive officer of Cybin.

AGP/Alliance Global Partners acted as the sole bookrunning manager for the offering.

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

The units were offered pursuant to a prospectus supplement to the company's short form base shelf prospectus dated Aug. 17, 2023, that was filed with the Ontario Securities Commission. The prospectus supplement was also filed with the United States Securities and Exchange Commission, as part of a registration statement on Form F-10, as amended, which became effective by the SEC on Aug. 17, 2023, in accordance with the multijurisdictional disclosure system established between Canada and the United States. The prospectus supplement, base shelf prospectus and the documents incorporated by reference therein 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 AGP/Alliance Global Partners, 28th floor, 590 Madison Ave., New York, N.Y., 10022, or by telephone at 212-624-2060 or by e-mail at prospectus@allianceg.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, and 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.

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