Mr. Doug Drysdale reports

CYBIN RECEIVES FDA BREAKTHROUGH THERAPY DESIGNATION FOR ITS NOVEL PSYCHEDELIC MOLECULE CYB003 AND ANNOUNCES POSITIVE FOUR-MONTH DURABILITY DATA IN MAJOR DEPRESSIVE DISORDER

The FDA (Food and Drug Administration) has granted BTD (breakthrough therapy designation) to CYB003, Cybin Inc.'s proprietary deuterated psilocybin analogue in development for the adjunctive treatment of MDD (major depressive disorder). If approved by the FDA, CYB003 would be the first known adjunctive psychedelic-based therapeutic for the treatment of MDD.

The company also announced that its phase 2 trial of CYB003 in MDD demonstrated robust and sustained improvement in depression symptoms at four months, with 75 per cent of participants receiving two 16-milligram (mg) doses achieving remission and no longer showing signs of depression.

These significant milestones reflect the company's commitment to advancing cutting-edge treatment options for MDD, marking a transformational moment in the pursuit of regulatory approval.

Breakthrough therapy designation accelerates and derisks the path forward

BTD provides an expedited review pathway, as well as increased access to FDA guidance on trial design, with the potential to reduce drug development timelines. It is reserved for drug candidates that target serious conditions and demonstrate substantial improvement on a clinically significant end point over available therapies. The designation includes all fast-track program features, as well as more intensive FDA guidance and discussion of the CYB003 development program, including planned clinical trials and plans for expediting the manufacturing development strategy.

The designation of CYB003 as a breakthrough therapy acknowledges the significant unmet medical need for more effective treatments of MDD and supports CYB003's potential for significant improvements over existing therapies. BTD serves as validation of the company's progress to date and is expected to accelerate Cybin's mission to advance its proprietary next-generation treatment toward new drug approval on an expedited basis.

This designation is supported by the positive top-line results from the company's phase 2 study of CYB003 in MDD, which demonstrated an improvement in depression symptoms superior to approved antidepressants and recently reported data with other psychedelics.

"It is a testament to the hard work and dedication of the entire Cybin team that we have accomplished so much so quickly. The granting of breakthrough therapy designation by the FDA underscores the potential of CYB003 to fill a gap in the treatment landscape for MDD, and serves to expedite and derisk our development program going forward," stated Doug Drysdale, chief executive officer of Cybin. "This designation provides for a streamlined review process and enhanced engagement with the FDA. With the robust durability data from our phase 2 study in hand, we are ready to move forward expeditiously. We are grateful for the opportunity to accelerate the development and regulatory review process that this designation affords, as we prepare to advance CYB003 toward a phase 3 pivotal trial around midyear."

"Currently available standard treatments for MDD can be limited in efficacy, remission and response rates, presenting challenges for patients and mental health practitioners alike. CYB003 may have potential to address these challenges and, with the FDA's breakthrough therapy designation, the regulatory path forward is accelerated," said Dr. Maurizio Fava, MD, chair of the department of psychiatry and psychiatrist-in-chief at Massachusetts General Hospital.

Positive four-month efficacy data for CYB003:

• Robust and sustained improvements in symptoms of depression with two doses of 12 milligrams (mg) or 16 mg of CYB003:
  • Mean reduction from baseline in the MADRS (Montgomery-Asberg depression rating scale) total score was approximately 22 points from baseline in both dosing cohorts.
  • Approximately 75 per cent of the patients were responders (greater than or equal to 50 per cent improvement in MADRS scores) following two doses of 16 mg.
  • 60 per cent of patients on 12 mg and 75 per cent on 16 mg were in remission from depression following two doses (MADRS score less than or equal to 10).

Safety and tolerability:

• CYB003 was well tolerated with no drug-related serious adverse events.
• All adverse events were mild or moderate in intensity.
• No incidents of suicidal ideation or behaviour.
• No discontinuations due to adverse events.

"The sustained reduction in depression symptoms at the four-month mark after just two doses of CYB003 is a critical milestone that demonstrates the durability of the response, following the rapid improvement in symptoms. It also paves the way for a change in the treatment paradigm for MDD. Unlike currently approved adjunctive treatments which require chronic, daily dosing, CYB003 allows for intermittent dosing without the challenges of withdrawing patients from their existing medications," stated Amir Inamdar, MBBS, DNB (psych), MFPM, chief medical officer of Cybin. "Notably, the durability data showed that at four months, approximately 75 per cent of patients were responders, meaning that they achieved an improvement of 50 per cent or greater in their MADRS scores. Across the two dosages, we also observed that at four months, 60 per cent of patients receiving 12 mg and 75 per cent receiving 16 mg achieved a MADRS score of less than or equal to 10, indicating that they were in remission and no longer showing signs of depression. Considering these positive findings, we are eager to progress the program, and bring relief and treatment alternatives to the millions of people who can benefit," concluded Mr. Inamdar.

"It is truly remarkable that at four months, the participants experienced a sustained reduction and incremental improvement in depression symptoms," continued Mr. Drysdale. "Impressively, the mean reduction from baseline in the MADRS total score was approximately 22 points at four months (compared to a mean reduction of 14 points versus placebo and 17 points from baseline at three weeks). This is highly encouraging, especially for patients who have not responded to existing treatment options. We look forward to initiating our phase 3 trial, which we anticipate will be an international, multisite study to further evaluate the safety and efficacy of CYB003 capsules in a larger MDD patient population. As we advance this program, we are proud to lead the way and contribute to the growing body of scientific evidence supporting the therapeutic potential of psychedelic drugs to treat a multitude of mental health disorders," concluded Mr. Drysdale.

The MADRS is a 10-item, clinician-administered scale designed to measure overall severity of depressive symptoms in subjects with MDD. It is widely used in clinical trials and accepted by regulatory authorities worldwide as a measure of symptoms of depression. The MADRS includes items ranging from sadness of mood, reduction in sleep and appetite, to difficulties in concentration, anhedonia, and negative and suicidal thoughts that are scored from zero to six, giving a total score ranging from zero to 60. Typical score ranges for severity are: zero to six -- normal; seven to 19 -- mild; 20 to 34 -- moderate; and over 34 -- severe depression. In the CYB003 study, mean baseline total scores on the MADRS were 31.4 to 33.7 in the active group and 30.8 in the placebo group.

Significant unmet medical need in depression

Depression is the leading cause of disability due to mental illness and affects over 300 million people worldwide. Despite the use of currently available treatments such as selective serotonin reuptake inhibitors (SSRIs), up to two-thirds of patients with depression do not achieve remission with initial antidepressant treatment. Over 43 million Americans take antidepressants and over 70 per cent of these individuals are treated with SSRIs. The BTD of CYB003 as an adjunctive therapy for MDD underscores the urgent need to address this treatment gap, as a significant proportion of people do not experience relief with existing therapies.

Conference call and webcast details

Date:  Wednesday, March 13, 2024

Time:  8:30 a.m. Eastern Time

Dial-in:  800-267-6316 (United States toll-free) or 203-518-9783 (international)

Conference ID:  CYBN0313

Webcast:  register for the webcast on-line

The archived webcast will also be available on the company's investor relations website on the events and presentations page.

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. Cybin is currently developing CYB003, a proprietary deuterated psilocybin analogue for the treatment of major depressive disorder, and CYB004, a proprietary dDMT 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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