Mr. Doug Drysdale reports

CYBIN REPORTS FISCAL YEAR 2024 FINANCIAL RESULTS AND RECENT BUSINESS HIGHLIGHTS

Cybin Inc. has released the audited financial results for its fiscal year ended March 31, 2024, and is discussing recent business highlights.

"I am proud of the swift and meaningful progress we have made advancing our two lead programs -- CYB003 for the adjunctive treatment of MDD and CYB004 for the treatment of GAD -- this past year. As we stand poised to commence our phase 3 study of CYB003, Cybin has evolved into a mature, late-stage company with critical milestones on the near-term horizon," stated Doug Drysdale, chief executive officer of Cybin. "Supported by the BTD from the FDA and positive four-month durability data for our CYB003 program, and the initiation of our phase 2 study of CYB004, we are progressing quickly to potentially change the treatment paradigm for MDD and GAD, and bring to market innovative treatment options for patients in need.

"The path towards approval and commercialization for such novel therapeutics is gaining clarity. We believe our rigorous research and novel clinical approach can lead to a wholesale transformation in how mental health disorders are treated and, ultimately, to improved outcomes for patients and their families. Cybin's momentum continues, and 2024 will be another year of regulatory engagement and acceleration for our lead clinical programs. We are grateful for the financial support to continue this important work and look forward to sharing future updates on our progress," concluded Mr. Drysdale.

Recent business and pipeline highlights

CYB003: lead program with FDA BTD (U.S. Food and Drug Administration breakthrough therapy designation) for the adjunctive treatment of MDD

This is the first known BTD granted by the FDA for an adjunctive psychedelic-based therapy for the potential treatment of MDD. BTD provides an expedited review pathway and increased access to FDA guidance on trial design, with the potential to reduce drug development timelines. 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. BTD is supported by the company's positive top-line results from its phase 2 study of CYB003 in MDD, which demonstrated a robust and clinically significant reduction in depressive symptoms after a single dose with a mean 14-point MADRS score reduction from baseline between CYB003 (12 milligrams (mg)) versus placebo (p equal to 0.0005) at three weeks. At six weeks, 79 per cent of patients were in remission from depression after receiving two doses of CYB003 (12 mg).

Announced positive four-month durability data for CYB003 in MDD supporting progression to a pivotal phase 3 multinational study of CYB003 in the summer of 2024: Robust and sustained improvements in symptoms of depression were observed with two doses of 12 mg or 16 mg of CYB003:

• Mean reduction from baseline in the MADRS total score was approximately 22 points from baseline in both dosing cohorts;
• Approximately 75 per cent of the patients were responders (more than/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/equal to 10).

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

Announced a positive end-of-phase-2 meeting and alignment with the FDA on the CYB003 pivotal program design: The company expects to initiate enrolment for the multinational, multisite phase 3 program in the summer of 2024 (1). This is expected to be the first phase 3 trial evaluating a deuterated psilocybin analogue for the adjunctive treatment of MDD. Clinical site selection is complete for the first phase 3 study, which will include 30 study sites across the United States and Europe, all of which are experienced with conducting psychedelic clinical trials.

CYB004: initiated phase 2 study of the company's proprietary deuterated DMT molecule in development for the treatment of GAD. In January, 2024, the FDA cleared the company's investigational new drug application for CYB004. CYB004 is being developed as a potentially highly scalable intermittent treatment. A single intramuscular dose is expected to result in acute psychedelic effects lasting approximately 90 minutes. Results from this study are expected to provide proof-of-concept for CYB004's efficacy in GAD, time to onset of effects and durability of effects to one year.

Strengthened patent portfolio with the addition of four new patents in key jurisdictions:

• The United States Patent and Trademark Office (USPTO) granted U.S. patent 11,958,807 in support of its CYB003 program. The patent includes claims to pharmaceutical compositions within the company's CYB003 program and is expected to provide exclusivity until at least 2041.
• The Canadian Patent Office granted CA patent 3,179,335 and the Chinese Patent Office granted CN patent ZL202180044031.5 in support of the company's CYB004 program. The patents include claims to pharmaceutical compositions within the CYB004 program and are expected to provide exclusivity until at least 2041.
• The Chinese Patent Office granted CN patent ZL202080087092.5 in support of the company's CYB004 program. This patent includes claims to methods of synthesis of compounds within the CYB004 program and is expected to provide exclusivity until at least 2040.

Upcoming clinical milestones and future studies (1)

CYB003 -- deuterated psilocybin analogue program:

• Initiate a multinational, multisite phase 3 program in the summer of 2024 to further evaluate the safety and efficacy of CYB003 capsules as a potential adjunctive treatment in a larger MDD patient population.

CYB004 -- deuterated DMT program:

• Top-line safety and efficacy readout from phase 2 GAD study expected around year-end 2024.

Financial highlights:

• Cash totalled $209-million as of March 31, 2024;
• With the completion of the private placement and a combination of the company's current cash position, current at-the-market (ATM) equity program, the company has access to over $285-million (2);
• Net loss was $21-million for the quarter ended March 31, 2024, compared with a net loss of $14-million in the same period last year;
• Net loss was $78-million for the year ended March 31, 2024, compared with a net loss of $47-million in the same period last year;
• Cash-based operating expenses, consisting of research, general and administrative costs, totalled $24-million for the quarter ended March 31, 2024, compared with $13-million in the prior-year quarter;
• Cash-based operating expenses, consisting of research, general and administrative costs, totalled $65-million for the year ended March 31, 2024, compared with $47-million in the prior year;
• Cash flows used in operating activities were $21-million for the quarter ended March 31, 2024, compared with $11-million in the same period last year;
• Cash flows used in operating activities were $69-million for the year ended March 31, 2024, compared with $47-million in the same period last year;
• Cash flows received from financing activities were $254.5-million for the year ended March 31, 2024, compared with $13.6-million in the same period last year, related to the net proceeds on the issuance of common shares through the private placement, a public offering completed on Aug. 4, 2023, a public offering completed on Nov. 14, 2023, a common share purchase agreement with Lincoln Park Capital Fund LLC and the ATM program.

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 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.

(1) There is no assurance that timelines will be met. Anticipated timelines regarding the initiation, advancement and results of clinical trials are based on reasonable assumptions informed by current knowledge and information available to the company.

(2) There can be no assurance that the company will be successful in obtaining additional capital under the ATM program.

We seek Safe Harbor.