Mr. Gabriel Fahel reports

CYBIN ANNOUNCES COMPLETION OF FDA TYPE B INITIAL BREAKTHROUGH THERAPY MEETING AND PLANS FOR CYB003 PHASE 3 PROGRAM IN MAJOR DEPRESSIVE DISORDER

Cybin Inc. held a Type B initial breakthrough therapy meeting with the U.S. Food and Drug Administration (FDA) late last week in Washington. The company plans to initiate its phase 3 pivotal trial of CYB003 for the adjunctive treatment of MDD (major depressive disorder) in late summer of 2024.

"Following our productive Type B meeting, we continue to expect to commence our phase 3 pivotal program in late summer," said Doug Drysdale, chief executive officer of Cybin. "Having selected 30 clinical sites across the United States and Europe, we are eager to initiate this next phase of clinical development and to build on the positive impact of CYB003 to date. In our phase 2 study, CYB003 showed a robust and sustained effect, with 75 per cent of patients in remission from depression four months after two 16-milligram doses. We expect to report 12-month efficacy data from the phase 2 study in the fourth quarter of this year. We look forward to ongoing engagement with the FDA as we advance our path to bringing new, improved treatment options to patients and providers."

Further to recent industry discussions around the subject of functional unblinding, the company plans to implement multiple measures to attempt to mitigate the risk of functional unblinding in its pivotal study program, as follows:

• The pivotal study program will include one study with a three-arm design with a high-dose, mid-dose and placebo arm. Patients will not know if they received the therapeutic high dose or the subtherapeutic mid-dose, mitigating the unblinding to an extent and addressing potential expectancy bias.
• The study will utilize remote, independent, blinded raters who will not have any information on the dose received or the participant's dosing experience.
• The reporting of effects during the dosing session will be firewalled to ensure that the study team stays blinded.
• The studies will recruit participants who are largely psychedelic naive to reduce the impact of expectancy bias.
• The studies will assess long-term efficacy data points up to one year, to outlast any potential expectancy effects.

In addition, the study will include manual and real-time artificial intelligence screening of monitoring sessions to ensure monitor fidelity and patient safety.

The company also today announced the realignment of the composition of its governance and nominating committee, and compensation committee, which will now comprise solely existing independent directors Eric Hoskins (chair), Mark Lawson and Theresa Firestone, and Grant Froese (chair), Mr. Lawson and Ms. Firestone, respectively.

About Cybin Inc.

Cybin is a clinical-stage breakthrough neuropsychiatry company on a mission to create safe and effective next-generation 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 analog program 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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