Mr. George Tziras reports

CYBIN ANNOUNCES $175 MILLION REGISTERED DIRECT OFFERING

Cybin Inc. has arranged a registered direct offering of 22,277,750 common shares in the capital of the company and, in lieu of common shares to certain investors, prefinanced common share purchase warrants at a price of $6.51 (U.S.) per common share or prefinanced warrant for aggregate gross proceeds of $175,009,911.45.

The financing includes new and existing investors, including Venrock Healthcare Capital Partners, OrbiMed, Point72, Deep Track Capital, Acorn Bioventures, Spruce Street Capital, Squadron Capital Management, Adage Capital Partners LP, Boxer Capital Management, ADAR1 Capital Management, Stonepine Capital Management, Pivotal Bioventure Partners and Ally Bridge Group.

Each common share and each prefinanced warrant is accompanied by 0.35 of one common share purchase warrant. Each warrant will be exercisable to acquire one common share at a price of $8.14 (U.S.) per common share at any time prior to the earlier of: (i) June 30, 2027; (ii) 30 days following the publication by press release of top-line data for the Approach trial of CYB003 in major depressive disorder; and (iii) 30 days following the date a press release is issued by the company announcing exercise of its acceleration right, which right can only be exercised if the closing price of the common share on NYSE American LLC is equal to or exceeds $19.53 (U.S.) per common share for any five consecutive trading days.

Each prefinanced warrant will entitle the holder thereof to acquire one common share at a nominal exercise price. The prefinanced warrants will not expire.

Jefferies LLC, TD Cowen, and Cantor Fitzgerald & Co. are acting as joint lead placement agents and Bloom Burton Securities Inc. is acting as a placement agent for the offering.

The offering is expected to close on Oct. 31, 2025, or such other date as may be mutually agreed by the company and each investor. The offering is subject to market conditions and other customary conditions, including approval of Cboe Canada Inc. and authorization from NYSE American.

The company intends to use the net proceeds from the offering to repay the company's outstanding unsecured convertible debentures held by High Trail Special Situations LLC, to progress the company's CYB003, CYB004 and CYB005 programs, and for working capital and general corporate purposes.

The company has delivered notice to High Trail to prepay on or about Oct. 31, 2025, the complete outstanding principal balance and a prepayment premium, and High Trail has agreed that no conversions will be made after receipt of the notice.

The company intends to offer the securities in the United States and certain other jurisdictions, pursuant to a prospectus supplement to the company's short-form base shelf prospectus dated Sept. 17, 2025. The prospectus supplement will be filed in the United States with the U.S. Securities and Exchange Commission, as part of a registration statement on Form F-10, as amended (file No. 333-289139), which became automatically effective on Sept. 17, 2025, 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 will be available on the company's SEDAR+ profile and the company's EDGAR profile. Delivery of the prospectus supplement and base shelf prospectus and any amendments thereto will be satisfied in accordance with the access-equals-delivery provisions of applicable Canadian securities legislation. Electronic or paper copies of the prospectus supplement and base shelf prospectus may be obtained, without charge, by contacting Jefferies, attention: equity syndicate prospectus department, 520 Madison Ave., New York, N.Y., 10022, by telephone at 877-821-7388 or by e-mail at Prospectus_Department@Jefferies.com; to TD Securities (USA) LLC, care of Broadridge Financial Solutions, 1155 Long Island Ave., Edgewood, N.Y., 11717, or by e-mail at TDManualrequest@broadridge.com; and to Cantor, attention: capital markets, 110 East 59th St., sixth floor, New York, N.Y., 10022, or by e-mail at prospectus@cantor.com.

About Cybin Inc.

Cybin is a breakthrough phase 3 clinical-stage neuropsychiatry company committed to revolutionizing mental health care by developing new and innovative next-generation treatment options to address the large unmet need for people who suffer from mental health conditions.

With promising class-leading data, Cybin is working to change the mental health treatment landscape through the introduction of novel drugs that provide effective and durable results for patients. The company is currently developing CYB003, a proprietary deuterated psilocin analogue, in phase 3 studies for the adjunctive treatment of major depressive disorder that has received breakthrough therapy designation from the U.S. Food and Drug Administration; and CYB004, a proprietary deuterated N,N-dimethyltryptamine molecule in a phase 2 study for generalized anxiety disorder. The company also has a research pipeline of investigational, 5-HT-receptor-focused compounds.

Founded in 2019, Cybin is operational in Canada, the United States, the United Kingdom and Ireland.

We seek Safe Harbor.