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Here are 1-3 brief analogies for Cybin (CYBN):

• Eli Lilly for psychedelic-based mental health treatments.
• The Tesla of psychedelic medicine, developing novel treatments for mental health.
• A biotech company like Biogen, but pioneering psychedelic drugs for neurological and mental health disorders.

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• CYB003: A deuterated psilocybin analog being developed for the treatment of Major Depressive Disorder (MDD).
• CYB004: A deuterated DMT analog in development for the treatment of Generalized Anxiety Disorder (GAD).
• Proprietary Drug Delivery Systems: Novel delivery methods, such as sublingual films, designed to optimize the administration of psychedelic compounds.
• Pre-clinical Psychedelic Therapeutics: A pipeline of other novel psychedelic compounds being explored for various neurological and psychiatric conditions.

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Cybin (CYBN) does not currently have major customers in the traditional sense.

Cybin is a clinical-stage biopharmaceutical company focused on developing novel psychedelic-based therapeutics for mental health disorders. Its primary activities revolve around research and development, conducting clinical trials for its lead product candidates (such as CYB003 for Major Depressive Disorder and CYB004 for Generalized Anxiety Disorder), and seeking regulatory approvals.

As the company's products are still in development and have not yet been commercialized, it does not generate revenue from product sales and therefore does not have a customer base that either comprises other companies or individuals.

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• Catalent (CTLT)

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Eric So, Interim Chief Executive Officer

Eric So is a Co-founder and Executive Chairman of Cybin. He is a veteran owner, operator, and investor with over 20 years of experience, having led corporate strategy, development, and finance across various business life cycles from start-up to multinational. He co-founded Globalive Technology Partners, Inc. in 2017 and Cybin, Inc. in 2016. So successfully raised hundreds of millions for various companies and navigated value creation, exits, and liquidity events for investors and shareholders. He was also a Co-founder and Managing Director of Trinity Venture Partners Inc., a boutique merchant bank.

Greg Cavers, Chief Financial Officer

Greg Cavers possesses over 15 years of experience in financial management, auditing, and financial compliance across various industries including banking, trust companies, and investments. He has extensive expertise in overseeing financial operations, reporting, and budgeting. His past roles include Vice President Finance at LottoGopher Holdings Inc., Financial Controller at the OSC Ontario Securities Commission, and VP Finance at CST Trust Company. Cavers also served as CFO of Global Maxfin Investments Inc. and Controller-Small Business at Canadian Imperial Bank of Commerce, which held authority over assets of $31 billion for external reporting. He was also previously Chief Financial Officer of Clarmin Explorations, Inc.

Amir Inamdar, Chief Medical Officer

Amir Inamdar is a qualified psychiatrist and pharmaceutical physician with over 20 years of clinical and drug development experience. He has successfully progressed numerous candidate drugs through preclinical development and early-phase clinical trials to proof-of-concept studies. Inamdar is experienced in leading global teams overseeing the development of novel medications across a range of psychiatric indications, including treatment-resistant depression, narcolepsy, anxiety, schizophrenia, bipolar disorder, and substance use disorders. He has worked at GlaxoSmithKline, Takeda Pharmaceutical Company Limited, and AstraZeneca.

Aaron Bartlone, Chief Operating Officer

Aaron Bartlone is an accomplished biopharmaceutical executive. He previously served as Chief Quality, Patient Safety, HSE & Risk Officer at UCB, Inc., where he led a team of over 1500 colleagues in 54 countries. Bartlone was also President at UCB, Inc., leading US commercial operations. He held various Director-level research, regulatory, and managerial roles at Eli Lilly from 1997 to 2006. Prior to joining Cybin, he was President & Managing Director at AB Dynamix LLC, where he was responsible for developing customized and innovative quality management systems, regulatory strategies, and supply chains for pharmaceutical, biotechnology, and medical device companies.

Alex Nivorozhkin, Chief Scientific Officer

Alex Nivorozhkin is the Chief Scientific Officer at Cybin, Inc. He co-founded Adelia Therapeutics Inc., a biopharmaceutical company, which was subsequently acquired by Cybin. At Adelia Therapeutics, Inc., he served as Chief Executive Officer & Director. He was also the Chief Operating Officer at Amorsa Therapeutics, Inc. Nivorozhkin's previous roles include Member at Boston BioCom LLC, Senior Program Manager at the Center For Integration of Medicine & Innovative Technology, and Head-Medicinal Chemistry at EPIX Pharmaceuticals, Inc. and Inotek Pharmaceuticals Corp. He also co-founded Neo-Advent Technologies LLC. He received his doctorate degree from Rostov State University.

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1. Clinical Trial Success and Regulatory Approval

2. Cash Burn and Dilution

3. Regulatory and Market Uncertainty in the Psychedelics Sector

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The emerging threat to Cybin (CYBN) is the rapid expansion and increasing legal acceptance of therapeutic models utilizing natural, non-proprietary psychedelics (e.g., psilocybin) in conjunction with facilitated therapy. Jurisdictions like Oregon have already implemented state-regulated programs for psilocybin service centers, with other regions exploring similar pathways. This trend presents a direct challenge to Cybin's core business strategy, which focuses on developing and commercializing proprietary, synthetic psychedelic analogs and novel delivery systems. If these non-proprietary models prove comparably effective, accessible, and potentially lower-cost, they could significantly divert patients and market share, undermining the value proposition of patent-protected pharmaceutical derivatives by offering an alternative route to psychedelic-assisted therapy outside the traditional drug development framework.

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The addressable markets for Cybin's main products are as follows:

• CYB003 (Adjunctive treatment of Major Depressive Disorder - MDD):

  The global psychedelic therapeutics market, which includes treatments for depression, was estimated at USD 2.94 billion in 2025 and is projected to increase to approximately USD 11.03 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 15.82% from 2025 to 2034. The depression spectrum (including Treatment-Resistant Depression and Major Depressive Disorder) segment held approximately 57% of the psychedelic therapeutics market share in 2024. Globally, an estimated 280 million people suffer from depression.

• CYB004 (Generalized Anxiety Disorder - GAD):

  The global generalized anxiety disorder treatment market is valued at USD 2.14 billion in 2025 and is expected to grow to USD 5.06 billion by 2035, with a CAGR of 9%. North America holds the largest share of the generalized anxiety disorder treatment market, accounting for approximately 40% of the global market in 2024, driven primarily by the United States.

• CYB005 (CNS Disorders/Neuro-inflammatory disorders):

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Expected Drivers of Future Revenue Growth for Cybin (CYBN)

Cybin (CYBN) is a clinical-stage biotechnology company focused on developing psychedelic-based therapeutics for mental health conditions. Over the next 2-3 years, several key drivers are expected to contribute to its future revenue growth:

1. Advancement and Commercialization of CYB003 for Major Depressive Disorder (MDD): CYB003, a proprietary deuterated psilocin analog, is Cybin's lead program and has received U.S. Food and Drug Administration (FDA) Breakthrough Therapy Designation for the adjunctive treatment of MDD. The program is currently in multinational Phase 3 studies (PARADIGM program, including APPROACH and EMBRACE studies), with topline data from the first pivotal study, APPROACH, expected in 2026. Successful completion of these trials and subsequent regulatory approval would be a significant revenue driver, addressing a substantial market opportunity with millions affected worldwide.
2. Advancement and Commercialization of CYB004 for Generalized Anxiety Disorder (GAD): Cybin is also developing CYB004, a deuterated N,N-dimethyltryptamine molecule, which is currently in a Phase 2 study for GAD. Topline efficacy data from the Phase 2 clinical trial in GAD is anticipated in the first quarter of 2026. Successful development and potential commercialization of CYB004 would allow Cybin to expand into another significant neuropsychiatry market.
3. Strategic Partnerships: Cybin is actively pursuing and forming strategic partnerships to accelerate its development and commercialization efforts. Collaborations include manufacturing agreements with companies like Thermo Fisher Scientific to ensure GMP-compliant production and scalability of its drug candidates. Additionally, a partnership with Osmind, a technology solution provider for mental health practices with an extensive network of psychiatry clinics, is aimed at accelerating commercial preparation and integrating psychedelic treatments into broader mental health ecosystems post-FDA approval.
4. Robust Intellectual Property (IP) Portfolio: Cybin possesses a strong intellectual property portfolio with over 90 granted patents and 230 pending applications as of June 2025, offering protection for its psychedelic compounds. This extensive IP protects its innovative drug formulations and delivery systems, such as the intramuscular formulation of CYB004, which can differentiate its offerings and potentially command premium pricing in the future commercial market.
5. Expansion into Additional Neuropsychiatry Indications: Beyond MDD and GAD, Cybin maintains a research pipeline of investigational, 5-HT-receptor focused compounds with the potential for expansion into other neuropsychiatry indications that have high unmet needs. This robust pipeline provides avenues for future growth by addressing a broader range of mental health conditions.

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