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Drug Co. to Conduct P1/2a Trial of Psilocybin in Depression
Research Report

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In this trial, slated to commence next quarter, the biopharma will test the efficacy of its version of the psychedelic compound in this mental health indication, noted a ROTH Capital Partners report.

Cybin Inc. (CYBN:NYSE American; CYBN:NEO) is preparing to launch, in Q3/22, a Phase 1/2a trial of its deuterated psilocybin analogue CYB003 in major depressive disorder, reported ROTH Capital Partners analyst Elmer Piros in a June 22 research note.

This program is significant for the Canadian biopharma in that few alternative treatments exist for the indication, and ROTH reflects the potential in its US$10 per share price target on Cybin. This target implies a significant increase from the current share price, which is around US$0.62.

Piros explained that in the upcoming study of CYB003, a deuterated version of psilocybin, 32 participating patients will be given two doses of the compound three weeks apart and will receive integrative psychotherapy as well. The first pharmacokinetic data in humans could be available in as early as Q4/22.

The report noted that animal trial results showed Cybin's psilocybin analogue to be superior to naturally occurring psilocybin in terms of pharmacokinetics. With CYB003, half the dose is required for potential equivalent efficacy and onset of action takes half the time. Additionally, blood level variability, side effects and overall treatment effects seem to be less.

As for another of Cybin's drugs in development, CYB004, deuterated dimethyltryptamine (DMT), the company was issued a composition of matter patent on it earlier this year. The biopharma had planned to conduct a trial of CYB004 in tobacco smokers but instead will replace it with a similar Phase 1 study it recently acquired from Entheon. The transaction has not closed yet.

In terms of finances, Cybin had CA$54 million in cash as of March 31, 2022, the end of its fiscal year 2022. With this amount, Piros noted, the company should be able to fund operations for about a year.

ROTH reiterates its Buy rating on Cybin.

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Disclosures for ROTH Capital Partners., Cybin Inc., June 22, 2022

Regulation Analyst Certification ("Reg AC"): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

Disclosures: Within the last twelve months, ROTH Capital Partners, or an affiliate to ROTH Capital Partners, has received compensation for investment banking services from Cybin Inc. Shares of Cybin Inc. may not be eligible for sale in one or more states. Shares of Cybin Inc. may be subject to the Securities and Exchange Commission's Penny Stock Rules, which may set forth sales practice requirements for certain low-priced securities. Within the last twelve months, ROTH Capital Partners, or an affiliate to ROTH Capital Partners, has managed or co-managed a public offering for Cybin Inc.

ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months. The material, information and facts discussed in this report other than the information regarding ROTH Capital Partners, LLC and its affiliates, are from sources believed to be reliable, but are in no way guaranteed to be complete or accurate. This report should not be used as a complete analysis of the company, industry or security discussed in the report. Additional information is available upon request. This is not, however, an offer or solicitation of the securities discussed. Any opinions or estimates in this report are subject to change without notice. An investment in the stock may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Additionally, an investment in the stock may involve a high degree of risk and may not be suitable for all investors. No part of this report may be reproduced in any form without the express written permission of ROTH.

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