Water Tower Research Publishes Initiation of Coverage Report on Cybin, Inc., “A Leader in Novel Neuropsychiatry Therapeutics”

Company Overview - Cybin, Inc. is positioned as a leader in the development of novel neuropsychiatry therapeutics, focusing on hard-to-treat mental health disorders such as major depressive disorder (MDD) and generalized anxiety disorder (GAD) [2] - The company is guided by an experienced executive management team with extensive pharmaceutical industry knowledge and claims to have the most comprehensive intellectual property (IP) portfolio among its peers [2] Pipeline Development - Cybin's primary pipeline candidates include CYB003, a deuterated psilocin-based treatment for MDD, and CYB004, a deuterated N,N-Dimethyltryptamine (DMT) targeting GAD [3] - CYB003 is expected to initiate its first Phase III study by the end of 2024 following positive Phase II results, while CYB004 is nearing the completion of its Phase II trial with results anticipated by the end of 2024 or early 2025 [3] Technological Differentiation - The company utilizes deuteration to enhance the pharmacokinetic properties of its treatments, resulting in improved efficacy and IP protection [4] - Both CYB003 and CYB004 are designed to be adjunctive treatments, allowing for more efficient and cost-effective trials compared to competitors, and demonstrating greater efficacy with less frequent dosing [4] Market Positioning - Cybin's current market capitalization and enterprise value are significantly lower than those of leading competitors, despite favorable revenue and EBITDA projections for 2029 [5] - The company is well-capitalized relative to its peers, positioning it advantageously for future growth [5]