Summary of Cybin (CYBN) FY Conference Call - August 12, 2025 Company Overview - **Company**: Cybin (CYBN) - **Focus**: Development of psychedelic treatments for mental health conditions, particularly Major Depressive Disorder (MDD) Key Points Industry Context - **Target Population**: Cybin is focusing on adjunctive treatment for MDD, particularly for patients who have already undergone multiple treatment trials, typically four to six, before reaching third-line treatment options [1][2] - **Market Size**: Approximately 3.5 million patients in the U.S. are targeted for third-line MDD treatment [2] Product Development and Efficacy - **Durability of Effect**: The company aims for treatments to provide relief from depression for at least six months, with a goal of one year of remission after just two doses [3][4] - **Phase Three Program**: Patients will be followed for a year post-dosing, with opportunities for re-dosing if they relapse [5] - **Expected Outcomes**: Anticipated metrics for success include reduction in MADRS scores, relapse and remission rates, and response rates [11] Safety and Tolerability - **Adverse Events**: No serious adverse events reported; transient side effects include nausea and elevated blood pressure during dosing sessions [9][10] - **Monitoring**: Adverse events will be tracked throughout the study, not just during dosing periods [10] Pricing and Market Positioning - **Pricing Strategy**: Current benchmark for similar treatments (e.g., SPRAVATO) is $30,000 to $50,000 per year; Cybin's treatment is expected to be more cost-effective with only two doses per year compared to 26 for esketamine [6][27] - **Market Potential**: Esketamine's sales run rate is approximately $1.7 billion, with expectations to reach $3-4 billion in a few years [28] Competitive Landscape - **Payer Engagement**: Positive interactions with payers, who view CYB3 as a viable third-line option due to its dosing convenience [26] - **Comparison with Competitors**: Cybin's treatment is positioned favorably against existing options due to fewer required doses and potentially better patient adherence [27] Clinical Trial Insights - **Placebo Response**: Observed a placebo response in phase two trials, with a reduction in MADRS scores of about eight points initially, reverting to baseline by the primary endpoint [19][20] - **Expectations for Phase Three**: Clinically relevant outcomes are expected to show a reduction of two to three points on the MADRS scale, with a target of maintaining a significant effect size compared to existing treatments [22] Future Outlook - **Upcoming Data**: Top-line data from the CYB004 trial is expected by the end of the year, following a twelve-week blinded period [30] - **Strategic Interest**: Increased interest from larger biopharma companies in acquiring assets in the psychedelic treatment space, particularly as data becomes available [41][43] Conclusion - **Innovative Approach**: Cybin is positioned to potentially change the treatment landscape for depression with its novel psychedelic therapies, focusing on efficacy, safety, and patient convenience [16][24]

Core Viewpoint - Compass Pathways' disappointing Phase III trial results for psilocybin treatment of treatment-resistant depression (TRD) led to a significant decline in stock prices across the psychedelic drug sector, with Compass's stock dropping by 49% [1][2]. Group 1: Trial Results and Market Reaction - The Phase III trial (COMP005) for COMP360 showed a MADRS score improvement of only 3.6 points compared to placebo, which, while statistically significant, fell short of analysts' expectations of at least 5 points and was lower than the company's previous Phase II data of 6.6 points [2][3]. - The underwhelming results raised concerns about the efficacy, sustainability, and commercial potential of psilocybin, leading to a broader sell-off in the psychedelic drug sector [2][3]. - Other companies in the psychedelic space, such as atai Life Sciences, MindMed, Cybin, and GH Research, experienced stock declines ranging from 5% to over 15% following the news [2][3]. Group 2: Impact on Other Companies - atai Life Sciences, with its DMT oral film in Phase II trials for TRD, saw its stock drop by over 15% [3]. - MindMed, which is in Phase III trials for an LSD derivative targeting major depressive disorder, experienced a stock decline of approximately 6% [3]. - Cybin's stock, which is developing an oral psilocin treatment for depression in Phase II trials, fell by about 5% [3]. - GH Research, with its inhaled mebufotenin candidate in Phase II for TRD, also saw a stock decrease of around 5% [3]. - Other psychedelic stocks, including Clearmind Medicine, Enveric Biosciences, and Bright Minds Biosciences, faced significant declines on the same day [4].