Cybin (CYBN) FY Conference Transcript

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]