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The earnings call reflects a company making significant progress in advancing its clinical programs and strengthening its financial position, despite facing challenges such as leadership transition and increased expenses. The overall sentiment is balanced, with solid achievements in clinical and operational fronts but offset by financial and leadership concerns.
In the recent call, Cybin provided several key metrics and updates regarding their ongoing programs and financial status. The company has raised $175 million in recent financing, aiming to advance their lead programs, CYB003 and CYB004, towards significant data readouts. CYB003, a deuterated psilocin analog, is in Phase III for major depressive disorder and has expanded its global footprint, targeting 330 participants across approximately 60 clinical sites. CYB004, targeting generalized anxiety disorder, has completed Phase II enrollment, with top-line data expected in Q1 2026. For the fiscal quarter ending September 30, 2025, Cybin reported cash-based operating expenses of $28.5 million and a net loss of $33.7 million. The company ended the quarter with $83.8 million in cash, cash equivalents, and investments, projecting these funds to support operations into 2027. Cybin emphasizes a disciplined approach to capital deployment, focusing on measurable milestones, global site activations, and manufacturing readiness to ensure successful execution of their clinical and commercial strategies.
CYB003 Phase III program for major depressive disorder and CYB004 Phase II program for generalized anxiety disorder are progressing as planned. The CYB004 study completed enrollment and is on track for a top line readout in the first calendar quarter of 2026.
Closed a $175 million financing, providing flexibility to execute plans and retire convertible debentures. Ended the quarter with $83.8 million in cash, cash equivalents, and investments.
EMBRACE Phase III study for CYB003 has been cleared to commence in the United States, U.K., multiple European Union countries, and Australia.
Partnership with Thermo Fisher for manufacturing and Osmind for point-of-care software to enhance clinic workflow and data management.
Participation from prominent institutional healthcare investors in recent financing reflects confidence in Cybin's science and programs.
Good morning, and thank you for joining us. This is an important quarter for Cybin, one that sets the stage for an active year of milestones. In September, Doug Drysdale stepped down as Chief Executive Officer. On behalf of the Board and the company, I want to thank Doug for his contributions. As Co-Founder and Executive Chair, I stepped in as Interim CEO while maintaining continuity and momentum. The Board's search for a permanent CEO is underway. Through this transition, our priorities remain the same: patient-focused rigorous science, disciplined education as our execution and clear communication. We have tightened operational cadence and disclosure discipline, and we'll be adding targeted talent and scientific advisory board expertise to support late-stage execution and launch readiness.
Our strategy starts where care happens in the clinic. What I mean by this is that we are designing therapy days that fit within existing schedules with short predictable sessions and a staff-light workflow that clinic teams can run without new infrastructure. From there, we focus -- our focus turns to maintaining wellness. Durability is built into the plan with an efficient retreatment approach that aims to reduce visit burden compared with today's multi-visit standards, so clinics can scale capacity and patients can plan their lives. Progress with regulators follows the same discipline. We move step by step anchored in data rather than speculation, and we'll communicate milestones as they are achieved. The capital plan matches that pace. Following our recent $175 million financing, we...