HELPCybin Inc.
Industry Biotech binary Updated 23 Sep 2026 Price 23 Oct 2026
If management hits its targets, one share in 12 months
Held at $10.19
Promises vs. what happened
12 claims · 5 decksEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
| Promise | Made in | What happened | |
|---|---|---|---|
| Anxiety topline in Q1 '26 (reset date) | Q4 '26 | met, 5 Mar '26 — now 'not powered to show separation' | Held |
| 12-month Phase 2 depression data in Q4 '24 | Q2 '25 | shown — a post-hoc read of 8 and 7 patients | Held |
| 3-month durability data in Q1 '24 | Q4 '24 | 4-month data, 60-75% in remission | Held |
| End-of-Phase 2 FDA meeting in Q1 '24 | Q4 '24 | held; Phase 3 plan aligned, date not given | Held |
| Phase 3 on 30 sites | Q2 '25 | now two pivotal studies on 100+ sites | Held |
| Anxiety Phase 2 starts Q1 '24 | Q4 '24 | started; no date given | Held |
| Phase 3 starts Q2 '24 | Q4 '24 | slipped to late summer '24; dosing shown only in Jan '26 | Late |
| 'Well capitalized' after the $150M raise | Q2 '25 | raised $175M and $50M more within two years | Late |
| Phase 1/2a interim readout early '23 | Q4 '23 | Phase 2 topline came Q4 '23; the interim itself never dated | Late |
| Kernel Flow brain-imaging data Q1 '23 | Q4 '23 | never mentioned again | Dropped |
| APPROACH Phase 3 topline in Q4 '26 | Q4 '26 | repeated unchanged Jan, Mar and Aug '26; due by 31 Dec | Open |
| Anxiety Phase 2 topline by early Q1 '25 | Q2 '25 | came Q1 '26, a year late | Missed |
What they’re pitching
the headline page, deck by deckThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'23Q4
'24Q2
'25Q4
'26Q2
'27
CashPage one since Q2 '25
BreakthroughOff page one Q2 '27
Phase 3Off page one Q4 '26
AnxietyOff page one Q2 '25
FramingOff page one Q2 '27
PatentsOff page one Q2 '27
ClinicsFirst seen Q4 '26
on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.
Capital position on the headline slide
“Capitalized to progress R&D pipeline with C$30M in cash and US$35M ATM”
Deck Cybin Corporate Presentation, January 2023 · no page (Tavily text) ·
Capital position on the headline slide
“Well capitalized - successfully closed oversubscribed private placement of $150M USD”
Deck Cybin Corporate Presentation, August 2024 · no page (Tavily text) ·
Capital position on the headline slide
“Cash position of US$83.8 million (September 30, 2025)”
Deck Helus Pharma Corporate Presentation, January 5, 2026 (MarketScreener excerpt) · Corporate Presentation ·
Capital position on the headline slide
“to move programs forward with cash position of US$166.4 million”
Deck Helus Pharma Corporate Presentation, August 2026 · p. 3 ·
FDA Breakthrough Therapy Designation for CYB003/HLP003
“FDA Breakthrough Therapy Designation granted to CYB003”
Deck Cybin Corporate Presentation, August 2024 · no page (Tavily text) ·
FDA Breakthrough Therapy Designation for CYB003/HLP003
“Lead program HLP003 has been granted U.S. Food and Drug Administration Breakthrough Therapy Designation and is in Phase 3 studies for the adjunctive treatment of MDD”
Deck Helus Pharma Corporate Presentation, January 5, 2026 (MarketScreener excerpt) · Corporate Presentation ·
FDA Breakthrough Therapy Designation for CYB003/HLP003
“Expedited Regulatory Pathway”
Deck Helus Pharma Corporate Presentation, August 2026 · p. 19 ·
Phase 3 for CYB003/HLP003 (PARADIGM, APPROACH topline)
“Initiate Phase 3 trial of CYB003 in MDD in Q2 2024”
Deck Cybin Corporate Presentation, January 2024 · no page (Tavily text) ·
Phase 3 for CYB003/HLP003 (PARADIGM, APPROACH topline)
“Initiate Phase 3 study of CYB003 in MDD in late summer of 2024”
Deck Cybin Corporate Presentation, August 2024 · no page (Tavily text) ·
Phase 3 for CYB003/HLP003 (PARADIGM, APPROACH topline)
“Q4 2026: Phase 3 APPROACH topline data”
Deck Helus Pharma Corporate Presentation, January 5, 2026 (MarketScreener excerpt) · HLP003 ·
Phase 3 for CYB003/HLP003 (PARADIGM, APPROACH topline)
“Phase 3 APPROACH topline data expected in Q4 2026”
Deck Helus Pharma Corporate Presentation, August 2026 · p. 24 ·
Anxiety program CYB004/HLP004
“Initiate Phase 2 study of CYB004 in Generalized Anxiety Disorder”
Deck Cybin Corporate Presentation, January 2024 · no page (Tavily text) ·
Anxiety program CYB004/HLP004
“Trial Design Topline Results WWW.CYBIN.COM 31 Strong effects on symptoms of anxiety ✓Efficacy assessed as change from baseline in STAI-T scores ✓Data from the MDD monotherapy (21.5 mg) and SSRI add on studies (27.5 mg) ✓Provides proximal de-risking of development in anxiety Notes: STAI: State-Trait Anxiety Inventory Doses: 21.5 mg and 27.5 mg doses administered at different rates 21.5 mg in the Phase 2a MDD study, 2…”
Deck Cybin Corporate Presentation, August 2024 · no page (Tavily text) ·
Anxiety program CYB004/HLP004
“Q1 2026: Phase 2 topline data”
Deck Helus Pharma Corporate Presentation, January 5, 2026 (MarketScreener excerpt) · HLP004 ·
Anxiety program CYB004/HLP004
“Designed as a signal detection study to assess within -subject changes in two active dose levels o”
Deck Helus Pharma Corporate Presentation, August 2026 · p. 33 ·
Psychedelic framing gives way to 'novel serotonergic agonists'
“Cybin is on a mission to revolutionize mental healthcare by developing transformative therapeutics to improve patients’ mental health conditions and clinical outcomes Leveraging decades of research to develop psychedelic-based therapeutics that benefit patients, providers and payers, with the goal of achieving: 1.”
Deck Cybin Corporate Presentation, January 2023 · no page (Tavily text) ·
Psychedelic framing gives way to 'novel serotonergic agonists'
“Leveraging decades of research that validates the development of psychedelic-based therapeutics with the goal of achieving: ✓Rapid and sustained therapeutic effects with positive safety and tolerability ✓Efficacy with just 1-2 doses vs. existing chronic daily treatments ✓Fast onset of effects aimed at short in-clinic times ✓Convenient dosage forms - oral and intramuscular Note: Forward-looking statements are subject…”
Deck Cybin Corporate Presentation, January 2024 · no page (Tavily text) ·
Psychedelic framing gives way to 'novel serotonergic agonists'
“Leading the Development of Novel Serotonergic Agonists (NSAs) 1,2”
Deck Helus Pharma Corporate Presentation, January 5, 2026 (MarketScreener excerpt) · Corporate Presentation ·
Psychedelic framing gives way to 'novel serotonergic agonists'
“Leading the Development of NSAs”
Deck Helus Pharma Corporate Presentation, August 2026 · p. 40 ·
Patent count
“with 40 granted patents and over 170 pending applications”
Deck Cybin Corporate Presentation, January 2024 · no page (Tavily text) ·
Patent count
“more than 70 granted patents and over 220 pending applications”
Deck Cybin Corporate Presentation, August 2024 · no page (Tavily text) ·
Patent count
“Strong Intellectual Property Portfolio over 100 granted patents, over 250 patent applications pending”
Deck Helus Pharma Corporate Presentation, January 5, 2026 (MarketScreener excerpt) · Corporate Presentation ·
Patent count
“over 350 filed patents of which >100 are granted which provide patent protection until at least 2041”
Deck Helus Pharma Corporate Presentation, August 2026 · p. 3 ·
Interventional psychiatry clinics as the route to market
“Approximately 8,000 existing Interventional Psychiatry clinics with capacity”
Deck Helus Pharma Corporate Presentation, January 5, 2026 (MarketScreener excerpt) · HLP004 ·
Interventional psychiatry clinics as the route to market
“within ~3 hours allowing for access into existing SPRAVATO”
Deck Helus Pharma Corporate Presentation, August 2026 · p. 31 ·
What they keep talking about · 9
The themes that show up deck after deck, and the ones that disappear.
- Cash
- On the headline slide in every deck but January 2024, which instead said the anxiety programme depended on raising money. 'Well capitalized' in August 2024; $166.4M in August 2026. No deck gives a runway date.
- Breakthrough
- The FDA's Breakthrough Therapy Designation for the depression drug arrives in August 2024 and stays on page one; by August 2026 it is 'Expedited Regulatory Pathway'.
- Phase 3
- A start date in 2024 — Q2, then 'late summer', then 'near-term' — and from January 2026 a readout date instead: APPROACH topline in Q4 2026, unchanged since.
- Anxiety
- A 'proof-of-concept' study in August 2024; after the March 2026 readout, a 'signal detection study' 'not powered to show separation between doses'.
- Framing
- 'Psychedelic-based therapeutics' in 2023 and 2024; 'Novel Serotonergic Agonists (NSAs)' from the January 2026 rebrand. The political-landscape slide of 2023 is gone.
- Patents
- 40 granted and 170+ pending in January 2024, then 70/220+, then 100/250+, then '350 filed, >100 granted' — the basis changes from pending to filed.
- Clinics
- Only in the 2026 decks: about 8,000 interventional-psychiatry clinics and the ~3-hour discharge fit to existing Spravato sites, as the route to market.
- New
- 2026: the US anxiety population cited goes from 6.8M (September 2024) to 20M, with no restatement note; commercial-infrastructure slides appear before any Phase 3 data.
- Quiet
- The Kernel Flow brain-imaging study and the EMBARK facilitator-training study, both on the January 2023 deck, are never mentioned again.
Every quarterly report we’ve saved · 8
The press releases and shareholder letters behind this page.
- Q1 FY2027 release · 6-K 14 Aug 2026
- FY2026 release · 6-K 29 Jun 2026
- Q3 FY2026 release · 6-K 13 Feb 2026
- Q2 FY2026 release · 6-K 13 Nov 2025
- Q1 FY2026 release · 6-K 14 Aug 2025
- FY2025 release · 6-K 1 Jul 2025
- Q3 FY2025 release · 6-K 11 Feb 2025
- Q4 FY2024 release · 6-K 13 Nov 2024
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
1 call · Q2 26The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q2 26 |
|---|---|
| Guidance & outlook | 20% |
| Macro & regulation | 20% |
| Other | 80% |
| Questions | 5 |
| How much the CEO talked | 0% |
Who’s in charge, who’s selling
read from the filings · 7 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 1 · live
The two founders are paid a share of every large financing
Their agreements pay performance awards "equal to 40% of the space made available under the Equity Incentive Plan on closing of" a financing of C$75M or more between 26 Sep '25 and 31 Dec '26. The plan is a rolling 20%, so the two awards come to about 16% of the shares such a raise sells (arithmetic on the circular's terms). October 2025 earned each 1,907,439 shares worth $12.6M; FY2026 pay was $13.6M each against $1.2M for the CFO. The awards survive termination, the contracts run on 48 months' notice, and 248,000 more RSUs each vested on 30 Sep '26. So chairs the board and sits on the Transactions Committee.
Tier 2 · improving
Four chief executives in eleven months
Drysdale left 2 Sep '25 ($1.02M severance); So ran it as interim; Cola was hired 10 Feb '26 and stepped down "at the request of the Board" on 20 Apr '26 ($750,000 severance, $6.8M of awards lapsed); So again; then Halstead from 3 Aug '26. No filing read says why either left.
Tier 2 · worsening
28% withheld from management's side of the board
About 9.2M votes, 28.4-28.7% of those cast, were withheld from So, Glavine, Halstead and Lewis-Hall on 22 Sep '26, against under 5% for every other director. In 2025 it was about 13.8% across the board and 38.7% on Hoskins. The voting report does not say who.
Tier 2 · live
Raises at falling prices, and a $100M at-the-market programme
$7.83, $6.51, $4.85 in twelve months while weighted shares rose 134%. The at-the-market programme runs to Oct '27; 12.0M warrants are outstanding; the equity plan reserves a rolling 20%.
Tier 3 · stable
A small auditor, and a filing regime that changed unannounced
Zeifmans LLP of Toronto audits a three-study Phase 3. Since 9 Sep '26 insiders file Forms 3 and 4 and the founders 13Ds, while the latest MD&A still describes them as exempt from Section 16.
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| Eric So (chair, co-founder)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | 0.8M | 9.2M | 28.7% |
| Freda Lewis-Hall (independent)A board seat. | — | 9.2M | 28.5% |
| Paul Glavine (co-founder)A board seat. | 0.8M | 9.2M | 28.4% |
| Michael Halstead (CEO)A board seat. | — | 9.1M | 28.4% |
| Eric Hoskins (independent)A board seat. | 2.1M | 1.3M | 4.2% |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| Form 4s, Sep '26 (the first ever filed) | Sold | Note |
|---|---|---|
| So, Executive Chair | $0 | bought 295,000 shares for $3.57M, 1-8 Sep |
| Glavine, Chief Growth Officer | $0 | bought 290,000 shares for $3.47M, 31 Aug-8 Sep |
| Halstead, CEO | $0 | bought 100,000 shares for $1.35M on 21 Sep |
| Cavers, CFO | $0 | bought 3,000 shares for $38,730 on 29 Sep |