Cybin Inc. (NYSE American: CYBN) announced a registered direct offering of 22.28 million common shares and pre-funded warrants at $6.51 per share, generating gross proceeds of approximately $175 million.

The neuropsychiatry company said the offering includes participation from biotech investors including Venrock Healthcare Capital Partners, OrbiMed, Point72, Deep Track Capital, Acorn Bioventures, and others. Each share and pre-funded warrant includes 0.35 of one warrant exercisable at $8.14 per share until June 30, 2027, or 30 days after certain clinical trial milestones.

Cybin plans to use proceeds to repay outstanding convertible debentures held by High Trail Special Situations LLC and advance its CYB003, CYB004, and CYB005 programs. The company has delivered notice to High Trail for full prepayment of the principal balance and premium by October 31, 2025.

The offering is expected to close October 31, 2025, subject to market conditions and regulatory approvals from Cboe Canada Inc. and NYSE American. Jefferies, TD Cowen, and Cantor serve as joint lead placement agents, with Bloom Burton Securities as placement agent.

Cybin is developing CYB003, a deuterated psilocin analog in Phase 3 trials for major depressive disorder that received Breakthrough Therapy Designation from the FDA. The company is also advancing CYB004, a deuterated DMT molecule in Phase 2 studies for generalized anxiety disorder.

The securities are being offered under a prospectus supplement to the company's base shelf prospectus dated September 17, 2025, filed with the SEC as part of registration statement Form F-10.