Doug Drysdale

Cybin is developing psilocybin-based treatments CYB003 for major depressive disorder and CYB004 for generalized anxiety disorder with evidence of rapid, durable remission (75% after two doses and about 70% still depression-free at 12 months), a much larger effect size than SSRIs, and mild, transient side effects. It is well funded after raising over $350 million, has a roughly $200 million market cap versus a typical $600–700 million valuation for its stage, and has catalysts including CYB004 Phase 2 data in Q2 2025, CYB003 Phase 3 results by late 2026/early 2027, an expected NDA filing in 2027, FDA breakthrough therapy designation, and improving regulatory/payer acceptance. Management views it as a rare large leap in drug development and a good value entry point.