Cybin Inc. announced on October 28, 2025, the launch of a registered direct offering that raised approximately US$175 million (C$244.6 million). The offering comprised 22,277,750 common shares at US$6.51 per share and 4,605,500 pre-funded warrants at US$6.50999 each, with each share or warrant accompanied by 0.35 of a warrant to purchase additional shares at US$8.14. The transaction closed on October 31, 2025.

Jefferies LLC, TD Securities (USA) LLC, and Cantor Fitzgerald & Co. acted as joint lead placement agents, with Bloom Burton Securities Inc. as an additional agent. Agents received a 6% commission, reduced to 3% for certain purchasers. After deducting fees and expenses of about US$10.75 million, net proceeds totaled roughly US$164.3 million.

Proceeds will be used to fund clinical programs, including the Phase 3 APPROACH, EMBRACE, and EXTEND studies for the CYB003 program, and to repay outstanding unsecured convertible debentures. Cybin was advised by Aird & Berlis LLP (Canada) and Dorsey & Whitney LLP (U.S.), while the placement agents were represented by Bennett Jones LLP (Canada) and Davis Polk & Wardwell LLP (U.S.).