Water Tower Research Publishes Initiation of Coverage Report on Cybin, Inc., “A Leader in Novel Neuropsychiatry Therapeutics”
Water Tower Research has published an Initiation of Coverage Report on Cybin, Inc. (NYSE AM: CYBN) titled, “A Leader in Novel Neuropsychiatry Therapeutics”.
ST. PETERSBURG, FL, Sept. 27, 2024 (GLOBE NEWSWIRE) — Water Tower Research (www.watertowerresearch.com) has published an Initiation of Coverage Report on Cybin, Inc. (NYSE AM: CYBN) titled, “A Leader in Novel Neuropsychiatry Therapeutics”. The report can be accessed here.
A leader in novel neuropsychiatric therapeutics. Stewarded by a highly experienced and accomplished executive management team with deep and broad pharma industry knowledge, Cybin has been positioned as the most advanced developer of innovative neuropsychiatry treatments targeting hard-to-treat mental health disorders that affect large swathes of the global population, including major depressive disorder (MDD) and generalized anxiety disorder (GAD). Cybin can also claim to have the most extensive IP real estate among its peer group.
Rapid advancement of lead pipeline candidates. Cybin’s primary focus is on its two lead pipeline candidates: (1) CYB003, a deuterated psilocin-based treatment for MDD; and (2) CYB004, deuterated N, N-Dimethyltryptamine (DMT) targeting GAD. Following its outstanding Phase II results, CYB003 is expected to begin the first of two Phase III studies before the end of 2024. Meanwhile, CYB004 is completing its Phase II trial, with a top-line readout expected by year-end or the start of 2025.
Differentiated solutions. Cybin’s technology has relied on deuteration to create NCEs with improved properties and IP protection. Cybin also removed the metabolic step from psilocybin to create deuterated psilocin (CYB003), thus altering the pharmacokinetic properties of naturally occurring psilocybin. In the case of CYB004, deuteration of DMT has helped optimize the therapeutic effects at relatively low and infrequent doses. Further, CYB003 and CYB004 are both adjunctive, enabling Cybin to conduct trials more efficiently and cost effectively than its peers, as well as potentially enhance efficacy. This rare combination of characteristics gives Cybin a significant advantage over its peers as well as traditional treatments for MDD and GAD. Its research has thus far demonstrated greater efficacy and more durable effects with less frequent dosing than other developments targeting depression. Meanwhile, CYB003 and CYB004 are both relatively short-duration treatments, which should enable Cybin to leverage the existing infrastructure built out to accommodate Spravato® treatments, giving it rollout advantages, once its drugs are approved, over longer-duration drug developments (MDMA, psilocybin, LSD), especially now that Lykos’ MDMA-AT is unlikely to be approved anytime soon.
Favorably valued relative to leading peers. Cybin’s current market capitalization and enterprise value are well below those of its leading comps even though consensus estimates for 2029 indicate that Cybin’s revenue and EBITDA compare very favorably with comps. Moreover, Cybin is a well-capitalized company among its peers.
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