Cybin Inc.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow, because exactly one material operating question is open and everything hangs on it: does HLP003 perform in the pivotal APPROACH trial the way the Phase 2 data suggest? Red lacks evidence — the statements for the year ended March 31, 2026, are prepared on a going-concern basis with no related audit emphasis, there is no interest-bearing debt, equity is firmly positive at $242.1 million, and cash lasts roughly 4.5 quarters at the most recently reported burn. Green lacks a business: no revenue, no approved product, no evidence of earning power. That the stock looks expensive and has run hard plays no part in this rating — that is a price argument, not a quality argument. What does count: the dilution is a pattern rather than a slip, and the leadership team has only been complete since August 2026. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Helus Pharma is the countdown trap in its purest form: one date in the fourth quarter of 2026 — topline data from the Phase 3 APPROACH trial — decides a market value of roughly $1 billion, while the company earns no revenue at all, lost $148.0 million in the year ended March 31, 2026, and a further $47.8 million in the quarter ended June 30, 2026. The scientific evidence is unusually strong, the balance sheet is debt-free, and the new leadership team comes from Intra-Cellular Therapies, the company that commercialized CAPLYTA. The price sits in the share count: from 20.0 million (March 31, 2024) to 73.1 million (August 14, 2026), every capital round cheaper than the last, and roughly 88.8 million shares fully diluted. Anyone buying here is buying a bet with two possible outcomes and a cash position that lasts about 4.5 quarters. Not investment advice.
Scientific evidence
The Phase 2 results for HLP003 are unusually strong for this field: roughly 23 points of improvement on the MADRS depression scale at 12 months after two 16 milligram doses, with 100 percent response and 71 percent remission at a benchmark of 10 or fewer points (earnings release of August 14, 2026) — a small, unblinded cohort with no disclosed participant count and no placebo arm. The FDA nonetheless granted Breakthrough Therapy designation on March 13, 2024. The statistically powered, placebo-controlled confirmation comes only with the pivotal APPROACH trial, which is fully enrolled with 223 participants (announced July 21, 2026).
Dilution
The share count rose from 20,001,404 (March 31, 2024) to 73,060,172 as of the interim report dated August 14, 2026 — up 265 percent, and that is after a 1-for-38 consolidation on September 19, 2024. Issue prices fell from an average of $9.52 to $7.36, $6.51 and $4.85 (June 25, 2026). Fully diluted, roughly 88.8 million shares are in play.
Balance sheet and liquidity
At June 30, 2026, $166.4 million of cash and $242.1 million of shareholders equity stood against just $17.6 million of liabilities, with no interest-bearing debt — a robust position for a clinical-stage company. But $37.1 million of quarterly cash burn leaves only about 4.5 quarters of runway, and the company itself names further financings as possibly required in its MD&A.
Leadership and pay
Three chief executives in six months: Michael Cola from February 10 to April 20, 2026, then co-founder Eric So on an interim basis, and Michael Halstead since August 3, 2026. On May 27 and July 1, 2026, a combined 2,943,011 options were cancelled; on July 1, 2026, 7,889,846 shares were issued on the vesting of share awards. Key management remuneration for the quarter ended June 30, 2026, was $12.479 million against $1.229 million a year earlier.
Financing history
The High Trail convertible debenture of June 30, 2025, carried a conversion price with no floor: the lower of $10.92 or the five-day volume-weighted average price. $29.85 million was converted into 4,584,856 shares at an average of $6.5106; the remainder was repaid in cash on November 3, 2025. Hard fees totalled roughly $11.0 million from pre-paid interest ($5.5M), issuance costs ($2.917M) and early repayment fees ($2.615M); a further $5.5 million fair value loss ran through the income statement as a pure valuation item.
Valuation
Roughly $1.0 billion of market capitalization (73,060,172 shares × $13.99 close on August 25, 2026) against $242.1 million of equity and $166.4 million of cash: about three quarters of the value is expectation. The most recent price at which institutional investors actually bought was $4.85 on June 25, 2026. With no revenue and no earnings there is no reliable valuation anchor.
Worth Noting
Helus Pharma reached our research list through its price action: between August 3 and August 25, 2026, the stock closed up from $8.06 to $13.99 after the July 21, 2026 announcement that enrollment in the Phase 3 APPROACH trial was complete. A metrics screen cannot find this name — with no revenue and no earnings, no valuation filter applies.
Easy to confuse: the entity is still filed with the SEC as Cybin Inc. (CIK 0001833141) and traded as CYBN on NYSE American until January 2, 2026. The Form 25 filed there is not a forced delisting but the voluntary withdrawal that accompanied the move to Nasdaq; trading under HELP began on January 5, 2026. The shares also trade on Cboe Canada (HELP) and in Frankfurt (R7E1).
Data basis and currency: balance sheet and income figures come from the annual report for the year ended March 31, 2026 (Form 40-F, filed June 29, 2026) and the interim report as of June 30, 2026 (Form 6-K, filed August 14, 2026). The presentation currency has been the U.S. dollar since April 1, 2025; earlier Canadian dollar figures were restated under IAS 21.39 and are not directly comparable with older releases. Prices and ownership data are as of August 25, 2026.
Stock Watch
This analysis is as of September 5, 2026. Stock Watch will tell you what's changed at HELP since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 3.90 $ to 14.00 $ · Last price: 12.60 $ (As of: September 25, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/25/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Biotechnology
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Cybin Inc. HELP | 0.8 | – | 0.0 | – | 0.0 | -9,561.6 | 108.4 |
| Vertex Pharmaceuticals Inc VRTX | 133.1 | 31.9 | 24.4 | 55.0 | 38.1 | 9.6 | 37.8 |
| Regeneron Pharmaceuticals Inc REGN | 81.9 | 19.8 | 13.5 | 44.5 | 20.7 | 1.0 | 38.7 |
| Moderna Inc MRNA | 78.9 | – | 4.6 | -66.0 | -131.1 | -39.2 | 708.1 |
| argenx NV ARGX | 59.7 | 36.7 | 31.5 | 59.1 | 32.0 | 89.6 | 31.9 |
| Revolution Medicines Inc RVMD | 42.6 | – | -9.7 | -174,708.6 | 0.0 | -100.0 | 359.0 |
| BeiGene, Ltd. ONC | 40.8 | 64.4 | 32.4 | 88.9 | 19.1 | 40.2 | 9.1 |
| Alnylam Pharmaceuticals Inc ALNY | 34.0 | 64.4 | 28.6 | 79.7 | 23.0 | 65.2 | -45.6 |
| Royalty Pharma Plc RPRX | 32.1 | 31.4 | 19.2 | 95.8 | 100.3 | 5.1 | 70.0 |
| Median of companies shown | 42.6 | 34.3 | 19.2 | 57.0 | 20.7 | 5.1 | 38.7 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2017 | – | 0 | 0 | -0.35 | 0 | 0 | 0 |
| 2018 | – | 0 | 0 | -0.69 | 0 | 0 | 0 |
| 2019 | – | 0 | 0 | -0.28 | 0 | 0 | 0 |
| 2020 | – | -2 | -2 | -1.48 | 0 | 1 | 2 |
| 2021 | 1 | -31 | -32 | -12.24 | -19 | 86 | 92 |
| 2022 | 0 | -64 | -68 | -15.36 | -45 | 76 | 84 |
| 2023 | 0 | -52 | -47 | -9.73 | -47 | 48 | 54 |
| 2024 | -18 | -79 | -78 | -3.90 | -69 | 292 | 302 |
| 2025 | 0 | -143 | -113 | -5.59 | -101 | 237 | 259 |
| 2026 | -45 | -142 | -147 | -4.23 | -132 | 232 | 252 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2020: Q2 | – | – | 1 | – | -505.00 | -2 | -2 |
| 2024: Q3 | -2.86 | -50.50 | 0 | – | – | -26 | -26 |
| 2024: Q4 | -0.53 | 84.50 | 0 | – | – | -27 | -27 |
| 2025: Q1 | -1.46 | -84.50 | 0 | – | – | -21 | -22 |
| 2025: Q2 | -0.97 | -27.60 | 0 | – | – | -22 | -22 |
| 2025: Q3 | -1.65 | 42.30 | 0 | – | – | -48 | -49 |
| 2025: Q4 | -1.36 | -156.60 | 0 | – | – | -32 | -32 |
| 2026: Q1 | -1.02 | 30.10 | 1 | – | -3,617.80 | -37 | -37 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 6 of our scanner strategies — each hit links to the scanner.
Growth
Momentum & Trend
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 03/31/2027 | -3.74 | -4.43 – -2.86 | 0 | 36.7% | 5 |
| 03/31/2028 | -2.91 | -3.65 – -2.04 | 11 | 22.3% | 3 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Cybin Inc. doing business as Helus Pharma ist ein ausländischer Emittent nach dem MJDS-Verfahren und berichtet auf 40-F und 6-K statt auf 10-K/10-Q; ausgewertet wurden der Jahresbericht 40-F zum Geschäftsjahr 31.03.2026 (eingereicht 29.06.2026) samt Annual Information Form, Lagebericht (MD&A) und Jahresabschluss sowie der Zwischenbericht 6-K zum Quartal 30.06.2026 (eingereicht 14.08.2026) samt Lagebericht und Zwischenabschluss. Die Gesellschaft erklärt darin ausdrücklich, KI-Technologien zur Unterstützung von Forschung, Entwicklung, Datenanalyse und Betrieb einzusetzen, und benennt einen konkreten operativen Anwendungsfall: In den Zulassungsstudien des Phase-3-Programms PARADIGM werden die Überwachungssitzungen zusätzlich per Echtzeit-KI ausgewertet, um die Sorgfalt der Begleitpersonen und die Patientensicherheit zu prüfen (Maßnahme gegen funktionelle Entblindung, abgestimmt mit der FDA im Type-B-Meeting vom 13.08.2024). Kein „verkauft“: Die Firma hat null Umsatz, kein zugelassenes Produkt und kein KI-Produkt — die Pipeline besteht aus den Wirkstoffkandidaten HLP003, HLP004 und HLP005, KI ist reines Hilfsmittel. Kein „bedroht“: Das eigene Risikokapitel „Risks Related to Artificial Intelligence“ beschreibt ausschließlich Risiken der eigenen KI-Nutzung (Fehler, Verzerrungen, Datengrundlagen, sich entwickelnde Regulierung im Gesundheitsbereich, Abhängigkeit von KI-Werkzeugen Dritter) — kein KI-Wettbewerbsdruck auf das eigene Geschäftsmodell. Nach der Vorrang-Regel verkauft > bedroht > nutzt > neutral bleibt es damit bei „nutzt KI“.
View the full file — quotes, sources, reviewed filings
„The Company uses, and may further adopt, artificial intelligence (“AI”) technologies to support research, development, data analysis, and operational activities."
Die Gesellschaft setzt Technologien der Künstlichen Intelligenz („KI“) ein und wird sie möglicherweise weiter einführen, um Forschung, Entwicklung, Datenanalyse und betriebliche Tätigkeiten zu unterstützen.
40-F Anhang 99.1 (Annual Information Form GJ 2026, Abschnitt „Risk Factors — Risks Related to Artificial Intelligence“) · 2026-06-29 · View SEC filing
„In addition, the studies will include manual and real time artificial intelligence screening of monitoring sessions to ensure monitor fidelity and patient safety."
Darüber hinaus werden die Studien eine manuelle und eine Echtzeit-Auswertung der Überwachungssitzungen durch Künstliche Intelligenz umfassen, um die Sorgfalt der Begleitpersonen und die Patientensicherheit sicherzustellen.
6-K Anhang (Lagebericht/MD&A für das Quartal zum 30.06.2026, Abschnitt zum Phase-3-Programm PARADIGM) · 2026-08-14 · View SEC filing
„The use of AI involves risks, including potential errors, biases, or limitations in AI outputs and the underlying data sets, which could adversely affect research results, development decisions, or regulatory submissions. The regulatory framework governing AI, particularly in healthcare and life sciences, is evolving and may impose additional compliance requirements or restrict certain AI applications, increasing costs or delaying development. The Company may also rely on third-party AI tools, which may present risks related to data security, intellectual property rights, and service availability."
Der Einsatz von KI birgt Risiken, darunter mögliche Fehler, Verzerrungen oder Grenzen der KI-Ergebnisse und der zugrunde liegenden Datensätze, die Forschungsergebnisse, Entwicklungsentscheidungen oder Einreichungen bei Behörden beeinträchtigen könnten. Der Rechtsrahmen für KI, besonders im Gesundheits- und Biowissenschaftsbereich, entwickelt sich weiter und kann zusätzliche Auflagen mit sich bringen oder bestimmte KI-Anwendungen einschränken, was Kosten erhöht oder die Entwicklung verzögert. Die Gesellschaft kann sich zudem auf KI-Werkzeuge Dritter stützen, bei denen Risiken hinsichtlich Datensicherheit, Rechten des geistigen Eigentums und Verfügbarkeit des Dienstes bestehen können.
40-F Anhang 99.3 (Lagebericht/MD&A Geschäftsjahr zum 31.03.2026, Abschnitt „Risks Related to Artificial Intelligence“) · 2026-06-29 · View SEC filing
Filings Reviewed: 6-K Anhang (Lagebericht/MD&A für das Quartal zum 30.06.2026) 2026-08-14 · 6-K Anhang (Zwischenabschluss zum 30.06.2026, ungeprüft, IFRS) 2026-08-14 · 40-F Anhang 99.1 (Annual Information Form GJ 2026) 2026-06-29 · 40-F Anhang 99.3 (Lagebericht/MD&A Geschäftsjahr zum 31.03.2026) 2026-06-29 · 40-F Anhang 99.2 (geprüfter Jahresabschluss zum 31.03.2026, IFRS) 2026-06-29 · 40-F (Jahresbericht Geschäftsjahr zum 31.03.2026, Mantel) 2026-06-29
Rated on August 26, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years no data
- More than 10% revenue growth is expected for the coming year no data
- Share count grows by less than 3% a year 92.5%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -9,262.2%
- Gross margin at 40% or higher and without meaningful erosion 100.3%
- Goodwill from acquisitions does not grow faster than revenue 14.4%
- Net debt below twice EBITDA 158 m net cash
- Operating cash flow covers the profits of the last three years 36 m
- Return on capital at 15% or higher, or up versus two years ago -60.9%
- Insiders hold at least 10% or are net buyers 2.8%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
0/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% –
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% –
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -88.8%
- ROCE > 15% -60.9%
- Expected return > 10% –
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 21, 2026 | Halstead Michael | Chief Executive Officer | Buy | 100,000 | 13.47 | 1,347,050 |
| Sep 8, 2026 | Glavine Paul | Chief Growth Officer | Buy | 100,000 | 12.47 | 1,247,190 |
| Sep 8, 2026 | So Eric H. L. | Executive Chair | Buy | 100,000 | 12.39 | 1,238,670 |
| Sep 4, 2026 | So Eric H. L. | Executive Chair | Buy | 100,000 | 12.09 | 1,208,900 |
| Sep 3, 2026 | Glavine Paul | Chief Growth Officer | Buy | 100,000 | 11.78 | 1,178,280 |
| Sep 1, 2026 | So Eric H. L. | Executive Chair | Buy | 95,000 | 11.81 | 1,121,475 |
| Aug 31, 2026 | Glavine Paul | Chief Growth Officer | Buy | 90,000 | 11.59 | 1,042,677 |
The company
About the Company
Cybin Inc., das unter dem Namen Helus Pharma firmiert, ist ein pharmazeutisches Unternehmen im klinischen Stadium, das sich auf die Entwicklung von Therapien zur Behandlung verschiedener psychiatrischer und neurologischer Erkrankungen konzentriert. Es entwickelt HLP003, ein deuteriertes Psilocybin-Analogon, das sich in Phase-3-Studien zur Behandlung der schweren depressiven Störung (MDD) befindet; sowie HLP004, ein deuteriertes N,N-Dimethyltryptamin (DMT), das sich in Phase-2-Studien zur Behandlung generalisierter Angststörungen befindet. Das präklinische Produkt des Unternehmens umfasst HLP005, ein Phenethylamin- und Tryptamin-Derivat zur Behandlung von Erkrankungen des zentralen Nervensystems. Es unterhält eine strategische Partnerschaftsvereinbarung mit Segal Trials zur Bewertung von HLP003 als Zusatztherapie bei schwerer depressiver Störung sowie mit Osmind für Behandlungen im Bereich der psychischen Gesundheit. Das Unternehmen hat seinen Hauptsitz in Toronto, Kanada.
- Employees
- 100
- Headquarters
- Toronto, ON
- Address
- 100 King Street West, M5X 1C9 Toronto, Canada
- Phone
- 908 764 8385
- Website
- helus.com
- IPO Date
- 09/13/2019
- ISIN
- CA23256X4075
- Stock Split
- 1:38 on 09/19/2024
- Stock Split
- 149:1000 on 11/10/2020
Management
| Name | Title | Birth Year |
|---|---|---|
| Eric So L.L.B. | Co-Founder, President & Executive Chairman | 1976 |
| Paul Glavine | Co-Founder, Chief Growth Officer & Director | 1989 |
| Greg Cavers | Chief Financial Officer | 1971 |
| Aaron Bartlone | Chief Operating Officer | 1967 |
| Amir Inamdar FFPM, MBBS | Chief Medical Officer | 1974 |
| Michael I. Halstead J.D. | Chief Executive Officer | 1973 |
| John Kanakis | Co-Founder | 1980 |
| Alex L. Nivorozhkin Ph.D. | Chief Scientific Officer | 1960 |
| Lori Challenger | Chief Compliance, Ethics & Administrative Officer | – |
| Gabriel Fahel | Chief Legal Officer & Corporate Secretary | 1976 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Data as of: September 25, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.