What Cybin does

Helus Pharma (formerly Cybin Inc.) is a clinical-stage neuropsychiatric pharmaceutical company developing deuterated psychedelic-based therapeutics for mental health conditions. Founded in 2019 in Toronto, Canada, and publicly traded on Nasdaq and Cboe Canada under ticker HELP, the company operates two lead drug programs: HLP003, a deuterated psilocybin analog in Phase 3 clinical trials for adjunctive treatment of major depressive disorder (MDD), which has received FDA Breakthrough Therapy Designation, and HLP004, a deuterated DMT analog that has completed Phase 2 enrollment for generalized anxiety disorder (GAD). The company also retains SPL026, a synthetic DMT candidate acquired through the 2023 Small Pharma acquisition, which demonstrated a 7.35-point MADRS reduction versus placebo in Phase 2a trials.

The company's core technology platform is built on novel serotonergic agonists (NSAs)—synthetic molecules engineered to activate serotonin pathways believed to promote neuroplasticity—combined with proprietary drug delivery formulations designed to reduce inter-individual variability of acute effects and shorten clinic time. The intellectual property portfolio includes 350+ pending patent applications and 100+ granted patents protecting both the molecular architecture and delivery mechanisms. The FDA Breakthrough Therapy Designation for HLP003 provides an accelerated regulatory pathway, with Phase 3 APPROACH trial topline data expected in Q4 2026.

Helus Pharma is currently pre-revenue, operating across Canada, the United States, the United Kingdom, and Ireland, with a research collaboration with Imperial College London. The company maintains approximately $195 million in cash as of December 2025 with no financial debt, supplemented by a $100 million at-the-market equity program through Cantor Fitzgerald and a ~$50 million underwritten public offering completed in June 2026, providing approximately 21 months of runway against an ~$114 million annual burn. The intended go-to-market model upon regulatory approval involves traditional pharmaceutical wholesale distribution, specialty pharmacy networks, and direct physician engagement with healthcare providers and psychiatric clinics, with analyst coverage (Jefferies, HC Wainwright) maintaining Buy ratings.

Name

Cybin

Legal name

Cybin Inc.

Website

https://cybin.com

Company type

Public

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

Helus Pharma (formerly Cybin Inc.) is a clinical-stage pharmaceutical company developing deuterated psilocybin and DMT analogs (HLP003, HLP004) as novel serotonergic agonists for major depressive disorder and generalized anxiety disorder, with FDA Breakthrough Therapy Designation and Phase 3 data expected Q4 2026.

Ownership category

akta.pro rank

Product category

Neuropsychiatric Therapeutics

NAICS

Pharmaceutical and Medicine Manufacturing (3254), Pharmaceutical Preparation Manufacturing (325412)

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

Neurology & Psychiatry (CNS) Pharmaceuticals (HLAIAAAF)

akta.pro secondary industry

Neurology & CNS Specialty Pharmaceuticals (HLAIACAC)

Keywords

• Psychedelic therapeutics
• Neuropsychiatric drugs
• Serotonergic agonists
• Depression treatment
• Anxiety treatment

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales

Revenue model

1. Pharmaceutical Drug Sales: Currently pre-revenue. The company is a clinical-stage neuropsychiatry company developing psychedelic-based treatments for mental health conditions. If HLP003 and HLP004 receive regulatory approval, the company would generate revenue through prescription drug sales to patients with major depressive disorder and generalized anxiety disorder.
2. Future Licensing Royalties: Potential licensing agreements for proprietary compounds and delivery technologies to pharmaceutical partners in different geographic regions.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Cybin (operating as Helus Pharma) is a clinical-stage pharmaceutical company developing proprietary deuterated psilocybin and DMT analogs—branded HLP003 and HLP004—as adjunctive therapies for major depressive disorder and generalized anxiety disorder. The company also holds SPL026, a synthetic DMT candidate acquired from Small Pharma, and is advancing a proprietary drug delivery platform designed to reduce variability of acute effects and shorten in-clinic administration time.

Product overview

Helus Pharma (formerly Cybin Inc.) is a clinical-stage pharmaceutical company pioneering novel serotonergic agonists for mental health treatments. The company operates two lead drug programs: HLP003 in Phase 3 for major depressive disorder (FDA Breakthrough Designation) and HLP004 in Phase 2 for generalized anxiety disorder. The company also acquired SPL026 (synthetic DMT) from Small Pharma, which demonstrated Phase 2a efficacy for MDD. The technology platform focuses on creating novel delivery formulations designed to support consistent administration and reduce variability of acute effects.

Differentiator

Problem solved

Functional benefit

Products and services

• HLP003 Proprietary deuterated psilocybin analog (novel serotonergic agonist) in Phase 3 APPROACH trial as adjunctive treatment for major depressive disorder; FDA Breakthrough Therapy Designation granted; topline data expected Q4 2026.
• HLP004 Proprietary deuterated DMT analog (novel serotonergic agonist) for generalized anxiety disorder; Phase 2 study enrollment completed.
• SPL026 Synthetic DMT (dimethyltryptamine) drug candidate acquired via the 2023 Small Pharma acquisition; Phase 2a data showed a statistically significant 7.35-point reduction in MADRS scores vs placebo at two weeks, with antidepressant effects sustained up to three months, supported by a 25-minute treatment profile.
• Novel Serotonergic Agonist Platform Proprietary drug development platform leveraging synthetic molecules designed to activate serotonin pathways believed to promote neuroplasticity, combined with novel delivery formulations intended to support consistent administration and reduce variability of acute effects.

Quantifiable outcome

• ~23-point reduction in MADRS score at 12 months with 100% response rate and 71% remission rate in Phase 2 trial
• +3 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators12 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Sage Therapeutics: Commercial-stage CNS biopharmaceutical company with Zurzuvae (zuranolone) approved for postpartum depression and ongoing MDD programs. Comparable as a broader CNS-focused commercial-stage peer, validating the commercial pathway for novel neuropsychiatric therapies.
• Johnson & Johnson: Diversified pharmaceutical incumbent whose Janssen unit markets Spravato (esketamine), the first FDA-approved psychedelic-adjacent therapy for treatment-resistant depression. Comparable as a reference commercial model for clinic-administered psychedelic-class depression therapy and pricing/access benchmarks.

Direct peers

• MindMed: Clinical-stage psychedelic medicine company developing LSD and psilocybin analogs for anxiety, ADHD, and other CNS indications. Directly comparable to Helus Pharma in modality (psychedelic-derived CNS therapeutics), indication overlap (MDD/anxiety), and clinical-stage status.
• atai Life Sciences: Clinical-stage biopharmaceutical company developing psychedelic and non-psychedelic therapies for mental health, including MDD and anxiety. Comparable in business model (clinical-stage CNS drug development), platform breadth, and capital base, with substantial backing from founders and institutional investors.
• Beckley Psytech: Private clinical-stage psychedelic drug developer focused on depression and other CNS indications, backed by the Beckley Foundation. Direct peer in psychedelic CNS therapeutics with overlapping mechanisms and similar development-stage positioning.
• BetterLife Pharma: Clinical-stage psychedelic and CNS therapeutics developer pursuing depression and anxiety indications. Notably, Helus Pharma's former CEO Doug Drysdale joined BetterLife as Executive Chairman in 2026, signaling overlap in leadership networks and a comparable therapeutic focus.
• GH Research: Clinical-stage company developing DMT-based therapies (GH001) for treatment-resistant depression. Direct comparable to Helus's SPL026 program in modality (synthetic DMT) and indication (TRD/MDD), with a similar inhaled/single-session administration model.
• Compass Pathways: Late-stage psilocybin therapy developer for treatment-resistant depression, with completed Phase 3 program. Closest direct competitor to HLP003 in MDD with similar mechanism and Breakthrough-like regulatory engagement, and a comparable specialty CNS commercialization model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/helus_pharma
• YouTubeyoutube.com/@heluspharma
• Facebookfacebook.com/heluspharma
• LinkedInlinkedin.com/company/cybin
• Instagraminstagram.com/heluspharma

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cybin