Helus Pharma reports $148M net loss, closes $50M offering

Helus Pharma (Nasdaq: HELP), the commercial operating name of Cybin Inc., reported a net loss of $148.0 million for the fiscal year ended March 31, 2026, compared to a net loss of $81.6 million in the prior year, according to a company statement.

The clinical-stage pharmaceutical company held $157.3 million in cash as of March 31, 2026. On June 25, 2026, the company completed a $50 million underwritten offering. Cash-based operating expenses totaled $131.7 million for the fiscal year, up from $71.8 million the year prior. Cash flows used in operating activities were $133.3 million, compared to $72.3 million in the same period last year.

The company's Phase 3 APPROACH study of HLP003, a drug candidate for Major Depressive Disorder, has surpassed 88% enrollment, with topline data expected in the fourth quarter of 2026. A second Phase 3 trial, EMBRACE, is also underway. The company has stated its intention to file a U.S. FDA New Drug Application in 2028, though it noted there is no assurance those timelines will be met.

Helus Pharma reported topline results from a Phase 2 signal detection study of HLP004 in Generalized Anxiety Disorder, showing an approximately 10-point improvement from baseline in the Hamilton Anxiety Rating Scale on top of standard of care at six weeks. The company plans to complete the design of the next HLP004 study by the end of the third quarter of 2026.

The company announced several leadership additions, including Dr. Freda Lewis-Hall, former Pfizer Executive Vice President and Chief Medical Officer, to its Board of Directors and as Chair of its Scientific Advisory Board. Dr. Robert Langer, co-founder of Moderna, was also named to the Scientific Advisory Board.

Eric So, co-founder and Executive Chairman, is serving as Interim Chief Executive Officer while a permanent CEO search is underway.

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