Cybin (HELP) Is Up 28.9% After Phase 3 HLP003 Progress And $50M Equity Raise - Has The Bull Case Changed?

• In June 2026, Helus Pharma reported that enrollment in its APPROACH Phase 3 trial of HLP003 for adjunctive treatment of major depressive disorder had surpassed 86%, while Cybin Inc. completed a US$50.00 million follow-on offering of 10,309,280 common shares at US$4.85 each.

• This combination of late-stage clinical progress for a compound with Breakthrough Therapy Designation and fresh equity capital raises important questions about Cybin's future positioning in psychedelic-based mental health treatments.

• Now, we'll examine how the advanced APPROACH Phase 3 enrollment for HLP003 could reshape Cybin's investment narrative in psychedelic treatments.

Find 45 companies with promising cash flow potential yet trading below their fair value .

Cybin Investment Narrative Recap

To own Cybin, you need to believe psychedelic based treatments for depression and anxiety can move through late stage trials into real world clinic use, despite ongoing losses and dilution. The latest Phase 3 APPROACH enrollment update for HLP003 confirms clinical progress, while the US$50.0 million equity raise modestly eases near term funding risk. Neither event removes the central short term catalyst of pivotal data nor the major risk of trial or adoption setbacks, but both frame the runway more clearly.

The June 2026 follow on offering, which brought in US$50.0 million through 10,309,280 new shares at US$4.85, is the most relevant announcement here. It directly connects to catalysts around completing Phase 3 work and manufacturing preparation, while also reinforcing an existing risk: sustained cash burn without revenue and the potential for further dilution if timelines extend or expenses stay high.

Yet against this clinical and funding progress, the possibility of further dilution and a still unprofitable business are risks investors should be aware of...

Read the full narrative on Cybin (it's free!)

Cybin's narrative projects $174.0 million in revenue and $37.4 million in earnings by 2029. This requires an earnings increase of about $160.6 million from -$123.2 million today.

Uncover how Cybin's forecasts yield a $49.46 fair value , a 722% upside to its current price.

Exploring Other Perspectives

Before this news, the most optimistic analysts were assuming revenue of about US$170.2 million by 2029 and a very high implied PE, which is far more aggressive than consensus and could be reconsidered as HLP003's Phase 3 path and new funding reshape expectations.

Explore 6 other fair value estimates on Cybin - why the stock might be a potential multi-bagger!