aibioHelus Pharma (Cybin Inc.) closes US$50 million share offering at US$4.85
Tickers HELP
Helus Pharma sold 10,309,280 shares at US$4.85 in an underwritten offering that closed on June 25, 2026. The proceeds are meant partly for a Phase 3 depression program whose data are not due until the fourth quarter.
Key facts
- Company
- Helus Pharma Inc. (NEO: HELP)
- News type
- Financings
- Primary source
- Helus Pharma Inc. 6-K (2026-07-16)
The offering
Helus Pharma, the commercial operating name of Cybin Inc., announced an underwritten offering of 10,309,280 common shares at US$4.85 a share on June 24, 2026. The company said the offering would bring gross proceeds of approximately US$50 million. It announced the closing the next day, June 25, 2026. The details appear in a material change report dated June 26, 2026, which the company filed with the SEC on Form 6-K on July 16, 2026.
The company paid the underwriters a cash commission of US$3 million. The release does not say what the net proceeds will be after that fee and other costs. The shares were offered in the United States and certain other jurisdictions outside Canada. The offering was made under a prospectus supplement to a short form base shelf prospectus dated September 17, 2025, as amended on December 19, 2025, and a registration statement on Form F-10 (File No. 333-292294) that the SEC declared effective on December 19, 2025.
Closing was subject to customary conditions, including approval from Cboe Canada Inc. and notice of the offering to the Nasdaq Global Market. The company trades on Nasdaq under the symbol HELP and on Cboe Canada under the same symbol.
Who ran the deal
Cantor Fitzgerald & Co. and Barclays Capital Inc. were joint bookrunning managers. Bloom Burton Securities Inc. and Lucid Capital Markets were lead managers. The material change report and the release name no placement agent, and they do not name legal counsel for the company or for the underwriters.
What the money is for
The company says it will use the net proceeds to advance HLP003, a proprietary novel serotonergic agonist in Phase 3 development for adjunctive treatment of major depressive disorder, which has Breakthrough Therapy Designation from the FDA. The money also goes to HLP004, which is in Phase 2 for generalized anxiety disorder, to the HLP005 program, and to working capital and general corporate purposes.
The June 24 release says Phase 3 APPROACH data for HLP003 are expected in the fourth quarter of 2026. The release reports no efficacy result from that trial. The company is raising money before the Phase 3 readout, so the program's main test is still ahead. The release also says that the FDA, Health Canada and similar regulators have not evaluated claims about its programs, and that their efficacy has not been confirmed by approved research. HLP004 is a Phase 2 program, and the release gives no timeline for it.
The balance sheet behind the raise
The annual report on Form 40-F that the company filed on June 29, 2026, for the year ended March 31, 2026, lists 51,631,804 common shares outstanding at March 31, 2026. The offering added 10,309,280 shares to that base.
The cash figures below come from the prior year. For the year ended March 31, 2025, the company reported research and development expense of CAD 54.9 million, up from CAD 32.4 million a year earlier. It reported a net loss of CAD 113.1 million, compared with CAD 78.1 million, and cash used in operations of CAD 101.3 million, compared with CAD 68.9 million. Year-end cash and cash equivalents were CAD 135.0 million, down from CAD 209.0 million at March 31, 2024.
The material change report does not give the cash balance at March 31, 2026, so it does not show how far the new money extends the company's funding.
What comes next
The company's next stated milestone is the APPROACH readout for HLP003 in the fourth quarter of 2026. The company's release does not give a timetable for HLP004 or HLP005.