SCHEDULE: Deep Track Capital Discloses 6.09% Stake in Cybin Inc.

Deep Track Capital, along with its affiliates, has disclosed a passive beneficial ownership of 6.09% in Cybin Inc., totaling 3,072,250 common shares.

Summary

• Deep Track Capital, LP, Deep Track Biotechnology Master Fund, Ltd., and David Kroin collectively reported beneficial ownership of 3,072,250 common shares of Cybin Inc.
• This ownership represents 6.09% of Cybin Inc.'s outstanding common shares.
• The calculation of the percentage is based on 49,894,131 common shares outstanding as of October 28, 2025, plus 537,250 warrants exercisable by the reporting persons.
• The beneficially owned shares include 537,250 warrants, subject to a 9.99% maximum exercise limitation to prevent exceeding this threshold.
• The filing states that the securities were not acquired and are not held for the purpose of changing or influencing the control of Cybin Inc.

Sentiment

Score: 7

Explanation: The filing indicates a significant, passive institutional investment in Cybin Inc., which is generally a positive signal of investor confidence, without any negative disclosures about the company itself.

Positives

• A significant institutional investor, Deep Track Capital, has taken a substantial stake in Cybin Inc., potentially signaling confidence in the company's long-term prospects.
• The passive nature of the investment, as stated, suggests a belief in the current management and strategic direction without intent to influence control.

Negatives

• No specific negative information regarding Cybin Inc.'s performance or operations is disclosed in this ownership filing.

Risks

• The beneficial ownership includes 537,250 warrants, which, if exercised, could lead to dilution for existing shareholders, although this is subject to a 9.99% maximum percentage exercise limitation.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding Cybin Inc.'s future performance or operations, as it is an ownership disclosure.

Industry Context

The disclosure of a significant stake by a biotechnology-focused investment firm like Deep Track Capital in Cybin Inc. highlights continued investor interest in the biotechnology and potentially the psychedelic-based therapeutics sector, where Cybin Inc. operates.

Stakeholder Impact

• Shareholders: The disclosure of a new significant institutional holder could be viewed positively, potentially increasing investor confidence. The exercise of warrants could lead to minor dilution.

Key Dates

Recommendation

The filing indicates a significant institutional investment, which is generally a positive signal. However, as a passive ownership disclosure, it does not provide new operational or financial performance data to warrant a 'buy' or 'strong buy' recommendation. It confirms institutional interest, suggesting a 'hold' for existing investors and a signal for potential new investors to conduct further due diligence.

Keywords

Cybin Inc., Deep Track Capital, Schedule 13G, Beneficial Ownership, Common Shares, Biotechnology, Investment, Institutional Investor, Warrants, SEC Filing