SCHEDULE: Deep Track Capital Reduces Cybin Stake Below 5%

Deep Track Capital and its affiliates have reduced their beneficial ownership in Cybin Inc. to 3.97% of common shares.

Summary

• Deep Track Capital, LP, Deep Track Biotechnology Master Fund, Ltd., and David Kroin collectively beneficially own 1,000,000 common shares of Cybin Inc.
• This aggregate amount represents 3.97% of Cybin Inc.'s common shares outstanding.
• The calculation is based on 25,188,217 common shares outstanding as of September 16, 2025, as reported in Cybin Inc.'s F-10 filing on September 17, 2025.
• The reporting persons hold shared voting and dispositive power over all 1,000,000 shares.
• The filing is an Amendment No. 1 to a Schedule 13G, indicating a change from a previous ownership disclosure.
• The reporting persons certify that the securities were not acquired or held for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative due to the reduction in beneficial ownership by a significant institutional investor to below the 5% threshold, which can be interpreted as a diminished conviction or reallocation of capital.

Positives

• The continued presence of Deep Track Capital, a specialized biotechnology fund, as an investor, albeit at a reduced stake, suggests some ongoing interest in Cybin Inc.

Negatives

• Deep Track Capital and its affiliates have reduced their beneficial ownership in Cybin Inc. to below the 5% threshold, implying a partial divestment of their holdings.

Risks

• NA

Future Outlook

NA

Industry Context

This filing reflects a change in institutional investor positioning within the biotechnology sector, specifically concerning a company like Cybin Inc. that operates in a specialized area. Such adjustments by dedicated biotech funds can sometimes signal shifts in investor sentiment or portfolio strategy regarding specific companies or sub-sectors.

Stakeholder Impact

• Shareholders: A reduction in institutional ownership by a specialized fund may be perceived negatively, potentially influencing investor confidence and share price.

Key Dates

Recommendation

The filing indicates a reduction in beneficial ownership by a notable institutional investor to below 5% of Cybin Inc.'s common shares. While this is a negative signal, suggesting a potential decrease in investor conviction, it does not provide sufficient information on the company's operational or financial performance to warrant a 'sell' recommendation. A 'hold' position is prudent, advising investors to monitor further developments and company-specific news before making definitive investment decisions.

Keywords

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