SCHEDULE 13G/A: RA Capital Entities Divest Entire Stake in Cybin Inc., Reporting Zero Beneficial Ownership

RA Capital Management and its affiliated entities have filed an amended Schedule 13G for Cybin Inc., disclosing that they no longer beneficially own any common shares as of December 31, 2024.

Summary

• The filing is an Amendment No. 1 to a Schedule 13G, pertaining to the beneficial ownership of Common Shares, no par value, of Cybin Inc. (CUSIP: 23256X100).
• The reporting persons include RA Capital Management, L.P., Peter Kolchinsky, Rajeev Shah, and RA Capital Healthcare Fund, L.P.
• As of the event date of December 31, 2024, each reporting person beneficially owned 0.00 Common Shares of Cybin Inc.
• This aggregate beneficial ownership represents 0.0% of the class of securities for each reporting person.
• A Joint Filing Agreement, dated February 14, 2025, confirms the collective filing of this statement by the involved parties.
• The filing certifies that the securities were not acquired or held for the purpose of, or with the effect of, changing or influencing the control of Cybin Inc.

Sentiment

Score: 3

Explanation: The complete divestment by a significant institutional investor like RA Capital Management is a negative signal, potentially indicating a lack of confidence in the company's future performance or valuation.

Negatives

• RA Capital Management, L.P. and its affiliates, previously a significant institutional investor, have divested their entire beneficial ownership in Cybin Inc., reducing their stake to 0.0%.

Risks

• The complete divestment by a notable institutional investor like RA Capital Management could signal a loss of confidence in Cybin Inc.'s future prospects or valuation, potentially impacting investor sentiment and share price.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding Cybin Inc.'s operational or financial performance.

Industry Context

This filing reflects a change in institutional investor holdings within the biotechnology and healthcare sectors, specifically concerning a company involved in psychedelic-based therapies. The complete divestment by a specialized healthcare fund like RA Capital Management may indicate a re-evaluation of their portfolio strategy or a revised outlook on Cybin Inc.'s specific market position or the broader psychedelic therapy industry.

Stakeholder Impact

• Shareholders may interpret the complete divestment by RA Capital Management as a negative indicator, potentially leading to decreased investor confidence and downward pressure on Cybin Inc.'s stock price.

Key Dates

Recommendation

Keywords

Cybin Inc., RA Capital Management, Schedule 13G/A, beneficial ownership, institutional investor, common shares, SEC filing, divestment