Helus Pharma (NASDAQ: HELP) (Cboe CA: HELP) has closed its previously announced underwritten public offering of 10,309,280 common shares at a price of US$4.85 per share, generating gross proceeds of approximately US$50 million. The offering was managed by Cantor and Barclays as joint bookrunning managers, with Bloom Burton Securities and Lucid Capital Markets acting as lead managers. The company paid underwriters a cash commission of US$3 million in connection with the offering.
The company plans to use the net proceeds to advance its clinical pipeline, including HLP003 for major depressive disorder, with Phase 3 APPROACH data expected in the fourth quarter of 2026. HLP003 has received Breakthrough Therapy Designation from the U.S. Food and Drug Administration. Funds will also support development of HLP004 for generalized anxiety disorder, currently in Phase 2, and HLP005, an investigational novel serotonergic agonist (NSA). Additionally, proceeds will be allocated to working capital and general corporate purposes.
Helus Pharma is the commercial operating name of Cybin Inc., a clinical stage pharmaceutical company founded in 2019. The company develops proprietary NSAs—synthetic molecules designed to activate serotonin pathways believed to promote neuroplasticity. These treatments aim to address the large unmet need for people suffering from depression, anxiety, and other mental health conditions. With class-leading data, Helus Pharma seeks to improve the treatment landscape by introducing NSAs that provide durable improvements in mental health.
The closing of this offering is significant for the mental health industry, as it provides capital to advance promising therapies through late-stage clinical trials. Major depressive disorder affects millions globally, and current treatments often have limited efficacy or significant side effects. HLP003, if approved, could offer a new option for patients who do not respond adequately to existing antidepressants. Similarly, generalized anxiety disorder is a common condition with substantial unmet need. The company’s focus on NSAs represents a novel approach targeting neuroplasticity, which could lead to more durable treatment outcomes.
Investors and industry watchers will be monitoring the Phase 3 data for HLP003 expected in late 2026. Positive results could position Helus Pharma as a key player in the mental health therapeutics market. The company operates in Canada, the United States, the United Kingdom and Ireland. For more information, visit the company’s newsroom at https://ibn.fm/HELP or the company website at www.helus.com.
