Helus Pharma (NASDAQ: HELP) (Cboe CA: HELP), a clinical-stage pharmaceutical company developing novel serotonergic agonists (NSAs) for mental health conditions, announced the pricing of an underwritten public offering of 10.3 million common shares at $4.85 per share, generating gross proceeds of approximately $50 million. The offering is expected to close on June 25, 2026, subject to customary closing conditions and regulatory approvals.
Cantor and Barclays are serving as joint bookrunning managers for the offering. Helus Pharma stated that it intends to use the net proceeds to advance development of its HLP003 program for major depressive disorder, with Phase 3 APPROACH topline data expected in the fourth quarter of 2026, as well as its HLP004 program for generalized anxiety disorder and HLP005 program. Remaining proceeds will be used for working capital and general corporate purposes.
This capital raise comes at a critical juncture for Helus Pharma. HLP003, a proprietary NSA, is in Phase 3 clinical development for the adjunctive treatment of major depressive disorder and has received Breakthrough Therapy Designation from the U.S. Food and Drug Administration. The designation underscores the potential of HLP003 to address a significant unmet need: according to the company, current treatments for depression often have limited efficacy and delayed onset, leaving many patients without adequate relief. If successful, HLP003 could offer a new option for patients who do not respond to standard antidepressants.
Additionally, Helus Pharma is developing HLP004, another proprietary NSA in Phase 2 for generalized anxiety disorder. Generalized anxiety disorder affects millions worldwide, and existing treatments often come with side effects or limited effectiveness. The company’s approach focuses on synthetic molecules designed to activate serotonin pathways believed to promote neuroplasticity, potentially leading to durable improvements in mental health.
Helus Pharma, the commercial operating name of Cybin Inc., founded in 2019, operates in Canada, the United States, the United Kingdom and Ireland. The company has an extensive research portfolio of investigational NSAs. The successful completion of this offering will provide the financial runway needed to advance its pipeline through key clinical milestones.
For investors and industry observers, this offering signals continued confidence in the potential of psychedelic-inspired therapies to transform mental health treatment. The proceeds will directly support the completion of Phase 3 trials for HLP003, which, if positive, could lead to regulatory submissions and ultimately a new treatment option for major depressive disorder. The funding also supports the broader pipeline, including HLP004 for anxiety, expanding the company’s reach into other large therapeutic areas.
The offering is expected to close on June 25, 2026, and the company will provide updates as clinical data becomes available. More information about Helus Pharma and its programs can be found at www.helus.com.
