Helus Pharma (NASDAQ: HELP) (Cboe CA: HELP) 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 conditions and regulatory approvals. Cantor and Barclays are serving as joint bookrunning managers.
The company intends to use the net proceeds to advance development of its lead program, HLP003, for major depressive disorder. Phase 3 APPROACH topline data is 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 HLP004 for generalized anxiety disorder, currently in Phase 2, and HLP005. Remaining proceeds will be used for working capital and general corporate purposes.
Helus Pharma, the commercial operating name of Cybin Inc., is a clinical-stage pharmaceutical company developing proprietary novel serotonergic agonists (NSAs) designed to promote neuroplasticity. The company aims to address unmet needs in depression, anxiety, and other mental health conditions. Its pipeline includes HLP003 in Phase 3 for major depressive disorder and HLP004 in Phase 2 for generalized anxiety disorder, along with an extensive research portfolio of investigational NSAs.
This capital raise comes at a critical time as the company approaches key data readouts. The success of HLP003 could significantly impact the treatment landscape for depression, which affects millions worldwide. If approved, it would offer a new option for patients who do not respond to existing therapies. The funding also supports the broader pipeline, potentially expanding treatment options for anxiety disorders.
For investors, the offering provides a clearer path to clinical milestones. The involvement of major underwriters like Cantor and Barclays signals institutional confidence. However, the stock may face dilution from the new shares. Investors should monitor upcoming data releases, particularly the Phase 3 results for HLP003, which could be a catalyst for the stock.
Helus Pharma operates in Canada, the United States, the United Kingdom, and Ireland. For more details, the full press release is available at https://ibn.fm/yrchX.
