Companies · Other

Cybin Inc.

Toronto · Other

Diligence memoA one-page analyst read on Cybin Inc. — recommendation, valuation, rhythm, risks.
$200.8M
Total raised · real
19
Rounds
0.4×
Latest step-up
Top 3%
Sector rank · raised
Series D+
Latest stage · inferred · Wed Dec 31 2025 00:00:00 GMT+0000 (Coordinated Universal Time)

Cybin Inc. looks under-valued against its niche peers and is active on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Under-valued
  • Modeled value is 0.00× the median modeled value of Series D+ Other companies in 2025–2027 (50 peers) — value vs value, same stage and era.
Active
  • Last raise 6 mo ago; this sector typically re-raises about every 11 months.
  • Raising on or ahead of the sector's normal rhythm.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Other

Cybin Inc. is one of 25015 Other companies tracked from Toronto. By capital raised it ranks among the largest (ahead of 98% of sector peers), and in the long tail by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
3
Investors (latest)
2025-12-31
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$500M$1.0B$1.5B$2.0BPre-Seed · 2020-11-05 Raised $392K (real) Modeled valuation $7.8M (est)Pre-Seed2020Series B · 2020-11-05 Raised $26M (real) Modeled valuation $403M (est)Pre-Seed · 2020-11-05 Raised $132K (real) Modeled valuation $2.6M (est)Pre-Seed2020Series B · 2020-11-27 Raised $2.9M (real) Modeled valuation $43M (est)Series B · 2020-12-14 Raised $343K (real) Modeled valuation $5.1M (est)Series B2020Series B · 2022-03-08 Raised $317K (real) Modeled valuation $3.5M (est)Series B · 2023-06-29 Raised $2.0M (real) Modeled valuation $16M (est)Series B2023Series B · 2023-11-16 Raised $1.7M (real) Modeled valuation $12M (est)Series D+ · 2024-03-19 Raised $109M (real) Modeled valuation $1.1B (est)Series D+2024Series D+ · 2024-04-05 Raised $1.9M (real) Modeled valuation $19M (est)Series D+ · 2024-08-15 Raised $3.2M (real) Modeled valuation $30M (est)Series D+2024Series D+ · 2024-11-27 Raised $748K (real) Modeled valuation $6.7M (est)Series D+ · 2025-06-30 Raised $50M (real) Modeled valuation $411M (est)Series D+2025Series D+ · 2025-08-15 Raised $637K (real) Modeled valuation $5.1M (est)Series D+ · 2025-08-15 Raised $288K (real) Modeled valuation $2.3M (est)Series D+2025Series D+ · 2025-08-29 Raised $120K (real) Modeled valuation $963K (est)Series D+ · 2025-10-01 Raised $602K (real) Modeled valuation $4.8M (est)Series D+2025Series D+ · 2025-11-14 Raised $289K (real) Modeled valuation $2.2M (est)Series D+ · 2025-12-31 Raised $114K (real) Modeled valuation $871K (est)Series D+2025Cumulative $201M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Pre-Seed$392K · 2020
Series B$26.4M · 2020no Seed / Series A on file
Bridge · Series B-stage$132K · 2020smaller follow-on
Series B extension$2.9M · 2020
Series B extension$343K · 2020
Series B extension$317K · 2022
Series B extension$2.0M · 2023
Series B extension$1.7M · 2023
Series D+$108.7M · 2024no Series C on file
Series D+ extension$1.9M · 2024
Series D+ extension$3.2M · 2024
Series D+ extension$748K · 2024
Series D+ extension$50.0M · 2025
Series D+ extension$637K · 2025
Series D+ extension$288K · 2025
Series D+ extension$120K · 2025
Series D+ extension$602K · 2025
Series D+ extension$289K · 2025
Series D+ extension$114K · 2025

Stages are modeled from round size (public records carry no series label). No record for: Seed, Series A, Series C — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 50%.

Modeled valuation trajectory
$871K
Base estimate est.
$647K
Conservative case
$1.0M
Upside case
$951K
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series D+a $100M–$400M round). Valuation is modeled from stage benchmarks. Directional, not a quoted figure.

Pre-Seed · modeled $7.8M · 2020-11-052020Series B · modeled $402.6M · 2020-11-05Pre-Seed · modeled $2.6M · 2020-11-05Series B · modeled $43.5M · 2020-11-27Series B · modeled $5.1M · 2020-12-14Series B · modeled $3.5M · 2022-03-08Series B · modeled $15.8M · 2023-06-29Series B · modeled $12.2M · 2023-11-16Series D+ · modeled $1.1B · 2024-03-19Series D+ · modeled $18.8M · 2024-04-05Series D+ · modeled $30.4M · 2024-08-15Series D+ · modeled $6.7M · 2024-11-27Series D+ · modeled $411.1M · 2025-06-30Series D+ · modeled $5.1M · 2025-08-15Series D+ · modeled $2.3M · 2025-08-15Series D+ · modeled $963K · 2025-08-29Series D+ · modeled $4.8M · 2025-10-01Series D+ · modeled $2.2M · 2025-11-14Series D+ · modeled $871K · 2025-12-312025
Model inputs · modeled:benchmark-stage-stepup-v1
12%
Dilution assumption
Implied ownership sold in the financing.
85%
Survival probability
68% low · 94% high
1.16×/yr
Annual markup
1.30×/yr upside case
0.5 yr
Elapsed time used
0.5 yr actual, capped for stale marks
general
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
3 mo
Avg between rounds
$39.0M/yr
Capital velocity
5.7 yr
On record since
2020
First round
19
Rounds on file
How it compares to the market

Benchmarked against 25015 companies in Other. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 98× above median
This company$200.8M
Sector median$2.0M
Latest round — vs other Series D+ rounds in sector (real $, this stage) 0.0× of median
This company$114K
Sector median$125.1M
Modeled value — vs sector median (estimate, all stages) 0.0× of median
This company$871K
Sector median$17.7M

Raised more than 98% of sector peers (real $). Modeled value above 5% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series D+) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #49 of 50.

This companyCohort peer
$100K$1.0M$10.0M$100.0M$1.0B$10.0B$100.0M$1.0B$10.0BCapital raised (log)AP Adhesives Acquisitions, Inc. · Series D+ Raised $369.6M · modeled $3.1B (est)INNOVATE Corp. · Series D+ Raised $411.5M · modeled $2.9B (est)Curaleaf Holdings, Inc. · Series D+ Raised $691.1M · modeled $2.6B (est)Phantom Parent, LP · Series D+ Raised $585.5M · modeled $2.5B (est)Impulse Space, Inc. · Series D+ Raised $353.3M · modeled $2.5B (est)Brera Holdings PLC · Series D+ Raised $303.3M · modeled $2.4B (est)Skims Body, Inc. · Series D+ Raised $623.6M · modeled $2.0B (est)Econic Professionals US LLC · Series D+ Raised $217.8M · modeled $1.9B (est)Capital Rx, Inc. · Series D+ Raised $499.6M · modeled $1.9B (est)Casago Holdings, LLC · Series D+ Raised $220.1M · modeled $1.9B (est)DraftKings Inc. · Series D+ Raised $1.1B · modeled $1.8B (est)Koch, Inc. · Series D+ Raised $408.4M · modeled $1.7B (est)Cybin Inc. (this company) Raised $200.8M · modeled $871K (est)Cybin Inc.
CompanyStageRaised · realValue · estvs peer med.
AP Adhesives Acquisitions, Inc.Series D+$369.6M$3.1B3.30×
INNOVATE Corp.Series D+$411.5M$2.9B3.08×
Curaleaf Holdings, Inc.Series D+$691.1M$2.6B2.72×
Phantom Parent, LPSeries D+$585.5M$2.5B2.68×
Impulse Space, Inc.Series D+$353.3M$2.5B2.60×
Brera Holdings PLCSeries D+$303.3M$2.4B2.51×
Skims Body, Inc.Series D+$623.6M$2.0B2.15×
Econic Professionals US LLCSeries D+$217.8M$1.9B1.97×
Capital Rx, Inc.Series D+$499.6M$1.9B1.96×
Casago Holdings, LLCSeries D+$220.1M$1.9B1.95×
DraftKings Inc.Series D+$1.1B$1.8B1.89×
Koch, Inc.Series D+$408.4M$1.7B1.76×
Cybin Inc. this companySeries D+$200.8M$871K0.00×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Pre-Seed$392K2020-11-05$2.2M$7.8M90%
Series B$26.4M2020-11-05$146.6M$402.6M90%
Pre-Seed$132K2020-11-05$734K$2.6M90%
Series B$2.9M2020-11-27$16.1M$43.5M90%
Series B$343K2020-12-14$1.9M$5.1M90%
Series B$317K2022-03-08$1.8M$3.5M90%
Series B$2.0M2023-06-29$11.1M$15.8M90%
Series B$1.7M2023-11-16$9.4M$12.2M90%
Series D+$108.7M2024-03-19$905.8M$1.1B90%
Series D+$1.9M2024-04-05$15.9M$18.8M90%
Series D+$3.2M2024-08-15$27.1M$30.4M90%
Series D+$748K2024-11-27$6.2M$6.7M90%
Series D+$50.0M2025-06-30$416.7M$411.1M90%
Series D+$637K2025-08-15$5.3M$5.1M90%
Series D+$288K2025-08-15$2.4M$2.3M90%
Series D+$120K2025-08-29$1.0M$963K90%
Series D+$602K2025-10-01$5.0M$4.8M90%
Series D+$289K2025-11-14$2.4M$2.2M90%
Series D+$114K2025-12-31$951K$871K90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Pre-Seed$392K2020-11-05
    • First recorded raise — entered as Pre-Seed.
    • 2 investors on this round.
  2. Series B$26.4M2020-11-05
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 67.3× larger than the prior — scaling up.
    • 48 investors on this round.
  3. Pre-Seed$132K2020-11-05
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 199.7× smaller than the prior — bridge or down round.
    • 4 investors on this round.
  4. Series B$2.9M2020-11-27
    • Came back fast: 1 mo vs the ~11 mo sector norm.
    • Round 21.9× larger than the prior — scaling up.
    • 9 investors on this round.
  5. Series B$343K2020-12-14
    • Came back fast: 1 mo vs the ~11 mo sector norm.
    • Round 8.4× smaller than the prior — bridge or down round.
    • 5 investors on this round.
  6. Series B$317K2022-03-08
    • Raised 15 mo later, in step with the ~11 mo sector norm.
    • Round roughly the size of the prior one.
    • 1 investor on this round.
  7. Series B$2.0M2023-06-29
    • Raised 16 mo later, in step with the ~11 mo sector norm.
    • Round 6.3× larger than the prior — scaling up.
    • 21 investors on this round.
  8. Series B$1.7M2023-11-16
    • Came back fast: 5 mo vs the ~11 mo sector norm.
    • Round roughly the size of the prior one.
    • 8 investors on this round.
  9. Series D+$108.7M2024-03-19
    • Came back fast: 4 mo vs the ~11 mo sector norm.
    • Round 64.3× larger than the prior — scaling up.
    • 12 investors on this round.
  10. Series D+$1.9M2024-04-05
    • Came back fast: 1 mo vs the ~11 mo sector norm.
    • Round 57.1× smaller than the prior — bridge or down round.
    • 17 investors on this round.
  11. Series D+$3.2M2024-08-15
    • Came back fast: 4 mo vs the ~11 mo sector norm.
    • Round 1.7× larger than the prior — scaling up.
    • 24 investors on this round.
  12. Series D+$748K2024-11-27
    • Came back fast: 3 mo vs the ~11 mo sector norm.
    • Round 4.3× smaller than the prior — bridge or down round.
    • 15 investors on this round.
  13. Series D+$50.0M2025-06-30
    • Raised 7 mo later, in step with the ~11 mo sector norm.
    • Round 66.8× larger than the prior — scaling up.
    • 1 investor on this round.
  14. Series D+$637K2025-08-15
    • Came back fast: 2 mo vs the ~11 mo sector norm.
    • Round 78.4× smaller than the prior — bridge or down round.
    • 2 investors on this round.
  15. Series D+$288K2025-08-15
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 2.2× smaller than the prior — bridge or down round.
    • 10 investors on this round.
  16. Series D+$120K2025-08-29
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 2.4× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  17. Series D+$602K2025-10-01
    • Came back fast: 1 mo vs the ~11 mo sector norm.
    • Round 5.0× larger than the prior — scaling up.
    • 4 investors on this round.
  18. Series D+$289K2025-11-14
    • Came back fast: 1 mo vs the ~11 mo sector norm.
    • Round 2.1× smaller than the prior — bridge or down round.
    • 5 investors on this round.
  19. Series D+$114K2025-12-31
    • Came back fast: 2 mo vs the ~11 mo sector norm.
    • Round 2.5× smaller than the prior — bridge or down round.
    • 3 investors on this round.
Intelligence
2026 ~Q2
Modeled next raise · ~3mo cadence
$114K
Modeled next size est.range $114K$183K
0.4×
Last step-up
$39.0M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Eric So4 other2020-11
John Kanakis3 other2020-11
Mark Lawson3 other2020-11
Doug Drysdale1 other2020-11
Douglas Drysdale1 other2020-11
Eric Hoskins1 other2020-11
George Tziras1 other2024-03
Greg Cavers1 other2020-11
Jukka Karjalainen1 other2020-11
Paul Glavine1 other2020-11
Theresa Firestone1 other2020-11
Aaron Bartlone2023-06
Alex Nivorozhkin2020-11
Brett Green2022-03
Brett Greene2020-11
Gabe Fahel2020-11
Gabriel Fahel2023-06
Grant Froese2020-11
Jacqueline Poriadjian2020-11
Lori Challenger2020-11
Michael Palfreyman2020-11
Registry & provenance

Cybin Inc. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1833141
SEC CIK
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Cybin CorpOtherSeries B$29.9M$2.0Mnetwork6 shared operators · same sector
Sky Holdco CorpOtherSeries D+$305.2M$904Ksame sector · same stage
WWS Enterprises, LLCOtherSeries D+$112.0M$829Ksame sector · same stage
Terrafarma Inc.OtherSeed$6.0M$2.1Mnetwork1 shared operator · same sector
GP Holdings, LLCOtherSeed$1.7M$4.6Mnetwork1 shared operator · same sector
Hunter Bay Minerals PlcOtherPre-Seed$139K$3.2Mnetwork1 shared operator · same sector
Boom Beverage Corp.Food & BeveragePre-Seed$250K$2.0Mnetwork2 shared operators
Nuka Enterprises, LLCOtherSeries B$30.9M$846Ksame sector
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Cybin CorpOtherSeries B$2.0M97%
Cytegen CorpOtherSeed$12.1M82%
CyteQuest, Inc.OtherSeed$19.5M82%
Cytogel Venture LlcOtherSeed$5.6M80%
iCashe, Inc.OtherSeed$16.7M80%
Sesh Products Inc.OtherSeries A$21.7M80%
Tamber, Inc.OtherSeed$8.5M80%
Z3Cyber, Inc.OtherSeed$8.2M79%
Frequently asked
How much funding has Cybin Inc. raised?
Cybin Inc. has raised approximately $200.8M in disclosed capital across 19 recorded financing rounds, aggregated from public filings.
What is Cybin Inc.'s estimated valuation?
Provath's modeled valuation for Cybin Inc. is approximately $871K (modeled range $647K–$1.0M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Cybin Inc. at?
Cybin Inc.'s latest modeled financing stage is Series D+. Its most recent recorded round closed around Wed Dec 31.
What does Cybin Inc. do and where is it based?
Cybin Inc. operates in the Other sector, based in Toronto.
Explore related

See where Cybin Inc. sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

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