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Compass Pathways and Cybin Corp Are Two Of The Most Compelling Enterprises We Have Seen In The Psychedelics Sector Thus Far

Oct 6, 2020 • 10:29 AM EDT
3 MIN READ  •  By Michael Berger
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A few weeks ago, Compass Pathways (CMPS) completed an initial public offering (IPO) on the Nasdaq. By accomplishing this, Compass became the first psychedelic therapy company to list on a big-board U.S. exchange.

 

Compass’ IPO was nothing short of significant success, and the listing represented a significant milestone for the psychedelic therapy market. Following the successful listing, we expect to see increased interest in the psychedelic therapy market and have conducted considerable due diligence on operators to identify and assess the leading players.

 

Based on our research, we determined that Cybin Corp. is one of the best operators to compare to Compass. Today, we want to highlight some of the most significant similarities between the businesses so our readers can appreciate the potential upside that is associated with Cybin.

 

Compass went public with a business valuation north of $1 billion (as of September 22nd). Compass is focused on the development of psychedelic therapy for Treatment-Resistant Depression (TRD) (disclosure 6) and is conducting a Phase 2b clinical trial (disclosure 6) on TRD. 

 

Cybin, a privately held company, is currently valued in the $52 million to $59 million range (2). The company has a Phase 2a and 2b study (disclosure 4) on treatment for Major Depressive Disorder (MDD), which has a much larger total addressable market than TRD (disclosure 7 and 8). Cybin expects to complete the Phase 2b study by December (part 10 and 11), and a positive outcome could prove to be a massive catalyst for it.

 

Compass’ current valuation is 60 times greater than Cybin. We find the valuation disparity substantial and expect this to change as the management team continues to drive the story forward. We believe that a best-in-class directorial team leads Cybin with a proven track record of success in the pharmaceutical industry. 

 

In the future, we expect to see the market become more focused on operators like Cybin. We believe investors should be aware of this opportunity. If you are interested in learning more about Cybin, please send an email to support@mushroomstocks.com to be added to our distribution list.

 

 

 

 

Disclosures

 

(2) Based on a C$70mm to C$80mm valuation. USD exchange calculated on Aug 1, 2020, and rounded down from US$52,194,205 and US$59,650,520 (Data provided by Morningstar)

(3) Active trial

(4) Institutional Review Board application filed in Jamaica with the University of West Indies and the Ministry of Health for a IIa bioequivalence study and IIb efficacy study

(6) TRD is a subset of MDD

(7) https://www.credenceresearch.com/report/treatment-resistant-depression-market (Market size as of 2018)

(8) https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4357355/ (Market size by 2023)

(9) https://clinicaltrials.gov/ct2/show/NCT03775200

(10) Forward-looking statements are subject to various risks and assumptions. See “Cautionary Statement Regarding Forward-Looking Information” on page 2 of this presentation.

(11) IIa target completion date is Q1, 2021, which will then be followed by the commencement of the IIb study

 

 

 

 

 

 

 

 

 

 

 

Pursuant to an agreement between StoneBridge Partners LLC and Cybin Corp. we have been hired for a period of 180 days beginning July 1, 2020 and ending January 1, 2021 to publicly disseminate information about (Cybin Corp.) including on the Website and other media including Facebook and Twitter. We are being paid $7,500 per month (Cybin Corp.) for or were paid “0” shares of restricted common shares. We own zero shares of (Cybin Corp.), which we purchased in the open market. We plan to sell the “ZERO” shares of (Cybin Corp.) that we hold during the time the Website and/or Facebook and Twitter Information recommends that investors or visitors to the website purchase without further notice to you. We may buy or sell additional shares of (Cybin Corp.) in the open market at any time, including before, during or after the Website and Information, provide public dissemination of favorable Information.

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Authored By

Michael Berger

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