Cybin Inc. Common Stock

HELP

HealthcareBiotechnologyNASDAQ

$5.31

Market Cap: $264.94M

Cybin Inc. Common Stock (HELP) Valuation Summary

Updated May 11, 2026 00:58

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$1.24 – $2.13	$1.70	-68.1%
Revenue DCF 10Y	$1.07 – $1.99	$1.55	-70.9%
▸ Trading Multiples
EV/Revenue	$19.78 – $21.05	$20.55	+287.0%

Valuation History

DCF Analysis

Cybin Inc. Common Stock (HELP) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.55

Market Price

$5.31

Upside / Downside

-70.9%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -3592.0% to a target of 13.2% over 5 years, discounted at a WACC of 8.6%, Cybin Inc. Common Stock (HELP) has an intrinsic value of $1.55 per share (range: $1.07 – $1.99).

Key Assumptions

Current Operating Margin

-3592.0%

Target Operating Margin

13.2%

WACC

8.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

26.7%

Target CapEx/Rev

8.5%

D&A/Revenue

5.7%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	CapEx	ΔNWC	FCFF	PV(FCFF)
2022	1	4.8%	-2871.0%	-19	-19	(0)	-0	-19	-19
2023	1	4.6%	-2149.9%	-15	-15	(0)	-0	-15	-13
2024	1	4.5%	-1428.9%	-10	-10	(0)	-0	-11	-9
2025	1	4.3%	-707.9%	-5	-5	(0)	-0	-5	-4
2026	1	4.1%	13.2%	0	0	(0)	-0	0	0
2027	1	3.9%	13.2%	0	0	(0)	-0	0	0
2028	1	3.7%	13.2%	0	0	(0)	-0	0	0
2029	1	3.5%	13.2%	0	0	(0)	-0	0	0
2030	1	3.4%	13.2%	0	0	(0)	-0	0	0
2031	1	3.2%	13.2%	0	0	(0)	-0	0	0

Enterprise Value Bridge

Sum of PV(FCFF)-44

Terminal Value (Gordon Growth at 3.0%)2

PV of Terminal Value1

Enterprise Value-43

(–) Net Debt-47

Equity Value4

(÷) Shares Outstanding3

Fair Value per Share$1.55

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.6%	$1	$1	$1	$2	$2
7.6%	$1	$1	$1	$2	$2
8.6%	$1	$1	$2	$2	$2
9.6%	$1	$2	$2	$2	$2
10.6%	$2	$2	$2	$2	$2

Current price: $5.31. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -169.4% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Cybin Inc. Common Stock (HELP) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.70

Market Price

$5.31

Upside / Downside

-68.1%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-3592.0%

Target Operating Margin

13.2%

WACC

8.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

26.7%

Target CapEx/Rev

8.5%

D&A/Revenue

5.7%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	CapEx	ΔNWC	FCFF	PV(FCFF)
2022	1	4.7%	-2871.0%	-19	-19	(0)	-0	-19	-19
2023	1	4.3%	-2149.9%	-15	-15	(0)	-0	-15	-13
2024	1	4.0%	-1428.9%	-10	-10	(0)	-0	-10	-8
2025	1	3.7%	-707.9%	-5	-5	(0)	-0	-5	-4
2026	1	3.3%	13.2%	0	0	(0)	-0	0	0

Enterprise Value Bridge

Sum of PV(FCFF)-44

Terminal Value (Gordon Growth at 3.0%)2

PV of Terminal Value1

Enterprise Value-43

(–) Net Debt-47

Equity Value4

(÷) Shares Outstanding3

Fair Value per Share$1.70

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.6%	$1	$1	$2	$2	$2
7.6%	$1	$1	$2	$2	$2
8.6%	$1	$2	$2	$2	$2
9.6%	$2	$2	$2	$2	$2
10.6%	$2	$2	$2	$2	$2

Current price: $5.31. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$20.55

Market Price

$5.31

Upside / Downside

+287.0%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Cybin Inc. Common Stock (HELP) has a fair value of $20.55 based on 7 comparable companies in the Biotechnology industry.

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Cybin Inc. Common StockHELP	14	-52.2x	—
Vertex Pharmaceuticals IncorporatedVRTX	107,867	8.8x	8.2x
Regeneron Pharmaceuticals, Inc.REGN	73,053	5.1x	4.6x
argenx SEARGX	48,403	10.8x	7.6x
Alnylam Pharmaceuticals, Inc.ALNY	39,393	10.5x	6.9x
United Therapeutics CorporationUTHR	24,946	7.3x	7.2x
Insmed IncorporatedINSM	21,877	36.5x	12.9x
Royalty Pharma plcRPRX	21,519	12.6x	8.6x
Industry Median		10.5x	7.6x
(*) Revenue		1
= Enterprise Value		7
(-) Net Debt		-47
Equity Value		54
(/) Outstanding shares		3
Fair Price		$21

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$1.24 – $2.13

$1.70

-68.1%

Revenue DCF 10Y

$1.07 – $1.99

$1.55

-70.9%

▸ Trading Multiples

EV/Revenue

$19.78 – $21.05

$20.55

+287.0%

DCF Analysis

Cybin Inc. Common Stock (HELP) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.55

Market Price

$5.31

Upside / Downside

-70.9%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-3592.0%

Target Operating Margin

13.2%

WACC

8.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

26.7%

Target CapEx/Rev

8.5%

D&A/Revenue

5.7%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	CapEx	ΔNWC	FCFF	PV(FCFF)
2022	1	4.8%	-2871.0%	-19	-19	(0)	-0	-19	-19
2023	1	4.6%	-2149.9%	-15	-15	(0)	-0	-15	-13
2024	1	4.5%	-1428.9%	-10	-10	(0)	-0	-11	-9
2025	1	4.3%	-707.9%	-5	-5	(0)	-0	-5	-4
2026	1	4.1%	13.2%	0	0	(0)	-0	0	0
2027	1	3.9%	13.2%	0	0	(0)	-0	0	0
2028	1	3.7%	13.2%	0	0	(0)	-0	0	0
2029	1	3.5%	13.2%	0	0	(0)	-0	0	0
2030	1	3.4%	13.2%	0	0	(0)	-0	0	0
2031	1	3.2%	13.2%	0	0	(0)	-0	0	0

Enterprise Value Bridge

Sum of PV(FCFF)-44

Terminal Value (Gordon Growth at 3.0%)2

PV of Terminal Value1

Enterprise Value-43

(–) Net Debt-47

Equity Value4

(÷) Shares Outstanding3

Fair Value per Share$1.55

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.6%	$1	$1	$1	$2	$2
7.6%	$1	$1	$1	$2	$2
8.6%	$1	$1	$2	$2	$2
9.6%	$1	$2	$2	$2	$2
10.6%	$2	$2	$2	$2	$2

Current price: $5.31. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$20.55

Market Price

$5.31

Upside / Downside

+287.0%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Cybin Inc. Common Stock (HELP) has a fair value of $20.55 based on 7 comparable companies in the Biotechnology industry.

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Cybin Inc. Common StockHELP	14	-52.2x	—
Vertex Pharmaceuticals IncorporatedVRTX	107,867	8.8x	8.2x
Regeneron Pharmaceuticals, Inc.REGN	73,053	5.1x	4.6x
argenx SEARGX	48,403	10.8x	7.6x
Alnylam Pharmaceuticals, Inc.ALNY	39,393	10.5x	6.9x
United Therapeutics CorporationUTHR	24,946	7.3x	7.2x
Insmed IncorporatedINSM	21,877	36.5x	12.9x
Royalty Pharma plcRPRX	21,519	12.6x	8.6x
Industry Median		10.5x	7.6x
(*) Revenue		1
= Enterprise Value		7
(-) Net Debt		-47
Equity Value		54
(/) Outstanding shares		3
Fair Price		$21