Cybin Inc (HELP) Stock Forecast & Price Target

Helus Pharma is viewed positively because its lead asset HLP003 is approaching a pivotal Phase 3 APPROACH readout in 4Q26, with enrollment already above 88% and prior Phase 2 data showing a roughly 13-point placebo-adjusted MADRS improvement plus durability, which materially de-risks the program. The company also has a second shot on goal in HLP004, which produced about a 10-point HAM-A reduction in Phase 2a and is moving toward a Phase 2b design by the end of 3Q26, while HLP005 adds longer-term pipeline optionality. Fundamentally, a $157.3MM cash balance at end of 2Q26, plus a $50MM June 2026 financing and supportive regulatory and M&A tailwinds, give it runway and strategic relevance through its next major catalysts.

Helus Pharma is viewed negatively because its core value remains dependent on two clinical-stage assets, HLP003 and HLP004, with meaningful development and regulatory risk and no commercialization yet. The company’s updated model pushes expected launch timing to F2029E and F2030E, while modeled annual equity raises of $150M in FY2027E-FY2029E and a 12% discount rate underscore dilution and financing pressure. Even with cash of $157.3 million as of March 31 and a $50 million raise closing on June 25, 2026, the revised valuation framework cut asset values to $52/share and $18/share, reflecting weaker confidence in near-term fundamental execution.