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SHARE CAPITAL (Tables) | 12 Months Ended
--- | ---
Mar. 31, 2025
Share Capital, Reserves, and Other Equity Interest [Abstract] |
Summary of share capital | Cybin US Class B Shares
| Number of Class B Shares
Balance as at March 31, 2023 | 530,542.1 |
Converted into Common Shares | (494,457.4) |
Balance as at March 31, 2024 | 36,084.7 |
Balance as at March 31, 2025 | 36,084.7 |
Summary of warrants | The continuity of the outstanding warrants for the years ended March 31, 2025 and 2024, are as follows:
| Number of Warrants | Weighted average exercise price 1
|  | $
Common Share Purchase Warrants |  |
As at March 31, 2023 | 611,329 |  | 49.02
Issued | 2,392,931 |  | 25.46
Exercised | (2,658) |  | 20.14
Expired | (205,404) |  | 131.86
As at March 31, 2024 | 2,796,197 |  | 22.74
Exercised | — |  | — |
Outstanding as at March 31, 2025 | 2,796,197 |  | 24.03
Exercisable as at March 31, 2025 | 2,796,197 |  | 24.03
Unit Purchase Warrants(2) |  |
As at March 31, 2023 | 22,862 |  | 85.50
Expired | (22,862) |  | $ | 85.50 |
As at March 31, 2024 and March 31, 2025 | — |  | — |
1 Certain warrants were issued in USD, the weighted average exercise price is calculated using the closing exchange rate in effect as at the respective dates. 2 Each unit consisted of one Common Share and one half of one Common Share purchase warrant, with each Common Share purchase warrant being exercisable to acquire one Common Share at an exercise price of $123.50 per Common Share. The following summarizes information about warrants outstanding as at March 31, 2025:
Date of Expiry | Warrants outstanding | Warrants exercisable | Weighted average of exercisable price | Estimated fair value | Weighted average remaining contractual life
|  |  | $ | $000’s | Years
August 4, 2028 | 635,887 |  | 635,887 |  | US$15.20 | 4,578 | 3.35
May 14, 2029 | 1,754,386 |  | 1,754,386 |  | US$19.38 | 17,842 | 4.12
June 15, 2030 | 336,843 |  | 336,843 |  | 9.50 | 3,891 | 5.21
August 20, 2030 | 38,818 |  | 38,818 |  | 24.32 | 936 | 5.39
November 15, 2030 | 30,263 |  | 30,263 |  | 9.50 | 347 | 5.63
| 2,796,197 |  | 2,796,197 |  | 24.03 | 27,594 | 4.11
Summary of significant unobservable inputs used, equity | The Company estimated the aggregate fair value of the August 2023 Warrants using the Black-Scholes option pricing model to be $4,600 (US$3,442) with the following assumptions:
Risk-free interest rate | 3.87%
Expected annual volatility, based on comparable companies | 95.00%
Expected life (in years) | 5.00
Expected dividend yield | 0.00%
Share price | US$12.92
Exercise price | US$15.20
The Company estimated the aggregate fair value of the November 2023 Warrants using the Black-Scholes option pricing model to be $17,842 (US$12,299) with the following assumptions:
Risk-free interest rate | 3.76%
Expected annual volatility, based on comparable companies | 95.00%
Expected life (in years) | 5.5
Expected dividend yield | 0.00%
Share price | US$17.48
Exercise price | US$19.38
Summary of number and weighted average exercise prices of share options | The changes in options for the years ended March 31, 2025 and 2024 are as follow s:
| Number of Options | Weighted average exercise price
|  | $
As at March 31, 2023 | 778,163 |  | 51.68 |
Granted | 1,011,711 |  | 26.22 |
Forfeited/Expired | (47,735) |  | 44.08 |
As at March 31, 2024 | 1,742,139 |  | 35.17
Granted | 3,484,626 |  | 13.84
Forfeited/Expired | (1,270,081) |  | 38.76 |
Outstanding as at March 31, 2025 | 3,956,684 |  | 15.23
Exercisable as at March 31, 2025 | 3,591,976 |  | 15.19
The following summarizes information about stock options outstanding on March 31, 2025:
| Number of options outstanding | Number of options exercisable | Exercise Price | Estimated fair value | Weighted average remaining life
Expiry date |  |  | $ | $000’s | Years
April 6, 2025 | 986 |  | 986 |  | 13.11 | 11 |  | 0.02
April 6, 2025 | 2,372 |  | 2,372 |  | 16.72 | 32 |  | 0.02
April 6, 2025 | 986 |  | 986 |  | 21.28 | 15 |  | 0.02
April 7, 2025 | 1,161 |  | 1,161 |  | 66.12 | 55 |  | 0.02
June 15, 2025 | 27,631 |  | 27,631 |  | 9.50 | 188 |  | 0.21
June 30, 2025 | 5,263 |  | 5,263 |  | 34.20 | 73 |  | 0.25
September 30, 2025 | 7,106 |  | 7,106 |  | 28.50 | 97 |  | 0.50
November 4, 2025 | 25,000 |  | 25,000 |  | 28.50 | 509 |  | 0.60
November 15, 2025 | 9,869 |  | 9,869 |  | 28.50 | 110 |  | 0.63
November 15, 2025 | 5,263 |  | 5,263 |  | 34.58 | 53 |  | 0.63
December 11, 2025 | 5,263 |  | 5,263 |  | 56.24 | 211 |  | 0.70
December 14, 2025 | 2,829 |  | 2,829 |  | 66.12 | 131 |  | 0.71
December 31, 2025 | 2,500 |  | 2,500 |  | 13.11 | 28 |  | 0.75
December 31, 2025 | 3,947 |  | 3,947 |  | 16.72 | 53 |  | 0.75
December 31, 2025 | 5,263 |  | 5,263 |  | 21.28 | 79 |  | 0.75
February 15, 2026 | 1,974 |  | 1,974 |  | 77.14 | 109 |  | 0.88
March 10, 2026 | 5,725 |  | 5,725 |  | 52.82 | 217 |  | 0.94
March 15, 2026 | 7,895 |  | 7,895 |  | 58.90 | 360 |  | 0.96
March 29, 2026 | 987 |  | 987 |  | 50.16 | 35 |  | 0.99
March 31, 2026 | 4,342 |  | 4,342 |  | 13.11 | 49 |  | 1.00
March 31, 2026 | 3,339 |  | 3,339 |  | 16.72 | 44 |  | 1.00
March 31, 2026 | 986 |  | 986 |  | 21.28 | 15 |  | 1.00
June 28, 2026 | 4,475 |  | 4,475 |  | 110.20 | 355 |  | 1.24
September 26, 2026 | 25,657 |  | 25,657 |  | 30.02 | 439 |  | 1.49
November 15, 2026 | 13,158 |  | 9,868 |  | 27.17 | 150 |  | 1.63
December 31, 2026 | 32,896 |  | 32,896 |  | 57.00 | 1,352 |  | 1.75
March 4, 2027 | 526 |  | 526 |  | 42.94 | 16 |  | 1.92
March 8, 2027 | 10,526 |  | 10,526 |  | 38.76 | 295 |  | 1.94
June 30, 2028 | 277,949 |  | 277,949 |  | 16.72 | 3,710 |  | 3.25
September 26, 2028 | 2,632 |  | 2,632 |  | 30.02 | 59 |  | 3.49
March 20, 2029 | 526 |  | 394 |  | 21.28 | 8 |  | 3.97
April 5, 2029 | 284,873 |  | 177,994 |  | 21.28 | 3,742 |  | 4.01
June 30, 2032 | 7,895 |  | 7,895 |  | 34.20 | 179 |  | 7.25
August 15, 2034 | 3,049,784 |  | 2,877,860 |  | 13.11 | 34,032 |  | 9.37
November 27, 2034 | 80,100 |  | 23,867 |  | 14.37 | 507 |  | 9.66
March 7, 2035 | 35,000 |  | 8,750 |  | 10.45 | 109 |  | 9.93
| 3,956,684 |  | 3,591,976 |  |  | 47,427 |  | 8.13
Summary of measurement of stock option fair value assumptions | The aggregate estimated grant date fair value was determined to be $4,619 calculated using the Black-Scholes option pricing model with the following assumptions:
Risk-free interest rate | 3.62%
Expected annual volatility, based on historical share price of the Company | 88.13%
Expected life (in years) | 5.00
Expected dividend yield | 0.00%
Unvested forfeiture rate | 0% - 3.4%
Share price | $ | 21.28
Exercise price | $ | 21.28
The aggregate estimated grant date fair value was determined to be $34,822 calculated using the Black-Scholes option pricing model with the following assumptions:
Risk-free interest rate | 3.07% |
Expected annual volatility, based on historical share price of the Company | 86.69% |
Expected life (in years) | 10.00 |
Expected dividend yield | 0.00% |
Unvested forfeiture rate | 0% - 3.4% |
Share price | $ | 13.30 |
Exercise price | $ | 13.11 |
The aggregate estimated grant date fair value was determined to be $982 calculated using the Black-Scholes option pricing model with the following assumptions:
Risk-free interest rate | 3.23%
Expected annual volatility, based on historical share price of the Company | 86.06%
Expected life (in years) | 10.00
Expected dividend yield | 0.00%
Unvested forfeiture rate | 0% - 3.4%
Share price | $ | 14.37
Exercise price | $ | 14.37
The aggregate estimated grant date fair value was determined to be $307 calculated using the Black-Scholes option pricing model with the following assumptions:
Risk-free interest rate | 3.03%
Expected annual volatility, based on historical share price of the Company | 83.43%
Expected life (in years) | 10.00
Expected dividend yield | 0.00%
Unvested forfeiture rate | 2%
Share price | $ | 10.45
Exercise price | $ | 10.45
The aggregate estimated grant date fair value was determined to be $4,080, calculated using the Black-Scholes option pricing model with the following assumptions:
Risk-free interest rate | 3.78%
Expected annual volatility, based on comparable companies | 95.00%
Expected life (in years) | 5.00
Expected dividend yield | 0.00%
Share price | $ | 17.86
Exercise price | $ | 16.72
The aggregate estimated grant date fair value was determined to be $577, calculated using the Black-Scholes option pricing model with the following assumptions: Options expiring on September 26, 2026
Risk-free interest rate | 4.68%
Expected annual volatility, based on comparable companies | 85.00%
Expected life (in years) | 3.00
Expected dividend yield | 0.00%
Share price | $ | 30.02
Exercise price | $ | 30.02
Options expiring on September 26, 2028
Risk-free interest rate | 4.28%
Expected annual volatility, based on comparable companies | 95.00%
Expected life (in years) | 5.00
Expected dividend yield | 0.00%
Share price | $ | 30.02
Exercise price | $ | 30.02
The aggregate estimated grant date fair value was determined to be $10,907, calculated using the Black-Scholes option pricing model with the following assumptions: Options expiring on November 16, 2026
Risk-free interest rate | 4.28%
Expected annual volatility, based on comparable companies | 85.00%
Expected life (in years) | 3.00
Expected dividend yield | 0.00%
Share price | $ | 22.80
Exercise price | $ | 27.17
Options expiring on November 16, 2028
Risk-free interest rate | 4.28%
Expected annual volatility, based on comparable companies | 95.00%
Expected life (in years) | 5.00
Expected dividend yield | 0.00%
Share price | $ | 22.80
Exercise price | $ | 27.17
The aggregate estimated grant date fair value was determined to be $8, calculated using the Black-Scholes option pricing model with the following assumptions:
Risk-free interest rate | 3.52%
Expected annual volatility, based on comparable companies | 95.00%
Expected life (in years) | 5.00
Expected dividend yield | 0.00%
Share price | $ | 21.28
Exercise price | $ | 21.28

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