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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, 2023530,542.1 
Converted into Common Shares(494,457.4)
Balance as at March 31, 202436,084.7 
Balance as at March 31, 202536,084.7 
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 price1
$
Common Share Purchase Warrants
As at March 31, 2023611,329 49.02
Issued2,392,931 25.46
Exercised(2,658)20.14
Expired(205,404)131.86
As at March 31, 20242,796,197 22.74
Exercised — — 
Outstanding as at March 31, 20252,796,197 24.03
Exercisable as at March 31, 20252,796,197 24.03
Unit Purchase Warrants(2)
As at March 31, 202322,862 85.50
Expired(22,862)$85.50 
As at March 31, 2024 and March 31, 2025— — 
1Certain warrants were issued in USD, the weighted average exercise price is calculated using the closing exchange rate in effect as at the respective dates.
2Each 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, 2028635,887 635,887 US$15.204,5783.35
May 14, 20291,754,386 1,754,386 US$19.3817,8424.12
June 15, 2030336,843 336,843 9.503,8915.21
August 20, 203038,818 38,818 24.329365.39
November 15, 203030,263 30,263 9.503475.63
2,796,197 2,796,197 24.0327,5944.11
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 rate3.87%
Expected annual volatility, based on comparable companies95.00%
Expected life (in years)5.00
Expected dividend yield0.00%
Share priceUS$12.92
Exercise priceUS$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 rate3.76%
Expected annual volatility, based on comparable companies95.00%
Expected life (in years)5.5
Expected dividend yield0.00%
Share priceUS$17.48
Exercise priceUS$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 follows:
Number of Options
Weighted average exercise price
$
As at March 31, 2023778,163 51.68 
Granted1,011,711 26.22 
Forfeited/Expired(47,735)44.08 
As at March 31, 20241,742,139 35.17
Granted3,484,626 13.84
Forfeited/Expired(1,270,081)38.76 
Outstanding as at March 31, 20253,956,684 15.23
Exercisable as at March 31, 20253,591,976 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, 2025986 986 13.1111 0.02
April 6, 20252,372 2,372 16.7232 0.02
April 6, 2025986 986 21.2815 0.02
April 7, 20251,161 1,161 66.1255 0.02
June 15, 202527,631 27,631 9.50188 0.21
June 30, 20255,263 5,263 34.2073 0.25
September 30, 20257,106 7,106 28.5097 0.50
November 4, 202525,000 25,000 28.50509 0.60
November 15, 20259,869 9,869 28.50110 0.63
November 15, 20255,263 5,263 34.5853 0.63
December 11, 20255,263 5,263 56.24211 0.70
December 14, 20252,829 2,829 66.12131 0.71
December 31, 20252,500 2,500 13.1128 0.75
December 31, 20253,947 3,947 16.7253 0.75
December 31, 20255,263 5,263 21.2879 0.75
February 15, 20261,974 1,974 77.14109 0.88
March 10, 20265,725 5,725 52.82217 0.94
March 15, 20267,895 7,895 58.90360 0.96
March 29, 2026987 987 50.1635 0.99
March 31, 20264,342 4,342 13.1149 1.00
March 31, 20263,339 3,339 16.7244 1.00
March 31, 2026986 986 21.2815 1.00
June 28, 20264,475 4,475 110.20355 1.24
September 26, 202625,657 25,657 30.02439 1.49
November 15, 202613,158 9,868 27.17150 1.63
December 31, 202632,896 32,896 57.001,352 1.75
March 4, 2027526 526 42.9416 1.92
March 8, 202710,526 10,526 38.76295 1.94
June 30, 2028277,949 277,949 16.723,710 3.25
September 26, 20282,632 2,632 30.0259 3.49
March 20, 2029526 394 21.288 3.97
April 5, 2029284,873 177,994 21.283,742 4.01
June 30, 20327,895 7,895 34.20179 7.25
August 15, 20343,049,784 2,877,860 13.1134,032 9.37
November 27, 203480,100 23,867 14.37507 9.66
March 7, 203535,000 8,750 10.45109 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 rate3.62%
Expected annual volatility, based on historical share price of the Company88.13%
Expected life (in years)5.00
Expected dividend yield0.00%
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 rate3.07%
Expected annual volatility, based on historical share price of the Company86.69%
Expected life (in years)10.00
Expected dividend yield0.00%
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 rate3.23%
Expected annual volatility, based on historical share price of the Company86.06%
Expected life (in years)10.00
Expected dividend yield0.00%
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 rate3.03%
Expected annual volatility, based on historical share price of the Company83.43%
Expected life (in years)10.00
Expected dividend yield0.00%
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 rate3.78%
Expected annual volatility, based on comparable companies95.00%
Expected life (in years)5.00
Expected dividend yield0.00%
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 rate4.68%
Expected annual volatility, based on comparable companies85.00%
Expected life (in years)3.00
Expected dividend yield0.00%
Share price$30.02
Exercise price$30.02
Options expiring on September 26, 2028
Risk-free interest rate4.28%
Expected annual volatility, based on comparable companies95.00%
Expected life (in years)5.00
Expected dividend yield0.00%
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 rate4.28%
Expected annual volatility, based on comparable companies85.00%
Expected life (in years)3.00
Expected dividend yield0.00%
Share price$22.80
Exercise price$27.17
Options expiring on November 16, 2028

Risk-free interest rate4.28%
Expected annual volatility, based on comparable companies95.00%
Expected life (in years)5.00
Expected dividend yield0.00%
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 rate3.52%
Expected annual volatility, based on comparable companies95.00%
Expected life (in years)5.00
Expected dividend yield0.00%
Share price$21.28
Exercise price$21.28