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Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Research from Water Tower Research

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Equity Bottom-Up

<ul><li>3QFY25 earnings release. The most important pieces of information from the earnings release of a late clinical-stage biotech company like Cybin (NYSE: CYBN) are principally updates on upcoming clinical milestones and the state of its balance sheet.</li><li>On this basis, we highlight the key takeaways from Cybin’s 3QFY25 earnings report that was released this week.</li><li>Milestones update. The release hinted at slight timeline slippages in upcoming milestones, which can be considered the normal course of business in the clinical research world.</li></ul>

3QFY25 earnings release. The most important pieces of information from the earnings release of a late clinical-stage biotech company like Cybin (NYSE: CYBN) are principally updates on upcoming clinical milestones and the state of its balance sheet.On this basis, we highlight the key takeaways from Cybin’s 3QFY25 earnings report that was released this week.Milestones update. The release hinted at slight timeline slippages in upcoming milestones, which can be considered the normal course of business in the clinical research world.

Cybin

Cybin, Inc.: A Cash Flow Analysis