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Helus Pharma

HELP Lead: Phase 3 13 Biotech Distilled articles ↓ 64 filings & releases ↓ 13 verdicts ↓ 5 timing quotes ↓
Neurology Small Molecule

Market cap $655M 73.1M shares (vendor count, Nov 7, 2026) × $8.96 close Nov 6, 2026 · share count from the market-data vendor, not the SEC cover page

Catalyst timeline

1 trackedQuarter catalyst calendar →
  1. HLP003 Ph3 topline4Q 2026HLP003 Ph3 topline, 4Q 2026, thesis-defining

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (3 active programs)

Discontinued (1)

Capital (as filed)

As stated in coverage
$166M cash per the update of Aug 14, 2026 — the company's own words as read there, not the filed figure

Offering documents (1)

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (13)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (13 calls)

Every verdict Biotech Distilled has published on Helus Pharma, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-01-16 Watch Helus Pharma (HELP), formerly Cybin (CYBN): Scientific Deep Dive for HLP003 and Pipeline Products The science of deuteration is sound but the company faces a terrifyingly tight cash-to-burn ratio and potential dilution from the ATM; wait for the balance sheet to stabilize before entering.
  2. 2026-02-14 Watch UPDATE: Helus Pharma (HELP): The Big Guns Arrive Point72's 6.2% stake and the appointment of commercial heavyweight Michael Cola as CEO de-risk the business side, but the Dilution Gap and functional unblinding risk remain; watch how the stock reacts to imminent HLP004 data.
  3. 2026-02-21 Buy speculative UPDATE: Helus Pharma (HELP) - The Smart Money Tug-of-War & Peer-Reviewed Receipts OrbiMed's ~7.7% combined stake and Nature Medicine publication of the foundational DMT science further validate the platform; the imminent HLP004 readout is the tie-breaker, but the Dilution Gap persists.
  4. 2026-02-28 Hold UPDATE: Helus Pharma (HELP) - The Big Pharma Makeover is Complete Former Pfizer CMO Dr. Freda Lewis-Hall joining the board reinforces M&A appeal and regulatory de-risking; stance maintained ahead of the imminent HLP004 readout.
  5. 2026-03-07 Avoid UPDATE: Helus Pharma (HELP) - The Pooled Data Trick and the $5.25 Reality Check HLP004 Phase 2 data was heavily massaged — pooling active and placebo arms to show durability — and the near-zero remission delta between the 20mg and 2mg arms signals a fundamentally broken thesis for the deuterated DMT asset, making the HLP003 Phase 3 risk profile radioactive.
  6. 2026-03-28 Watch UPDATE: Helus Pharma (HELP) - Izzy Englander Buys the Dip Millennium Management's 4.8% stake alongside Point72 and OrbiMed signals blue-chip institutional conviction in the M&A/event-driven thesis, materially reducing the risk of a catastrophic zero before the Q4 2026 readout despite the still-flawed HLP004 data.
  7. 2026-04-27 Watch UPDATE: Helus Pharma (HELP) - Cola Gets the Boot, Trump Signs the EO, Millennium Doubles Down The White House EO mandating prioritized FDA review and DEA rescheduling for BTD-designated psychedelics materially reduces the commercial bottleneck risk, but the +24% rip already prices in the tailwind and CEO churn 8 months before the binary readout warrants caution on entry.
  8. 2026-05-16 Watch UPDATE: Helus Pharma (HELP) - Point72 Trims, Sirenia Arrives, Stock Bleeds Point72 trimming from 6.2% to 1.4% weakens the marquee institutional sponsorship pillar while Sirenia's 7.2% arrival is an ambiguous substitute; the thesis is intact but the smart-money roster rewrite warrants continued caution before entry.
  9. 2026-06-24 Watch UPDATE: Helus Pharma (HELP) - The Dilution Lands, And It's Not the ATM The $50M bought deal at $4.85 addresses the most acute leg of the Dilution Gap and 86% enrollment reaffirms the Q4 binary event, but the post-raise digestion should settle and a permanent CEO should be named before entering.
  10. 2026-06-29 Speculative buy speculative UPDATE: Helus Pharma (HELP) - The +35% Rip, the Definium Footnote, and EMBRACE Enters the Chat The $50M bought deal cleared the dilution overhang, EMBRACE Phase 3 was disclosed with a 2028 NDA target, and the institutional roster sized into the print — the setup called for in the original deep dive has substantially played out, making a speculative position ahead of the Q4 binary event appropriate on post-earnings digestion.
  11. 2026-07-21 Speculative buy speculative UPDATE: Helus Pharma (HELP) - APPROACH Enrollment Done, The Binary Event Is Now a Data Question APPROACH Phase 3 enrollment completed ahead of schedule at 223 patients with Q4 2026 topline reaffirmed, retiring enrollment risk; the setup called for in the original deep dive is now fully in place, though chasing $8.10 on mechanics rather than new science warrants caution.
  12. 2026-08-15 Speculative buy speculative UPDATE: Helus Pharma (HELP) - A Permanent CEO, a Clean DDI Study, and 11 Million New Shares The permanent CEO hire (Halstead, ex-Intra-Cellular) and clean DDI study retire the two remaining execution risk flags, but the +48% move to $11.99 has compressed the asymmetry that made the June entry attractive; the science question is unchanged and the ATM is now more attractive to management at this price.
  13. 2026-10-28 Speculative buy speculative UPDATE: Helus Pharma (HELP) - The Founders Leave the Room Founders stepping back from executive roles and an independent banker becoming Chair completes the Big Pharma Makeover and cleans the decision-making chain ahead of the APPROACH readout, but the functional-unblinding question on the d=2.15 Phase 2 effect size remains the only thing that matters.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (5 quotes from 5 filings)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (64)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from Jun 1, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

15 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)