The company remains pre-revenue with operating losses reaching $24.6 million in 2026Q1, driven by R&D expenditures that peaked at $19.7 million in 2025Q3.
Helus Pharma Inc. (HELP) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Jul'19 | Jul'18 | Jul'17 |
|---|
| Sales/Revenue | 0 | -44.68M | 472.27K | 0 | 251.01K | 167.76K | 864K | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | -9561.61% | - | -100% | 49.63% | -80.58% | - | - | - | - | - |
| Cost of Goods Sold | 30.21K | 119.23K | 472.27K | 0 | 251.01K | 167.76K | 1.18M | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | -0.27% | 100% | - | 100% | 100% | 136% | - | - | - | - |
| Gross Profit | -30.21K | -44.8M | 0 | 0 | 0 | 0 | -311K | 0 | 0 | 0 | 0 |
| Gross Margin % | - | 100.27% | - | - | - | - | -36% | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | 100% | - | - | - | - | - |
| Operating Expenses | 177.14M | 96.87M | 143.15M | 78.84M | 51.52M | 63.84M | 30.72M | 1.94M | 80.52K | 189.95K | 127.22K |
| OpEx % of Revenue | - | -216.8% | 30310.42% | - | 20523.87% | 38053.17% | 3556.02% | - | - | - | - |
| Selling, General & Admin | 68.15M | 56M | 88.24M | 46.47M | 26.03M | 46.25M | 27.42M | 1.63M | 80.52K | 189.95K | 127.22K |
| SG&A % of Revenue | - | -125.32% | 18683.59% | - | 10368.7% | 27570.34% | 3174.07% | - | - | - | - |
| Research & Development | 108.99M | 86.04M | 54.91M | 32.36M | 25.49M | 17.59M | 3.3M | 321.6K | 0 | 0 | 0 |
| R&D % of Revenue | - | -192.54% | 11626.82% | - | 10155.17% | 10482.83% | 381.94% | - | - | - | - |
| Other Operating Expenses | 0 | -45.16M | 0 | 0 | 0 | 0 | 0 | -9.6K | 0 | 0 | 0 |
| Operating Income | -177.17M | -141.68M | -143.15M | -78.84M | -51.52M | -63.84M | -31.04M | -1.95M | -80.52K | -189.95K | -127K |
| Operating Margin % | - | 317.06% | -30310.42% | - | -20523.87% | -38053.17% | -3592.01% | - | - | - | - |
| Operating Income Growth % | - | 1.03% | -81.58% | -53.03% | 19.3% | -105.7% | -1488.28% | -2326.73% | 57.61% | -49.56% | - |
| EBITDA | -177.05M | -141.56M | -142.67M | -78.41M | -51.27M | -63.67M | -30.99M | -400 | -80.91K | -220.81K | -127K |
| EBITDA Margin % | - | 316.79% | -30210.42% | - | -20423.88% | -37953.03% | -3586.34% | - | - | - | - |
| EBITDA Growth % | -19.89% | 0.78% | -81.96% | -52.95% | 19.48% | -105.48% | - | 99.51% | 63.36% | -73.86% | - |
| D&A (Non-Cash Add-back) | 123.64K | 120K | 472.27K | 424K | 251K | 168K | 49K | 1.95M | 0 | 0 | 0 |
| EBIT | -177.17M | -141.68M | -143.15M | -78.84M | -51.52M | -63.84M | -31.04M | -1.95M | -80.91K | -220.81K | -127.09K |
| Net Interest Income | 5.81M | 5.07M | 8.29M | 619K | 603K | 241K | 50K | 0 | 0 | 0 | 0 |
| Interest Income | 5.81M | 5.07M | 8.29M | 619K | 603K | 241K | 60K | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 10K | 0 | 0 | 0 | 0 |
| Other Income/Expense | -6.1M | 83.99M | 29.54M | 756K | 3.78M | -3.96M | -1.19M | 9.6K | -20K | -30.86K | 4 |
| Pretax Income | -183.27M | -57.69M | -113.61M | -78.08M | -47.74M | -67.8M | -32.22M | -1.94M | -101K | -220.81K | -127K |
| Pretax Margin % | - | 129.09% | -24056% | - | -19019.19% | -40414.14% | -3729.17% | - | - | - | - |
| Income Tax | 0 | 89.37M | -472.27K | 0 | -251.01K | -167.76K | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | -154.92% | 0.42% | 0% | 0.53% | 0.25% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -183.27M | -147.05M | -113.14M | -78.08M | -47.49M | -67.63M | -32.22M | -1.94M | -101K | -220.81K | -127K |
| Net Margin % | - | 329.09% | -23956% | - | -18919.19% | -40314.14% | -3729.17% | - | - | - | - |
| Net Income Growth % | -49.09% | -29.98% | -44.9% | -64.41% | 29.78% | -109.9% | -1557.41% | -1824.75% | 54.26% | -73.86% | - |
| Net Income (Continuing) | -183.27M | -147.05M | -113.14M | -78.08M | -47.49M | -67.63M | -32.22M | -1.94M | -101K | -220.81K | -127K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.50 | -4.23 | -5.59 | -9.41 | -9.74 | -15.36 | -12.24 | -1.82 | -0.28 | -0.69 | -0.35 |
| EPS Growth % | 7.24% | 24.33% | 40.6% | 3.39% | 36.59% | -25.49% | -572.53% | -550% | 59.42% | -97.14% | - |
| EPS (Basic) | - | -4.23 | -5.59 | -3.91 | -9.73 | -15.36 | -12.24 | -1.48 | -0.28 | -0.69 | -0.35 |
| Diluted Shares Outstanding | 52.32M | 34.8M | 20.22M | 20M | 4.88M | 4.4M | 2.63M | 1.32M | 365.43K | 320.15K | 360.53K |
| Basic Shares Outstanding | 52.32M | 34.8M | 20.22M | 20M | 4.88M | 4.4M | 2.63M | 1.06M | 365.43K | 320.15K | 360.53K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying HELP stock.
For fiscal year 2026, Helus Pharma Inc. (HELP) reported total revenue of $-44.7M.
Helus Pharma Inc. (HELP) reported a net loss of $147.1M for the fiscal year ending 2026.
Helus Pharma Inc. (HELP) reported an operating income of $-141.7M, resulting in an operating profit margin of 317.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Helus Pharma Inc. (HELP) generated $-44.8M in gross profit for the year, representing a gross profit margin of 100.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Clinical trial regulatory failure
Escalating R&D and Operational Overhead
As indicated by recent financial statements, Cybin's quarterly R&D expenditures have trended upward, peaking at $19.7 million in 2025Q3, while SG&A costs experienced a significant, albeit anomalous, spike to $48.8 million in 2025Q2, reflecting the intensive capital requirements inherent in late-stage clinical development and corporate scaling.
The volatility in SG&A expenses suggests that the company is managing non-recurring administrative or acquisition-related costs alongside its core clinical mission. Investors should monitor whether these costs stabilize as the company moves toward potential commercialization, as current spending levels necessitate frequent capital market access to sustain operations.
Dilution Risks and Non-Cash Charges
Based on reported figures, Cybin's net income is consistently impacted by significant share-based compensation, which reached $33.5 million in 2025Q2, highlighting a reliance on equity-based incentives that may obscure the true cash-burn profile and contribute to ongoing shareholder dilution as the company pursues its clinical milestones.
The disparity between net loss and operational cash requirements warrants careful scrutiny, as non-cash charges often mask the underlying burn rate. Analysts should adjust for these items to better understand the actual capital runway available to fund the Phase 3 CYB003 program without further equity-linked erosion of value.
Operating Leverage Constrained by Development
According to historical income statement data, Cybin remains in a pre-revenue phase where operating losses have widened, with quarterly operating losses reaching as high as $58.3 million in 2025Q2, demonstrating that the company has yet to achieve the scale necessary to leverage its fixed R&D infrastructure.
The absence of revenue means that operating leverage is currently non-existent, and the company's financial health is entirely dependent on the successful execution of its clinical pipeline. Future efficiency will likely depend on the company's ability to transition from a research-heavy cost structure to a commercial model that can support its high fixed-cost base.
Regulatory Hurdles and Capital Dependency
As noted in recent regulatory filings and market context, the rejection of peer psychedelic therapies by the FDA suggests that Cybin faces a heightened regulatory bar, which may force extended trial timelines and increase the total capital required to reach commercial viability beyond current market expectations.
The market's assumption of a clear path to approval may be overly optimistic given the complexities of the EMBARK psychotherapy protocol. Investors should consider the risk that regulatory scrutiny could lead to further cash-intensive trial modifications, potentially necessitating additional dilutive financing rounds that could impair long-term equity returns.