Pictured here: Cilo Cybin founder and CEO, Gabriel Theron.
Cilo Cybin has released its unaudited condensed interim financial results for the six-month period ended 30 September 2025, showing a modest increase in revenue from R16,2 to R18,6 million from the previous corresponding period.
However, it was the surprise R212 loss (compared to the R6 million profit for the previous period) that spooked the market when the results were released on 21 November 2025 and the share dropped 12% in the day’s trading.
The company said the R212,1 million was a once-off loss relating to the acquisition of CC Pharmaceuticals and that although it had negatively impacted profit, “now that the acquisition has been completed, operating expenses are expected to normalise.”
The directors say “Due to the nature of the transaction, it was accounted for as a reverse acquisition in accordance with IFRS 2 and IFRS 3, thereby resulting in the accounting acquirer being CC Pharmaceutical, and the continuing entity from a reporting perspective. This effectively means that the comparative numbers reflect as those of CC Pharmaceutical and not those of Cilo Cybin as previously presented in the audited annual financial statements for the year ended 31 March 2025”.
CC said that had the accounting adjustment been stripped out, it would be sitting on a net profit of R5 million.
It said that although growth had been subdued due to the regulatory delays in bedding down the CCP purchase, CC was now positioned as a unified biotech and pharmaceutical operator with enhanced access to capital markets.
It expected “continued growth in revenue as production expands, new product lines enter the market, and strategic partnerships mature.”
The group says its management focus for the immediate future includes:
– scaling GMP-manufacturing capacity;
– expanding export markets;
– optimising cultivation efficiencies; and
– advancing the Group’s wellness and biotechnology product pipeline.
This is an extract from CC’s SENS statement on its 6 month performance to 30 September 2025.
Key features of the six-month period:
– Revenue for the period increased to R18.6 million (2024: R16.2 million), driven by continued growth in the Group’s pharmaceutical and cannabis-derived product lines.
– A non-cash IFRS 2 listing expense of R217.5 million was recognised in the statement of profit or loss, arising from the reverse acquisition and the issue of shares to acquire the listing status of Cilo Cybin.
– As a direct result of the IFRS 2 listing expense, the Group reported a loss after tax of R212.1 million (2024: profit of R6.0 million).
– Excluding the once off IFRS 2 charge the Group would have ended on a profit of R5 million. Profit for the period was subdued due to delay in regulatory approvals which hindered further expansion into new product offerings. In the current financial period, our product mix changed to optimise profitability and operating efficiencies.
– Significant costs were incurred to complete the acquisition of CC Pharmaceutical which negatively impacted profit however now that the acquisition has been completed, operating expenses are expected to normalise.
– The Group ended the period with a strong cash position of R58.3 million (March 2025: R1.27 million), primarily due to the acquisition and consolidation of cash held by both Cilo Cybin and CC Pharmaceutical.
– During the period, Cilo Cybin implemented the acquisition of CC Pharmaceutical through the issue of:
– 153 636 364 consideration ordinary shares;
– 5 820 866 loan settlement ordinary shares; and
– 57 613 636 Class A unlisted ordinary shares.
– Total assets increased to R108.9 million (March 2025: R46.6 million)
– Total equity increased to R100.2 million (March 2025: R15.9 million)
– Biological assets increased to R5.8 million (March 2025: R5.5 million)
– Inventories increased to R11.9 million (March 2025: R10.2 million)
– Headline loss per share decreased to 285.98 cents per share (Mar 25: 5.58 cents per share, Sep 24: 62.51 cents per share)
– Loss per share declined to 285.98 cents per share (Mar 25: 5.58 cents per share, Sep 24: 62.51 cents per share)
– Normalised earnings per share (excluding once off IFRS 2 Listing expense) would have been 7.26 cents per share.
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