Full Press Release Details
Psyence Biomedical Ltd.
Unaudited Condensed Consolidated Interim Financial
For the three and six months ended September 30,
Expressed in United States Dollars
PSYENCE BIOMEDICAL LTD.
Condensed Consolidated Interim Financial Statements
Condensed Consolidated Interim Statements
of Financial Position
As at September 30, 2025 and March 31, 2025
| USD $ | Note | As at September 30, 2025 (Unaudited) | As at March 31, 2025 (Audited) | |||||||||
| ASSETS | ||||||||||||
| Current assets | ||||||||||||
| Cash and cash equivalents | 5 | 7,149,985 | 6,135,166 | |||||||||
| Restricted cash | 5 | 47,191 | 35,964 | |||||||||
| Other receivables | 174,187 | 137,348 | ||||||||||
| Prepaids | 258,092 | 251,796 | ||||||||||
| Total current assets | 7,629,455 | 6,560,274 | ||||||||||
| Non-current assets | ||||||||||||
| Equipment | 6 | 8,690 | 11,096 | |||||||||
| Investment in Psyence Labs Ltd | 13 | 5,172,000 | 745,000 | |||||||||
| TOTAL ASSETS | 12,810,145 | 7,316,370 | ||||||||||
| LIABILITIES | ||||||||||||
| Current liabilities | ||||||||||||
| Accounts payable and accrued liabilities | 7 | 644,700 | 394,270 | |||||||||
| Derivative warrant liabilities | 9 | 298,368 | 200,096 | |||||||||
| TOTAL LIABILITIES | 943,068 | 594,366 | ||||||||||
| SHAREHOLDERS EQUITY | ||||||||||||
| Share Capital | 12 | 68,884,610 | 61,752,305 | |||||||||
| Accumulated Deficit | ( 58,439,936 | ) | ( 56,447,204 | ) | ||||||||
| Warrant Reserve | 1,065,705 | 1,065,705 | ||||||||||
| Options Reserve | 12 | 9,445 | - | |||||||||
| Reserves | 347,253 | 351,198 | ||||||||||
| TOTAL SHAREHOLDERS EQUITY | 11,867,077 | 6,722,004 | ||||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY | 12,810,145 | 7,316,370 | ||||||||||
| Approved on behalf of Board of Directors |
The accompanying notes are an integral part
of the Condensed Consolidated Interim Financial Statements
PSYENCE BIOMEDICAL LTD.
Condensed Consolidated Interim Financial Statements
Condensed Consolidated Interim Statements
of Net Income/(Loss) and Comprehensive Income/(Loss)
For three and six months ended September 30, 2025
| USD $ | Note | Three months ending September 30, 2025 | Three months ending September 30, 2024 | Six months ending September 30, 2025 | Six months ending September 30, 2024 | |||||||||||||||
| Expenses | ||||||||||||||||||||
| Sales and marketing | 48,670 | 273,768 | 154,976 | 320,708 | ||||||||||||||||
| Research and development | 357,444 | 265,626 | 672,364 | 265,626 | ||||||||||||||||
| General and administrative | 217,225 | 243,044 | 367,070 | 536,140 | ||||||||||||||||
| Professional and consulting fees | 881,638 | 373,664 | 1,223,637 | 808,872 | ||||||||||||||||
| Loss before other items | ( 1,504,977 | ) | ( 1,156,102 | ) | ( 2,418,047 | ) | ( 1,931,346 | ) | ||||||||||||
| Other items | ||||||||||||||||||||
| Depreciation | 6 | ( 1,330 | ) | ( 1,016 | ) | ( 2,634 | ) | ( 1,789 | ) | |||||||||||
| Interest expense | ( 2,753 | ) | ( 3,715 | ) | ( 5,125 | ) | ( 3,715 | ) | ||||||||||||
| Interest income | 72,815 | - | 103,341 | - | ||||||||||||||||
| Other income | - | - | 2,533 | - | ||||||||||||||||
| Foreign exchange gain/(loss) | 257 | 1,661 | ( 1,528 | ) | 1,786 | |||||||||||||||
| Fair value gain on convertible note | 8 | - | 1,585,739 | - | 4,437,063 | |||||||||||||||
| Fair value (loss)/gain on warrant liability | 9 | ( 58,016 | ) | 1,678 | ( 98,272 | ) | 745,428 | |||||||||||||
| Fair value loss on promissory notes | 10 | - | ( 101,708 | ) | - | ( 101,708 | ) | |||||||||||||
| Fair value loss on warrant exchange | 9 | - | ( 185,064 | ) | - | ( 185,064 | ) | |||||||||||||
| Fair value gain on investment in Psyence Labs Ltd | 13 | 740,750 | - | 427,000 | - | |||||||||||||||
| NET INCOME/(LOSS) | ( 753,254 | ) | 141,473 | ( 1,992,732 | ) | 2,960,655 | ||||||||||||||
| Other comprehensive income/(loss) | ||||||||||||||||||||
| Foreign exchange (loss)/gain on translation | 636 | ( 99,628 | ) | ( 3,945 | ) | ( 101,040 | ) | |||||||||||||
| TOTAL COMPREHENSIVE INCOME/(LOSS) | ( 752,618 | ) | 41,845 | ( 1,996,677 | ) | 2,859,615 | ||||||||||||||
| Profit/(Loss) per share | - basic | ( 0.51 | ) | 4.07 | ( 1.88 | ) | 102.28 | |||||||||||||
| - diluted | ( 0.51 | ) | 4.07 | ( 1.88 | ) | 102.26 | ||||||||||||||
| Weighted average number of | - basic | 1,481,527 | 34,722 | 1,059,410 | 28,947 | |||||||||||||||
| outstanding shares | - diluted | 1,481,527 | 34,731 | 1,059,410 | 28,951 |
The accompanying notes are an integral part
of the Condensed Consolidated Interim Financial Statements
PSYENCE BIOMEDICAL LTD.
Condensed Consolidated Interim Financial Statements
Condensed Consolidated Interim Statements
of Changes in Shareholder Equity
For the six months ended September 30, 2025 and
| USD $ | Note | Number of shares | Share capital | Warrant reserve | Options Reserve | Reserves | Deficit | Total shareholders' equity (deficit) | ||||||||||||||||||||||
| Opening balance as at April 1, 2024 | 22,402 | 46,125,397 | - | - | 361,057 | ( 57,458,994 | ) | ( 10,972,540 | ) | |||||||||||||||||||||
| Issuance of shares to third party advisors | 12 | 586 | 241,379 | - | - | - | - | 241,379 | ||||||||||||||||||||||
| Issuance of shares for convertible note | 12 | 19,209 | 4,129,524 | - | - | - | - | 4,129,524 | ||||||||||||||||||||||
| Issuance of shares for ELOC, net of issuance costs | 11 | 23,830 | 1,721,636 | - | - | - | - | 1,721,636 | ||||||||||||||||||||||
| Issuance of shares for warrant exchange | 9/12 | 1,104 | 192,060 | - | - | - | - | 192,060 | ||||||||||||||||||||||
| Issuance of shares for promissory notes | 10 | 8,878 | 530,692 | - | - | - | - | 530,692 | ||||||||||||||||||||||
| Issuance of warrants | 8 | - | - | 42,528 | - | - | - | 42,528 | ||||||||||||||||||||||
| Net profit for the period | - | - | - | - | - | 2,960,655 | 2,960,655 | |||||||||||||||||||||||
| Other comprehensive loss | - | - | - | - | ( 101,040 | ) | - | ( 101,040 | ) | |||||||||||||||||||||
| Balance, September 30, 2024 | 76,009 | 52,940,688 | 42,528 | - | 260,017 | ( 54,498,339 | ) | ( 1,255,106 | ) | |||||||||||||||||||||
| Opening balance as at April 1, 2025 | 568,021 | 61,752,305 | 1,065,705 | - | 351,198 | ( 56,447,204 | ) | 6,722,004 | ||||||||||||||||||||||
| Issuance of shares to third party advisors | 12 | 15,242 | 60,000 | - | - | - | - | 60,000 | ||||||||||||||||||||||
| Issuance of shares for ELOC, net of issuance costs | 11/12 | 1,283,950 | 7,055,421 | - | - | - | - | 7,055,421 | ||||||||||||||||||||||
| Share based compensation | 16 | - | - | - | 26,329 | - | - | 26,329 | ||||||||||||||||||||||
| Exercise of RSU's | 12 | 4,838 | 16,884 | - | ( 16,884 | ) | - | - | - | |||||||||||||||||||||
| Net loss for the period | - | - | - | - | - | ( 1,992,732 | ) | ( 1,992,732 | ) | |||||||||||||||||||||
| Other comprehensive loss | - | - | - | - | ( 3,945 | ) | - | ( 3,945 | ) | |||||||||||||||||||||
| Balance, September 30, 2025 | 1,872,051 | 68,884,610 | 1,065,705 | 9,445 | 347,253 | ( 58,439,936 | ) | 11,867,077 |
The accompanying notes are an integral part
of the Condensed Consolidated Interim Financial Statements
PSYENCE BIOMEDICAL LTD.
Condensed Consolidated Interim Financial Statements
Condensed Consolidated Interim Statements
For the six months ended September 30, 2024 and
| Note | Six months ending September 30, 2025 | Six months ending September 30, 2024 | ||||||||||
| Net (loss)/ income | ( 1,992,732 | ) | 2,960,655 | |||||||||
| Non-cash adjustment: | ||||||||||||
| Fair value gain on convertible note | 8 | - | ( 4,437,063 | ) | ||||||||
| Fair value loss/(gain) on derivative warrant | 9 | 98,272 | ( 745,428 | ) | ||||||||
| Fair value loss on promissory notes | 10 | - | 101,708 | |||||||||
| Fair value loss on warrant exchange | 12 | - | 185,064 | |||||||||
| Fair value gain on investment in Psyence Labs Ltd | 13 | ( 427,000 | ) | - | ||||||||
| Third party advisors share issuance | 12 | 60,000 | 241,379 | |||||||||
| Share based compensation | 16 | 26,329 | - | |||||||||
| Depreciation | 6 | 2,634 | 1,789 | |||||||||
| Foreign exchange | ( 3,945 | ) | ( 9,969 | ) | ||||||||
| Changes in working capital: | ||||||||||||
| Other receivables | ( 36,839 | ) | ( 83,333 | ) | ||||||||
| Prepaids | ( 6,296 | ) | 165,965 | |||||||||
| Accounts payable and accrued liabilities | 7 | 250,430 | 103,356 | |||||||||
| Cash used in operating activities | ( 2,029,147 | ) | ( 1,515,877 | ) | ||||||||
| Additions to equipment | 6 | ( 228 | ) | ( 6,428 | ) | |||||||
| Investment in Psyence Labs Ltd | 13 | ( 4,000,000 | ) | - | ||||||||
| Increase in restricted cash | 5 | ( 11,227 | ) | - | ||||||||
| Cash used for investing activities | ( 4,011,455 | ) | ( 6,428 | ) | ||||||||
| Proceeds received from convertible note | 8 | - | 1,000,000 | |||||||||
| Net proceeds received from ELOC | 11 | 7,055,421 | 1,721,636 | |||||||||
| Cash provided from financing activities | 7,055,421 | 2,721,636 | ||||||||||
| Change in cash and cash equivalents | 1,014,819 | 1,199,331 | ||||||||||
| Cash and cash equivalents, beginning of period | 6,135,166 | 733,188 | ||||||||||
| Cash and cash equivalents, end of period | 7,149,985 | 1,932,519 |
The accompanying notes are an integral part
of the Condensed Consolidated Interim Financial Statements
PSYENCE BIOMEDICAL LTD.
Condensed Consolidated Interim Financial Statements
Notes to the Condensed Consolidated Interim
Financial Statements
1. Nature of operations and going concern
Psyence Biomedical Ltd. (the "Company"
or "PBM"), is a life science biotechnology company traded on the Nasdaq exchange (NASDAQ: PBM) that is focused on the
development of botanical (nature derived, or non-synthetic) psilocybin-based psychedelic medicines. The Company is working towards developing
psychedelic therapeutics to treat mental health disorders. The Company is currently conducting research through clinical trials to evaluate
the safety and effectiveness of natural psilocybin in treating adjustment disorder in patients with a cancer diagnosis in a palliative
care context (the "Clinical Trials").
The Company's registered office is at 121
Richmond Street West, PH Suite 1300, Toronto, Ontario M5H 2K1.
On November 26, 2024, the Company consolidated
its common shares and warrants on the basis of 75:1.
On May 5, 2025, the Company consolidated its common
shares and warrants on the basis of 7.97:1. All prior share capital information has been presented based on these ratios.
2. Basis of presentation
Statement of compliance
These Condensed Consolidated Interim Financial
Statements have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards
Board ("IASB"). Accordingly, certain disclosures included in annual consolidated financial statements prepared in accordance
with IFRS Accounting Standards as issued by the International Accounting Standard Board ("IFRS") have been condensed
or omitted and these Unaudited Condensed Consolidated Interim Financial Statements should be read in conjunction with the Company's
audited Consolidated Financial Statements for the year ended March 31, 2025 and March 31, 2024. These Unaudited Condensed Consolidated
Interim Financial Statements follow the same accounting policies, estimates, and methods of application as our most recent annual consolidated
financial statements.
The Condensed Consolidated Interim Financial
Statements were authorized for issue on November 20, 2025 by the directors of the Company.
Basis of consolidation
These Condensed Consolidated Interim Financial
Statement incorporate the accounts of PBM and its subsidiaries performing Clinical Trials. A subsidiary is an entity controlled by PBM
and its results are consolidated into the financial results of the Company from the effective date of control up to the effective date
Control exists when an investor is exposed, or
has the rights, to variable returns from the involvement with the investee and has liability to affect those returns through its power
The subsidiaries of PBM as at September 30, 2025
and March 31, 2025 for the purpose of these Condensed Consolidated Interim Financial Statements are as follows:
| Name of entity | Place of incorporation | % ownership | Accounting method | |||||
| Psyence Australia Pty Ltd. | Australia | 100 | % | Consolidated | ||||
| Pysence Biomed II Corp. | Canada | 100 | % | Consolidated | ||||
| Newcourt Acquisition Corp. | Cayman Islands | 100 | % | Consolidated |
Inter-company balances and transactions are eliminated
Functional and presentation currency
These Condensed Consolidated Interim Financial
Statements are presented in United States Dollars ("USD $"), which is also PBM's functional currency.
The USD $ represents the currency of the Company's funding and is the currency of the primary economic environment in which the Company
operates in, except for the Company's Australian subsidiary which has an Australian Dollar functional currency.
PSYENCE BIOMEDICAL LTD.
Condensed Consolidated Interim Financial Statements
3. Material accounting policies
These Condensed Consolidated Interim Financial
Statements follow the same accounting policies, estimates, and methods of application as our most recent Annual audited Consolidated Financial
Accounting Standards Issued But Not Yet
A number of new standards, and amendments to standards
and interpretations, are not yet effective for the period ended September 30, 2025, and have not been early adopted in preparing these
consolidated financial statements.
IFRS 18 Presentation and Disclosure in
Financial Statements
In April 2024, the IASB issued IFRS 18 -
Presentation and Disclosure in Financial Statements which will replace IAS 1, Presentation of Financial Statements. The key new concepts
introduced in IFRS 18 relate to the structure of the statement of earnings (loss), required disclosures in the financial statements for
certain earnings or loss performance measures that are reported outside an entity's financial statements and enhanced principles
on aggregation and disaggregation which apply to the primary financial statements and notes in general. IFRS 18 will apply for reporting
periods beginning on or after January 1, 2027, and also applies to comparative information. The Company is still in the process of assessing
the impact of this standard on its consolidated financial statements.
Other accounting standards or amendments to existing
accounting standards that have been issued but have future effective dates and are not expected to have a significant impact on the Company's
consolidated financial statements.