{"url_path":"/sec/pbm/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 EXHIBITS","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-06-22","source_url":"https://www.sec.gov/Archives/edgar/data/1985062/0001213900-26-070607-index.html","accession_number":"0001213900-26-070607","cik":"0001985062","ticker":"PBM","issuer_name":"PSYENCE BIOMEDICAL LTD.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1985062/0001213900-26-070607-index.html","primary_entity_key":"0001985062","primary_entity_name":"PSYENCE BIOMEDICAL LTD."},"word_count":19217,"has_tables":true,"body_markdown":"** **\n\nITEM 19. EXHIBITS\n\n \n\n**Exhibit No.**\n \n**Description**\n\n2.1\n \n[Description of Registered Securities (incorporated by reference to Exhibit 2.3 to the Annual Report on Form 20-F filed with the SEC on July 29, 2024).](https://www.sec.gov/Archives/edgar/data/1985062/000141057824001112/pbm-20240331xex2d3.htm)\n\n3.1\n \n[Certificate of Incorporation of Psyence Biomedical Ltd. (incorporated by reference to Exhibit 3.2 to the Company’s Registration Statement on Form F-4 (File No. 333-273553) filed with the SEC on November 13, 2023).](http://www.sec.gov/Archives/edgar/data/1985062/000110465923117179/tm2320950-15_f4a.htm#tANNB1)\n\n3.2\n \n[Amended and Restated Bylaws of Psyence Biomedical Ltd. (incorporated by reference to Exhibit 3.3 to the Company’s Registration Statement on Form F-4 (File No. 333-273553) filed with the SEC on November 13, 2023).](http://www.sec.gov/Archives/edgar/data/1985062/000110465923117179/tm2320950-15_f4a.htm#tANNXC)\n\n4.1\n \n[Specimen Share Certificate of Psyence Biomedical Ltd. (incorporated by reference to Exhibit 3.4 to the Company’s Registration Statement on Form F-4 (File No. 333-268525) (File No. 333-273553) filed with the SEC on November 13, 2023).](http://www.sec.gov/Archives/edgar/data/1985062/000110465923114379/tm2320950d10_ex3-4.htm)\n\n4.2\n \n[Specimen Warrant Certificate of Psyence Biomedical Ltd. (incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form F-4 (File No. 333-268525) (File No. 333-273553) filed with the SEC on November 13, 2023).](http://www.sec.gov/Archives/edgar/data/1985062/000110465923114379/tm2320950d10_ex4-1.htm)\n\n4.3\n \n[Form of Common Share Purchase Warrant (incorporated by reference to Exhibit 4.3 to the Company’s Registration Statement on Form F-1 (File No. 333-282468) filed with the SEC on October 2, 2024).](http://www.sec.gov/Archives/edgar/data/1985062/000141057824001668/pbm-20240331xex4d3.htm)\n\n4.4\n \n[Form of Pre-Funded Warrant (incorporated by reference to Exhibit 4.1 to the Current Report on Form 6-K filed with the SEC on December 31, 2024).](http://www.sec.gov/Archives/edgar/data/1985062/000110465924132846/tm2431883d2_ex4-1.htm)\n\n4.5\n \n[Form of Series A Warrant (incorporated by reference to Exhibit 4.2 to the Current Report on Form 6-K filed with the SEC on December 31, 2024).](http://www.sec.gov/Archives/edgar/data/1985062/000110465924132846/tm2431883d2_ex4-2.htm)\n\n4.6\n \n[Form of Series B Warrant (incorporated by reference to Exhibit 4.3 to the Current Report on Form 6-K filed with the SEC on December 31, 2024).](http://www.sec.gov/Archives/edgar/data/1985062/000110465924132846/tm2431883d2_ex4-3.htm)\n\n4.7\n \n[Form of Placement Agent Warrant (incorporated by reference to Exhibit 4.4 to the Current Report on Form 6-K filed with the SEC on December 31, 2024).](http://www.sec.gov/Archives/edgar/data/1985062/000110465924132846/tm2431883d2_ex4-4.htm)\n\n10.6†\n \n[Form of Director and Officer Indemnification Agreement (incorporated by reference to Exhibit 4.9 to the Company’s Annual Report on Form 20-F (File No. 001-41937) filed with the SEC on January 31, 2024).](http://www.sec.gov/Archives/edgar/data/1985062/000110465924008872/tm244512d1_ex4-9.htm)\n\n10.7#\n \n[Research IP Agreement, by and between Psyence and Filament (incorporated by reference to Exhibit 10.5 to the Company’s Registration Statement on Form F-4 (File No. 333-273553) filed with the SEC on November 13, 2023).](http://www.sec.gov/Archives/edgar/data/1985062/000110465923114379/tm2320950d10_ex10-5.htm)\n\n10.8#\n \n[Commercial IP Term Sheet, by and between Psyence and Filament (incorporated by reference to Exhibit 10.6 to the Company’s Registration Statement on Form F-4 (File No. 333-273553) filed with the SEC on November 13, 2023).](http://www.sec.gov/Archives/edgar/data/1985062/000110465923114379/tm2320950d10_ex10-6.htm)\n\n10.9\n \n[Amendment to Engagement Letter, dated as of January 25, 2024, by and between J.V.B. Financial Group, LLC, acting through its Cohen & Company Capital Markets division and Newcourt Acquisition Corp. (incorporated by reference to Exhibit 4.12 to the Company’s Annual Report on Form 20-F (File No. 001-41937) filed with the SEC on January 31, 2024).](http://www.sec.gov/Archives/edgar/data/1985062/000110465924008872/tm244512d1_ex4-12.htm)\n\n10.10\n \n[Fee Modification Agreement, dated as of January 25, 2024, by and between Cantor Fitzgerald & Co. and Newcourt Acquisition Corp. (incorporated by reference to Exhibit 4.13 to the Company’s Annual Report on Form 20-F (File No. 001-41937) filed with the SEC on January 31, 2024).](http://www.sec.gov/Archives/edgar/data/1985062/000110465924008872/tm244512d1_ex4-13.htm)\n\n10.11\n \n[Amendment to Engagement Letter, dated as of January 25, 2024, by and between Maxim Group LLC and Psyence Group Inc. (incorporated by reference to Exhibit 4.14 to the Company’s Annual Report on Form 20-F (File No. 001-41937) filed with the SEC on January 31, 2024).](http://www.sec.gov/Archives/edgar/data/1985062/000110465924008872/tm244512d1_ex4-14.htm)\n\n10.12\n \n[Form of Registration Rights Agreement, dated as of January 25, 2024, by and among Psyence Biomedical Ltd. and the investors party thereto (incorporated by reference to Exhibit 4.15 to the Company’s Annual Report on Form 20-F (File No. 001-41937) filed with the SEC on January 31, 2024).](http://www.sec.gov/Archives/edgar/data/1985062/000110465924008872/tm244512d1_ex4-15.htm)\n\n10.13\n \n[Form of General Security Agreement, executed by Psyence Biomedical Ltd. and Psyence Biomed II Corp. (incorporated by reference to Exhibit 4.16 to the Company’s Annual Report on Form 20-F (File No. 001-41937) filed with the SEC on January 31, 2024).](http://www.sec.gov/Archives/edgar/data/1985062/000110465924008872/tm244512d1_ex4-16.htm)\n\n10.14\n \n[Form of Lock-Up Agreement, dated as of January 25, 2024, by and among Psyence Biomedical, Newcourt Acquisition Corp. and the other parties thereto (incorporated by reference to Exhibit 4.17 to the Company’s Annual Report on Form 20-F (File No. 001-41937) filed with the SEC on January 31, 2024).](http://www.sec.gov/Archives/edgar/data/1985062/000110465924008872/tm244512d1_ex4-17.htm)\n\n \n\n85\n\n \n\n \n\n10.15\n \n[Form of Senior Secured Convertible Note, dated as of January 25, 2024, issued by Psyence Biomedical Ltd. to the Investors (incorporated by reference to Exhibit 4.18 to the Company’s Annual Report on Form 20-F (File No. 001-41937) filed with the SEC on January 31, 2024).](http://www.sec.gov/Archives/edgar/data/1985062/000110465924008872/tm244512d1_ex4-18.htm)\n\n10.16\n \n[Promissory Note, dated January 25, 2024, issued by Newcourt Acquisition Corp to Newcourt SPAC Sponsor LLC (incorporated by reference to Exhibit 10.3 to Newcourt Acquisition Corp’s Form 8-K (File No. 001-40929) filed with the SEC on January 31, 2024).](https://www.sec.gov/Archives/edgar/data/1849475/000110465924008879/tm244743d1_ex10-3.htm)\n\n10.17\n \n[Form of Call Option Agreement (incorporated by reference to Exhibit 10.17 to the Company’s Amendment No.3 to Registration Statement on Form F-1/A filed on May 10, 2024).](http://www.sec.gov/Archives/edgar/data/1985062/000141057824000510/pbm-20240131xex10d17.htm)\n\n10.18\n \n[Warrant Exchange Agreement (incorporated by reference to Exhibit 4.26 to the Company’s Annual Report on Form 20-F (File No. 001-41937) filed with the SEC on July 29, 2024).](http://www.sec.gov/Archives/edgar/data/1985062/000141057824001112/pbm-20240331xex4d26.htm)\n\n10.19\n \n[First Addendum to the License Agreement and Commercial Term Sheet, dated as of July 22, 2024, by and among the Company, Psyence Group Inc. and Filament Health Corp (incorporated by reference to Exhibit 99.3 to the Company’s Current Report on Form 6-K filed with the SEC on July 24, 2024).](http://www.sec.gov/Archives/edgar/data/1985062/000110465924082356/tm2419189d2_ex99-3.htm)\n\n10.20\n \n[Common Stock Purchase Agreement, dated July 25, 2024, by and between the Company and White Lion (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 6-K filed with the SEC on July 31, 2024).](http://www.sec.gov/Archives/edgar/data/1985062/000110465924084349/tm2420559d1_ex99-1.htm)\n\n10.21\n \n[Registration Rights Agreement, dated July 25, 2024, by and between the Company and White Lion (incorporated by reference to Exhibit 99.2 to the Company’s Current Report on Form 6-K filed with the SEC on July 31, 2024).](http://www.sec.gov/Archives/edgar/data/1985062/000110465924084349/tm2420559d1_ex99-2.htm)\n\n10.22\n \n[First Addendum to the Securities Purchase Agreement and Senior Secured Convertible Notes (incorporated by reference to Exhibit 10.22 to the Company’s Registration Statement on Form F - 1 (File No. 333 - 281644) filed with the SEC on August 19, 2024).](http://www.sec.gov/Archives/edgar/data/1985062/000141057824001519/pbm-20240331xex10d22.htm)\n\n10.23\n \n[License Agreement, dated September 3, 2024, by and between the Company and Psyence UK Group Ltd. (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 6-K filed with the SEC on September 5, 2024).](http://www.sec.gov/Archives/edgar/data/1985062/000110465924097409/tm2423418d1_ex99-1.htm)\n\n10.24\n \n[Share Purchase and Sale Agreement, dated September 17, 2024, by and between the Company and Psyence Group Inc. (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 6-K filed with the SEC on September 20, 2024).](http://www.sec.gov/Archives/edgar/data/1985062/000110465924101737/tm2424346d1_ex99-1.htm)\n\n10.25\n \n[Debt-for-Equity Swap Agreement, effective as of September 30, 2024, by and between Psyence Biomedical Ltd. and Newcourt SPAC Sponsor, LLC (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 6-K filed with the SEC on October 8, 2024).](http://www.sec.gov/Archives/edgar/data/1985062/000110465924107034/tm2425747d1_ex99-1.htm)\n\n10.26\n \n[Debt-for-Equity Swap Agreement, effective as of September 30, 2024, by and between Psyence Biomedical Ltd. and Psyence Group. Inc. (incorporated by reference to Exhibit 99.2 to the Company’s Current Report on Form 6-K filed with the SEC on October 8, 2024).](http://www.sec.gov/Archives/edgar/data/1985062/000110465924107034/tm2425747d1_ex99-2.htm)\n\n10.27\n \n[First Addendum to Share Purchase and Sale Agreement, dated as of September 27, 2024, by and among Psyence Biomedical Ltd., Psyence Group. Inc. and Psyence Labs Ltd (incorporated by reference to Exhibit 99.3 to the Company’s Current Report on Form 6-K filed with the SEC on October 8, 2024).](http://www.sec.gov/Archives/edgar/data/1985062/000110465924107034/tm2425747d1_ex99-3.htm)\n\n10.28\n \n[Termination Agreement, by and between the Company and the Signatories thereto, dated November 21, 2024 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 6-K filed with the SEC on November 22, 2024).](http://www.sec.gov/Archives/edgar/data/1985062/000110465924121840/tm2429142d1_ex10-1.htm)\n\n10.29\n \n[First Addendum to Debt-for-Equity Swap Agreement, effective November 26, 2024, by and between Psyence Biomedical Ltd and Newcourt SPAC Sponsor, LLC and Newcourt Acquisition Corp. (incorporated by reference to Exhibit 10.2 to the Current Report on Form 6-K filed with the SEC on December 4, 2024).](http://www.sec.gov/Archives/edgar/data/1985062/000110465924125346/tm2430103d1_ex10-2.htm)\n\n10.30\n \n[First Addendum to Debt-for-Equity Swap Agreement, effective November 26, 2024, by and between Psyence Biomedical Ltd and Psyence Group, Inc. (incorporated by reference to Exhibit 10.4 to the Current Report on Form 6-K filed with the SEC on December 4, 2024).](http://www.sec.gov/Archives/edgar/data/1985062/000110465924125346/tm2430103d1_ex10-4.htm)\n\n10.31\n \n[Second Addendum to Share Purchase and Sale Agreement, effective November 26, 2024, by and between Psyence Biomedical Ltd., Psyence Group, Inc., and Psyence Labs Ltd. (incorporated by reference to Exhibit 10.7 to the Current Report on Form 6-K filed with the SEC on December 4, 2024).](http://www.sec.gov/Archives/edgar/data/1985062/000110465924125346/tm2430103d1_ex10-7.htm)\n\n10.32\n \n[IP and Mutual Exclusivity Agreement, dated December 5, 2024, between the Company and Optimi Health Corp. (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 6-K filed with the SEC on December 19, 2024).](http://www.sec.gov/Archives/edgar/data/1985062/000110465924129990/tm2431522d1_ex10-1.htm)\n\n10.33\n \n[Quality Agreement, dated December 5, 2024 between the Company, Psyence Australia PTY Ltd., and Optimi Labs Inc. (Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 6-K filed with the SEC on December 19, 2024).](http://www.sec.gov/Archives/edgar/data/1985062/000110465924129990/tm2431522d1_ex10-2.htm)\n\n10.34\n \n[Supply of Goods Agreement, dated December 5, 2024, between the Company and Optimi Health Corp. (Incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 6-K filed with the SEC on December 19, 2024).](http://www.sec.gov/Archives/edgar/data/1985062/000110465924129990/tm2431522d1_ex10-3.htm)\n\n \n\n86\n\n \n\n \n\n10.35\n \n[Form of Securities Purchase Agreement, dated December 23, 2024, by and among Psyence Biomedical Ltd. and the Purchasers named therein (incorporated by reference to Exhibit 10.1 to the Current Report on Form 6-K filed with the SEC on December 31, 2024).](http://www.sec.gov/Archives/edgar/data/1985062/000110465924132846/tm2431883d2_ex10-1.htm)\n\n10.36\n \n[Form of Registration Rights Agreement, dated December 23, 2024, by and among Psyence Biomedical Ltd. and the Holders named therein (incorporated by reference to Exhibit 10.2 to the Current Report on Form 6-K filed with the SEC on December 31, 2024).](http://www.sec.gov/Archives/edgar/data/1985062/000110465924132846/tm2431883d2_ex10-2.htm)\n\n10.37\n \n[Letter Agreement between the Company and H.C. Wainwright & Co., LLC, dated July 25, 2024 (incorporated by reference to Exhibit 10.37 to the Registration Statement on Form F-1 (File No. 333-284444) filed with the SEC on January 24, 2025).](http://www.sec.gov/Archives/edgar/data/1985062/000141057825000041/pbm-20240930xex10d37.htm)\n\n10.38\n \n[Amendment and Extension to the Letter Agreement between the Company and H.C. Wainwright & Co., LLC, dated December 9, 2024 (incorporated by reference to Exhibit 10.38 to the Registration Statement on Form F-1 (File No. 333-284444) filed with the SEC on January 24, 2025).](http://www.sec.gov/Archives/edgar/data/1985062/000141057825000041/pbm-20240930xex10d38.htm)\n\n10.39\n \n[At the Market Offering Agreement between the Company and H.C. Wainwright & Co., LLC, dated March 4, 2025 (incorporated by reference to Exhibit 10.39 to the Registration Statement on Form F-3 filed with the SEC on March 4, 2025 (File No. 333-285542)](http://www.sec.gov/Archives/edgar/data/1985062/000121390025020258/ea023130301ex10-39_psyence.htm)\n\n10.40#^\n \n[Exit Deed between Psyence Australia Pty Ltd. And iNGENu CRO Pty Ltd., dated April 3, 2025 (incorporated by reference to Exhibit 99.2 to  the Current Report on Form 6-K filed with the SEC on  April 11, 2025).](https://www.sec.gov/Archives/edgar/data/1985062/000121390025031060/ea023763501ex99-2_psyence.htm)\n\n10.41#^\n \n[Master Services Agreement between Psyence Australia Pty Ltd and Southern Star Research Pty Ltd, dated May 17, 2025 (incorporated by reference herein to Exhibit 99.2 to the Current Report on Form 6-K filed with the SEC on June 11, 2025).](https://www.sec.gov/Archives/edgar/data/1985062/000121390025053433/ea024526901ex99-2_psyence.htm)\n\n10.42\n \n[Exit Deed between Psyence Australia Pty Ltd. And iNGENu CRO Pty Ltd., dated April 3, 2025 (incorporated by reference to Exhibit 99.2 to  the Current Report on Form 6-K filed with the SEC on  April 11, 2025).](https://www.sec.gov/Archives/edgar/data/1985062/000121390025031060/ea023763501ex99-2_psyence.htm)\n\n10.43\n \n[Master Services Agreement between Psyence Australia Pty Ltd and Southern Star Research Pty Ltd, dated May 17, 2025 (incorporated by reference herein to Exhibit 99.1 to the Current Report on Form 6-K filed with the SEC on June 11, 2025).](https://www.sec.gov/Archives/edgar/data/1985062/000121390025053433/ea024526901ex99-1_psyence.htm)  \n\n10.44\n \n[Form of Subscription Agreement, dated August 15, 2025, by and between Psyence Biomedical Ltd. and Psyence Labs Ltd.(incorporated by reference to Exhibit 99.1 to the Report of Foreign Private Issuer on Form 6-K filed with the SEC on September 5, 2025).](https://www.sec.gov/Archives/edgar/data/1985062/000121390025085011/ea025592801ex99-1_psyence.htm)\n\n10.45\n \n[Amendment No. 2 to Common Stock Purchase Agreement between Psyence Biomedical Ltd. And White Lion Capital LLC, dated November 4, 2025 (incorporated by reference to Exhibit 10.3 to the Report of Foreign Private Issuer on Form 6-K filed with the SEC on November 10, 2025).](https://www.sec.gov/Archives/edgar/data/1985062/000121390025108225/ea026479201ex10-3_psyence.htm)\n\n10.46\n \n[Loan Agreement, dated February 9, 2026, by and between Psyence Biomed II Corp. and Curiosum Ltd. (incorporated by reference to Exhibit 10.1 to the Report of Foreign Private Issuer on Form 6-K filed with the SEC on March 2, 2026).](https://www.sec.gov/Archives/edgar/data/1985062/000121390026021987/ea027912201ex10-1.htm)\n\n10.46\n \n[Settlement Agreement, dated February 9, 2026, by and among KAOS Capital Ltd., Adam Arviv, and Psyence Biomedical Ltd. (incorporated by reference to Exhibit 10.1to the Report of Foreign Private Issuer on Form 6-K filed with the SEC on February 12, 2026).](http://www.sec.gov/Archives/edgar/data/1985062/000121390026015229/ea027670901ex10-1_psyence.htm) \n\n10.47\n \n[Share Put Option and Amendment Agreement, dated February 13, 2026, by and between Psyence Biomedical Ltd. and PsyLabs Ltd. (incorporated by reference to Exhibit 10.1 to the Report of Foreign Private Issuer on Form 6-K filed with the SEC on February 13, 2026).](http://www.sec.gov/Archives/edgar/data/1985062/000121390026016391/ea027700401ex10-1_psyence.htm)\n\n10.48\n \n[Amendment No. 3 to Common Stock Purchase Agreement, dated April 19, 2026, by and between Psyence Biomedical Ltd. and White Lion Capital, LLC (filed herewith) (incorporated by reference to Exhibit 10.1 to the Report of Foreign Private Issuer on Form 6-K filed with the SEC on April 20, 2026).](http://www.sec.gov/Archives/edgar/data/1985062/000121390026045373/ea028694101ex10-1.htm)\n\n10.49†\n \n[Psyence Biomedical Ltd. 2023 First Amended and Restated Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to the Report of Foreign Private Issuer on Form 6-K filed with the SEC on June 5, 2026).](https://www.sec.gov/Archives/edgar/data/1985062/000121390026065824/ea029377201ex10-1.htm)\n\n11.1\n \n[Code of Ethics (incorporated by reference to Exhibit 11.1 to the Annual Report on Form 20-F filed with the SEC on July 29, 2024)](http://www.sec.gov/Archives/edgar/data/1985062/000141057824001112/pbm-20240331xex11d1.htm)\n\n11.2\n \n[Insider Trading Policy (incorporated by reference to Exhibit 11.2 to the Annual Report on Form 20-F filed with the SEC on July 29, 2024)](http://www.sec.gov/Archives/edgar/data/1985062/000141057824001112/pbm-20240331xex11d2.htm)\n\n12.1*\n \n[Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea029498301ex12-1.htm)\n\n12.2*\n \n[Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea029498301ex12-2.htm)\n\n13.1**\n \n[Section 1350 Certification of the Chief Executive Officer and Chief Financial Officer](ea029498301ex13-1.htm)\n\n21.1\n \n[List of Subsidiaries of Psyence (incorporated by reference to Exhibit 21.1 to the Company’s Registration Statement on Form F-1 (File No. 333 - 276973) filed with the SEC on February 9, 2024).](http://www.sec.gov/Archives/edgar/data/1985062/000110465924012923/tm245382d1_ex21-1.htm)\n\n23.1*\n \n[Consent of MNP LLP](ea029498301ex23-1.htm)\n\n97.1\n \n[Compensation Clawback Policy (incorporated by reference to Exhibit 97.1 to the Annual Report on Form 20-F filed with the SEC on June 25, 2026).](http://www.sec.gov/Archives/edgar/data/1985062/000121390025057893/ea024662301ex97-1_psyence.htm)\n\n101.INS*\n \nInline XBRL Instance Document.\n\n101.SCH*\n \nInline XBRL Taxonomy Extension Schema Document.\n\n101.CAL*\n \nInline XBRL Taxonomy Extension Calculation Linkbase Document.\n\n101.DEF*\n \nInline XBRL Taxonomy Extension Definition Linkbase Document.\n\n101.LAB*\n \nInline XBRL Taxonomy Extension Label Linkbase Document.\n\n101.PRE*\n \nInline XBRL Taxonomy Extension Presentation Linkbase Document.\n\n104*\n \nCover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).\n\n \n\n#The\nexhibits and schedules to this Exhibit have been omitted in accordance with Item 601(b)(2) of Regulation S-K. The\nRegistrant agrees to furnish supplementally to the SEC a copy of all omitted exhibits and schedules upon its request.\n\n \n\n†Indicates\na management contract or compensation plan.\n\n \n\n*Filed\nherewith.\n\n \n\n**Furnished\nherewith\n\n \n\n^Certain\nconfidential portions (indicated by brackets and asterisks) have been omitted from this exhibit.\n\n \n\n87\n\n \n\n** **\n\nSIGNATURE\n\n \n\nThe registrant hereby certifies that it meets\nall of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this report on\nits behalf.\n\n \n\nDated: June 22, 2026\nPSYENCE BIOMEDICAL LTD.\n\n \n \n \n\n \nBy:\n/s/ Jody Aufrichtig\n\n \nName:\nJody Aufrichtig\n\n \nTitle:\nChief Executive Officer\n\n \n\n88\n\n \n\n** **\n\n**INDEX TO FINANCIAL STATEMENTS**\n\n** **\n\n**Consolidated Financial Statements for Psyence Biomedical Ltd. as\nof and for the Years ended March 31, 2026 and 2025**\n\n \n\n    **Page**\n\n[Independent Auditor’s Report (PCAOB ID: 1930)](#fin_007)   F-3\n\n[Consolidated Statements of Financial Position as at March 31, 2026 and March 31, 2025](#fin_002)   F-5\n\n[Consolidated Statements of Net Income/(Loss) and Comprehensive Income/(Loss) for the fiscal years ended March 31, 2026, March 31, 2025 and March 31, 2024](#fin_003)   F-6\n\n[Consolidated Statements of Changes in Shareholder Equity (Deficit) for the fiscal years ended March 31, 2026, March 31, 2025 and March 31, 2024](#fin_004)   F-7\n\n[Consolidated Statements of Cash Flows for the fiscal years ended March 31, 2026, March 31, 2025 and March 31, 2024](#fin_005)   F-9\n\n[Notes to the Consolidated Financial Statements](#fin_006)   F-10\n\n \n\nF-1\n\n \n\n \n\n \n\n \n\n \n\n \n\n**Psyence Biomedical Ltd.**\n\n** **\n\nConsolidated Financial Statements\n\n \n\nFor the years ended March 31, 2026, 2025 and 2024\n\n \n\nExpressed in United States Dollars\n\n(USD $)\n\n \n\nF-2\n\n \n\n \n\n**PSYENCE BIOMEDICAL LTD.**\n\n**Consolidated Financial Statements**\n\n \n\n** **\n\nManagement’s Responsibility for Financial\nReporting\n\n \n\nThe accompanying consolidated financial statements\nof the Company have been prepared by management in accordance with IFRS® Accounting Standards as issued by the International\nAccounting Standard Board. These consolidated financial statements contain estimates based on management’s judgment. Management\nmaintains an appropriate system of internal controls to provide reasonable assurance that transactions are authorized, assets safeguarded,\nand proper records maintained.\n\n \n\nThe Audit Committee of the Board of Directors\nreviews the results of the annual audit and the consolidated financial statements prior to submitting the consolidated financial statements\nto the Board for approval.\n\n \n\nThe Company’s auditors, MNP LLP, are appointed\nby the audit committee to conduct an audit and their report follows.\n\n \n\n“Jody Aufrichtig”\n \n\nChief Executive Officer\n \n\n \n\nToronto, Canada\n\nJune 22, 2026\n\n \n\nF-3\n\n \n\n \n\n**PSYENCE BIOMEDICAL LTD.**\n\n**Consolidated Financial Statements**\n\n \n\n \n\nREPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\n\n \n\n \n\n \n\nTo the Board\nof Directors and Shareholders of Psyence Biomedical Ltd.\n\n \n\nOpinion on the Consolidated Financial Statements\n\n \n\nWe have audited\nthe accompanying consolidated statements of financial position of Psyence Biomedical Ltd. (the “Company”) as at March 31,\n2026 and 2025, and the related consolidated statements of net income/(loss) and comprehensive income/(loss), changes in shareholders’\nequity/(deficit), and cash flows for the years in the three-year period ended March 31, 2026, and the related notes (collectively referred\nto as the “consolidated financial statements”).\n\n \n\nIn our opinion,\nthe consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as\nat March 31, 2026 and 2025, and the results of its consolidated operations and its consolidated cash flows for each of the years in the\nthree-year period ended March 31, 2026, in conformity with IFRS® Accounting Standards as issued\nby the International Accounting Standards Board.\n\n \n\nBasis for Opinion\n\n \n\nThese consolidated\nfinancial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s\nconsolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight\nBoard (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S.\nfederal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe conducted\nour audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable\nassurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company\nis not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,\nwe are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion\non the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.\n\n \n\nOur audits included\nperforming procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud,\nand performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts\nand disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant\nestimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that\nour audits provide a reasonable basis for our opinion.\n\n \n\n \n\nChartered Professional Accountants\n\nLicensed Public Accountants\n\n \n\nJune 22, 2026\n\nToronto, Canada\n\n \n\nWe have served as the Company’s\nauditor since 2023.\n\n \n\n**MNP LLP**\n\n1 Adelaide Street East, Suite 1900, Toronto ON, M5C 2V9 1.877.251.2922 T: 416.596.1711 F: 416.596.7894\n\n \n\nF-4\n\n \n\n \n\n**PSYENCE BIOMEDICAL LTD.**\n\n**Consolidated Financial Statements**\n\n \n\n \n\nConsolidated Statements of Financial Position\n\nAs at March 31, 2026 and March 31, 2025\n\n \n\nUSD $ \nNote \nAs at\n\nMarch 31,\n\n2026  \nAs at\n\nMarch 31,\n\n2025 \n\nASSETS \n  \n   \n  \n\nCurrent assets \n  \n   \n  \n\nCash and cash equivalents \n6 \n 7,444,763  \n 6,135,166 \n\nRestricted cash \n6 \n 47,191  \n 35,964 \n\nOther receivables \n  \n 109,779  \n 137,348 \n\nLoan receivable \n8 \n 252,985  \n \n-\n \n\nPrepaid expense \n9 \n 1,255,857  \n 251,796 \n\nTotal current assets \n  \n 9,110,575  \n 6,560,274 \n\nNon-current assets \n  \n    \n   \n\nDigital Assets \n7 \n 389,758  \n \n-\n \n\nEquipment \n10 \n 6,059  \n 11,096 \n\nInvestment in Associate \n11 \n 8,060,928  \n \n-\n \n\nInvestment in Psyence Labs Ltd \n11 \n \n-\n  \n 745,000 \n\nTOTAL ASSETS \n  \n 17,567,320  \n 7,316,370 \n\nLIABILITIES \n  \n    \n   \n\nCurrent liabilities \n  \n    \n   \n\nAccounts payable and accrued liabilities \n12 \n 407,714  \n 394,270 \n\nDerivative warrant liabilities \n13 \n 215,476  \n 200,096 \n\nTOTAL LIABILITIES \n  \n 623,190  \n 594,366 \n\nSHAREHOLDERS’ EQUITY \n  \n    \n   \n\nShare Capital \n14 \n 78,747,983  \n 61,752,305 \n\nWarrants Reserve \n14 \n 1,065,705  \n 1,065,705 \n\nOptions Reserve \n14 \n 117,890  \n \n-\n \n\nAccumulated Deficit \n  \n (63,383,625) \n (56,447,204)\n\nReserves \n  \n 396,177  \n 351,198 \n\nTOTAL SHAREHOLDERS’ EQUITY \n  \n 16,944,130  \n 6,722,004 \n\nTOTAL LIABILITIES AND SHAREHOLDERS EQUITY \n  \n 17,567,320  \n 7,316,370 \n\n \n\n**Nature of operations (note 1)**\n\n**Subsequent events (note 25)**\n\n** **\n\nApproved on behalf of Board of Directors\n\n \n\n“Jody Aufrichtig”\n \n“Warwick Corden-Lloyd”\n\nChief Executive Officer and Director\n \nChief Financial Officer and Director\n\n* *\n\n*The accompanying notes are an integral part\nof the Consolidated Financial Statements*\n\n* *\n\n \n\nF-5\n\n \n\n** **\n\n**PSYENCE BIOMEDICAL LTD.**\n\n**Consolidated Financial Statements**\n\n \n\n** **\n\nConsolidated Statements of Net Income/(Loss)\nand Comprehensive Income/(Loss)\n\nFor the years ended March 31, 2026, 2025 and 2024\n\n \n\nUSD $ \nNote \n2026  \n2025  \n2024 \n\nExpenses \n  \n    \n    \n   \n\nSales and marketing \n  \n 218,485  \n 483,530  \n 80,603 \n\nResearch and development \n  \n 1,466,653  \n 342,168  \n 954,593 \n\nGeneral and administrative \n  \n 892,264  \n 1,209,847  \n 557,904 \n\nProfessional and consulting fees \n  \n 3,654,843  \n 1,623,209  \n 1,158,484 \n\nLoss before other items \n  \n (6,232,245) \n (3,658,754) \n (2,751,584)\n\nOther items \n  \n    \n    \n   \n\nOther income \n15 \n 292,247  \n \n-\n  \n 879,344 \n\nOther expense \n16 \n (1,500,000) \n \n-\n  \n \n-\n \n\nDepreciation \n10 \n (5,266) \n (4,268) \n (240)\n\nInterest income \n  \n 263,370  \n 95,787  \n 2,134 \n\nInterest expense \n  \n (9,522) \n (9,270) \n (52,941)\n\nForeign exchange loss \n  \n (1,144) \n (7,317) \n (2,695)\n\nListing expense \n5 \n \n-\n  \n \n-\n  \n (41,481,605)\n\nTransaction expense \n5 \n \n-\n  \n \n-\n  \n (2,461,025)\n\nGain on debt settlement \n14 \n \n-\n  \n \n-\n  \n 281,500 \n\nFair value gain/(loss) on convertible note \n17 \n \n-\n  \n 3,357,628  \n (5,157,397)\n\nFair value gain/(loss) on warrant liability \n13 \n (15,380) \n 694,516  \n (306,250)\n\nFair value gain/(loss) on promissory notes \n18 \n \n-\n  \n 705,565  \n (108,288)\n\nFair value loss on warrant exchange \n13 \n \n-\n  \n (185,064) \n \n-\n \n\nFair value gain on investment in Psyence Labs Ltd \n11 \n 427,000  \n 22,967  \n \n-\n \n\nFair value loss on digital assets \n7 \n (110,242) \n \n-\n  \n \n-\n \n\nShare of losses from Associate \n11 \n (45,239) \n \n-\n  \n \n-\n \n\nNET INCOME/(LOSS) \n  \n (6,936,421) \n 1,011,790 \n (51,159,048)\n\nOther comprehensive income/(loss) \n  \n    \n    \n   \n\nForeign exchange gain/(loss) on translation \n  \n 44,979  \n (9,859) \n 3,715 \n\nOther comprehensive income \n  \n \n-\n  \n \n-\n  \n 191,982 \n\nTOTAL COMPREHENSIVE INCOME/(LOSS) \n  \n (6,891,442) \n 1,001,931 \n (50,963,351)\n\nIncome/(Loss) per share - basic and diluted \n  \n (12.56) \n 32.76 \n (29,214.06)\n\nWeighted average number of outstanding shares - basic and diluted \n  \n 552,282 \n 30,887 \n 1,744\n\n \n\n*The accompanying notes are an integral part\nof the Consolidated Financial Statements*\n\n \n\n \n\nF-6\n\n \n\n \n\n**PSYENCE BIOMEDICAL LTD.**\n\n**Consolidated Financial Statements**\n\n \n\n** **\n\nConsolidated Statements of Changes in\nShareholders’ Equity/(Deficit)\n\nFor the years ended March 31, 2026, 2025 and 2024\n\n \n\nUSD $ \nNote \nNumber of\nshares  \nShare\n\ncapital  \nWarrants\nReserve  \nReserves  \nAccumulated\nDeficit  \nTotal\nshareholders’\nequity (deficit) \n\nOpening balance as at April 1, 2023 \n3 \n \n-\n  \n 5,934,141  \n \n-\n  \n 165,360  \n (6,299,946) \n (200,445)\n\nIssuance of shares to Psyence Group Inc \n14 \n 1,338  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n \n\nIssuance of shares to NCAC shareholders \n5 \n 2,086  \n 37,336,416  \n \n-\n  \n \n-\n  \n \n-\n  \n 37,336,416 \n\nIssuance of shares for debt settlement \n14 \n 40  \n 718,500  \n \n-\n  \n \n-\n  \n \n-\n  \n 718,500 \n\nIssuance of shares to third party advisors \n14 \n 119  \n 2,136,340  \n \n-\n  \n \n-\n  \n \n-\n  \n 2,136,340 \n\nNet loss for the year \n  \n -  \n \n-\n  \n \n-\n  \n \n-\n  \n (51,159,048) \n (51,159,048)\n\nOther comprehensive income \n  \n -  \n \n-\n  \n \n-\n  \n 195,697  \n \n-\n  \n 195,697 \n\nBalance, March 31, 2024 \n  \n 3,583 \n 46,125,397 \n \n-\n \n 361,057 \n (57,458,994) \n (10,972,540)\n\n  \n  \n    \n    \n    \n    \n    \n   \n\nOpening balance as at April 1, 2024 \n  \n 3,583  \n 46,125,397  \n \n-\n  \n 361,057  \n (57,458,994) \n (10,972,540)\n\nIssuance of shares to third party advisors \n14 \n 94  \n 241,379  \n \n-\n  \n \n-\n  \n \n-\n  \n 241,379 \n\nIssuance of shares for convertible note \n17 \n 6,105  \n 4,617,286  \n \n-\n  \n \n-\n  \n \n-\n  \n 4,617,286 \n\nIssuance of warrants \n17 \n -  \n \n-\n  \n 682,482  \n \n-\n  \n \n-\n  \n 682,482 \n\nIssuance of shares for ELOC, net of issuance costs \n19 \n 35,567  \n 6,410,395  \n \n-\n  \n \n-\n  \n \n-\n  \n 6,410,395 \n\nIssuance of shares for warrant exchange \n13 \n 177  \n 192,060  \n \n-\n  \n \n-\n  \n \n-\n  \n 192,060 \n\nIssuance of shares for promissory notes \n18 \n 15,926  \n 2,084,927  \n \n-\n  \n \n-\n  \n \n-\n  \n 2,084,927 \n\nIssuance of shares for Psyence Labs Ltd shares \n11 \n 5,695  \n 722,033  \n \n-\n  \n \n-\n  \n \n-\n  \n 722,033 \n\nIssuance of units for PIPE financing, net of issuance costs \n20 \n 7,629  \n 273,179  \n 1,468,872  \n \n-\n  \n \n-\n  \n 1,742,051 \n\nIssuance of shares for warrant conversion \n17,20 \n 16,107  \n 1,085,649  \n (1,085,649) \n \n-\n  \n \n-\n  \n \n-\n \n\nNet profit for the year \n  \n -  \n \n-\n  \n \n-\n  \n \n-\n  \n 1,011,790  \n 1,011,790 \n\nOther comprehensive loss \n  \n -  \n \n-\n  \n \n-\n  \n (9,859) \n \n-\n  \n (9,859)\n\nBalance, March 31, 2025 \n  \n 90,883 \n 61,752,305 \n 1,065,705 \n 351,198 \n (56,447,204) \n 6,722,004\n\n \n\n \n\nF-7\n\n \n\n \n\n**PSYENCE BIOMEDICAL LTD.**\n\n**Consolidated Financial Statements**\n\n \n\n** **\n\nUSD $ \nNote \nNumber of\n\nshares  \nShare\n\ncapital  \nWarrants\n\nReserve  \nOptions\n\nReserve  \nReserves  \nAccumulated\n\nDeficit  \nTotal\n\nshareholders’\n\nequity (deficit) \n\nOpening balance as at April 1, 2025 \n  \n 90,883  \n 61,752,305  \n 1,065,705  \n \n-\n  \n 351,198  \n (56,447,204) \n 6,722,004 \n\nIssuance of shares to third party advisors \n14 \n 2,439  \n 60,000  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 60,000 \n\nIssuance of shares for ELOC, net of issuance costs \n19 \n 1,051,973  \n 13,964,060  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 13,964,060 \n\nIssuance of shares for investment in Associate \n11 \n 1,146,159  \n 2,934,167  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 2,934,167 \n\nShare-based compensation \n14 \n -  \n \n-\n  \n \n-\n  \n 155,341  \n \n-\n  \n \n-\n  \n 155,341 \n\nIssuance of shares on exercise of RSUs \n14 \n 1,823  \n 37,451  \n \n-\n  \n (37,451) \n \n-\n  \n \n-\n  \n \n-\n \n\nNet loss for the year \n  \n -  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n (6,936,421) \n (6,936,421)\n\nOther comprehensive loss \n  \n -  \n \n-\n  \n \n-\n  \n \n-\n  \n 44,979  \n \n-\n  \n 44,979 \n\nBalance, March 31, 2026 \n  \n 2,293,277 \n 78,747,983 \n 1,065,705 \n 117,890 \n 396,177 \n (63,383,625) \n 16,944,130\n\n \n\n*The accompanying notes are an integral part\nof the Consolidated Financial Statements*\n\n \n\n \n\nF-8\n\n \n\n \n\n**PSYENCE BIOMEDICAL LTD.**\n\n**Consolidated Financial Statements**\n\n \n\n** **\n\nConsolidated Statements of Cash Flows\n\nFor the years ended March 31, 2026, March 31,\n2025 and March 31, 2024\n\n \n\n  \nNote \n2026  \n2025  \n2024 \n\nNet (loss)/profit \n  \n (6,936,421) \n 1,011,790  \n (51,159,048)\n\nNon-cash adjustment: \n  \n    \n    \n   \n\nFair value (gain)/loss on convertible note \n17 \n \n-\n  \n (3,357,628) \n 5,157,397 \n\nFair value loss/(gain) on warrant liability \n13 \n 15,380  \n (694,516) \n 306,250 \n\nFair value (gain)/loss on promissory notes \n18 \n \n-\n  \n (705,565) \n 300,270 \n\nFair value loss on warrant exchange \n13 \n \n-\n  \n 185,064  \n \n-\n \n\nFair value gain on Psyence Labs Ltd \n11 \n (427,000) \n (22,967) \n \n-\n \n\nFair value loss on Digital Assets \n7 \n 110,242  \n \n-\n  \n \n-\n \n\nShare of losses from Associate \n11 \n 45,239  \n \n-\n  \n \n-\n \n\nGain on debt settlement \n14 \n \n-\n  \n \n-\n  \n (281,500)\n\nShare-based compensation \n14 \n 155,341  \n \n-\n  \n 317,882 \n\nThird party advisors share issuance \n14 \n 60,000  \n 241,379  \n \n-\n \n\nDepreciation \n10 \n 5,266  \n 4,268  \n 240 \n\nForeign exchange \n  \n 44,979  \n (9,860) \n 3,660 \n\nListing expense \n5 \n \n-\n  \n \n-\n  \n 41,481,605 \n\nTransaction expenses \n5 \n \n-\n  \n \n-\n  \n 2,100,830 \n\nChanges in working capital: \n  \n    \n    \n   \n\nOther receivables \n  \n 27,569  \n (95,601) \n 107,622 \n\nLoan receivable \n8 \n (252,985) \n \n-\n  \n \n-\n \n\nPrepaids \n9 \n (1,004,061) \n 70,330  \n (245,075)\n\nAccounts payable and accrued liabilities \n12 \n 13,444  \n (360,932) \n (1,035,498)\n\nCash used in operating activities \n  \n (8,143,007) \n (3,734,238) \n (2,945,365)\n\n  \n  \n    \n    \n   \n\nAdditions to equipment \n10 \n (229) \n (9,877) \n (5,727)\n\nIncrease in restricted cash \n6 \n (11,227) \n (6,353) \n \n-\n \n\nInvestment in Digital Assets \n7 \n (500,000) \n \n-\n  \n \n-\n \n\nInvestment in Psyence Labs Ltd \n11 \n (4,000,000) \n \n-\n  \n \n-\n \n\nCash used for investing activities \n  \n (4,511,456) \n (16,230) \n (5,727)\n\n  \n  \n    \n    \n   \n\nProceeds received from convertible note \n17 \n \n-\n  \n 1,000,000  \n 2,500,000 \n\nPayment of promissory note \n18 \n \n-\n  \n \n-\n  \n (150,000)\n\nNet proceeds received from ELOC \n19 \n 13,964,060  \n 6,410,395  \n \n-\n \n\nNet proceeds received for unit issuances \n20 \n \n-\n  \n 1,742,051  \n \n-\n \n\nCash provided from financing activities \n  \n 13,964,060  \n 9,152,446  \n 2,350,000 \n\n  \n  \n    \n    \n   \n\nChange in cash and cash equivalents \n  \n 1,309,597  \n 5,401,978  \n (601,092)\n\nCash and cash equivalents, beginning of year \n  \n 6,135,166  \n 733,188  \n 1,334,280 \n\nCash and cash equivalents, end of year \n  \n 7,444,763 \n 6,135,166 \n 733,188\n\n \n\n*The accompanying notes are an integral part\nof the Consolidated Financial Statements*\n\n* *\n\n \n\nF-9\n\n \n\n* *\n\n**PSYENCE BIOMEDICAL LTD.**\n\n**Consolidated Financial Statements**\n\n \n\n** **\n\nNotes to the Consolidated Financial Statements\n\n \n\n1. Nature of operations and going concern\n\n \n\nPsyence Biomedical Ltd. (the **“Company”**\nor **“PBM”**), is a life science biotechnology company traded on the Nasdaq exchange (NASDAQ: PBM) that is focused on the\ndevelopment of botanical (nature derived, or non-synthetic) psilocybin-based psychedelic medicines. The Company is working towards developing\npsychedelic therapeutics to treat mental health disorders. The Company is currently conducting research through clinical trials to evaluate\nthe safety and effectiveness of natural psilocybin in treating adjustment disorder in patients with a cancer diagnosis in a palliative\ncare context (the “**Clinical Trials**”).\n\n \n\nThe Company’s registered office is at 121\nRichmond Street West, PH Suite 1300, Toronto, Ontario M5H 2K1.\n\n \n\nOn November 26, 2024, the Company consolidated\nits common shares and warrants on the basis of 75:1.\n\n \n\nOn May 5, 2025, the Company consolidated its common\nshares and warrants on the basis of 7.97:1.\n\n \n\nOn February 2, 2026, the Company consolidated\nits common shares and warrants on the basis of 6.25:1.\n\n \n\nAll prior share capital information has been presented\nbased on these ratios.\n\n \n\nBusiness Combination Agreement and NASDAQ\nlisting\n\n \n\nOn January 9, 2023 Psyence Group Inc. (“**PGI**”\nor “**Psyence Group**”) entered into a definitive business combination agreement, as amended (the “**Business Combination\nAgreement**” or “**BCA**”) with Newcourt Acquisition Corp. (NASDAQ: NCAC), a special purpose acquisition company\n(“**SPAC**”). The agreement aimed to create a public company leveraging natural psilocybin for palliative care treatment.\nPGI is a listed Canadian company that contributed its clinical trial activities to the Company as described below.\n\n \n\nThe transaction concluded on January 25, 2024,\nwith PBM’s listing on NASDAQ. This transaction involved PBM acquiring the SPAC through a merger, thereby making the SPAC a wholly-owned\nsubsidiary of PBM.\n\n \n\nTransaction Overview:\n\n \n\nOn January 25, 2024 (the “**Closing Date**”),\nthe Company, a corporation organized under the laws of Ontario, Canada, completed the previously announced business combination (the “**RTO\nTransaction**”) as per the BCA (Note 5). The parties involved in the BCA included:\n\n \n\n-Psyence Group Inc.\n\n \n\n-Newcourt Acquisition Corp., a Cayman Islands exempted company (“**NCAC**”).\n\n \n\n-Newcourt SPAC Sponsor LLC, a Delaware limited liability company (“**NCAC Sponsor**”).\n\n \n\n-Psyence (Cayman) Merger Sub, a Cayman Islands exempted company and a wholly owned subsidiary of Psyence\nGroup.\n\n \n\n-Psyence Biomed Corp., a corporation organized under the laws of British Columbia, Canada (“**Original\nTarget**”).\n\n \n\n-Psyence Biomed II Corp., a corporation organized under the laws of Ontario, Canada (“**Psyence\nBiomed II**”).\n\n \n\n-Psyence Australia (Pty) Ltd (“**Psyence Australia**”)\n\n \n\nKey Transactions (collectively, the “**Business\nCombination**”):\n\n* *\n\n*Formation of Subsidiaries*: Prior to the\nClosing Date, PGI formed three wholly owned subsidiaries: Psyence Biomed II, Psyence Australia and PBM.\n\n* *\n\n*Amalgamation*: Prior to the Closing Date,\nPGI amalgamated with the Original Target. Consequently, PGI transferred shares of Psyence Australia and related business assets previously\nowned by the Original Target to Psyence Biomed II.\n\n* *\n\n \n\nF-10\n\n \n\n* *\n\n**PSYENCE BIOMEDICAL LTD.**\n\n**Consolidated Financial Statements**\n\n \n\n** **\n\n*Share Exchange*: PGI contributed Psyence\nBiomed II to PBM in a share-for-share exchange (the “**Company Exchange**”).\n\n* *\n\n*Merger*: Following the Company Exchange,\nPsyence (Cayman) Merger Sub merged with Newcourt Acquisition Corp., with Newcourt Acquisition Corp. being the surviving entity. Each outstanding\nordinary share of Newcourt Acquisition Corp. was converted into the right to receive one common share of PBM.\n\n* *\n\n*Warrant Conversion*: Each outstanding warrant\nto purchase Newcourt Acquisition Corp. Class A ordinary shares was converted into warrants to acquire one common share of PBM on substantially\nthe same terms as the original warrants.\n\n \n\nThese Consolidated Financial Statements provide\nhistorical financial information of PBM, reflecting PBM as if it had been historically operating the Clinical Trials conducted by PGI\nprior to the Closing Date. The Financial Statements are carve-out statements up to January 25, 2024, the date of listing of PBM.\n\n \n\n2. Basis of presentation\n\n \n\nStatement of compliance\n\n \n\nThe Consolidated Financial Statements, including\ncomparatives, have been prepared in accordance with IFRS® Accounting Standards as issued by the International Accounting\nStandard Board (“**IFRS**”) on a going concern basis.\n\n \n\nThe Consolidated Financial Statements were authorized\nfor issue on June 22, 2026 by the directors of the Company.\n\n \n\nThe Consolidated Financial Statements up until\nJanuary 25, 2024 were presented on a carve out basis (“**Carve-out Financial Statements**”).\n\n \n\nThe Consolidated Financial Statements have been\nprepared on a carve-out basis from the PGI consolidated financial statements for the purpose of presenting the historical financial performance\nand cash flows of the Company on a stand-alone basis. The accounting policies applied in the Carve-out Financial Statements are, to the\nextent applicable, consistent with accounting policies applied in the PGI consolidated financial statements, and as a result, reflect\nthe carrying amounts that are included in PGI’s consolidated financial statements.\n\n \n\nIn determining the perimeter of the Carve-out\nFinancial Statements, the activities related to the Company’s clinical trials were considered to include the operations of Psyence\nBiomed Corp. and Psyence Australia (Pty) Ltd carried out through PGI directly as well as through legal entities of PGI as detailed above.\n\n \n\nIn the Carve-out Financial Statements, all intercompany\nbalances and transactions have been eliminated. The transactions and balances with the remaining PGI operations that are not part of these\nCarve-out Financial Statements have not been eliminated.\n\n \n\nThe Carve-out Financial Statements present the\nexpenses and cash flows attributable to the clinical trial activities from April 1, 2023 to the Closing Date, and include allocations\nof certain transactions and balances.\n\n \n\nThe Company believes the allocation assumptions\napplied in the Carve-out Financial Statements to be a reasonable reflection of the utilization of services provided by PGI. However, different\nallocation assumptions could have resulted in different outcomes. The allocations are therefore not necessarily representative of the\nfinancial performance or cash flows that would have been reported if the Company operated on its own or as an entity independent from\nPGI during the periods presented.\n\n \n\nThe Company believes the basis of preparation\ndescribed above results in the Carve-out Financial Statements reflects costs associated with the functions that would be necessary to\noperate independently.\n\n \n\n \n\nF-11\n\n \n\n \n\n**PSYENCE BIOMEDICAL LTD.**\n\n**Consolidated Financial Statements**\n\n \n\n** **\n\nBasis of consolidation\n\n \n\nThese Consolidated Financial Statements incorporate\nthe accounts of the Company and its subsidiaries performing Clinical Trials. A subsidiary is an entity controlled by PBM and its results\nare consolidated into the financial results of the Company from the effective date of control up to the effective date of loss of control.\n\n \n\nControl exists when an investor is exposed, or\nhas the rights, to variable returns from the involvement with the investee and has liability to affect those returns through its power\nover the investee.\n\n \n\nThe subsidiaries of the Company have been consolidated\ncommencing the Closing Date and on March 31, 2026 for the purpose of these Consolidated Financial Statements are as follows:\n\n \n\nName of entity  Place of incorporation  % ownership   Accounting method\n\nPsyence Australia Pty Ltd.  Australia   100%  Consolidated\n\nPysence Biomed II Corp.  Canada   100%  Consolidated\n\nNewcourt Acquisition Corp.  Cayman Islands   100%  Consolidated\n\n \n\nInter-company balances and transactions are eliminated\nupon consolidation.\n\n \n\nThe financial results of subsidiaries up to January\n25, 2024 were presented on a carve out basis.\n\n \n\nBasis of measurement\n\n \n\nThese Consolidated Financial Statements have been\nprepared on a historical cost basis, except for certain financial instruments, which are classified as fair value through profit or loss\n(“**FVTPL**”).\n\n \n\nFunctional and presentation currency\n\n \n\nThese Consolidated Financial Statements are presented\nin United States Dollars (**“USD $”**)**,** which is also the Company’s functional currency. The Company’s\nfunctional currency before the Closing Date was Canadian Dollars.\n\n \n\nThis changed upon consummation of the BCA at which\ntime the USD $ represents the currency of the Company’s funding and is the currency of the primary economic environment in which the Company\noperates in, except for the Company’s Australian subsidiary which has an Australian Dollar functional currency. The functional currency\nof Psyence Biomed II and NCAC is USD $.\n\n \n\nSee change in accounting policy in note 3 for\nfurther details on the change in the Company’s presentation currency.\n\n \n\n3. Material accounting policies\n\n \n\nFinancial instruments\n\n \n\nFinancial assets and financial liabilities, including\nderivatives, are recognized on the consolidated statements of financial position when the Company becomes a party to the financial instrument\nor derivative contract.\n\n \n\nSummary of the Company’s classification\nand measurements of financial assets and liabilities:\n\n \n\nFinancial Assets and Liabilities  Classification  Measurement\n\nCash and cash equivalents  Amortized cost  Amortized cost\n\nRestricted cash  Amortized cost  Amortized cost\n\nOther receivables  Amortized cost  Amortized cost\n\nLoan receivable  Amortized cost  Amortized cost\n\nInvestment in Psyence Labs Ltd  FVTPL  Fair value\n\nAccounts payable and accrued liabilities  Amortized cost  Amortized cost\n\nDerivative warrant liabilities  FVTPL  Fair value\n\n \n\n \n\nF-12\n\n \n\n \n\n**PSYENCE BIOMEDICAL LTD.**\n\n**Consolidated Financial Statements**\n\n \n\n** **\n\nClassification\n\n \n\nThe Company classifies its financial assets in\nthe following measurement categories: i) those to be measured subsequently at fair value through profit or loss (“FVTPL”);\nii) those to be measured subsequently at fair value through other comprehensive income (“FVOCI”); and iii) those to be measured\nat amortized cost. The classification of financial assets depends on the business model for managing the financial assets and the contractual\nterms of the cash flows. Financial liabilities are classified as those to be measured at amortized cost unless they are designated as\nthose to be measured subsequently at FVTPL (irrevocable election at the time of recognition). For assets and liabilities measured at fair\nvalue, gains and losses are either recorded in net loss or other comprehensive income/(loss).\n\n \n\nThe Company reclassifies financial assets only\nwhen its business model for managing those assets changes. Financial liabilities are not reclassified.\n\n** **\n\nAmortized cost\n\n \n\nThis category includes financial assets that are\nheld within a business model with the objective to hold the financial assets to collect contractual cash flows that meet the sole payments\nof principal and interest (“SPPI”) criterion. Financial assets and liabilities classified in this category are measured at amortized\ncost using the effective interest method.\n\n \n\nFair value through profit or loss\n\n \n\nThis category includes derivative instruments\nas well as quoted equity instruments which the Company has irrevocably elected, at initial recognition or transition, to classify at FVTPL.\nThis category would also include debt instruments of which the cash flow characteristics fail the solely payments of principal and interest\n(“SPPI”) criterion or are not held within a business model whose objective is either to collect contractual cash flows, or\nto both collect contractual cash flows and sell. Financial assets and liabilities in this category are recorded at fair value with changes\nrecognized in net loss. The Company records its financial liabilities including derivatives, convertible loans and promissory notes at\nFVTPL. Derivatives are mandatorily recorded at FVTPL, whereas the Company has elected to record convertible loans and promissory notes\nat FVTPL.\n\n \n\nFinancial assets at fair value through\nother comprehensive income\n\n \n\nEquity instruments that are not held-for-trading\ncan be irrevocably designated to have their change in fair value recognized through other comprehensive income/(loss)  instead of\nthrough net loss. This election can be made on individual instruments and is not required to be made for the entire class of instruments.\nAttributable transaction costs are included in the carrying value of the instruments.\n\n \n\nFinancial assets at fair value through other comprehensive\nincome/(loss) are initially measured at fair value and changes therein are recognized in other comprehensive income/(loss).\n\n \n\nCompound financial instrument and derivative\nliability\n\n \n\nThe Company determined that the warrants, including\npublic warrants and the private warrants are derivative instruments and should be classified as a financial liability and are measured\nat FVTPL. Derivative and financial liabilities designated at FVTPL are carried subsequently at fair value with gains or losses recognized\nin net loss.\n\n \n\nEach embedded derivative is measured and presented\nseparately unless the whole hybrid financial instrument is designated as at FVTPL.\n\n \n\n \n\nF-13\n\n \n\n \n\n**PSYENCE BIOMEDICAL LTD.**\n\n**Consolidated Financial Statements**\n\n \n\n** **\n\nMeasurement\n\n \n\nAll financial instruments are required to be measured\nat fair value on initial recognition, plus, in the case of a financial asset or financial liability not at FVTPL, transaction costs that\nare directly attributable to the acquisition or issuance of the financial asset or financial liability. Transaction costs of financial\nassets and financial liabilities carried at FVTPL are expensed in net loss. Financial assets with embedded derivatives are considered\nin their entirety when determining whether their cash flows are solely payments of principal and interest.\n\n \n\nImpairment of financial instruments\n\n \n\nThe Company recognizes a loss allowance for the\nexpected credit losses associated with its financial assets, other than financial assets measured at fair value through profit or loss.\nExpected credit losses are measured to reflect a probability-weighted amount, the time value of money, and reasonable and supportable\ninformation regarding past events, current conditions and forecasts of future economic conditions. The Company applies the simplified\napproach for other receivables. Using the simplified approach, the Company records a loss allowance equal to the expected credit losses\nresulting from all possible default events over the assets’ contractual lifetime. The Company assesses whether there has been a\nsignificant increase in credit risk since initial recognition or a financial asset is credit-impaired at the reporting date. Regular indicators\nthat a financial instrument is credit impaired include significant financial difficulties as evidenced through borrowing patterns or observed\nbalances in other accounts and breaches of borrowing contracts such as default events or breaches of borrowing covenants. For financial\nassets with significant increase in credit risk since initial recognition and financial assets assessed as credit-impaired at the reporting\ndate, the Company continues to recognize a loss allowance equal to lifetime expected credit losses. For financial assets measured at amortized\ncost, loss allowances for expected credit losses are presented in the statement of financial position as a deduction from the gross carrying\namount of the financial asset. Financial assets are written off when the Company has no reasonable expectations of recovering all or any\nportion thereof.\n\n \n\nCash and cash equivalents\n\n \n\nCash and cash equivalents include cash on hand\nand, when applicable, short-term, highly liquid deposits which are either cashable or with original maturities of less than three months\nat the date of their acquisition.\n\n \n\nRestricted cash\n\n \n\nRestricted cash comprises a collateral agreement\nwith a major chartered bank in Canada with regards to a credit card facility against which the Company deposited in a guaranteed investment\ncertificate with the bank.\n\n \n\nDigital Assets\n\n \n\nThe Company holds digital assets in the form of\ncryptocurrencies, which are accounted for as intangible assets in accordance with IAS 38 – *Intangible Assets*. Although IAS\n38 does not specifically address cryptocurrencies, management has determined that cryptocurrencies meet the definition of an intangible\nasset as they are identifiable, non-monetary assets without physical substance that are held for investment purposes and from which the\nCompany expects future economic benefits.\n\n \n\nThe Company applies the revaluation model under\nIAS 38, whereby digital assets are carried at fair value at the revaluation date less any subsequent accumulated impairment losses. Fair\nvalues are determined by reference to quoted prices on active cryptocurrency exchanges, representing Level 1 inputs under the fair value\nhierarchy in accordance with IFRS 13 – *Fair Value Measurement*. Revaluations are performed at each reporting date to ensure\nthe carrying amount does not differ materially from fair value.\n\n \n\nUnder the revaluation model, increases in carrying\namount arising from revaluation are recognized in other comprehensive income and accumulated in a revaluation surplus within equity, except\nto the extent that they reverse a revaluation decrease previously recognized in profit or loss, in which case the increase is recognized\nin profit or loss. Decreases in carrying amount are recognized in profit or loss, except to the extent that they reverse a previously\nrecognized revaluation surplus in equity, in which case the decrease is recognized in other comprehensive income.\n\n \n\n \n\nF-14\n\n \n\n \n\n**PSYENCE BIOMEDICAL LTD.**\n\n**Consolidated Financial Statements**\n\n \n\n** **\n\nRelated party transactions\n\n \n\nParties are considered to be related if one party\nhas the ability, directly or indirectly, to control the other party in making financial and operating decisions. Parties are also considered\nto be related if they are subject to common control. Related parties may be individuals or entities. A transaction is considered to be\na related party transaction when there is transfer of resources or obligations between related parties.\n\n \n\nChange in accounting policy\n\n \n\nPursuant to completion of the Business Combination\nAgreement and NASDAQ listing as explained in Note 1, on January 25, 2024, the Company decided to change the presentation currency of its\nconsolidated financial statements from Canadian Dollars to United States Dollars.\n\n \n\nThe Board of Directors believe that US Dollar\nfinancial reporting provides more relevant presentation of the Company’s financial position, funding and treasury functions, financial\nperformance and cash flows.\n\n \n\nA change in presentation currency represents a\nchange in accounting policy in terms of IAS 8 – *Accounting Policies, Changes in Accounting Estimates and Errors*, requiring\nthe restatement of comparative information.\n\n \n\nIn accordance with IAS 21 – *The Effects\nof Changes in Foreign Exchange Rates*, the methodology followed in restating historical financial information from CDN $ to USD $.\n\n \n\nThe average and closing rates used in translating\nthe historical financial information from CDN $ to USD $ for the various periods were as follows:\n\n \n\nThe closing rate used as at March 31, 2024 was\n$0.7380.\n\n \n\nThe average rate used for the year ended March\n31, 2024 was $0.7415.\n\n \n\nThe change in presentation currency is a voluntary\nchange which is accounted for retrospectively. For comparative reporting purposes, historical financial information has been translated\nto United States dollars which is disclosed in the tables below:\n\n \n\nChange in presentation currency \n\n**March 31,\n2023**\n\n**Reported\nCAD $**\n  \nForeign\n\nCurrency\n\nTranslation  \n\n**March 31,\n2023**\n\n**Restated\nUSD $**\n \n\nEQUITY \n    \n    \n   \n\nNet equity \n (271,275) \n 70,830  \n (200,445)\n\nNET DEFICIT \n (271,275) \n 70,830  \n (200,445)\n\n \n\nResearch and development\n\n \n\nExpenditures on research activities, undertaken\nwith the prospect of gaining new scientific or technical knowledge and understanding, are recognized in the statements of net loss and\ncomprehensive loss as incurred.\n\n \n\nDevelopment expenditures are capitalized only\nif development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits\nare probable, and the Company intends to complete development and has sufficient resources to complete development and to use or sell\nthe asset. Other development expenditures are expensed as incurred. Research and development expenses include all direct and indirect\noperating expenses supporting the products in development. The costs incurred in establishing and maintaining patents are expensed as\nincurred.\n\n \n\nProvisions\n\n \n\nProvisions are recognized when the Company has\na present obligation, legal or constructive as a result of a previous event, if it is probable that the Company will be required to settle\nthe obligation and a reliable estimate can be made of the obligation. The amount recognized is the best estimate of the expenditure required\nto settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligations.\nProvisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimate of the expected future cash\nflows.\n\n \n\n \n\nF-15\n\n \n\n \n\n**PSYENCE BIOMEDICAL LTD.**\n\n**Consolidated Financial Statements**\n\n \n\n** **\n\nForeign currency translation\n\n \n\nThe Consolidated Financial Statements are presented\nin USD $ which is the Company’s functional currency.\n\n \n\nIn each individual entity, a foreign currency\ntransaction is initially recorded in the functional currency of the entity, by applying the exchange rate between the functional currency\nand the foreign currency at the date of the transaction.\n\n \n\nAt the end of the reporting period, monetary assets\nand liabilities of the Company which are denominated in foreign currencies are translated at the period-end exchange rate. Non-monetary\nassets and liabilities are translated at rates in effect at the date the assets were acquired, and liabilities incurred.\n\n \n\nThe resulting exchange gains or losses arising\non the settlement of monetary items or on translating monetary items at rates different from those at which they were translated on initial\nrecognition, are included in the consolidated statements of net income/(loss) and comprehensive income/(loss) in the year in which they\narise.\n\n \n\nFor the purpose of presenting these Consolidated\nFinancial Statements, the assets and liabilities of the subsidiary are translated into USD $ at the exchange rates prevailing at the end\nof the reporting period. Income and expenses are translated at the average rates for the period. The differences from translating subsidiaries\nare recorded in reserves.\n\n \n\nIncome/(loss) per share\n\n \n\nThe Company presents basic and diluted income/(loss)\nper share data for its common shares. Basic income/(loss) per share is calculated by dividing the profit or loss attributable to common\nshareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted loss per share is determined\nby adjusting the income or loss attributable to common shareholders and the weighted average number of common shares outstanding, adjusted\nfor the effects of all dilutive potential common shares, using treasury method for equity instruments and if-converted method for convertible\ndebentures, warrants and share options issued.\n\n \n\nShare-based compensation\n\n \n\nThe Company operates equity settled share-based\nremuneration plans for its eligible directors, officers, employees and consultants. All goods and services received in exchange for the\ngrant of any share-based payments are measured at their fair value unless the fair value cannot be estimated reliably. If the Company\ncannot estimate reliably the fair value of the goods and services received, the Company shall measure their value indirectly by reference\nto the fair value of the equity instruments granted. For transactions with employees and others providing similar services, the Company\nmeasures the fair value of the services by reference to the fair value of the equity instruments granted. Equity settled share-based payments\nunder share-based payment plans are ultimately recognized as an expense in profit or loss with a corresponding credit to contributed surplus,\nin equity. If vesting periods or other vesting conditions apply, the expense is allocated over the vesting period, based on the best available\nestimate of the number of share options expected to vest. Non-market vesting conditions are included in the assumptions about the number\nof options that are expected to become exercisable. Estimates are subsequently revised if there is any indication that the number of share\noptions expected to vest differs from the previous estimate. Any cumulative adjustment prior to vesting is recognized in the current period.\nNo adjustment is made to any expense recognized in prior period if share options ultimately exercised are different to that estimated\non vesting. Market conditions are considered in the estimate of the fair value of share-based compensation on a grant date.\n\n \n\nGovernment grants\n\n \n\nGovernment grants are recognized when there is\nreasonable assurance that the grant will be received and that the Company will comply with all conditions attached to the grant.\n\n \n\nThe Company participates in the Australian Federal\nGovernment’s Research and Development Tax Incentive Program, which provides a rebate of up to 43.5% on eligible research and development\nexpenditures incurred in Australia. The rebate is treated as a government grant in accordance with IAS 20, *Accounting for Government\nGrants and Disclosure of Government Assistance*, and is recognized as other income when the conditions of the program are satisfied\nand receipt of the rebate is reasonably assured.\n\n \n\n \n\nF-16\n\n \n\n \n\n**PSYENCE BIOMEDICAL LTD.**\n\n**Consolidated Financial Statements**\n\n \n\n \n\nIncome taxes\n\n \n\nIncome tax comprises current and deferred tax.\nIncome tax is recognized in profit or loss except to the extent that it relates to items recognized directly in shareholders’ equity,\nin which case the income tax is also recognized directly in equity or other comprehensive income.\n\n \n\nCurrent tax is the expected tax payable on the\ntaxable income for the year, using tax rates enacted at the end of the reporting period, and any adjustments to tax payable in respect\nof previous years. Current tax assets and current tax liabilities are only offset if a legally enforceable right exists to offset the\namounts and the Company.\n\n \n\nDeferred tax is recognized in respect of all qualifying\ntemporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial\nStatements. Deferred income tax is determined on a non-discounted basis using the tax rates and laws that have been enacted or substantively\nenacted at the end of the reporting period and are expected to apply when the deferred tax asset or liability is settled. Deferred tax\nassets are offset when there is a legally enforceable right to offset tax assets and liabilities and when the deferred tax balances relate\nto the same taxation authority.\n\n \n\nDeferred tax assets are recognized to the extent\nfuture recovery is probable. At each reporting period end, deferred tax assets are reduced to the extent that it is no longer probable\nthat sufficient taxable earnings will be available to allow all or part of the asset to be recovered.\n\n \n\nInvestment in Associate\n\n \n\nAn associate is an entity over which the Company\nhas significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee,\nbut is not control or joint control over those policies. The considerations made in determining significant influence or joint control\nare similar to those necessary to determine control over subsidiaries. The Company’s investment in its associate is accounted for\nusing the equity method. Under the equity method, the investment in an associate is initially recognized at cost. The carrying amount\nof the investment is adjusted to recognize changes in the Company’s share of net assets of the associate or joint venture since\nthe acquisition date. Goodwill relating to the associate or joint venture is included in the carrying amount of the investment and is\nnot tested for impairment separately. The consolidated statement of net income/(loss) and comprehensive income/(loss) reflects the Company’s\nshare of the results of operations of the associate. Any change in other comprehensive income of those investees is presented as part\nof the Company’s other comprehensive income. In addition, when there has been a change recognized directly in the equity of the\nassociate, the Company recognizes its share of any changes, when applicable, in the consolidated statement of changes in shareholders’\nequity. Unrealized gains and losses resulting from transactions between the Company and the associate are eliminated to the extent of\nthe interest in the associate. The aggregate of the Company’s share of operating results of an associate is shown on the face of\nthe consolidated statement of net income/(loss) and comprehensive income/(loss) and represents net income or loss after tax and non-controlling\ninterests in the subsidiaries of the associate. The consolidated financial statements of the associate are prepared for the same reporting\nperiod as the Company. When necessary, adjustments are made to bring the accounting policies in line with those of the Company. The Company’s\nshare of an associate’s losses that are in excess of its investment in the associate are recognized only to the extent that the\nCompany has incurred legal or constructive obligations or made payments on behalf of the associate.\n\n \n\nAfter application of the equity method, the Company\ndetermines whether it is necessary to recognize an impairment loss on its investment in its associate. At each reporting date, the Company\ndetermines whether there is objective evidence that the investment in the associate is impaired. If there is such evidence, the Company\ncalculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value, and then\nrecognizes the loss in the consolidated statement of operations and comprehensive loss.\n\n \n\nUpon loss of significant influence over the associate,\nthe Company measures and recognizes any retained investment at its fair value. Any difference between the carrying amount of the associate\nupon loss of significant influence and the fair value of the retained investment and proceeds from disposal is recognized in the consolidated\nstatement of net income/(loss) and comprehensive income/(loss).\n\n \n\n \n\nF-17\n\n \n\n \n\n**PSYENCE BIOMEDICAL LTD.**\n\n**Consolidated Financial Statements**\n\n \n\n** **\n\nInvestment in PsyLabs\n\n \n\nAs at March 31, 2025, the Investment in PsyLabs\nwas accounted for as a financial instrument through FVTPL with changes in fair value recorded in the Consolidated Statement of Net Income/(Loss)\nand Comprehensive Income/(Loss).\n\n \n\nAccounting Standards Effective January 1,\n2024 and issued but not yet effective\n\n \n\nIFRS 18 Presentation and Disclosure in\nFinancial Statements\n\n \n\nIn April 2024, the IASB issued *IFRS 18 –\nPresentation and Disclosure in Financial Statements* which will replace *IAS 1, Presentation of Financial Statements*. The key\nnew concepts introduced in IFRS 18 relate to the structure of the statement of earnings (loss), required disclosures in the financial\nstatements for certain earnings or loss performance measures that are reported outside an entity’s financial statements and enhanced\nprinciples on aggregation and disaggregation which apply to the primary financial statements and notes in general. IFRS 18 will apply\nfor reporting periods beginning on or after January 1, 2027, and also applies to comparative information. The Company is still in the\nprocess of assessing the impact of this standard on its consolidated financial statements.\n\n \n\nAmendments to the Classification and Measurement\nof Financial Instruments (“Amendments to IFRS 9 and IFRS 7”)\n\n \n\nIn May 2024, the IASB issued Amendments to IFRS\n9 and IFRS 7 which clarify the date of recognition and derecognition of some financial assets and liabilities with a new exception for\nsome financial liabilities settled through an electronic cash transfer system, clarify and add further guidance for assessing whether\na financial asset meets the solely payments of principal and interest criterion, add new disclosures for certain instruments with contractual\nterms that can change cash flows such as instruments with features linked to the achievement of environment, social and governance targets;\nand update the disclosures for equity instruments designated at FVOCI. Amendments to IFRS 9 and IFRS 7 is effective for periods beginning\non or after January 1, 2026, with early adoption permitted. The Company is still in the process of assessing the impact of this standard\non its consolidated financial statements.\n\n \n\n4. Critical accounting estimates and judgements\n\n \n\nThe preparation of consolidated financial statements\nin conformity with IFRS requires management to make certain estimates, judgments and assumptions concerning the future. Actual results\nmay differ from these estimates. The Company’s management reviews these estimates, judgments, and assumptions on an ongoing basis,\nbased on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.\nRevisions to estimates are adjusted prospectively in the period in which the estimates are revised. The following are deemed to be critical\naccounting policies as these require a high level of subjectivity and judgement and could have a material impact on the Company’s\nconsolidated financial statements.\n\n** **\n\nReverse takeover transaction\n\n \n\nThe determination of fair values of consideration\npaid and net assets acquired is subject to significant estimation. The Company treated the RTO Transaction as a capital transaction equivalent\nto the issue of shares of the Company in exchange for the net monetary assets of NCAC. The Company determined that the original shareholders\nof PGI became the single largest shareholder of the Company after the RTO Transaction, therefore the Company was the acquiror and NCAC\nwas the acquiree.\n\n \n\nThe Company has determined the RTO Transaction\ndid not constitute a business combination as defined under IFRS 3, Business Combinations, as NCAC is a non-operating entity that did not\nmeet the definition of a business under IFRS 3. The excess of the consideration paid over the net liability acquired together with any\ntransaction costs incurred for the Transaction is expensed as a listing expense in accordance with IFRS 2 Share-Based Payments. The fair\nvalue of the consideration paid was estimated by the closing trading price $17,895.14/share of the Company’s common shares listed\non the NASDAQ on January 25, 2024.\n\n \n\n \n\nF-18\n\n \n\n  \n\n**PSYENCE BIOMEDICAL LTD.**\n\n**Consolidated Financial Statements**\n\n \n\n** **\n\nInvestments\n\n \n\nIn the normal course of operations, the Company\ninvests in equity interests of other entities. In such circumstances, management considers whether the facts and circumstances pertaining\nto each such investment result in the Company obtaining control, joint control or significant influence over the investee entity. In some\ncases, the determination of whether or not the Company controls, jointly controls or significantly influences the investee entities requires\nthe application of significant management judgment to consider individually and collectively such factors as:\n\n \n\n●The purpose and design of the investee entity.\n\n \n\n●The ability to exercise power, through substantive rights, over the activities of the investee entity\nthat significantly impact its returns.\n\n \n\n●The size of the Company’s equity ownership and voting rights, including potential voting rights.\n\n \n\n●The size and dispersion of other voting interests, including the existence of voting blocks.\n\n \n\n●Other investments in or relationships with the investee entity including, but not limited to, current\nor possible board representation, royalty and/or Stream investments, loans and other types of financial support, material transactions\nwith the investee entity, interchange of managerial personnel or consulting positions.\n\n \n\n●Other relevant and pertinent factors.\n\n \n\nIf it is determined that the Company neither has\ncontrol, joint control or significant influence over an investee entity, the Company accounts for the corresponding investment in equity\ninterest at FVTPL.\n\n \n\nConvertible instruments\n\n \n\nThe valuation of convertible debt instruments\nis subject to significant management estimation. Convertible notes are compound financial instruments which have been designated at FVTPL.\n\n \n\nThe identification of convertible debenture components\nis based on interpretations of the substance of the contractual arrangement and therefore requires judgment from management. The separation\nof the components affects the initial recognition of the convertible debenture at issuance and the subsequent remeasurement. As the Company\nhas designated the entire convertible financial instrument as FVTPL given the embedded derivate liability that was contained by the convertible\nfinancial instrument, the debentures have not been separated into debt and derivative components. The fair values attributed to the different\ncomponents of a financing transaction, and/or derivative financial instruments, are determined using valuation techniques. The Company\nuses judgement to select the methods used to make certain assumptions and in performing the fair value calculations in order to determine\n(a) the values attributed to each component of a transaction at the time of their issuance; (b) the fair value measurements for certain\ninstruments that require subsequent measurement at fair value on a recurring basis; and (c) for disclosing the fair value of financial\ninstruments subsequently carried at amortized cost. These valuation estimates could be significantly different because of the use of judgement\nand the inherent uncertainty in estimating the fair value of these instruments that are not quoted in an active market.\n\n \n\nContingencies\n\n \n\nFrom time to time, the Company is named as a party\nto claims or involved in proceedings, including legal, regulatory and tax related, in the ordinary course of its business. While the outcome\nof these matters may not be estimable at the reporting date, the Company makes provisions, where possible, for the estimated outcome of\nsuch claims or proceedings. Should a loss result from the resolution of any claims or proceedings that differs from these estimates, the\ndifference will be accounted for as a charge to profit or loss in that period. The actual results may vary and may cause significant adjustments.\n\n \n\nThe rebate over the tax claim is subject to inherent\nuncertainty and could be subject to being denied and clawed back by the Australian Tax office at a future date. The Company expects that\na claw back of the rebate is highly unlikely.\n\n \n\n \n\nF-19\n\n \n\n \n\n**PSYENCE BIOMEDICAL LTD.**\n\n**Consolidated Financial Statements**\n\n \n\n** **\n\nDeferred taxes and Income taxes\n\n \n\nSignificant estimates are required in determining\nthe Company’s income tax provision. Some estimates are based on interpretations of existing tax laws or regulations. Various internal\nand external factors may have favourable or unfavourable effects on the Company’s future effective tax rate. These include, but\nare not limited to, changes in tax laws, regulations and/or rates, changing interpretations of existing tax laws or regulations, and results\nof tax audits by tax authorities.\n\n \n\nProvisions for taxes are made using the best estimate\nof the amount expected to be paid based on a qualitative assessment of all relevant factors. The Company reviews the adequacy of these\nprovisions at the end of the reporting period. However, it is possible that at some future date an additional liability could result from\naudits by taxing authorities. Where the outcome of these tax-related matters is different from the amounts that were initially recorded,\nsuch differences will affect the tax provisions in the period in which such determination is made.\n\n \n\nShare-based compensation\n\n \n\nValuation of share-based compensation requires\nmanagement to make estimates regarding the inputs for option pricing models, such as the expected life of the option, the volatility of\nthe Company’s stock price, the vesting period of the option and the risk-free interest rate are used. Actual results could differ\nfrom those estimates. The estimates are considered for each new grant of stock options.\n\n \n\nGovernment grants\n\n \n\nGovernment grants are recognized when there is\nreasonable assurance that the Company will comply with the conditions attached to them and the government grants will be received. Grants\nare recognized as income when they are received. The Company has recognized the government grant received during the period as research\nand development grants as other income in the consolidated statement of income/(loss) and comprehensive income/(loss).\n\n \n\nGoing concern\n\n \n\nAt the end of each reporting period, management\nexercises judgment in assessing the Company’s ability to continue as a going concern and operate in the normal course by reviewing the\nCompany’s performance, resources and future obligations. The conclusion that the Company will be able to continue as a going concern is\nsubject to critical judgments of management with respect to assumptions surrounding the short and long term operating budgets, expected\nprofitability, investment and financing activities and management’s strategic planning. The assumptions used in management’s assessment\nare derived from actual operating results along with industry and market trends.\n\n \n\nImpairment of investment in associate\n\n \n\nThere is judgment required to determine whether\nany indication of impairment exists at the end of each reporting period for investment in associate, including assessing whether there\nare observable indications that the asset’s value has declined during the period. Management uses judgment when assessing whether\nthere are indicators of impairment. If such an indication exists, the recoverable amount of the interest is estimated in order to determine\nthe extent of the impairment (if any). The recoverable amount is the higher of the fair value less costs of disposal and value in use.\nThe calculation of the recoverable amount requires the use of estimates and assumptions.\n\n \n\n \n\nF-20\n\n \n\n \n\n**PSYENCE BIOMEDICAL LTD.**\n\n**Consolidated Financial Statements**\n\n \n\n** **\n\n5. Reverse takeover transaction with NCAC\n\n \n\nOn January 25, 2024 the Company completed the\nRTO Transaction (See Note 1). As disclosed in Note 4, the RTO Transaction did not constitute a business combination as defined under IFRS\n3, Business Combinations, as NCAC is a non-operating entity that does not meet the definition of a business under IFRS 3. The excess of\nthe consideration paid over the net liability acquired together with any transaction costs incurred for the Transaction is expensed as\na listing expense in accordance with IFRS 2 Share-Based Payments. The fair value of the consideration paid was determined by the closing\ntrading price $17,895.14/share of the NCAC’s common shares listed on the NASDAQ on January 25, 2024.\n\n \n\nAccordingly, upon consummation of the BCA the\nCompany issued 2,086 common shares in exchange for the outstanding ordinary shares held by NCAC stockholders.\n\n \n\nThe calculation of listing expenses is as follows:\n\n \n\n  \nListing Expense \n\nConsideration paid: \n  \n\nShares issued to NCAC shareholders \n 2,086 \n\nTotal consideration shares issued \n 2,086 \n\nFair value of the common shares \n$17,895.14 \n\nDeemed consideration amount for the common shares issued \n$37,336,416 \n\n  \n   \n\nNet identifiable liabilities acquired: \n   \n\nCash and cash equivalent \n$203 \n\nAccounts payable and accrued liabilities \n$(2,136,505)\n\nNCAC promissory note (Note 18) \n$(1,413,529)\n\nDerivative warrant liabilities (Note 13) \n$(595,358)\n\nNet liabilities acquired \n$4,145,189 \n\n  \n   \n\nListing expense \n$41,481,605 \n\n \n\nThe listing expense has been included in the consolidated\nstatements of net loss and comprehensive loss.\n\n \n\nTransaction expenses included in the consolidated\nstatements of net loss and comprehensive loss are others costs of $2,461,025 in connection with the RTO Transaction composed of legal,\nbanking, professional fees and costs related to the settlement of carved-out assets and liabilities from Psyence Group. Some payments\nto brokers and advisors were in the Company’s shares upon RTO at the closing trading price on January 25, 2024 (Refer Note 14).\n\n \n\n6. Cash, restricted cash and cash equivalents\n\n \n\nCash and cash equivalents include the following\namounts:\n\n \n\n  \nMarch 31, 2026  \nMarch 31, 2025 \n\nUnrestricted cash held with chartered banks \n 7,444,763  \n 6,135,166 \n\nRestricted cash \n 47,191  \n 35,964 \n\nTotal \n 7,491,954 \n 6,171,130\n\n \n\n●unrestricted cash is held with chartered banks and\n\n \n\n●the Company entered into a cash collateral agreement with a major chartered bank in Canada with regards\nto a credit card facility against which the Company deposited Canadian Dollars $65,000 (March 31, 2025 – Canadian Dollars $50,000)\nin a guaranteed investment certificate with the bank. Amounts are presented as restricted cash on the consolidated statements of financial\nposition.\n\n \n\n \n\nF-21\n\n \n\n \n\n**PSYENCE BIOMEDICAL LTD.**\n\n**Consolidated Financial Statements**\n\n \n\n** **\n\n7. Digital Assets\n\n \n\nDuring the year ended March 31, 2026, the Company\ndeposited $500,000 onto a financially regulated digital asset custody platform and used these funds to acquire a portfolio of cryptocurrencies.\nThe portfolio is held for investment purposes.\n\n \n\nThe following table summarizes the Company’s digital\nasset holdings as at March 31, 2026:\n\n \n\nAsset \nSymbol \nQuantity  \nFair Value\n\nper Unit  \nFair Value  \nCost  \nRevaluation\n\nDecrease \n\nBitcoin \nBTC \n 3.25  \n$68,235  \n$221,762  \n$272,445  \n$(50,683)\n\nEthereum \nETH \n 35  \n$2,104  \n$73,634  \n$97,402  \n$(23,768)\n\nSolana \nSOL \n 1,024  \n$83  \n$85,064  \n$120,855  \n$(35,791)\n\nTether \nUSDT \n 1,000  \n$1  \n$1,000  \n$1,000  \n \n-\n \n\nUSD Coin \nUSDC \n 1,000  \n$1  \n$1,000  \n$1,000  \n \n-\n \n\nCash (USD) \n  \n 7,298  \n$1  \n$7,298  \n$7,298  \n \n-\n \n\nTotal \n  \n    \n    \n$389,758 \n$500,000 \n$(110,242)\n\n \n\nThe revaluation decrease expense has been included\nin the consolidated statements of net loss and comprehensive loss.\n\n \n\n8. Loan Receivable\n\n \n\nOn February 9, 2026, the Company entered into\na Loan Agreement with Curiosum Ltd., a private corporation (“**Curiosum**” or the “**Borrower**”), pursuant\nto which the Company advanced a loan of $251,110 to Curiosum (the “**Loan**”). The Loan was advanced on February 9, 2026.\n\n \n\nThe Loan arose directly from the settlement agreement\ndated February 9, 2026 between the Company and KAOS Capital Ltd. (the “**KAOS Settlement**”). Under the KAOS Settlement,\nthe Borrower agreed to purchase 50,220 common shares of PBM held by the KAOS Group at US$5.00 per share, for a total purchase price of\n$251,110 (See Note 16). The Loan proceeds were directed to fund this share repurchase.\n\n \n\n   Loan Terms \n\nPrincipal amount  $251,110 \n\nMaturity date (3 month term)   May 9, 2026 \n\nInterest rate (RBC Prime Rate + 1% per annum)   5.45%\n\n      \n\nLoan Carrying Amount    \n\nLoan principal  $251,110 \n\nAccrued interest receivable  $1,875 \n\nLoan receivable  $252,985 \n\n \n\nSubsequent to year end, the Loan was repaid in\nfull.\n\n \n\n \n\nF-22\n\n \n\n \n\n**PSYENCE BIOMEDICAL LTD.**\n\n**Consolidated Financial Statements**\n\n \n\n** **\n\n9. Prepaid expenses\n\n \n\nPrepaid expenses include the following amounts:\n\n \n\n  \nMarch 31,\n\n2026  \nMarch 31,\n\n2025 \n\nFunds held in trust with attorneys \n 718,400  \n \n-\n \n\nPrepaid expenses \n 537,457  \n 251,796 \n\nTotal \n 1,255,857 \n 251,796\n\n \n\n10. Equipment\n\n \n\n  \nComputer\n\nequipment \n\nCost \n  \n\nAt March 31, 2024 \n 5,727 \n\nAdditions \n 9,877 \n\nAt March 31, 2025 \n 15,604 \n\nAdditions \n 229 \n\nAt March 31, 2026 \n 15,833 \n\n  \n   \n\nAccumulated Depreciation \n   \n\nAt March 31, 2024 \n (240)\n\nCharge for the year \n (4,268)\n\nAt March 31, 2025 \n (4,508)\n\nCharge for the year \n (5,266)\n\nAt March 31, 2026 \n (9,774)\n\n  \n   \n\nCarrying Value \n   \n\nAt March 31, 2025 \n 11,096 \n\nAt March 31, 2026 \n 6,059 \n\n \n\n11. Psyence Labs Ltd. Investment and Investment\nin Associate\n\n \n\nDuring the prior year ended March 31, 2025, the\nCompany acquired 1,000 shares in Psyence Labs Ltd. (“**PsyLabs**”) in exchange for shares in the Company. The total consideration\nwas 5,695 Company shares. Based on the listed share price of PBM’s common shares at the respective dates of issuance, the total\nfair value of shares issued was $722,033, which was recorded as the cost of the investment in PsyLabs.\n\n \n\nPsyLabs is a private company headquartered in\nthe British Virgin Islands focused on the production of psychedelic active pharmaceutical ingredients and extracts.\n\n \n\nAs at March 31, 2025, the Company determined the\nfair value of its investment in PsyLabs to be $745,000, based on a recent arm’s length subscription transaction by a third-party\ninvestor at $745 per PsyLabs share.\n\n \n\nOn April 15, 2025, the Company acquired an additional\n250 shares in PsyLabs for total consideration of $500,000 in cash. On August 15, 2025, the Company acquired a further 1,750 shares for\ntotal consideration of $3,500,000 in cash. Following these acquisitions, the Company held 3,000 PsyLabs shares, representing approximately\n16.46% of PsyLabs’ outstanding shares. This level of ownership did not, at that time, confer significant influence over PsyLabs, and accordingly\nthe investment was classified as a financial asset measured at fair value through profit or loss (“FVTPL”) in accordance with\nIFRS 9 – Financial Instruments.\n\n \n\n \n\nF-23\n\n \n\n \n\n**PSYENCE BIOMEDICAL LTD.**\n\n**Consolidated Financial Statements**\n\n \n\n \n\nThe fair value of the investment, immediately\nprior to the events described under the Put Option Agreement below, was $5,172,000, based on a recent arm’s length subscription by a third-party\ninvestor at $1,724 (March 31, 2025 - $745) per PsyLabs share, representing a Level 2 input under IFRS 13 – Fair Value Measurement.\nAn unrealized fair value gain of $427,000 (March 31, 2025 - $22,967) was recognized in the condensed consolidated statement of profit\nor loss and other comprehensive income for the year ended March 31, 2026.\n\n \n\nPut Option Agreement and Transition to\nAssociate\n\n \n\nOn July 3, 2025, the Company and PsyLabs entered\ninto a put option agreement (the “**Agreement**”) pursuant to which PsyLabs was granted the right to require the Company\nto acquire up to 2,900 additional PsyLabs shares in exchange for newly issued common shares of the Company. The number of PBM shares to\nbe issued was determined using the 30-day volume-weighted average price (“**VWAP**”) of PBM’s common shares as at close of\nbusiness February 11, 2026, being $4.3624 per share, applied against a fixed consideration of $5,000,000, resulting in 1,146,159 PBM shares\nto be issued.\n\n \n\nThe transaction was consummated and 1,146,159\ncommon shares of the Company were issued to PsyLabs on February 25, 2026 (the “**Acquisition Date**”), at which point all\nconditions under the Agreement were satisfied.\n\n \n\nAcquisition Date and Significant Influence\n\n \n\nThe Acquisition Date is February 25, 2026, being\nthe date on which PBM issued shares to PsyLabs and its ownership interest in PsyLabs increased from 16.46% to 27.93%. At this ownership\nlevel, the Company obtained significant influence over PsyLabs. Accordingly, from the Acquisition Date the investment is accounted for\nusing the equity method in accordance with IAS 28 – *Investments in Associates and Joint Ventures*, and PsyLabs is classified\nas an associate of the Company.\n\n \n\nRemeasurement of Previously Held Interest\n\n \n\nUpon obtaining significant influence, the Company\nremeasured its previously held 3,000 PsyLabs shares to fair value as at the Acquisition Date. The fair value was determined at $1,724\nper share, consistent with the most recent arm’s length subscription price, giving a remeasured carrying amount of $5,172,000. As this\nwas equal to the FVTPL carrying amount immediately prior to the Acquisition Date, no additional fair value gain or loss was recognized\non the previously held interest at the date of transition.\n\n \n\nConsideration Transferred for Additional\nShares\n\n \n\nThe consideration for the 2,900 newly acquired\nPsyLabs shares was the fair value of the 1,146,159 PBM common shares issued on the Acquisition Date. The fair value was measured using\nPBM’s quoted closing share price on February 25, 2026 of $2.56 per share. Total consideration transferred was therefore $2,934,167.\n\n \n\nInitial Carrying Amount of Investment in\nAssociate\n\n \n\nThe initial carrying amount of the investment\nin associate is determined as follows:\n\n \n\nInitial Carrying Amount\n\nDescription\n \nShares  \nAmount \n\nPreviously held interest – remeasured to fair value at Acquisition Date \n 3,000  \n$5,172,000 \n\nConsideration transferred for additional shares acquired \n 2,900  \n$2,934,167 \n\nTotal – Investment in Associate at Acquisition Date \n 5,900  \n$8,106,167 \n\n \n\nEquity Method – Post-Acquisition\n\n \n\nFrom February 25, 2026, the Company recognizes\nits 27.93% proportionate share of PsyLabs’ post-acquisition profit or loss in the consolidated statement of profit or loss, with a corresponding\nadjustment to the carrying amount of the investment. For the period from the Acquisition Date to March 31, 2026, the Company recognized\nits share of PsyLabs’ net loss of $45,239, reducing the carrying amount of the investment accordingly.\n\n \n\n \n\nF-24\n\n \n\n \n\n**PSYENCE BIOMEDICAL LTD.**\n\n**Consolidated Financial Statements**\n\n \n\n \n\n**Carrying Amount**\n\n \n\n  \nAmount \n\nInvestment in associate at Acquisition Date (February 25, 2026) \n$8,106,167 \n\nShare of associate net loss – February 25 to March 31, 2026 \n$(45,239)\n\nCarrying amount at March 31, 2026 \n$8,060,928 \n\n  \n\n12. Accounts payable and accrued liabilities\n\n \n\nAccounts payable and accrued liabilities include\nthe following amounts:\n\n \n\n  \nMarch 31,\n\n2026  \nMarch 31,\n\n2025 \n\nTrade payables \n 229,509  \n 261,937 \n\nAccrued liabilities \n 84,684  \n 50,481 \n\nProvisions \n 93,521  \n 81,852 \n\nTotal \n 407,714 \n 394,270\n\n \n\n13. Derivative warrant liabilities\n\n \n\nThe Company has two classes of warrant liabilities\noutstanding: Public Warrants and Private Warrants. As of March 31, 2026 and 2025, there were 3,322 warrants issued and outstanding, consisting\nof 3,169 Public Warrants and 153 Private Warrants. Each warrant is exercisable to purchase one common share at a price of $42,963.28 per\nshare. Due to warrants having a cashless exercise feature, the warrants are treated as a liability.\n\n \n\nDuring the prior year ended March 31, 2025, the\nCompany entered into the Warrant Exchange Agreement. Pursuant to the Warrant Exchange Agreement, the Company issued to the Holder 177\nCommon Shares in exchange for the surrender and cancellation of 177 Public Warrants held by the Holder. The warrants exchange resulted\nin a loss of $185,064 which was recorded in the consolidated statements of income/(loss) and comprehensive income/(loss).\n\n \n\nPublic Warrants: The fair value of the Public\nWarrants is determined based on the observable market price, as they continue to be traded on the Nasdaq under the symbol “PBMWW.”\nChanges in fair value during the years ended March 31, 2026, March 31, 2025 and March 31, 2024, have been recognized in the consolidated\nstatements of income/(loss) and comprehensive income/(loss).\n\n \n\nPrivate Warrants: The Company utilizes a Black-Scholes\noptions valuation model to value the private warrants at each reporting period, using the following main assumptions:\n\n \n\n   Warrant\nInputs at\nMarch 31,\n2026   Warrant\nInputs at\nMarch 31,\n2025 \n\nShare price  $2.46   $29.89 \n\nExpected dividend yield   \nNil\n    \nNil\n \n\nExercise price  $42,963.28   $42,963.28 \n\nRisk-free interest rate   4.21%   4.21%\n\nExpected life   3.00    4.00 \n\nExpected volatility   59.98%   59.98%\n\nExpiry date   January 25, 2029    January 25, 2029 \n\n \n\n \n\nF-25\n\n \n\n \n\n**PSYENCE BIOMEDICAL LTD.**\n\n**Consolidated Financial Statements**\n\n \n\n \n\nAt March 31, 2026 the fair value of the Public\nand Private Warrants was $215,476 (March 31, 2025 - $200,096) and $nil (March 31, 2025 - $nil), respectively. A fair value loss of $15,380\n(March 31, 2025 gain of $694,516) was recognized on the consolidated statements of income/(loss) and comprehensive income/(loss).\n\n \n\nThe expected volatility was based on implied volatility\nof the Public Warrants.\n\n  \n\nAs at March 31, 2026, the derivative warrant liability\nwas reconciled as follows:\n\n \n\nDerivative warrant liability – Public and Private Warrants      \n\n \n\n  \nNumber  \nAmount ($) \n\nAt listing January 25, 2024 \n 3,499  \n 595,358 \n\nFair value loss \n \n-\n  \n 306,250 \n\nOpening balance April 1, 2024 \n 3,499  \n 901,608 \n\nWarrant exchange \n (177) \n (6,996)\n\nFair value gain \n \n-\n  \n (694,516)\n\nBalance as at March 31, 2025 \n 3,322  \n 200,096 \n\nFair value loss \n \n-\n  \n 15,380 \n\nBalance as at March 31, 2026 \n 3,322  \n 215,476 \n\n \n\nWarrant transactions and the number of warrants\noutstanding are summarized as follows:\n\n \n\n  \nPublic Warrants  \nPrivate Warrants \n\n  \nNumber of\n\nWarrants  \nWeighted\n\nAverage\n\nExercise\n\nPrice  \nNumber of\n\nWarrants  \nWeighted\n\nAverage\n\nExercise\n\nPrice \n\nBalance, March 31, 2024 \n 3,346  \n$42,963.28  \n 153  \n$42,963.28 \n\nWarrant exchange \n (177) \n$42,963.28  \n \n-\n  \n$42,963.28 \n\nBalance, March 31, 2025 \n 3,169  \n$42,963.28  \n 153  \n$42,963.28 \n\nBalance, March 31, 2026 \n 3,169  \n$42,963.28  \n 153  \n$42,963.28 \n\n \n\nThe following warrants were outstanding and exercisable\nat March 31, 2026:\n\n \n\nIssue Date  Expiry Date  Exercise\nPrice   Number of\nWarrants\nOutstanding   Number of\nWarrants\nExercisable \n\nJanuary 25, 2024  January 25, 2029  $42,963.28    3,322    3,322 \n\n \n\n14. Share capital\n\n \n\na) Authorized\n\n \n\nThe Company is authorized to issue an unlimited\nnumber of Common Shares, each without par value.\n\n \n\nb) Issued and outstanding\n\n \n\nOn November 26, 2024, the Company consolidated\nits common shares on the basis of 75:1.\n\n \n\nOn May 5, 2025, the Company consolidated its common\nshares and warrants on the basis of 7.97:1. All common shares and value per share amounts have been updated to reflect the share consolidations.\n\n \n\nOn February 2, 2026, the Company consolidated\nits common shares and warrants on the basis of 6.25:1.\n\n \n\n \n\nF-26\n\n \n\n \n\n**PSYENCE BIOMEDICAL LTD.**\n\n**Consolidated Financial Statements**\n\n \n\n \n\nAs at March 31, 2026, there were 2,293,277 (March\n31, 2025 – 90,883) issued and outstanding Common Shares.\n\n \n\n**Common shares**    \n\n \n\n  \nNote \nNumber  \nAmount ($) \n\nOpening balance April 1, 2023 \n3 \n \n-\n  \n 5,934,141 \n\nShare issuance to PGI \n  \n 1,338  \n \n-\n \n\nShare issuance to NCAC shareholders \n5 \n 2,086  \n 37,336,416 \n\nShares issued for debt settlement \n  \n 40  \n 718,500 \n\nShares issued to third party advisors \n  \n 119  \n 2,136,340 \n\nBalance as at March 31, 2024 \n  \n 3,583  \n 46,125,397 \n\nShares issued on conversion of convertible note \n17 \n 6,105  \n 4,617,286 \n\nShares issued on conversion of convertible note warrants \n17 \n 3,660  \n 639,954 \n\nShares issued for ELOC \n19 \n 35,024  \n 6,692,495 \n\nCommitment shares ELOC \n19 \n 543  \n 187,500 \n\nShare issuance costs for ELOC \n19 \n \n-\n  \n (469,600)\n\nWarrant exchange \n13 \n 177  \n 192,060 \n\nShares issued to third party advisors \n  \n 94  \n 241,379 \n\nShares issued on conversion of PGI promissory notes \n18 \n 7,562  \n 988,569 \n\nShares issued on conversion of NCAC promissory notes \n18 \n 8,364  \n 1,096,358 \n\nShares issued for PsyLabs share exchange \n11 \n 5,695  \n 722,033 \n\nShares issued for PIPE financing \n20 \n 7,629  \n 313,628 \n\nShare issuance costs for PIPE financing \n20 \n \n-\n  \n (40,449)\n\nShares issued for PIPE pre-funded warrants exercised \n20 \n 12,447  \n 511,690 \n\nShares issuance costs for PIPE pre-funded warrants exercised \n20 \n \n-\n  \n (65,995)\n\nBalance as at March 31, 2025 \n  \n 90,883  \n 61,752,305 \n\nShares issued to third party advisors \n  \n 2,439  \n 60,000 \n\nShares issued for ELOC \n19 \n 1,051,973  \n 14,545,896 \n\nShare issuance costs for ELOC \n19 \n \n-\n  \n (581,836)\n\nShare issuance for Associate \n11 \n 1,146,159  \n 2,934,167 \n\nExercise of RSUs \n  \n 1,823  \n 37,451 \n\nBalance as at March 31, 2026 \n  \n 2,293,277  \n 78,747,983 \n\n \n\nOn January 25, 2024, because of the completion\nof the RTO Transaction, the Company issued 1,338 Common Shares to PGI, 2,086 to the previous shareholders of NCAC and 159 to third party\nadvisors (see Note 5).\n\n \n\nPayments to advisors of NCAC was settled in the\nCompany’s shares upon RTO Transaction at the closing price. Accounts payable of $2,136,505 acquired from NCAC as part of the RTO\nTransaction was settled through the issuance of 119 shares at a fair value of $17,895.14 per share on January 25, 2024.\n\n \n\nAn amount of $1,000,000 owing by the Company for\nservices provided in relation to the RTO Transaction was settled through the issuance of 40 common shares at a fair value of $17,895.14.\nA gain on settlement of $281,500 was included in the consolidated statements of net loss and comprehensive loss relating to this advisor\nsettlement.\n\n \n\nThe opening balance of equity is the net parent\ninvestment which represents the net financings that the Company received from PGI to fund it’s operations through contributions\nto the clinical trials, cash extended to the Company’s subsidiaries and the net effect of cost allocations from transactions with\nPGI, all of which did not require repayments.\n\n \n\n \n\nF-27\n\n \n\n \n\n**PSYENCE BIOMEDICAL LTD.**\n\n**Consolidated Financial Statements**\n\n \n\n \n\nIn the year ended March 31, 2026 a payment to\nan advisor was settled in the Company’s shares upon delivery of services which was measured at the closing price at date of service.\n2,439 shares at a fair value of $24.61 per share. In the year ended March 31, 2025 various payment to advisors were settled in the Company’s\nshares upon delivery of services which was measured at the closing price at each date of service. 94 shares at fair values between $1,830.61\n- $3,399.70 per share were issued to the advisors. There was no gain or loss on the settlement of these shares.\n\n \n\nc) Warrant Reserve\n\n \n\nAs at March 31, 2026, there were 41,790 (March\n31, 2025 – 41,790) issued and outstanding Warrants.\n\n \n\n \n  \n2025 \n\n**Warrants** \nNote \nNumber  \nAmount ($) \n\nOpening balance April 1, 2024 \n  \n \n-\n  \n \n-\n \n\nWarrants issued for convertible note Addendum \n17 \n 134  \n 42,528 \n\nWarrants issued for convertible note Termination Agreement \n17 \n 3,660  \n 639,954 \n\nConvertible note Termination Agreement warrants exercised \n17 \n (3,660) \n (639,954)\n\nPIPE financing warrant issuance \n20 \n 52,597  \n 1,686,372 \n\nPIPE financing warrant issuance costs \n20 \n 1,506  \n 137,778 \n\nIssuance costs for PIPE financing warrants \n20 \n \n-\n  \n (355,278)\n\nPIPE pre-funded warrants exercised \n20 \n (12,447) \n (511,690)\n\nIssuance costs for PIPE pre-funded warrants exercised \n20 \n \n-\n  \n 65,995 \n\nBalance as at March 31, 2025 and 2026 \n  \n 41,790  \n 1,065,705 \n\n \n\nThe following warrants were outstanding and exercisable\nat March 31, 2026:\n\n \n\nIssue Date  Expiry Date  Exercise Price   Number of Warrants Outstanding   Number of Warrants Exercisable \n\nAugust 20, 2024  August 20, 2026  $1,867.97    134    134 \n\nDecember 24, 2024  December 24, 2029  $99.63    20,075    20,075 \n\nDecember 24, 2024  December 24, 2026  $99.63    20,075    20,075 \n\nDecember 24, 2024  December 24, 2029  $124.53    1,506    1,506 \n\n \n\nd) Options Reserve\n\n \n\nAs at March 31, 2026, there were 9,636 (March\n31, 2025 – nil) issued and outstanding RSUs.\n\n \n\n**RSUs**    \n\n \n\n  \nNumber \n\nOpening balance April 1, 2025 \n \n-\n \n\nIssued during the year \n 11,765 \n\nExercised during the year \n (1,823)\n\nCancelled during the year \n (306)\n\nBalance as at March 31, 2026 \n 9,636 \n\n \n\n \n\nF-28\n\n \n\n \n\n**PSYENCE BIOMEDICAL LTD.**\n\n**Consolidated Financial Statements**\n\n \n\n \n\nRSU Issuances\n\n \n\nOn April 17, 2025 the Company issued 2,033 RSUs\nto executives, directors and consultants which are exercisable into common shares of the Company at no additional cost and are to vest\nas follows:\n\n \n\n●772 exercisable on April 17, 2025;\n\n \n\n●628 exercisable on April 17, 2026 and\n\n \n\n●633 exercisable on April 1, 2027.\n\n \n\nThe fair value of the RSUs was determined to be\n$44,384 based on the fair value of the Company’s common shares on the date of the grant. Upon exercise, the Company shall settle\nRSUs by way of common shares, with one (1) common share issued for every one (1) RSU exercised.\n\n \n\nOn October 1, 2025 the Company issued 9,732 RSUs\nto executives, directors and consultants which are exercisable into common shares of the Company at no additional cost and are to vest\nas follows:\n\n \n\n●3,244 exercisable on April 1, 2026;\n\n \n\n●3,244 exercisable on October 1, 2026 and\n\n \n\n●3,244 exercisable on April 1, 2027.\n\n \n\nThe fair value of the RSUs was determined to be\n$187,934 based on the fair value of the Company’s common shares on the date of the grant. Upon exercise, the Company shall settle\nRSUs by way of common shares, with one (1) common share issued for every one (1) RSU exercised.\n\n \n\nThe RSUs granted are accounted for as an equity\ninstrument whereby share-based payments recognized in the consolidated statements of net loss and comprehensive loss are held in options\nreserve until exercised.\n\n \n\nDuring the year ended March 31, 2026, $155,341\n(March 31, 2025 - $nil) was expensed and recorded as share-based payments under professional fees and consulting fees and general and\nadministrative in the consolidated statements of net loss and comprehensive loss on the vesting of RSUs. During the year ended March 31,\n2026, 306 RSUs were cancelled upon a directors resignation and 1,051 RSUs were accelerated for vesting upon a directors resignation.\n\n \n\nDuring the year ended March 31, 2024, $317,882\nwas recognized for options and RSUs granted by Psyence Group under professional and consulting fees expenses and general and administrative\nexpenses on the consolidated statements of net loss and comprehensive loss. This share-based compensation relates only to the historic\ncarve out pre-combination period and does not relate to options or RSUs in the Company.\n\n \n\n15. Other income\n\n \n\nDuring the year ended, March 31, 2026, the Company\nreceived a research and development rebate of AUD $441,732 ($292,247) (March 31, 2025 - $nil and March 31, 2024 - AUD $1,336,622 ($879,344))\nfrom the Australian Taxation office. The Company benefits from the Australian Federal Government’s Research & Development tax\nincentive program, which provides up to a 43.5% rebate on research and development expenses in Australia.\n\n \n\nThis rebate represents a government grant aimed\nat supporting research and development activities. Therefore, in accordance with *IAS 20, Accounting for Governmental Grants and Disclosure\nof Government Assistance*, the grant is recognized as income when there is a reasonable assurance that the grant will be received and\nthat the Company will comply with the conditions attached to it. These conditions were satisfied when the Company received the rebates.\n\n \n\n16. Other expense\n\n \n\nOn February 9, 2026, the Company entered into\na settlement agreement with KAOS Capital Ltd. and Adam Arviv (the “**KAOS Group**”) to resolve a shareholder dispute arising\nfrom allegations made by the KAOS Group in January 2026. The Company, its Board of Directors, and officers denied the allegations and\nany associated liability.\n\n \n\nUnder the terms of the settlement, the Company\npaid US$1,500,000 to the KAOS Group and agreed to facilitate the purchase of all 50,220 common shares of the Company held by the KAOS\nGroup at US$5.00 per share (US$251,110) by a third party. The Company also released the KAOS Group from the obligation to pay a C$75,000\ncosts award that had been ordered by the Ontario Superior Court in favour of the Company. In exchange, the KAOS Group withdrew its allegations\nand provided a full mutual release of all claims, together with customary standstill and non-disparagement undertakings for a period of\nthree years ending February 9, 2029.\n\n \n\nThe settlement has been funded from cash on hand.\nThe total net settlement expense recognised in the year ended March 31, 2026 is $1,500,000.\n\n \n\n \n\nF-29\n\n \n\n \n\n**PSYENCE BIOMEDICAL LTD.**\n\n**Consolidated Financial Statements**\n\n \n\n \n\n17. Convertible note liability\n\n \n\nOn January 15, 2024, in connection with the RTO\nTransaction (Note 5), the Company and Psyence Biomed II entered into the Securities Purchase Agreement with the Investors and the NCAC\nSponsor, relating to up to four senior secured convertible notes obligations under which are guaranteed by certain assets of the Company\nand Psyence Biomed II, issuable to the Investors at or after the Closing, as the case may be, for the aggregate principal amount of up\nto $12,500,000 in exchange for up to $10,000,000 in cash subscription amounts (the “**Convertible Note Financing**”).\n\n \n\nThe First Tranche Notes, for an aggregate of $3,125,000\nprincipal, were delivered by the Company to the Investors on January 25, 2024, in exchange for an aggregate of $2,500,000 in financing,\nwhich occurred substantially concurrently with the consummation of the RTO Transaction. On the original issuance date of the First Tranche\nNotes, interest began accruing at 8.0% per annum based on the outstanding principal amount of the First Tranche Notes and is payable monthly\nin arrears in cash or in common shares of the Company. The maturity date of the First Tranche Note was January 25, 2027.\n\n \n\nThe Second Tranche Notes, for an aggregate of\n$1,000,000 principal, were delivered by the Company to the Investors between May and July 2024, in exchange for an aggregate of $1,250,000\nin financing. On the original issuance date of the Second Tranche Notes, interest began accruing at 8.0% per annum based on the outstanding\nprincipal amount of the Second Tranche Notes and is payable monthly in arrears in cash or in common shares of the Company at the Conversion\nPrice. The maturity date of the Second Tranche Notes is May 31, 2027.\n\n \n\nThe Company designated the entire instrument as\nFVTPL.\n\n \n\nOn August 20, 2024, the Company and the Investor\nentered into an addendum to the Securities Purchase Agreement (the “Addendum”). Under the provisions of the Addendum, the\nFirst and Second Trance Notes would be extinguished by the Company issuing common shares within the conversion limits detailed in the\nSecurities Purchase Agreement.\n\n \n\nAs a consideration to the Investor entering into\nthe Addendum, the Company issued to the Investor 268 common shares valued at $523,000 based on the market price of the common shares on\nthe date of issuance and 134 warrants to acquire common shares of the Company with a two-year expiry, exercisable at $1,867.97 per share.\nThe warrants were valued at $42,528 using the Black-Scholes pricing model with the following assumptions:\n\n \n\n   Warrant\nInputs at\nAugust 20,\n2024 \n\nShare price  $1,953.90 \n\nExpected dividend yield   \nNil\n \n\nExercise price  $1,867.97 \n\nRisk-free interest rate   3.93%\n\nExpected life   2.00 \n\nExpected volatility   17.7%\n\nExpiry date   August 20, 2026 \n\n \n\nThe fair value of shares and warrants issued pursuant\nto the Addendum as detailed above, was recorded in the consolidated statements of income/(loss) and comprehensive income/(loss) as part\nof the fair value gain on convertible note.\n\n \n\nOn November 27, 2024, the Company and the Investor\nentered into the Termination Agreement pursuant to which all obligations, covenants and liabilities of the Company and the Investor under\nthe Securities Purchase Agreement will be fully and finally terminated.\n\n \n\n \n\nF-30\n\n \n\n \n\n**PSYENCE BIOMEDICAL LTD.**\n\n**Consolidated Financial Statements**\n\n \n\n \n\nAs a consideration to the Investor entering into\nthe Termination Agreement, the Company issued to the Investor 3,031 common shares valued at $489,598 based on the market price of the\ncommon shares on the date of issuance and 3,660 warrants to acquire common shares of the Company with nominal exercise price for a one-year\nperiod. The warrants were valued at $639,954 by the reference to the Company’s common share price.\n\n \n\nThe fair value of shares and warrants issued pursuant\nto the Termination Agreement as detailed above, was recorded in the consolidated statements of income/(loss) and comprehensive income/(loss)\nas part of the fair value gain on convertible note.\n\n \n\nBetween May and September 2024, the Company converted\nall outstanding balance of the First and Second Tranche Notes into common shares by issuing 2,806 common shares. The total additions to\nequity on conversion were $3,604,688.\n\n \n\nThe Company measured the fair value of the convertible\nloan liability before each conversion using Monte Carlo valuation model with the following main assumptions: expected dividend yield 0%,\nexercise price $1,400.98 - $2,002.84, risk free interest rate 3.63%- 5.23%, expected life 0.1 – 2.7 years.\n\n \n\nThe change in fair value resulted in a fair value\ngain of $nil (2025 – gain of $5,052,708, 2024 – loss of $5,157,397) which was recorded in the consolidated statements of income/(loss)\nand comprehensive income/(loss) as part of the fair value gain on convertible note.\n\n \n\n18. Promissory Notes\n\n \n\nOn January 25, 2024, the Company issued an unsecured\nconvertible promissory note to PGI (the “**PGI Note**”), in the principal amount of $1,610,657, which is equal to the total\namount owed to PGI in connection with loans that PGI had previously made to the Company. The PGI Note bore no interest, and (i) $150,000\nof the principal balance of the PGI Note was paid on the Closing Date and (ii) $1,460,657 of the principal balance of the PGI Note was\npayable on the date that is the one-year anniversary after the Closing Date, or January 25, 2025. The proceeds from this loan were received\nby the Company prior to the Closing Date. This note is convertible into shares at the option of PGI.\n\n \n\nOn January 25, 2024, the Company issued an unsecured\nconvertible promissory note to the NCAC Sponsor (the “**NCAC Note**”), in the principal amount of $1,615,501, which is\nequal to the total amount owed to NCAC Sponsor under certain existing promissory notes previously issued by NCAC to the NCAC Sponsor (the\n“**Existing Notes**”). The NCAC Note bore no interest, and (i) $100,000 of the principal balance of the NCAC Note became\nowing on the Closing Date and (ii) $1,515,501 of the principal balance of the NCAC Note was payable on the date that is the one-year anniversary\nafter the Closing Date, or January 25, 2025. This note is convertible into shares at the option of NCAC Sponsor.\n\n \n\nBoth notes were designated at FVTPL due to the\nembedded conversion features, as the conversion prices were not fixed.\n\n \n\nAt inception on January 25, 2024 the fair value\nof the PGI Note was $1,418,675 and the NCAC note was $1,413,529.\n\n \n\nPGI Note:\n\n \n\nOn September 30, 2024, the Company entered into\nDebt for Equity Exchange Agreement with PGI pursuant to which the Company issued 556 of common shares to extinguish $1,307,960 of PGI\nNote, representing a conversion price of $1,867.97 per share.\n\n \n\nOn October 25, 2024, the Company entered into\nDebt for Equity Exchange Agreement with PGI pursuant to which the Company issued 226 of common shares to extinguish the remaining balance\nof PGI Note representing, a conversion price of $1,867.97 per share.\n\n \n\nIn accordance with the Debt for Equity Exchange\nAgreements entered into on September 30, 2024 and October 25, 2024, as amended, the Company will need to issue additional shares to PGI\nif the Company’s volume weighted average share price for the 10 days prior to November 26, 2024 is lower than $1,867.97 per share\n(“**PGI make whole payment**”).\n\n \n\nIn December 2024, the Company issued 6,780 common\nshares to extinguish the PGI make whole payment.\n\n \n\nThe issuance of shares pursuant to the Debt for\nEquity Exchange Agreements resulted in a fair value gain of $327,668 in the prior year which was recorded in the consolidated statements\nof income/(loss) and comprehensive income/(loss).\n\n \n\n \n\nF-31\n\n \n\n \n\n**PSYENCE BIOMEDICAL LTD.**\n\n**Consolidated Financial Statements**\n\n \n\n \n\nNCAC **Note**:\n\n \n\nOn September 30, 2024, the Company entered into\nDebt for Equity Exchange Agreement with NCAC Sponsor pursuant to which the Company issued 865 of common shares to extinguish the outstanding\nbalance of NCAC Note, representing a conversion price of $1,867.97 per share.\n\n \n\nIn accordance with the Debt for Equity Exchange\nAgreements, as amended, the Company will need to issue additional shares to NCAC Sponsor if the Company’s volume weighted average\nshare price for the 10 days prior to November 26, 2024 is lower than $1,867.97 per share (“**NCAC make whole payment**”).\n\n \n\nIn December 2024, the Company issued 7,499 common\nshares to extinguish the NCAC make whole payment.\n\n \n\nThe issuance of shares pursuant to the Debt for\nEquity Exchange Agreements resulted in a fair value gain of $377,897 in the prior year which was recorded in the consolidated statements\nof income/(loss) and comprehensive income/(loss).\n\n \n\nThe fair value of the notes was calculated using\na credit adjusted market borrowing rate. The fair value of both notes was $nil as at March 31, 2026 (March 31, 2025 - $nil). A fair value\ngain of $705,565 was recognized during the prior year in the statement of comprehensive income (March 31, 2024 ($108,288)).\n\n \n\n19. ELOC\n\n \n\nOn August 28, 2024, the Company entered into a\n$25 million equity line of credit (“**ELOC**”) agreement with White Lion Capital, LLC, amended to $100 million subsequently\nwhich was declared effective by the U.S. Securities and Exchange Commission (SEC). This agreement allows the Company to sell up to $100\nmillion in shares up until December 31, 2027, subject to specific conditions outlined in the Purchase Agreement.\n\n \n\nAs part of the consideration for entering into\nthe ELOC, the Company issued 543 common shares to White Lion at a fair value of $187,500 as a commitment fee in the prior year. These\nshares were accounted for as share issuance costs in the Consolidated Statement of Changes in Shareholders’ Equity/(Deficit).\n\n \n\nDuring the year ended March 31, 2026, the Company\nissued 1,051,973 common shares (March 31, 2025 – 35,024) for total consideration of $14,545,896 (March 31, 2025 - $6,692,495. The\nCompany incurred $581,836 (March 31, 2025 - $282,100) in cash settled share issuance costs.\n\n \n\n20. PIPE Financing - Private Placement and\nWarrants\n\n \n\nPrivate placement\n\n \n\nOn December 24, 2024, the Company completed a\nprivate placement with HC Wainwright & Co., LLC, raising gross proceeds of $2,000,000 through the issuance of:\n\n \n\n●7,629 common shares,\n\n \n\n●12,447 pre-funded warrants (each exercisable into one common share at a nominal exercise price), and\n\n \n\n●40,150 common share purchase warrants, comprising:\n\n \n\no20,075 warrants with an exercise price of $99.63 and a 5-year term (expiring December 24, 2029), and\n\n \n\no20,075 warrants with an exercise price of $99.63 and a 2-year term (expiring December 24, 2026).\n\n \n\n \n\nF-32\n\n \n\n \n\n**PSYENCE BIOMEDICAL LTD.**\n\n**Consolidated Financial Statements**\n\n \n\n \n\nThe proceeds were allocated between the common\nshares and the warrants based on their relative fair values on the date of issuance. The fair value allocation was as follows:\n\n \n\n**Fair value allocation**  \n\n \n\nComponent \nAllocated\n\nAmount \n\nCommon shares \n$313,628 \n\nPre-funded warrants \n$511,690 \n\nWarrants \n$1,174,682 \n\nTotal gross proceeds \n$2,000,000 \n\n \n\nFair value allocation assumptions\n\n \n\nThe common shares were estimated using the share\nprice on date of issuance - $121.05.\n\n \n\nThe pre-funded warrants and the warrants were\nestimated using a Black Scholes valuation model using the following estimates:\n\n \n\n   Pre-funded\nwarrants   Warrants with\n5 year expiry   Warrant with\n2 year expiry \n\nShare price  $121.05   $121.05   $121.05 \n\nExpected dividend yield   \nNil\n    \nNil\n    \nNil\n \n\nExercise price  $0.00   $99.63   $99.63 \n\nRisk-free interest rate   3.63%   3.63%   3.63%\n\nExpected life   \n-\n    5.00    2.00 \n\nExpected volatility   100%   100%   100%\n\nExpiry date   -    December 24, 2029    December 24, 2026 \n\n \n\nShare Issuance Costs\n\n \n\nThe Company incurred $257,949 in cash settled\nshare issuance costs, which were allocated proportionately to the equity instruments issued. The portion related to the common shares,\n$40,449, was deducted from share capital, and the portion related to the warrants, $217,500, was deducted from the warrant reserve. The\nCompany also incurred $137,778 in warrant settled issuance costs, 1,506 warrants, which was allocated to warrant reserve.\n\n \n\nPre-funded Warrant Exercise\n\n \n\nDuring the prior year ended March 31, 2025, all\n12,447 pre-funded warrants were exercised. An amount of $511,690, representing the fair value originally allocated to the pre-funded warrants,\nwas reclassified from warrant reserve to share capital upon exercise. An amount of $66,003 of share issuance costs was reallocated to\nshare capital upon exercise.\n\n \n\nAll instruments issued in the private placement\nwere classified as equity instruments, as they did not contain any contractual obligations to deliver cash or other financial assets and\nmet the fixed-for-fixed condition.\n\n \n\n21. Capital management\n\n \n\nThe Company’s objectives when managing capital\nare to safeguard the Company’s ability to continue as a going concern to pursue the development of natural health business, to maintain\na flexible capital structure which optimizes the cost of capital at an acceptable risk level.\n\n \n\nThe Company manages its capital structure and\nadjusts it considering changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust its\ncapital structure, the Company may obtain additional funding from equity financing, issue new debt, acquire or dispose of assets or adjust\nthe amount of cash and cash equivalents on hand. The Company defines capital as the aggregate of its capital stock and borrowings.\n\n \n\n \n\nF-33\n\n \n\n \n\n**PSYENCE BIOMEDICAL LTD.**\n\n**Consolidated Financial Statements**\n\n \n\n \n\nTotal managed capital is as follows as at March\n31, 2026 and 2025:\n\n \n\n  \n2026  \n2025 \n\nShare capital \n 78,747,983  \n 61,752,305 \n\nTotal \n 78,747,983  \n 61,752,305 \n\n \n\nTo facilitate the management of its capital requirements,\nthe Company prepares annual budgets that are updated as necessary depending on various factors, including successful capital deployment\nand general industry conditions. The annual and updated budgets are approved by the Board of Directors.\n\n \n\nManagement considers its approach to capital management\nto be appropriate given the relative size of the Company. There were no changes in the Company’s approach to capital management\nduring the period.\n\n \n\n22. Transactions with related parties\n\n \n\nAll related party transactions are measured at\nthe exchange amount, which is the amount of consideration established and agreed to by the related parties. All amounts either due from\nor due to related parties other than specifically disclosed are non-interest bearing, unsecured and have no fixed terms of repayments.\nThe Company incurred the following transactions with related parties during the years ended March 31, 2026 and March 31, 2025:\n\n \n\nCompensation to key management personnel\n\n \n\nKey management personnel are those people who\nhave authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly. Key management\npersonnel include the Company’s executive officers and Board of Directors.\n\n \n\nKey Management Personnel \nMarch 31,\n\n2026  \nMarch 31,\n\n2025  \nMarch 31,\n\n2024 \n\nShort term benefits \n 1,082,942  \n 984,697  \n 465,702 \n\nShare-based compensation \n 78,384  \n \n-\n  \n 233,295 \n\nTotal \n 1,161,326  \n 984,697  \n 698,997 \n\n \n\nShort term benefits consist of consulting fees,\ndirector’s fees, payroll and other benefits paid to key management personnel. Share-based compensation is RSUs granted to key management\npersonnel.\n\n \n\nThe March 31, 2024 share-based compensation was\nrecognized for options and restricted stock units granted by Psyence Group under professional and consulting fees expenses and general\nand administrative expenses on the consolidated statements of net loss and comprehensive loss.\n\n \n\nThis share-based compensation relates only to\nthe historic carve out pre-combination period and does not relate to options or RSUs in the Company.\n\n \n\n \n\nF-34\n\n \n\n \n\n**PSYENCE BIOMEDICAL LTD.**\n\n**Consolidated Financial Statements**\n\n \n\n \n\n23. Income tax note\n\n \n\nThe reconciliation of the combined Canadian federal\nand provincial statutory income tax rate of 26.5% (2025 – 26.5%) to the effective tax rate is as follows:\n\n \n\n  \n2026  \n2025  \n2024 \n\nNet Income/(Loss) before recovery of income taxes \n (6,936,421) \n 1,011,790  \n (51,159,048)\n\n  \n    \n    \n   \n\nExpected income tax (recovery)/expense \n (1,838,152) \n 268,124  \n (13,557,148)\n\nDifference in foreign tax rates \n 18,182  \n 6,871  \n 966 \n\nListing expense \n \n-\n  \n \n-\n  \n 10,992,625 \n\nNon-taxable fair value gain adjustment \n \n-\n  \n (1,722,146) \n \n-\n \n\nNon-deductible R&D costs \n 345,121  \n \n-\n  \n \n-\n \n\nNon-deductible loss on loan settlement \n \n-\n  \n 449,196  \n \n-\n \n\nShare issue costs booked to equity \n (154,187) \n (246,802) \n \n-\n \n\nOther permanent expenses \n (26,959) \n 1,787  \n 2,061,001 \n\nChange in tax benefits not recognized \n 1,655,995  \n 1,242,970  \n 502,556 \n\nIncome tax (recovery)/expense \n \n-\n  \n \n-\n  \n \n-\n \n\n \n\nThe following table summarizes the components\nof deferred tax as at March 31, 2026 and 2025:\n\n \n\n  \n2026  \n2025 \n\nDeferred tax asset \n   \n  \n\nNon-capital losses carried forward-Canada \n 107,253  \n \n-\n \n\nDeferred tax liability \n    \n   \n\nInvestment in Associate \n (107,253) \n \n-\n \n\n  \n \n-\n  \n \n-\n \n\n \n\nUnrecognized deferred tax asset\n\n \n\nDeferred taxes are provided as a result of temporary\ndifferences that arise due to the differences between the income tax values and the carrying amounts of assets and liabilities. Deferred\ntax assets have not been recognized in respect of the following deductible temporary differences:\n\n \n\nUnrecognized deductible temporary differences \n2026  \n2025 \n\nEquipment \n 9,774  \n 4,508 \n\nRestricted interest and financing expenses – Canada \n 431,096  \n 764,297 \n\nShare issuance costs and others \n 1,024,267  \n 722,097 \n\nInvestment in digital assets \n 110,242  \n \n-\n \n\nNon-capital losses carried forward-Canada \n 10,298,392  \n 4,248,226 \n\nNon-capital losses carried forward-Australia \n 439,334  \n 431,349 \n\n  \n 12,313,106  \n 6,170,477 \n\n \n\nShare issuance and financing costs will be fully\namortized in 2030.\n\n \n\nThe Company’s non-capital loss carry forwards\nwill expire as noted in the table below:\n\n** **\n\nYear of expiry \nCanada  \nAustralia \n\n2044 \n 364,008  \n \n-\n \n\n2045 \n 3,479,491  \n \n-\n \n\n2046 \n 6,454,894  \n \n-\n \n\nIndefinite \n \n-\n  \n 439,334 \n\nTotal \n 10,298,393  \n 439,334 \n\n \n\n \n\nF-35\n\n \n\n \n\n**PSYENCE BIOMEDICAL LTD.**\n\n**Consolidated Financial Statements**\n\n \n\n \n\n24. Financial instruments and financial risk\nmanagement\n\n \n\na) Financial instrument classification and\nfair value measurement\n\n \n\nFinancial instruments that are recorded at fair\nvalue on the consolidated statements of financial position are classified using a fair value hierarchy that reflects the significance\nof the inputs used in making the measurements.\n\n \n\nThe fair value of hierarchy has the following\nlevels:\n\n \n\n●Level 1 – quoted prices in active markets for identical financial instruments.\n\n \n\n●Level 2 – quoted prices for similar instruments in active markets; quoted prices for identical or\nsimilar instruments in the markets that are not active; and model-derived valuations in which all significant inputs and significant value\ndrivers are observable in active markets.\n\n \n\n●Level 3 – valuations derived from valuation techniques in which one or more significant inputs or\nsignificant value drivers are unobservable.\n\n \n\nThe table below presents the carrying value of\nthe Company’s financial instruments:\n\n \n\n  \nLevel 1  \nLevel 2  \nLevel 3  \nTotal \n\nDigital Assets \n 389,758  \n \n-\n  \n \n-\n  \n 389,758 \n\nDerivative warrant liabilities – public warrants \n 215,476  \n \n-\n  \n \n-\n  \n 215,476 \n\nBalance, March 31, 2026 \n 605,234  \n \n-\n  \n \n-\n  \n 605,234 \n\n \n\n  \nLevel 1  \nLevel 2  \nLevel 3  \nTotal \n\nInvestment in Psyence Labs Ltd \n \n-\n  \n 745,000  \n \n-\n  \n 745,000 \n\nDerivative warrant liabilities – public warrants \n 200,096  \n \n-\n  \n \n-\n  \n 200,096 \n\nBalance, March 31, 2025 \n 200,096  \n 745,000  \n \n-\n  \n 945,096 \n\n \n\nThe face value of the other financial instruments\napproximates the fair value due to the short-term maturity nature of the financial instruments.\n\n \n\nThere were no transfers in and out of level 3\nduring the year.\n\n \n\nb) Risk management\n\n \n\nIn the normal course of business, the Company\nis exposed to a variety of financial risks: credit risk, liquidity risk, foreign exchange risk and interest rate risk. These financial\nrisks are subject to normal credit standards, financial controls, risk management as well as monitoring. The Company’s Board of\nDirectors has overall responsibility for the establishment and oversight of the Company’s risk management framework.\n\n \n\nCredit risk\n\n \n\nCredit risk arises from cash, restricted cash\nand cash equivalents held with banks. The maximum exposure to credit risk is equal to the carrying value of the financial assets. The\nobjective of managing counterparty credit risk is to prevent losses on financial assets. The Company minimizes the credit risk of cash\nand cash equivalents by depositing with only reputable financial institutions.\n\n \n\nLiquidity risk\n\n \n\nLiquidity risk is the risk that the Company will\nnot be able to meet its financial obligations as they fall due.\n\n \n\nThe Company manages liquidity risk through an\nongoing review of future commitments and cash balances available. Historically, the Company’s main source of funding has been through\ninvestments from its parent. The Company’s access to financing is uncertain. There can be no assurance of continued access to significant\nequity or debt funding.\n\n \n\n \n\nF-36\n\n \n\n \n\n**PSYENCE BIOMEDICAL LTD.**\n\n**Consolidated Financial Statements**\n\n \n\n \n\nThe following table set forth the maturity of\nthe contractual obligations as at March 31, 2026 and after:\n\n \n\n  \nCarrying\n\nAmount  \nContractual\n\nCash Flows  \nLess than\n\n1 year  \nBetween\n\n1 and 3 years \n\nAccounts payable & accrued liabilities \n 407,714  \n 407,714  \n 407,714  \n \n-\n \n\nTotal contractual obligations \n 407,714  \n 407,714  \n 407,714  \n \n-\n \n\n \n\nInterest rate risk\n\n \n\nInterest rate risk is the risk that the fair value\nof future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company has no significant\ninterest-bearing assets or liabilities and therefore its income and operating cash flows are substantially independent of changes in market\ninterest rates.\n\n \n\nForeign exchange risk\n\n \n\nForeign currency risk is the risk that the fair\nvalues of future cash flows of a financial instrument will fluctuate because they are denominated in currencies that differ from the respective\nfunctional currency.\n\n \n\nAs at March 31, 2026, a 10% fluctuation in foreign\nexchange rates would result in a $86,443 impact to net loss and comprehensive loss.\n\n \n\n25. Subsequent Events\n\n \n\nOn May 20, 2026, consultants and directors of\nthe Company exercised 3,888 RSUs into common shares of the Company.\n\n \n\nOn June 1, 2026 the Company granted 141,552 RSUs\nto consultants and directors of the Company. This was granted pursuant to an equity incentive scheme implemented by the Company to incentivise\nconsultants and employees.\n\n \n\nSubsequent to year end the Company issued 1,517,163\nshares for gross proceeds of $16,918,293 under the ELOC.\n\n \n\n \n\n \n\nF-37\n\n \n\n \n\n0001985062\nfalse\nFY\n\n0001985062\n\n2025-04-01\n2026-03-31\n\n0001985062\n\ndei:BusinessContactMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\npbm:CommonSharesWithoutParValueMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\npbm:WarrantsEachExercisableToPurchaseOneCommonShareAtAnExercisePriceOf4296328PerShareMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\n2026-03-31\n\n0001985062\n\n2025-03-31\n\n0001985062\n\n2024-04-01\n2025-03-31\n\n0001985062\n\n2023-04-01\n2024-03-31\n\n0001985062\n\nifrs-full:OrdinarySharesMember\n\n2023-03-31\n\n0001985062\n\nifrs-full:IssuedCapitalMember\n\n2023-03-31\n\n0001985062\n\npbm:WarrantsReserveMember\n\n2023-03-31\n\n0001985062\n\nifrs-full:ReserveOfExchangeDifferencesOnTranslationMember\n\n2023-03-31\n\n0001985062\n\nifrs-full:RetainedEarningsMember\n\n2023-03-31\n\n0001985062\n\n2023-03-31\n\n0001985062\n\nifrs-full:OrdinarySharesMember\n\n2023-04-01\n2024-03-31\n\n0001985062\n\nifrs-full:IssuedCapitalMember\n\n2023-04-01\n2024-03-31\n\n0001985062\n\npbm:WarrantsReserveMember\n\n2023-04-01\n2024-03-31\n\n0001985062\n\nifrs-full:ReserveOfExchangeDifferencesOnTranslationMember\n\n2023-04-01\n2024-03-31\n\n0001985062\n\nifrs-full:RetainedEarningsMember\n\n2023-04-01\n2024-03-31\n\n0001985062\n\nifrs-full:OrdinarySharesMember\n\n2024-03-31\n\n0001985062\n\nifrs-full:IssuedCapitalMember\n\n2024-03-31\n\n0001985062\n\npbm:WarrantsReserveMember\n\n2024-03-31\n\n0001985062\n\nifrs-full:ReserveOfExchangeDifferencesOnTranslationMember\n\n2024-03-31\n\n0001985062\n\nifrs-full:RetainedEarningsMember\n\n2024-03-31\n\n0001985062\n\n2024-03-31\n\n0001985062\n\nifrs-full:OrdinarySharesMember\n\n2024-04-01\n2025-03-31\n\n0001985062\n\nifrs-full:IssuedCapitalMember\n\n2024-04-01\n2025-03-31\n\n0001985062\n\npbm:WarrantsReserveMember\n\n2024-04-01\n2025-03-31\n\n0001985062\n\nifrs-full:ReserveOfExchangeDifferencesOnTranslationMember\n\n2024-04-01\n2025-03-31\n\n0001985062\n\nifrs-full:RetainedEarningsMember\n\n2024-04-01\n2025-03-31\n\n0001985062\n\nifrs-full:OrdinarySharesMember\n\n2025-03-31\n\n0001985062\n\nifrs-full:IssuedCapitalMember\n\n2025-03-31\n\n0001985062\n\npbm:WarrantsReserveMember\n\n2025-03-31\n\n0001985062\n\nifrs-full:ReserveOfExchangeDifferencesOnTranslationMember\n\n2025-03-31\n\n0001985062\n\nifrs-full:RetainedEarningsMember\n\n2025-03-31\n\n0001985062\n\npbm:OptionsReserveMember\n\n2025-03-31\n\n0001985062\n\nifrs-full:OrdinarySharesMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\nifrs-full:IssuedCapitalMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\npbm:WarrantsReserveMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\npbm:OptionsReserveMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\nifrs-full:ReserveOfExchangeDifferencesOnTranslationMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\nifrs-full:RetainedEarningsMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\nifrs-full:OrdinarySharesMember\n\n2026-03-31\n\n0001985062\n\nifrs-full:IssuedCapitalMember\n\n2026-03-31\n\n0001985062\n\npbm:WarrantsReserveMember\n\n2026-03-31\n\n0001985062\n\npbm:OptionsReserveMember\n\n2026-03-31\n\n0001985062\n\nifrs-full:ReserveOfExchangeDifferencesOnTranslationMember\n\n2026-03-31\n\n0001985062\n\nifrs-full:RetainedEarningsMember\n\n2026-03-31\n\n0001985062\n\npbm:PsyenceAustraliaPtyLtdMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\npbm:PysenceBiomedIICorpMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\npbm:NewcourtAcquisitionCorpMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\npbm:CashAndCashEquivalentMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\npbm:RestrictedCashMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\npbm:OtherReceivablesMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\npbm:LoanReceivableMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\npbm:InvestmentInPsyenceLabsLtdMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\npbm:AccountsPayableAndAccruedLiabilitieMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\npbm:DerivativeWarrantLiabilitiesMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\nifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsCumulativeEffectAtDateOfInitialApplicationMember\n\n2023-03-31\n\n0001985062\n\nifrs-full:OpeningBalanceAfterAdjustmentCumulativeEffectAtDateOfInitialApplicationMember\n\n2023-03-31\n\n0001985062\n\n2024-01-25\n\n0001985062\n\npbm:NcacMember\n\n2024-01-25\n\n0001985062\n\npbm:NcacMember\n\n2026-03-31\n\n0001985062\n\npbm:RTOMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\npbm:NcacMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\npbm:NcacMember\n\n2026-03-31\n\n0001985062\n\npbm:BitcoinMember\n\n2026-03-31\n\n0001985062\n\npbm:BitcoinMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\npbm:EthereumMember\n\n2026-03-31\n\n0001985062\n\npbm:EthereumMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\npbm:SolanaMember\n\n2026-03-31\n\n0001985062\n\npbm:SolanaMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\npbm:TetherMember\n\n2026-03-31\n\n0001985062\n\npbm:TetherMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\npbm:USDCoinMember\n\n2026-03-31\n\n0001985062\n\npbm:USDCoinMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\npbm:CashUSDMember\n\n2026-03-31\n\n0001985062\n\npbm:CashUSDMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\n2026-02-09\n\n0001985062\n\nifrs-full:ComputerEquipmentMember\n\n2024-03-31\n\n0001985062\n\nifrs-full:GrossCarryingAmountMember\nifrs-full:ComputerEquipmentMember\n\n2024-04-01\n2025-03-31\n\n0001985062\n\nifrs-full:GrossCarryingAmountMember\nifrs-full:ComputerEquipmentMember\n\n2025-03-31\n\n0001985062\n\nifrs-full:GrossCarryingAmountMember\nifrs-full:ComputerEquipmentMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\nifrs-full:GrossCarryingAmountMember\nifrs-full:ComputerEquipmentMember\n\n2026-03-31\n\n0001985062\n\nifrs-full:AccumulatedDepreciationAndAmortisationMember\nifrs-full:ComputerEquipmentMember\n\n2024-03-31\n\n0001985062\n\nifrs-full:AccumulatedDepreciationAndAmortisationMember\nifrs-full:ComputerEquipmentMember\n\n2024-04-01\n2025-03-31\n\n0001985062\n\nifrs-full:AccumulatedDepreciationAndAmortisationMember\nifrs-full:ComputerEquipmentMember\n\n2025-03-31\n\n0001985062\n\nifrs-full:AccumulatedDepreciationAndAmortisationMember\nifrs-full:ComputerEquipmentMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\nifrs-full:AccumulatedDepreciationAndAmortisationMember\nifrs-full:ComputerEquipmentMember\n\n2026-03-31\n\n0001985062\n\nifrs-full:ComputerEquipmentMember\n\n2025-03-31\n\n0001985062\n\nifrs-full:ComputerEquipmentMember\n\n2026-03-31\n\n0001985062\n\npbm:PsyenceLabsLtdMember\n\n2025-03-31\n\n0001985062\n\n2025-03-31\n2025-03-31\n\n0001985062\n\npbm:PsyenceLabsLtdMember\n\n2024-04-01\n2025-03-31\n\n0001985062\n\n2025-04-15\n\n0001985062\n\n2025-08-15\n\n0001985062\n\npbm:PsyenceLabsLtdMember\n\n2025-07-03\n\n0001985062\n\n2026-02-11\n\n0001985062\n\npbm:PBMMember\n\n2026-02-11\n\n0001985062\n\npbm:PsyenceLabsLtdMember\nifrs-full:OrdinarySharesMember\n\n2026-02-25\n\n0001985062\n\nifrs-full:BottomOfRangeMember\n\n2026-02-25\n2026-02-25\n\n0001985062\n\nifrs-full:TopOfRangeMember\n\n2026-02-25\n2026-02-25\n\n0001985062\n\npbm:RemeasurementOfPreviouslyHeldInterestMember\n\n2026-03-31\n\n0001985062\n\npbm:ConsiderationTransferredForAdditionalSharesMember\n\n2026-03-31\n\n0001985062\n\n2026-02-25\n\n0001985062\n\n2026-02-25\n2026-03-31\n\n0001985062\n\npbm:DerivativeWarrantLiabilitiesMember\n\n2026-03-31\n\n0001985062\n\npbm:DerivativeWarrantLiabilitiesMember\n\n2025-03-31\n\n0001985062\n\npbm:PublicWarrantsMember\npbm:DerivativeWarrantLiabilitiesMember\n\n2026-03-31\n\n0001985062\n\npbm:PrivateWarrantsMember\npbm:DerivativeWarrantLiabilitiesMember\n\n2026-03-31\n\n0001985062\n\nifrs-full:OrdinarySharesMember\npbm:DerivativeWarrantLiabilitiesMember\n\n2025-03-31\n\n0001985062\n\npbm:PublicWarrantsMember\n\n2024-04-01\n2025-03-31\n\n0001985062\n\npbm:PublicWarrantsMember\n\n2026-03-31\n\n0001985062\n\npbm:PublicWarrantsMember\n\n2025-03-31\n\n0001985062\n\npbm:PrivateWarrantsMember\n\n2026-03-31\n\n0001985062\n\npbm:PrivateWarrantsMember\n\n2025-03-31\n\n0001985062\n\npbm:DerivativeWarrantLiabilitiesMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\npbm:DerivativeWarrantLiabilitiesMember\n\n2024-04-01\n2025-03-31\n\n0001985062\n\npbm:PrivateWarrantsMember\npbm:SharePriceMeasurementInputMember\n\n2026-03-31\n\n0001985062\n\npbm:PrivateWarrantsMember\npbm:SharePriceMeasurementInputMember\n\n2025-03-31\n\n0001985062\n\npbm:PrivateWarrantsMember\npbm:ExpectedDividendYieldMeasurementInputMember\n\n2026-03-31\n\n0001985062\n\npbm:PrivateWarrantsMember\npbm:ExpectedDividendYieldMeasurementInputMember\n\n2025-03-31\n\n0001985062\n\npbm:PrivateWarrantsMember\npbm:ExercisePriceMeasurementInputMember\n\n2026-03-31\n\n0001985062\n\npbm:PrivateWarrantsMember\npbm:ExercisePriceMeasurementInputMember\n\n2025-03-31\n\n0001985062\n\npbm:PrivateWarrantsMember\nifrs-full:InterestRateMeasurementInputMember\n\n2026-03-31\n\n0001985062\n\npbm:PrivateWarrantsMember\nifrs-full:InterestRateMeasurementInputMember\n\n2025-03-31\n\n0001985062\n\npbm:PrivateWarrantsMember\npbm:ExpectedLifeMeasurementInputMember\n\n2026-03-31\n\n0001985062\n\npbm:PrivateWarrantsMember\npbm:ExpectedLifeMeasurementInputMember\n\n2025-03-31\n\n0001985062\n\npbm:PrivateWarrantsMember\nifrs-full:HistoricalVolatilityForSharesMeasurementInputMember\n\n2026-03-31\n\n0001985062\n\npbm:PrivateWarrantsMember\nifrs-full:HistoricalVolatilityForSharesMeasurementInputMember\n\n2025-03-31\n\n0001985062\n\npbm:PrivateWarrantsMember\npbm:ExpiryDateMember\n\n2026-03-31\n\n0001985062\n\npbm:PrivateWarrantsMember\npbm:ExpiryDateMember\n\n2025-03-31\n\n0001985062\n\n2024-01-24\n\n0001985062\n\n2024-01-25\n2024-03-31\n\n0001985062\n\npbm:PublicWarrantsMember\n\n2024-03-31\n\n0001985062\n\npbm:PrivateWarrantsMember\n\n2024-03-31\n\n0001985062\n\npbm:PrivateWarrantsMember\n\n2024-04-01\n2025-03-31\n\n0001985062\n\nifrs-full:WarrantsMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\nifrs-full:WarrantsMember\n\n2026-03-31\n\n0001985062\n\nsrt:MaximumMember\nifrs-full:OrdinarySharesMember\n\n2024-11-26\n2024-11-26\n\n0001985062\n\n2025-05-05\n2025-05-05\n\n0001985062\n\n2026-02-02\n2026-02-02\n\n0001985062\n\nifrs-full:OrdinarySharesMember\n\n2026-03-31\n\n0001985062\n\nifrs-full:OrdinarySharesMember\n\n2025-03-31\n\n0001985062\n\npbm:PGIMember\nifrs-full:OrdinarySharesMember\n\n2024-01-25\n\n0001985062\n\npbm:NcacMember\nifrs-full:OrdinarySharesMember\n\n2024-01-25\n\n0001985062\n\npbm:ThirdPartyAdvisorsMember\nifrs-full:OrdinarySharesMember\n\n2024-01-25\n\n0001985062\n\npbm:NcacMember\n\n2024-01-25\n\n0001985062\n\npbm:RTOTransactionMember\n\n2024-01-25\n\n0001985062\n\nifrs-full:OrdinarySharesMember\npbm:RestrictedStockUnitsRSUsMember\n\n2026-03-31\n\n0001985062\n\nsrt:MinimumMember\n\n2025-03-31\n\n0001985062\n\nsrt:MaximumMember\n\n2025-03-31\n\n0001985062\n\nifrs-full:WarrantsMember\n\n2026-03-31\n\n0001985062\n\nifrs-full:WarrantsMember\n\n2025-03-31\n\n0001985062\n\npbm:RestrictedStockUnitsRSUsMember\n\n2026-03-31\n\n0001985062\n\npbm:RestrictedStockUnitsRSUsMember\n\n2025-03-31\n\n0001985062\n\npbm:RestrictedStockUnitsRSUsMember\n\n2025-04-17\n\n0001985062\n\n2025-04-17\n\n0001985062\n\npbm:SubsequentEventsMember\n\n2026-04-17\n\n0001985062\n\npbm:ForecastMember\n\n2027-04-01\n\n0001985062\n\npbm:RestrictedStockUnitsRSUsMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\npbm:RestrictedStockUnitsRSUsMember\n\n2025-10-01\n\n0001985062\n\npbm:SubsequentEventsMember\n\n2026-04-01\n\n0001985062\n\npbm:ForecastMember\n\n2026-10-01\n\n0001985062\n\npbm:ForecastMember\npbm:RestrictedStockUnitsRSUsMember\n\n2027-04-01\n\n0001985062\n\nifrs-full:OrdinarySharesMember\npbm:RestrictedStockUnitsRSUsMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\nifrs-full:OrdinarySharesMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\npbm:IssuedCapital1Member\n\n2023-03-31\n\n0001985062\n\npbm:IssuedCapital1Member\n\n2023-04-01\n2024-03-31\n\n0001985062\n\npbm:IssuedCapital1Member\n\n2024-03-31\n\n0001985062\n\npbm:IssuedCapital1Member\n\n2024-04-01\n2025-03-31\n\n0001985062\n\npbm:IssuedCapital1Member\n\n2025-03-31\n\n0001985062\n\npbm:IssuedCapital1Member\n\n2025-04-01\n2026-03-31\n\n0001985062\n\npbm:IssuedCapital1Member\n\n2026-03-31\n\n0001985062\n\npbm:AugustMember\n\n2026-03-31\n\n0001985062\n\npbm:DecemberTwenteyFourMember\n\n2026-03-31\n\n0001985062\n\npbm:DecemberTwentyFourOneMember\n\n2026-03-31\n\n0001985062\n\npbm:DecemberTwentyFourTwoMember\n\n2026-03-31\n\n0001985062\n\nifrs-full:RestrictedShareUnitsMember\n\n2025-03-31\n\n0001985062\n\nifrs-full:RestrictedShareUnitsMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\nifrs-full:RestrictedShareUnitsMember\n\n2026-03-31\n\n0001985062\n\npbm:ResearchAndDevelopmentExpensesMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\npbm:ResearchAndDevelopmentExpensesMember\n\n2024-04-01\n2025-03-31\n\n0001985062\n\npbm:ResearchAndDevelopmentExpensesMember\n\n2023-04-01\n2024-03-31\n\n0001985062\n\npbm:KAOSGroupMember\n\n2026-03-31\n\n0001985062\n\npbm:KAOSGroupMember\nifrs-full:OrdinarySharesMember\n\n2026-03-31\n\n0001985062\n\npbm:OntarioSuperiorCourtMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\npbm:InvestorsMember\nifrs-full:TopOfRangeMember\nifrs-full:ConvertibleInstrumentsMember\n\n2024-01-15\n\n0001985062\n\npbm:FirstTrancheNoteMember\npbm:InvestorsMember\n\n2024-01-25\n\n0001985062\n\npbm:FirstTrancheNoteMember\npbm:InvestorsMember\n\n2024-01-25\n2024-01-25\n\n0001985062\n\npbm:FirstTrancheNoteMember\n\n2024-01-25\n\n0001985062\n\npbm:SecondTrancheNotesMember\n\n2024-05-31\n\n0001985062\n\npbm:SecondTrancheNotesMember\n\n2024-07-31\n\n0001985062\n\npbm:SecondTrancheNotesMember\n\n2024-05-31\n2024-05-31\n\n0001985062\n\npbm:SecondTrancheNotesMember\n\n2024-07-31\n2024-07-31\n\n0001985062\n\npbm:InvestorsMember\nifrs-full:OrdinarySharesMember\n\n2026-03-31\n\n0001985062\n\npbm:InvestorsMember\nifrs-full:OrdinarySharesMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\npbm:InvestorsMember\nifrs-full:WarrantsMember\n\n2026-03-31\n\n0001985062\n\npbm:InvestorsMember\n\n2026-03-31\n\n0001985062\n\npbm:InvestorsMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\npbm:TerminationAgreementMember\npbm:InvestorsMember\n\n2026-03-31\n\n0001985062\n\npbm:TerminationAgreementMember\npbm:InvestorsMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\npbm:TerminationAgreementMember\n\n2026-03-31\n\n0001985062\n\npbm:TerminationAgreementMember\nifrs-full:WarrantsMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\npbm:FirstTrancheNotesMember\n\n2024-05-31\n\n0001985062\n\npbm:SecondTrancheNotesMember\n\n2024-09-30\n\n0001985062\n\npbm:SecondTrancheNotesMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\nifrs-full:ConvertibleInstrumentsMember\npbm:ExpectedDividendYieldMeasurementInputMember\n\n2026-03-31\n\n0001985062\n\nifrs-full:BottomOfRangeMember\nifrs-full:ConvertibleInstrumentsMember\npbm:ExercisePriceMeasurementInputMember\n\n2026-03-31\n\n0001985062\n\nifrs-full:TopOfRangeMember\nifrs-full:ConvertibleInstrumentsMember\npbm:ExercisePriceMeasurementInputMember\n\n2026-03-31\n\n0001985062\n\nifrs-full:BottomOfRangeMember\nifrs-full:ConvertibleInstrumentsMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\nifrs-full:TopOfRangeMember\nifrs-full:ConvertibleInstrumentsMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\npbm:DiscountRateSharesMeasurementInputMember\n\n2024-08-20\n\n0001985062\n\npbm:ExpectedDividendYieldMeasurementInputMember\n\n2024-08-20\n\n0001985062\n\npbm:ExercisePriceMeasurementInputMember\n\n2024-08-20\n\n0001985062\n\nifrs-full:InterestRateMeasurementInputMember\n\n2024-08-20\n\n0001985062\n\npbm:ExpectedLifeMeasurementInputMember\n\n2024-08-20\n\n0001985062\n\nifrs-full:HistoricalVolatilityForSharesMeasurementInputMember\n\n2024-08-20\n\n0001985062\n\npbm:ExpiryDateMeasurementInputMember\n\n2024-08-20\n\n0001985062\n\npbm:UnsecuredConvertiblePromissoryNotesMember\nifrs-full:ParentMember\n\n2024-01-25\n\n0001985062\n\npbm:UnsecuredConvertiblePromissoryNotesMember\nifrs-full:ParentMember\n\n2024-01-25\n2024-01-25\n\n0001985062\n\npbm:UnsecuredConvertiblePromissoryNotesMember\nifrs-full:ParentMember\n\n2025-01-25\n2025-01-25\n\n0001985062\n\npbm:UnsecuredConvertiblePromissoryNotesMember\npbm:NCACNoteMember\n\n2024-01-25\n\n0001985062\n\npbm:UnsecuredConvertiblePromissoryNotesMember\npbm:NCACNoteMember\n\n2024-01-25\n2024-01-25\n\n0001985062\n\n2025-01-25\n2025-01-25\n\n0001985062\n\npbm:UnsecuredConvertiblePromissoryNotesMember\npbm:PGIMember\nifrs-full:OrdinarySharesMember\n\n2024-09-30\n\n0001985062\n\npbm:UnsecuredConvertiblePromissoryNotesMember\npbm:PGIMember\n\n2024-09-30\n\n0001985062\n\npbm:UnsecuredConvertiblePromissoryNotesMember\npbm:PGIMember\nifrs-full:OrdinarySharesMember\n\n2024-10-25\n\n0001985062\n\npbm:UnsecuredConvertiblePromissoryNotesMember\npbm:PGIMember\n\n2024-10-25\n\n0001985062\n\npbm:UnsecuredConvertiblePromissoryNotesMember\npbm:PGIMember\n\n2024-11-26\n2024-11-26\n\n0001985062\n\npbm:UnsecuredConvertiblePromissoryNotesMember\npbm:PGIMember\nifrs-full:OrdinarySharesMember\n\n2024-12-31\n\n0001985062\n\npbm:UnsecuredConvertiblePromissoryNotesMember\npbm:PGIMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\npbm:UnsecuredConvertiblePromissoryNotesMember\npbm:NCACNoteMember\n\n2024-09-30\n\n0001985062\n\npbm:UnsecuredConvertiblePromissoryNotesMember\npbm:NCACNoteMember\n\n2024-11-26\n2024-11-26\n\n0001985062\n\npbm:NCACNoteMember\nifrs-full:OrdinarySharesMember\n\n2024-12-31\n\n0001985062\n\npbm:UnsecuredConvertiblePromissoryNotesMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\npbm:NCACNoteMember\n\n2026-03-31\n\n0001985062\n\npbm:NCACNoteMember\n\n2025-03-31\n\n0001985062\n\npbm:NCACNoteMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\npbm:NCACNoteMember\n\n2023-04-01\n2024-03-31\n\n0001985062\n\npbm:ELOCMember\n\n2024-08-28\n2024-08-28\n\n0001985062\n\npbm:WhiteLionCapitalLLCMember\n\n2024-08-28\n2024-08-28\n\n0001985062\n\npbm:WhiteLionMember\nifrs-full:OrdinarySharesMember\n\n2026-03-31\n\n0001985062\n\npbm:WhiteLionMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\npbm:ELOCMember\nifrs-full:OrdinarySharesMember\n\n2026-03-31\n\n0001985062\n\npbm:ELOCMember\nifrs-full:OrdinarySharesMember\n\n2025-03-31\n\n0001985062\n\npbm:ELOCMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\npbm:ELOCMember\n\n2024-04-01\n2025-03-31\n\n0001985062\n\npbm:PrivatePlacementAndWarrantsMember\n\n2024-12-24\n\n0001985062\n\npbm:PrivatePlacementAndWarrantsMember\n\n2024-12-24\n2024-12-24\n\n0001985062\n\n2024-12-24\n2024-12-24\n\n0001985062\n\n2024-12-24\n\n0001985062\n\npbm:FairValueAllocationAssumptionsMember\n\n2026-03-31\n\n0001985062\n\npbm:PrivatePlacementAndWarrantsMember\n\n2026-03-31\n\n0001985062\n\npbm:PrivatePlacementAndWarrantsMember\n\n2025-04-01\n2026-03-31\n\n0001985062\n\npbm:PrivatePlacementAndWarrantsMember\n\n2025-03-31\n\n0001985062\n\npbm:PrivatePlacementAndWarrantsMember\n\n2024-04-01\n2025-03-31\n\n0001985062\n\nifrs-full:AtFairValueMember\n\n2026-03-31\n\n0001985062\n\npbm:PrefundedWarrantsMember\npbm:SharePriceWarrantMember\n\n2026-03-31\n\n0001985062\n\npbm:WarrantsWith5YearExpiryMember\npbm:SharePriceWarrantMember\n\n2026-03-31\n\n0001985062\n\npbm:WarrantWith2YearExpiryMember\npbm:SharePriceWarrantMember\n\n2026-03-31\n\n0001985062\n\npbm:PrefundedWarrantsMember\npbm:ExpectedDividendYieldWarrantMember\n\n2026-03-31\n\n0001985062\n\npbm:WarrantsWith5YearExpiryMember\npbm:ExpectedDividendYieldWarrantMember\n\n2026-03-31\n\n0001985062\n\npbm:WarrantWith2YearExpiryMember\npbm:ExpectedDividendYieldWarrantMember\n\n2026-03-31\n\n0001985062\n\npbm:PrefundedWarrantsMember\npbm:ExercisePriceWarrantMember\n\n2026-03-31\n\n0001985062\n\npbm:WarrantsWith5YearExpiryMember\npbm:ExercisePriceWarrantMember\n\n2026-03-31\n\n0001985062\n\npbm:WarrantWith2YearExpiryMember\npbm:ExercisePriceWarrantMember\n\n2026-03-31\n\n0001985062\n\npbm:PrefundedWarrantsMember\npbm:RiskfreeInterestRateWarrantMember\n\n2026-03-31\n\n0001985062\n\npbm:WarrantsWith5YearExpiryMember\npbm:RiskfreeInterestRateWarrantMember\n\n2026-03-31\n\n0001985062\n\npbm:WarrantWith2YearExpiryMember\npbm:RiskfreeInterestRateWarrantMember\n\n2026-03-31\n\n0001985062\n\npbm:PrefundedWarrantsMember\npbm:ExpectedLifeWarrantMember\n\n2026-03-31\n\n0001985062\n\npbm:WarrantsWith5YearExpiryMember\npbm:ExpectedLifeWarrantMember\n\n2026-03-31\n\n0001985062\n\npbm:WarrantWith2YearExpiryMember\npbm:ExpectedLifeWarrantMember\n\n2026-03-31\n\n0001985062\n\npbm:PrefundedWarrantsMember\npbm:ExpectedVolatilityWarrantMember\n\n2026-03-31\n\n0001985062\n\npbm:WarrantsWith5YearExpiryMember\npbm:ExpectedVolatilityWarrantMember\n\n2026-03-31\n\n0001985062\n\npbm:WarrantWith2YearExpiryMember\npbm:ExpectedVolatilityWarrantMember\n\n2026-03-31\n\n0001985062\n\npbm:PrefundedWarrantsMember\npbm:ExpiryDateWarrantMember\n\n2026-03-31\n\n0001985062\n\npbm:WarrantsWith5YearExpiryMember\npbm:ExpiryDateWarrantMember\n\n2026-03-31\n\n0001985062\n\npbm:WarrantWith2YearExpiryMember\npbm:ExpiryDateWarrantMember\n\n2026-03-31\n\n0001985062\n\ncountry:CA\n\n2025-04-01\n2026-03-31\n\n0001985062\n\ncountry:CA\n\n2024-04-01\n2025-03-31\n\n0001985062\n\nifrs-full:ComputerEquipmentMember\n\n2026-03-31\n\n0001985062\n\nifrs-full:ComputerEquipmentMember\n\n2025-03-31\n\n0001985062\n\ncountry:CA\nifrs-full:OtherTemporaryDifferencesMember\n\n2026-03-31\n\n0001985062\n\ncountry:CA\nifrs-full:OtherTemporaryDifferencesMember\n\n2025-03-31\n\n0001985062\n\npbm:ShareIssuanceCostsAndOthersMember\n\n2026-03-31\n\n0001985062\n\npbm:ShareIssuanceCostsAndOthersMember\n\n2025-03-31\n\n0001985062\n\npbm:InvestmentInDigitalAssetsMember\n\n2026-03-31\n\n0001985062\n\npbm:InvestmentInDigitalAssetsMember\n\n2025-03-31\n\n0001985062\n\ncountry:CA\npbm:NonCapitalLossesCarriedForwardMember\n\n2026-03-31\n\n0001985062\n\ncountry:CA\npbm:NonCapitalLossesCarriedForwardMember\n\n2025-03-31\n\n0001985062\n\ncountry:AU\npbm:NonCapitalLossesCarriedForwardMember\n\n2026-03-31\n\n0001985062\n\ncountry:AU\npbm:NonCapitalLossesCarriedForwardMember\n\n2025-03-31\n\n0001985062\n\npbm:TaxYear2044Member\ncountry:CA\n\n2026-03-31\n\n0001985062\n\npbm:TaxYear2044Member\ncountry:AU\n\n2026-03-31\n\n0001985062\n\npbm:TaxYear2045Member\ncountry:CA\n\n2026-03-31\n\n0001985062\n\npbm:TaxYear2045Member\ncountry:AU\n\n2026-03-31\n\n0001985062\n\npbm:TaxYear2046Member\ncountry:CA\n\n2026-03-31\n\n0001985062\n\npbm:TaxYear2046Member\ncountry:AU\n\n2026-03-31\n\n0001985062\n\npbm:IndefinitePeriodMember\ncountry:CA\n\n2026-03-31\n\n0001985062\n\npbm:IndefinitePeriodMember\ncountry:AU\n\n2026-03-31\n\n0001985062\n\ncountry:CA\n\n2026-03-31\n\n0001985062\n\ncountry:AU\n\n2026-03-31\n\n0001985062\n\nifrs-full:Level1OfFairValueHierarchyMember\n\n2026-03-31\n\n0001985062\n\nifrs-full:Level2OfFairValueHierarchyMember\n\n2026-03-31\n\n0001985062\n\nifrs-full:Level3OfFairValueHierarchyMember\n\n2026-03-31\n\n0001985062\n\npbm:PublicWarrantsMember\npbm:WarrantLiabilitiesMember\nifrs-full:Level1OfFairValueHierarchyMember\n\n2026-03-31\n\n0001985062\n\npbm:PublicWarrantsMember\npbm:WarrantLiabilitiesMember\nifrs-full:Level2OfFairValueHierarchyMember\n\n2026-03-31\n\n0001985062\n\npbm:PublicWarrantsMember\npbm:WarrantLiabilitiesMember\nifrs-full:Level3OfFairValueHierarchyMember\n\n2026-03-31\n\n0001985062\n\npbm:PublicWarrantsMember\npbm:WarrantLiabilitiesMember\n\n2026-03-31\n\n0001985062\n\npbm:InvestmentInPsyenceLabsLtdMember\nifrs-full:Level1OfFairValueHierarchyMember\n\n2025-03-31\n\n0001985062\n\npbm:InvestmentInPsyenceLabsLtdMember\nifrs-full:Level2OfFairValueHierarchyMember\n\n2025-03-31\n\n0001985062\n\npbm:InvestmentInPsyenceLabsLtdMember\nifrs-full:Level3OfFairValueHierarchyMember\n\n2025-03-31\n\n0001985062\n\npbm:InvestmentInPsyenceLabsLtdMember\n\n2025-03-31\n\n0001985062\n\npbm:PublicWarrantsMember\npbm:WarrantLiabilitiesMember\nifrs-full:Level1OfFairValueHierarchyMember\n\n2025-03-31\n\n0001985062\n\npbm:PublicWarrantsMember\npbm:WarrantLiabilitiesMember\nifrs-full:Level2OfFairValueHierarchyMember\n\n2025-03-31\n\n0001985062\n\npbm:PublicWarrantsMember\npbm:WarrantLiabilitiesMember\nifrs-full:Level3OfFairValueHierarchyMember\n\n2025-03-31\n\n0001985062\n\npbm:PublicWarrantsMember\npbm:WarrantLiabilitiesMember\n\n2025-03-31\n\n0001985062\n\nifrs-full:Level1OfFairValueHierarchyMember\n\n2025-03-31\n\n0001985062\n\nifrs-full:Level2OfFairValueHierarchyMember\n\n2025-03-31\n\n0001985062\n\nifrs-full:Level3OfFairValueHierarchyMember\n\n2025-03-31\n\n0001985062\n\npbm:IfrsAccountsPayableAndAccruedLiabilitiesMember\n\n2026-03-31\n\n0001985062\n\npbm:IfrsAccountsPayableAndAccruedLiabilitiesMember\nifrs-full:NotLaterThanOneYearMember\n\n2026-03-31\n\n0001985062\n\npbm:IfrsAccountsPayableAndAccruedLiabilitiesMember\nifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember\n\n2026-03-31\n\n0001985062\n\nifrs-full:NotLaterThanOneYearMember\n\n2026-03-31\n\n0001985062\n\nifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember\n\n2026-03-31\n\n0001985062\n\nifrs-full:MajorOrdinaryShareTransactionsMember\nifrs-full:RestrictedShareUnitsMember\n\n2026-05-20\n\n0001985062\n\nifrs-full:MajorOrdinaryShareTransactionsMember\nifrs-full:RestrictedShareUnitsMember\n\n2026-06-01\n\n0001985062\n\npbm:ELOCMember\n\n2026-03-31\n\n0001985062\n\npbm:ELOCMember\n\n2025-04-01\n2026-03-31\n\nxbrli:shares\n\niso4217:USD\n\niso4217:USD\n\nxbrli:shares\n\nxbrli:pure\n\niso4217:CAD\n\niso4217:AUD"}