Psyence Biomedical (PBM) F-1/A 6 May 24 Registration statement (foreign) (amended) Financial data

Document and Entity Information

Document and Entity Information	10 Months Ended
	Jan. 31, 2024
Document and Entity Information [Abstract]
Document Type	F-1/A
Entity Registrant Name	Psyence Biomedical Ltd.
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Central Index Key	0001985062
Amendment Flag	true
Amendment Description	Amendment No. 2

Condensed Carve out Consolidate

Condensed Carve out Consolidated Interim Statements of Financial Position	Jan. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
Current assets
Cash and cash equivalents	$ 2,322,008	$ 1,334,343
Restricted cash		29,557
Other receivables	25,356	149,376
Prepaids	6,837	77,053
TOTAL ASSETS	2,354,201	1,590,329
Current liabilities
Accounts payable and accrued liabilities	1,110,564	1,798,599
Convertible note liability	2,500,000
Derivative warrant liabilities	776,608
TOTAL LIABILITIES	7,463,330	1,798,599
EQUITY
Share Capital	35,720,980	5,934,141
Accumulated Deficit	(40,993,279)	(6,291,875)
Foreign Currency Translation Reserve (OCI)	163,170	149,464
NET DEFICIT	(5,109,129)	(208,270)
TOTAL LIABILITIES AND NET DEFICIT	2,354,201	$ 1,590,329
NCAC Sponsor
Current liabilities
Due to related party	1,615,501
Psyence Group Inc
Current liabilities
Due to related party	$ 1,460,657

Condensed Carve out Consolida_2

Condensed Carve out Consolidated Interim Statements of Net Loss and Comprehensive Loss	10 Months Ended
	Jan. 31, 2024 USD ($) $ / shares shares	Jan. 31, 2023 USD ($)
Expenses
Sales and marketing		$ 5,744
Research and development	$ 909,181	1,314,737
General and administrative	296,883	299,439
Professional fees and consulting fees	1,077,890	981,008
Loss before other items	(2,283,954)	(2,600,928)
Other items
Other income	880,352
Interest income	2,134	1,270
Interest expense	(56,203)
Foreign exchange gain	9,905	21,991
Listing Expense	(31,997,660)
Transaction Expense	(1,074,728)
Fair value loss on warrant liability	(181,250)
NET LOSS	(34,701,404)	(2,577,667)
Other comprehensive income/(loss)
Foreign exchange gain/(loss) on translation	13,706	(3,600)
TOTAL COMPREHENSIVE LOSS	$ (34,687,698)	$ (2,581,267)
Loss per share - basic (in dollars per share) | $ / shares	$ (6.68)
Loss per share - diluted (in dollars per share) | $ / shares	$ (6.68)
Weighted average number of outstanding shares - basic (in shares) | shares	5,191,943
Weighted average number of outstanding shares - diluted (in shares) | shares	5,191,943

Condensed Carve out Consolida_3

Condensed Carve out Consolidated Interim Statements of Change in Shareholder Equity	Share Capital Psyence Group Inc shares	Share Capital NCAC Sponsor USD ($) shares	Share Capital Third party advisors USD ($) shares	Share Capital USD ($) shares	Foreign currency translation reserve USD ($)	Deficit USD ($)	Psyence Group Inc shares	NCAC Sponsor USD ($)	Third party advisors USD ($)	USD ($) shares	CAD ($) shares
Opening balance as at beginning at Mar. 31, 2021											$ 6,060,018
Issuance of shares											(1,617,390)
Net loss for the period											(2,319,932)
Balance at end at Mar. 31, 2022				$ 4,537,055	$ 255,189	$ (3,171,380)				$ 1,620,864	2,122,696
Psyence Group contribution				1,164,238						1,164,238
Net loss for the period						(2,577,667)				(2,577,667)
Other comprehensive income (loss)					(3,600)					(3,600)
Balance at end at Jan. 31, 2023				5,701,293	251,589	(5,749,047)				203,835
Opening balance as at beginning at Mar. 31, 2022				4,537,055	255,189	(3,171,380)				1,620,864	2,122,696
Issuance of shares											1,844,500
Net loss for the period											(4,238,471)
Balance at end at Mar. 31, 2023				5,934,141	149,464	(6,291,875)				(208,270)	$ (271,275)
Issuance of shares, reverse takeover transaction		$ 27,671,039						$ 27,671,039
Issuance of shares, reverse takeover transaction (in shares) | shares	5,000,000	7,794,659					5,000,000
Issuance of shares for debt settlement				$ 532,500						532,500
Issuance of shares for debt settlement (in shares) | shares				150,000
Issuance of shares			$ 1,583,300						$ 1,583,300
Issuance of shares (in shares) | shares			446,000
Net loss for the period						(34,701,404)				(34,701,404)
Other comprehensive income (loss)					13,706					13,706
Balance at end at Jan. 31, 2024				$ 35,720,980	$ 163,170	$ (40,993,279)				$ (5,109,129)
Balance at end (in shares) at Jan. 31, 2024 | shares				13,390,659						13,390,659	13,390,659

Condensed Carve out Consolida_4

Condensed Carve out Consolidated Interim Statements of Cash Flows	10 Months Ended
	Jan. 31, 2024 USD ($)	Jan. 31, 2023 USD ($)
Condensed Carve out Consolidated Interim Statements of Cash Flows
Net loss	$ (34,701,404)	$ (2,577,667)
Non-cash adjustment:
Fair Value loss on derivative warrant	181,250
Foreign exchange	13,706	(3,600)
Listing expense	31,997,660
Transaction expenses	1,460,695
Changes in working capital:
Other receivables	124,020	(25,914)
Prepaids	70,216	(68,912)
Accounts payable and accrued liabilities	(688,035)	151,610
Cash used in operating activities	(1,541,892)	(2,524,483)
Decrease in restricted cash	29,557
Cash provided from investing activities	29,557
Proceeds received from convertible note	2,500,000
Proceeds received from Psyence Group Inc		2,256,778
Cash provided from financing activities	2,500,000	2,256,778
Change in cash and cash equivalents	987,665	(1,485,732)
Cash and cash equivalents, beginning of period	1,334,343	1,753,437
Cash and cash equivalents, end of period	$ 2,322,008	$ 267,705

Nature of operations and going

Nature of operations and going concern	10 Months Ended	12 Months Ended
	Jan. 31, 2024	Mar. 31, 2023
Nature of operations and going concern
Nature of operations and going concern	1. Nature of operations and going concern Psyence Biomedical Ltd. (the “Company” “PBM” Clinical Trials The Company’s registered office is at 121 Richmond Street West, PH Suite 1300, Toronto, Ontario M5H 2K1. The UK Medicines and Healthcare products Regulatory Agency (MHRA) granted full approval for the Company’s Phase IIa study In January 2023, the Company signed a letter of intent with iNGENū Pty Ltd to conduct a Phase IIb study in Australia to further develop the Company’s licensed natural psilocybin drug product. The study will evaluate the safety and efficacy of psilocybin-assisted psychotherapy versus psychotherapy alone for the treatment of adjustment disorder due to an incurable cancer diagnosis in a palliative care context. 84 patients will participate in the study, which will use FDA-recommended primary endpoints. The investigational product will be the proprietary botanical drug candidate PEX010 sourced from Filament Health Corp. Upon successful completion of the study, the Company intends to conduct a multinational Phase III registrational study. On March 06, 2024, the Company announced that its wholly-owned subsidiary, Psyence Australia (Pty) Ltd, had received full approval from the Australian Health Research Ethics Committee (HREC) to initiate its planned Phase IIb study in Melbourne, Australia. On January 9, 2023 Psyence Group Inc entered into a definitive business combination agreement (the “ Business Combination Agreement SPAC NCAC The transaction concluded on January 25, 2024, with the Company listing on the NASDAQ the following day. The transaction was completed by the Company acquiring the SPAC through the merger of the SPAC with the Company’s subsidiary. As a consequence of the transaction, the SPAC will become a wholly-owned subsidiary of PBM, the SPAC shareholders will become shareholders of PBM. On January 25, 2024 (the “ Closing Date RTO Transaction BCA NCAC Sponsor Psyence Group Merger Sub Original Target Psyence Biomed II Prior to the execution of the Amended and Restated Business Combination Agreement, Psyence Group formed Psyence Biomed II and PBM as wholly owned subsidiaries, and prior to the Closing, Psyence Group and the Original Target were amalgamated. Thereafter, Psyence Group transferred the shares of Psyence Australia Pty Ltd. and its related business assets that were previously owned by the Original Target to Psyence Biomed II. The following transactions occurred pursuant to the terms of the BCA (collectively, the “ Business Combination ● Psyence Group contributed Psyence Biomed II to the Company in a share for share exchange (the “ Company Exchange ” ). ● Following the Company Exchange, Merger Sub merged with and into NCAC, with NCAC being the surviving company in the merger (the “ Merger ” ) and each outstanding ordinary share of NCAC was converted into the right to receive one common share of the Company ( “ Common Share ” ). ● Each outstanding warrant to purchase NCAC Class A ordinary shares was converted at the Effective Time into a warrant to acquire one Common Share (the “ Company Warrants ” ) on substantially the same terms as were in effect immediately prior to the Effective Time under their terms. On January 15, 2024 and January 23, 2024, the parties to the Business Combination Agreement entered into letter agreements (the “ Closing Letter Agreements Psyence Parties Closing Minimum Cash Condition PIPE Investment Condition Closing Deliverables On January 15, 2024, in connection with the Business Combination, the Company entered into a securities purchase agreement (the “ Securities Purchase Agreement Investors Notes Financing The Note for the first tranche of the Financing (the “ First Tranche Note Upon the closing of the first tranche of the Financing, the Minimum Cash Condition and PIPE Investment Condition were deemed waived by the Psyence Parties. Merger Consideration As consideration for all of the issued and outstanding Psyence Biomed II common shares that the Company shall receive in the Company Exchange, the Company shall issue to Psyence Group, 5,000,000 Common Shares. On February 15, 2023, Psyence Australia Pty Ltd was incorporated and registered in Victoria, Australia. It is a wholly-owned subsidiary of the Company as a result of the above Business Combination. The purpose of these condensed carve out consolidated interim financial statements (the “ Financial Statements These Financial Statements are prepared on a going concern basis, which contemplates that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of business. During the period ended January 31, 2024, the Company incurred a net loss and comprehensive loss of $34,687,698 (Period ended January 31, 2023: $2,581,267) and the Company has no sources of revenue. The ability of the Company to continue operations is dependent on the Company’s ability to raise additional financing. There is no certainty that additional financing at terms that are acceptable will be available, and an inability to obtain financing would have a direct impact on the Company’s ability to continue as a going concern. These conditions indicate a material uncertainty that cast significant doubt on the Company’s ability to continue as a going concern. These Financial Statements do not reflect the adjustments to the carrying values and classifications of assets and liabilities that would be necessary if the Company were unable to realize its assets and settle its liabilities as a going concern in the normal course of operations. Such adjustments could be material.	Psyence Biomed Corp. (the “Company” “PBC” Psyence Group The Company is currently conducting clinical trials to evaluate the safety and effectiveness of natural psilocybin in treating adjustment disorder in patients with an incurable cancer diagnosis in a palliative care context (the “ Clinical Trials The UK Medicines and Healthcare products Regulatory Agency (MHRA) granted full approval for the Company’s Stage I clinical study, including ethics review board approval, on September 15, 2022. In January 2023, the Company signed a letter of intent with iNGENū Pty Ltd to conduct a Phase IIb study in Australia to further develop the Company’s licensed natural psilocybin drug product. The study will evaluate the safety and efficacy of psilocybin-assisted psychotherapy versus psychotherapy alone for the treatment of adjustment disorder due to an incurable cancer diagnosis in a palliative care context. 84 patients will participate in the study, which will use FDA-recommended primary endpoints. The investigational product will be the proprietary botanical drug candidate PEX010 sourced from Filament Health Corp. Upon successful completion of the study, Psyence intends to conduct a multinational Phase III registrational study. On February 15, 2023, the Company incorporated a wholly-owned subsidiary by the name of Psyence Australia Pty Ltd., registered in Victoria, Australia. On January 9, 2023 Psyence Group announced that it had entered into a definitive business combination agreement (the “ Business Combination Agreement SPAC Newcourt Pubco The Business Combination is anticipated to conclude in the second half of 2023, with the Pubco to go public. The Business Combination is expected to be completed by the Company acquiring the SPAC through the merger of the SPAC with a to-be-incorporated subsidiary of PBC. As a consequence of the Business Combination, the SPAC will become a wholly-owned subsidiary of PBC, the SPAC shareholders will become shareholders of PBC, and PBC would complete filings to become a public company in the United States in which Psyence Group would retain a significant ownership stake. The actual level of Psyence Group ownership of PBC upon conclusion of the Business Combination will depend on the ultimate size of the PIPE financing the SPAC intends to complete in conjunction with the Business Combination, the extent of redemptions by SPAC shareholders and the impact of such redemptions on the SPAC shareholder base. The purpose of these carve-out consolidated financial statements (the “Financial Statements”) is to provide historical financial information of PBC, to reflect PBC as if it had been operating separately from Psyence Group and its subsidiaries that do not partake in the Clinical Trials. Pursuant to the Business Combination Agreement, Newcourt is acquiring only the Clinical Trial related assets and liabilities of PBC, which are considered to be less than substantially all of PBC’s key operating assets. Therefore, the Financial Statements have been prepared on a “carve-out basis” from the consolidated financial statements of Psyence Group for the purposes of presenting the financial position, results of operations and cash flows of the Company and investments and operations relevant to the Clinical Trials on a stand-alone basis, excluding the continuing operations retained by PBC that are not being acquired by Newcourt. Accordingly, the Financial Statements reflect all the costs of business associated with the Clinical Trials, including both direct and indirect expenses allocable to the business. The carve-out consolidated Financial Statements represents the assets and liabilities of the Clinical Trials business that are specifically identifiable, and a reasonable basis exists to allocate items that are not specifically identifiable to the acquired business. Assets and liabilities excluded from the Financial Statements that are not considered to be relevant, both directly and indirectly, to the Clinical Trials include investments in subsidiaries, joint ventures, inter-company loans and website costs previously held by PBC that are not being acquired as part of the Business Combination Agreement. No assets or liabilities exist outside of PBC that are being acquired by Newcourt. These Financial Statements are prepared on a going concern basis, which contemplates that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of business. During the year ended March 31, 2023, the Company incurred a net loss and comprehensive loss of $4,238,471 (Year ended March 31, 2022: $2,319,932) and the Company has no sources of revenue. The ability of the Company to continue operations is dependent on the Company’s ability to raise additional financing. There is no certainty that additional financing at terms that are acceptable will be available, and an inability to obtain financing would have a direct impact on the Company’s ability to continue as a going concern. These conditions indicate a material uncertainty that cast substantial doubt on the Company’s ability to continue as a going concern. These Financial Statements do not reflect the adjustments to the carrying values and classifications of assets and liabilities that would be necessary if the Company were unable to realize its assets and settle its liabilities as a going concern in the normal course of operations. Such adjustments could be material.

Basis of presentation

Basis of presentation	10 Months Ended	12 Months Ended
	Jan. 31, 2024	Mar. 31, 2023
Basis of presentation
Basis of presentation	2. Basis of presentation Statement of compliance The Financial Statements of the Company have been prepared using accounting policies in compliance with International Financial Reporting Standards (“ IFRS IASB The Financial Statements were authorized for issue on April 16, 2024 by the directors of the Company. Condensed carve out consolidated Interim Statements of Financial Position The Condensed carve out consolidated Interim Statements of Financial Position include the assets and liabilities that are the Clinical Trial related assets and liabilities, which have been determined in the following manner: ● Cash is comprised of cash and cash equivalents which the Company utilizes for working capital purposes. ● Other receivables are comprised of sales tax receivable from the Canadian Revenue Agency and the Australian Taxation Office. ● Prepaids consists of a research report retainer and accounting fees prepaid. ● Accounts payable and accrued liabilities consists of audit, consulting fees and legal fees related to the Company and its Clinical Trials. Condensed carve out consolidated Interim Statements of Net Loss and Comprehensive Loss ● The Condensed carve out consolidated Interim Statements of Net Loss and Comprehensive Loss include operating expenses that are related to the Company and its Clinical Trials. Basis of consolidation These Financial Statement incorporate the accounts of PBM and its subsidiaries performing Clinical Trials. A subsidiary is an entity controlled by PBM and its results are consolidated into the financial results of the Company from the effective date of control up to the effective date of loss of control. Control exists when an investor is exposed, or has the rights, to variable returns from the involvement with the investee and has liability to affect those returns through its power over the investee. The subsidiaries of PBM have been consolidated for the purpose of these Financial Statements are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Name of entity Place of incorporation % ownership Accounting method Psyence Australia Pty Ltd. ​ Australia ​ 100 % Consolidated ​ Pysence Biomed II Corp. ​ Canada ​ 100 % Consolidated ​ Newcourt Acquisition Corp. ​ Cayman Islands ​ 100 % Consolidated ​ ​ Inter-company balances and transactions are eliminated upon consolidation. Basis of measurement These Financial Statements have been prepared on an accrual basis, are based on historical costs and are presented in United States dollars, unless otherwise noted. Functional and presentation currency These Financial Statements are presented in United States Dollars ( “USD $” ,	2. Basis of presentation Statement of compliance The Financial Statements of the Company have been prepared using accounting policies in compliance with International Financial Reporting Standards (“ IFRS IASB The Financial Statements were authorized for issue on July 28, 2023 by the directors of the Company. Carve-Out Consolidated Statements of Financial Position The carve-out consolidated statements of financial position include the assets and liabilities that are the Clinical Trial related assets and liabilities, which have been determined in the following manner: ● Cash is comprised of cash and cash equivalents which the Company utilizes for working capital purposes. ● Restricted cash is held in a guaranteed investment certificate with a bank as collateral for a credit facility agreement. ● Other receivables are comprised of sales tax receivable from the Canadian Revenue Agency and the Australian Taxation Office. ● Prepaids consists of a research report retainer and accounting fees prepaid. ● Accounts payable and accrued liabilities consists of audit, consulting fees and legal fees related to the Company and its Clinical Trials. ● Investments in subsidiaries and joint ventures of the Company that do not contain Clinical Trial related assets and liabilities have been excluded. Carve-Out Consolidated Statements of Net Loss and Comprehensive Loss ● The carve-out statements of net loss and comprehensive loss include operating expenses that are related to the Company and its Clinical Trials. ● Psyence Group issued share-based compensation which has been included in the Company’s carve- out consolidated statements of loss and comprehensive loss based on the proportionate share of services received by the Company from the holder. Basis of consolidation These Financial Statement incorporate the accounts of PBC and its subsidiaries relevant to the Clinical Trials. A subsidiary is an entity controlled by PBC and its results are consolidated into the financial results of the Company from the effective date of control up to the effective date of loss of control. Control exists when an investor is exposed, or has the rights, to variable returns from the involvement with the investee and has liability to affect those returns through its power over the investee. The subsidiaries of PBC relevant to the Clinical Trials that have been consolidated for the purpose of these Financial Statements are as follows: ​ ​ ​ ​ ​ ​ ​ ​ Name of entity Place of incorporation % ownership Accounting method Psyence Australia Pty Ltd. Australia 100% ​ Consolidated ​ Inter-company balances and transactions are eliminated upon consolidation. Basis of measurement These Financial Statements have been prepared on an accrual basis, are based on historical costs and are presented in Canadian dollars, unless otherwise noted. Functional and presentation currency These Financial Statements are presented in Canadian Dollars ( “CAD $” , USD

Material accounting policies

Material accounting policies	10 Months Ended	12 Months Ended
	Jan. 31, 2024	Mar. 31, 2023
Material accounting policies
Material accounting policies	3. Material accounting policies Financial instruments Financial assets and financial liabilities, including derivatives, are recognized on the consolidated statements of financial position when the Company becomes a party to the financial instrument or derivative contract. Summary of the Company’s classification and measurements of financial assets and liabilities: ​ ​ ​ ​ ​ ​ Financial Assets and Liabilities Classification Measurement Cash and cash equivalents ​ Amortized cost ​ Amortized cost ​ Restricted cash ​ Amortized cost ​ Amortized cost ​ Accounts payable and accrued liabilities ​ Amortized cost ​ Amortized cost ​ Derivative warrant liability ​ FVTPL ​ Fair value ​ Convertible notes ​ FVTPL ​ Fair value ​ NCAC promissory note ​ FVTPL ​ Fair value ​ PGI note ​ FVTPL ​ Fair value ​ ​ Classification The Company classifies its financial assets and financial liabilities in the following measurement categories: i) those to be measured subsequently at fair value through profit or loss (“FVTPL”); ii) those to be measured subsequently at fair value through other comprehensive income (“FVOCI”); and iii) those to be measured at amortized cost. The classification of financial assets depends on the business model for managing the financial assets and the contractual terms of the cash flows. Financial liabilities are classified as those to be measured at amortized cost unless they are designated as those to be measured subsequently at FVTPL (irrevocable election at the time of recognition). For assets and liabilities measured at fair value, gains and losses are either recorded in net loss or other comprehensive income (loss). The Company reclassifies financial assets only when its business model for managing those assets changes. Financial liabilities are not reclassified. Amortized cost This category includes financial assets that are held within a business model with the objective to hold the financial assets in order to collect contractual cash flows that meet the sole payments of principal and interest ("SPPI") criterion. Financial assets classified in this category are measured at amortized cost using the effective interest method. Fair value through profit or loss This category includes derivative instruments as well as quoted equity instruments which the Company has irrevocably elected, at initial recognition or transition, to classify at FVTPL. This category would also include debt instruments of which the cash flow characteristics fail the solely payments of principal and interest (“SPPI”) criterion or are not held within a business model whose objective is either to collect contractual cash flows, or to both collect contractual cash flows and sell. Financial assets in this category are recorded at fair value with changes recognized in net loss. Financial assets at fair value through other comprehensive income Equity instruments that are not held-for-trading can be irrevocably designated to have their change in fair value recognized through other comprehensive income (loss) instead of through net loss. This election can be made on individual instruments and is not required to be made for the entire class of instruments. Attributable transaction costs are included in the carrying value of the instruments. Financial assets at fair value through other comprehensive income/(loss) are initially measured at fair value and changes therein are recognized in other comprehensive income/(loss). Hybrid financial instrument and d e rivative liability The Company determined that the warrants, including public warrants and the private warrants are derivative instruments and should be classified as a financial liability and are measured at FVTPL. Derivative and financial liabilities designated at FVTPL are carried subsequently at fair value with gains or losses recognized in net loss. Each embedded derivative is measured and presented separately unless the whole hybrid financial instrument is designated as at FVTPL. Measurement All financial instruments are required to be measured at fair value on initial recognition, plus, in the case of a financial asset or financial liability not at FVTPL, transaction costs that are directly attributable to the acquisition or issuance of the financial asset or financial liability. Transaction costs of financial assets and financial liabilities carried at FVTPL are expensed in net loss. Financial assets and financial liabilities with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payments of principal and interest. Financial assets that are held within a business model whose objective is to collect the contractual cash flows, and that have contractual cash flows that are solely payments of principal and interest on the principal outstanding are generally measured at amortized cost at the end of the subsequent accounting periods. All other financial assets including equity investments are measured at their fair values at the end of subsequent accounting periods, with any changes taken through net loss or other comprehensive income/(loss) (irrevocable election at the time of recognition). For financial liabilities measured subsequently at FVTPL, changes in fair value due to credit risk are recorded in profit and loss. Cash and cash equivalents Cash and cash equivalents include cash on hand and, when applicable, short-term, highly liquid deposits which are either cashable or with original maturities of less than three months at the date of their acquisition. Related party transactions Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or entities. A transaction is considered to be a related party transaction when there is transfer of resources or obligations between related parties. Provisions Provisions are recognized when the Company has a present obligation, legal or constructive as a result of a previous event, if it is probable that the Company will be required to settle the obligation and a reliable estimate can be made of the obligation. The amount recognized is the best estimate of the expenditure required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligations. Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimate of the expected future cash flows. Research and development Expenditures on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, are recognized in the statements of net loss and comprehensive loss as incurred. Development expenditures are capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Company intends to complete development and has sufficient resources to complete development and to use or sell the asset. Other development expenditures are expensed as incurred. Research and development expenses include all direct and indirect operating expenses supporting the products in development. The costs incurred in establishing and maintaining patents are expensed as incurred. Foreign currency translation The Financial Statements are presented in USD $ which is PBM’s functional currency. The functional currency of its subsidiary consolidated within these Financial Statements is USD. In each individual entity, a foreign currency transaction is initially recorded in the functional currency of the entity, by applying the exchange rate between the functional currency and the foreign currency at the date of the transaction. At the end of the reporting period, monetary assets and liabilities of the Company which are denominated in foreign currencies are translated at the period-end exchange rate. Non-monetary assets and liabilities are translated at rates in effect at the date the assets were acquired, and liabilities incurred. The resulting exchange gains or losses arising on the settlement of monetary items or on translating monetary items at rates different from those at which they were translated on initial recognition, are included in statement of net loss and comprehensive loss in the period in which they arise. For the purpose of presenting these Financial Statements, the assets and liabilities of the subsidiary are translated into USD $ at the exchange rates prevailing at the end of the reporting period. Income and expenses are translated at the average rates for the period. Loss per share The Company presents basic and diluted loss per share data for its common shares. Basic loss per share is calculated by dividing the profit or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted loss per share is determined by adjusting the loss attributable to common shareholders and the weighted average number of common shares outstanding, adjusted for the effects of all dilutive potential common shares, which comprise convertible debentures, warrants and share options issued. Share based compensation The proportionate share of the fair value of the options and RSUs granted by Psyence Group shall be recognized as an expense in the Carve out Financial Statements of the Company. The expense shall be recognized over the vesting period of the options. The fair value options shall be determined using the Black-Scholes model. Income taxes Income tax comprises current and deferred tax. Income tax is recognized in profit or loss except to the extent that it relates to items recognized directly in shareholders’ equity, in which case the income tax is also recognized directly in equity or other comprehensive income, in which case the income tax is also recognized directly in equity or other comprehensive income. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted at the end of the reporting period, and any adjustments to tax payable in respect of previous years. Current tax assets and current tax liabilities are only offset if a legally enforceable right exists to offset the amounts and the Company. Deferred tax is recognized in respect of all qualifying temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Financial Statements. Deferred income tax is determined on a non-discounted basis using the tax rates and laws that have been enacted or substantively enacted at the end of the reporting period and are expected to apply when the deferred tax asset or liability is settled. Deferred tax assets are offset when there is a legally enforceable right to offset tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Deferred tax assets are recognized to the extent future recovery is probable. At each reporting period end, deferred tax assets are reduced to the extent that it is no longer probable that sufficient taxable earnings will be available to allow all or part of the asset to be recovered.	3. Significant accounting policies IFRS 9 Financial instruments The Company recognizes a financial asset or a financial liability when, and only when, it becomes a party to the contractual provisions of the instrument. Such financial assets or financial liabilities are initially recognized at fair value plus or minus transaction costs that are directly attributable to the acquisition or issue of financial instruments that are not classified as fair value through profit or loss. The classification and measurement approach for financial assets reflect the business model in which assets are managed and their cash flow characteristics. Financial assets are classified and measured based on these categories: amortized cost, fair value through other comprehensive income ( “FVOCI” “FVTPL” A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as FVTPL: ● The financial asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and ● The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to measure the investment at FVOCI whereby changes in the investment’s fair value (realized and unrealized) will be recognized permanently in OCI with no reclassification to profit or loss. The election is made on an investment-by-investment basis. A financial asset shall be measured at FVTPL unless it is measured at amortized cost or at FVOCI. Financial liabilities are classified and measured based on two categories — amortized cost or FVTPL: Amortized cost Financial liabilities are classified as measured at amortized cost unless they fall into one of the following categories: financial liabilities at FVTPL, financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition, financial guarantee contracts, commitments to provide a loan at a below-market interest rate, or contingent consideration recognized by an acquirer in a business combination. FVTPL Financial liabilities are classified as FVTPL if they fall into one of the five exemptions detailed above. Classification and measurement of the financial instruments is as follows: ​ ​ ​ Financial instrument Classification Cash and cash equivalents Amortized cost Restricted cash Amortized cost Accounts payable and accrued liabilities Amortized cost ​ Under IFRS 9, the Company applies a forward-looking expected credit loss (“ ECL The three-stage approach to recognizing ECL under IFRS 9 is intended to reflect the increase in credit risk of a financial instrument and are: ● Stage 1 is comprised of all financial instruments that have not had a significant increase in credit risk since initial recognition or that have low credit risk at the reporting date. The Company recognizes an impairment loss for those financial instruments at an amount equal to the twelve-month expected credit loss following the balance sheet date. ● Stage 2 is comprised of all financial instruments that have had a significant increase in credit risk since initial recognition but that do not have objective evidence of a credit loss event. The Company recognizes an impairment loss for those financial instruments at an amount equal to the lifetime expected credit losses. ● Stage 3 is comprised of all financial instruments that have objective evidence of impairment at the reporting date. The Company recognizes an impairment loss for those financial instruments at an amount equal to the lifetime expected credit losses. Impairment losses are recorded in the carve-out statements of net loss and comprehensive loss with the carrying amount of the financial assets reduced through the use of impairment allowance accounts. The Company reverses impairment losses on financial assets carried at amortized cost when the decrease in impairment can be objectively related to an event occurring after the impairment loss was initially recognized. Cash and cash equivalents Cash and cash equivalents include cash on hand and, when applicable, short-term, highly liquid deposits which are either cashable or with original maturities of less than three months at the date of their acquisition. Related party transactions Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or entities. A transaction is considered to be a related party transaction when there is transfer of resources or obligations between related parties. Provisions Provisions are recognized when the Company has a present obligation, legal or constructive as a result of a previous event, if it is probable that the Company will be required to settle the obligation and a reliable estimate can be made of the obligation. The amount recognized is the best estimate of the expenditure required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligations. Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimate of the expected future cash flows. Share based compensation The proportionate share of the fair value of the options and warrants granted by Psyence Group shall be recognized as an expense in the Carve-Out Financial Statements of the Company. The expense shall be recognized over the vesting period of the options. The fair value of the options shall be determined using the Black-Scholes model. The expense associated with the options and warrants shall be allocated to the Company based on the proportion of services received by the Company from the employees and consultants who have been granted the options. Net parent investment The net parent investment represents the net financings that the Company received from Psyence Group to fund its operations through contributions to the Clinical Trials, cash extended to the Company’s subsidiaries and joint ventures that were not related to the Clinical Trials, and the net effect of cost allocations from transactions with Psyence Group, all of which did not require repayments. Research and development Expenditures on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, are recognized in the carve-out statements of net loss and comprehensive loss as incurred. Development expenditures are capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Company intends to complete development and has sufficient resources to complete development and to use or sell the asset. Other development expenditures are expensed as incurred. Research and development expenses include all direct and indirect operating expenses supporting the products in development. The costs incurred in establishing and maintaining patents are expensed as incurred. Foreign currency translation The Financial Statements are presented in CAD $ which is PBC’s functional currency. The functional currency of its subsidiary consolidated within these Financial Statements is USD. In each individual entity, a foreign currency transaction is initially recorded in the functional currency of the entity, by applying the exchange rate between the functional currency and the foreign currency at the date of the transaction. At the end of the reporting period, monetary assets and liabilities of the Company which are denominated in foreign currencies are translated at the period-end exchange rate. Non-monetary assets and liabilities are translated at rates in effect at the date the assets were acquired, and liabilities incurred. The resulting exchange gains or losses arising on the settlement of monetary items or on translating monetary items at rates different from those at which they were translated on initial recognition, are included in profit or loss in the period in which they arise. For the purpose of presenting these Financial Statements, the assets and liabilities of the subsidiary are translated into CAD $ at the exchange rates prevailing at the end of the reporting period. Income and expenses are translated at the average rates for the period. Exchange differences arising are recognized in net parent investment.

Critical accounting estimates a

Critical accounting estimates and judgements	10 Months Ended	12 Months Ended
	Jan. 31, 2024	Mar. 31, 2023
Critical accounting estimates and judgements
Critical accounting estimates and judgements	4. Critical accounting estimates and judgements The preparation of financial statements in conformity with IFRS requires management to make certain estimates, judgments and assumptions concerning the future. Actual results may differ from these estimates. The Company’s management reviews these estimates, judgments, and assumptions on an ongoing basis, based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to estimates are adjusted prospectively in the period in which the estimates are revised. The following are deemed to be critical accounting policies by as these require a high level of subjectivity and judgement and could have a material impact on PBM’s financial statements. Going concern These Financial Statements have been prepared on the assumption that the Company will continue as a going concern, meaning it will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the ordinary course of operations. Management routinely plans future activities including forecasting future cash flows and forming judgements collectively with directors of the Company. Judgement is required in determining if the Company’s has sufficient cash reserves, together with all other available information, to continue as a going concern for a period of at least twelve months. As at January 31, 2024 the Company has concluded that a material uncertainty exists that casts significant doubt about the Company’s ability to continue as a going concern. Reverse takeover transaction The Company treated the RTO Transaction as a capital transaction equivalent to the issue of shares of the Company in exchange for the net monetary assets of NCAC. The Company determined that the original shareholders of PGI became the controlling shareholders of the Company after the RTO Transaction, therefore the Company was the acquiror and NCAC was the acquiree. The RTO Transaction did not constitute a business combination as defined under IFRS 3, Business Combinations, as NCAC is a non-operating entity that does not meet the definition of a business under IFRS 3. The excess of the consideration paid over the net liability acquired together with any transaction costs incurred for the Transaction is expensed as a listing expense in accordance with IFRS 2 Share-Based Payments. The fair value of the consideration paid was determined by the opening trading price ($3.55/share) of the Company’s common shares listed on the NASDAQ on January 26, 2024. Convertible instruments Convertible notes are compound financial instruments which have been designated as a FVTPL classification. The identification of convertible debenture components is based on interpretations of the substance of the contractual arrangement and therefore requires judgment from management. The separation of the components affects the initial recognition of the convertible debenture at issuance and the subsequent remeasurement. As the Company has designated the entire convertible financial instrument as FVTPL given the embedded derivate liability that was contained by the convertible financial instrument, the debentures have not been separated into debt and derivative components. The fair value of the instrument approximates the transaction price due to the short period outstanding. Contingencies From time to time, the Company is named as a party to claims or involved in proceedings, including legal, regulatory and tax related, in the ordinary course of its business. While the outcome of these matters may not be estimable at the reporting date, the Company makes provisions, where possible, for the estimated outcome of such claims or proceedings. Should a loss result from the resolution of any claims or proceedings that differs from these estimates, the difference will be accounted for as a charge to profit or loss in that period. The actual results may vary and may cause significant adjustments. Deferred taxes Significant estimates are required in determining the Company’s income tax provision. Some estimates are based on interpretations of existing tax laws or regulations. Various internal and external factors may have favourable or unfavourable effects on the Company’s future effective tax rate. These include, but are not limited to, changes in tax laws, regulations and/or rates, changing interpretations of existing tax laws or regulations, and results of tax audits by tax authorities. Inputs when using Black-Scholes valuation model The estimates used in determining the private warrant fair values, utilizes estimates made by management in determining the appropriate input variables in the Black-Scholes valuation model. Inputs subject to estimates include volatility, estimated lives and market rates. Income taxes Provisions for taxes are made using the best estimate of the amount expected to be paid based on a qualitative assessment of all relevant factors. The Company reviews the adequacy of these provisions at the end of the reporting period. However, it is possible that at some future date an additional liability could result from audits by taxing authorities. Where the final outcome of these tax-related matters is different from the amounts that were initially recorded, such differences will affect the tax provisions in the period in which such determination is made. Government grants Government grants are recognized when there is reasonable assurance that the Company will comply with the conditions attached to them and the government grants will be received. Grants are recognized as income when they are received. The Company has recognized the government grant received during the period as research and development grants as other income in the combined consolidated statements of loss and comprehensive loss.	4. Critical accounting estimates and judgements ​ The preparation of financial statements in conformity with IFRS requires management to make certain estimates, judgments and assumptions concerning the future. Actual results may differ from these estimates. The Company’s management reviews these estimates, judgments, and assumptions on an ongoing basis, based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to estimates are adjusted prospectively in the period in which the estimates are revised. The following are deemed to be critical accounting policies by as these require a high level of subjectivity and judgement and could have a material impact on PBC’s financial statements. Going concern These Financial Statements have been prepared on the assumption that the Company will continue as a going concern, meaning it will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the ordinary course of operations. Management routinely plans future activities including forecasting future cash flows and forming judgements collectively with directors of the Company. Judgement is required in determining if the Company’s has sufficient cash reserves, together with all other available information, to continue as a going concern for a period of at least twelve months. As at March 31, 2023 the Company has concluded that a material uncertainty exists that casts significant doubt about the Company’s ability to continue as a going concern. Contingencies From time to time, the Company is named as a party to claims or involved in proceedings, including legal, regulatory and tax related, in the ordinary course of its business. While the outcome of these matters may not be estimable at the reporting date, the Company makes provisions, where possible, for the estimated outcome of such claims or proceedings. Should a loss result from the resolution of any claims or proceedings that differs from these estimates, the difference will be accounted for as a charge to profit or loss in that period. The actual results may vary and may cause significant adjustments. Share based compensation The allocation of the expenses associated with the options and warrants granted by Psyence Group to the Company is based on the proportion of services received from the employees and consultants who have been granted the options. However, determining the proportion of services received by the Company involves judgment. Additionally, estimating the fair value for share-based payment transactions requires judgement in determining the most appropriate valuation model, which is dependent on the terms and conditions of the grant. This also requires estimation of the most appropriate inputs to the valuation model including the expected life of the share option or warrant, volatility, dividend yield and share price.

Reverse takeover transaction wi

Reverse takeover transaction with NCAC	10 Months Ended
	Jan. 31, 2024
Reverse takeover transaction with NCAC
Reverse takeover transaction with NCAC	5. Reverse takeover transaction with NCAC On January 25, 2024 the Company completed the RTO Transaction (See Note 1). RTO Transaction did not constitute a business combination as defined under IFRS 3, Business Combinations, as NCAC is a non-operating entity that does not meet the definition of a business under IFRS 3. The excess of the consideration paid over the net liability acquired together with any transaction costs incurred for the Transaction is expensed as a listing expense in accordance with IFRS 2 Share-Based Payments. The fair value of the consideration paid was determined by the opening trading price ($3.55/share) of the Company’s common shares listed on the NASDAQ on January 26, 2024. Prior to the transaction, NCAC shareholders have made redemptions and NCAC has issued new shares new ordinary shares to settle certain liabilities and obligations. Accordingly, upon consummation of the Company newly issued 8,390,659 common shares in exchange for the outstanding ordinary share held by a NCAC stockholder. The calculation of listing expenses is as follows: ​ ​ ​ ​ ​ ​ Listing ​ ​ Expense Consideration paid: ​ ​ Shares issued to NCAC shareholders ​ 7,794,659 Shares issued to settle NCAC liabilities ​ 150,000 Shares issued to compensate advisors ​ 446,000 Total consideration shares issued NCAC shareholders ​ 8,390,659 Fair value of the common shares ​ $ 3.55 Deemed consideration amount for the common shares issued ​ $ 29,786,839 ​ ​ ​ ​ Net identifiable liability acquired: ​ Cash and cash equivalent ​ $ 203 Accounts payable and accrued liabilities ​ $ (165) NCAC promissory note (Note 10) ​ $ (1,615,501) Derivative warrant liabilities (Note 9) ​ $ (595,358) Net liabilities acquired ​ $ (2,210,821) ​ ​ ​ ​ Listing Expense ​ $ 31,997,660 ​ The listing expense has been included in the consolidated statements of net loss and comprehensive loss, which also includes the other transaction cost of $1,074,728 in connection with the RTO Transaction composed of legal, banking, professional fees and costs related to the settlement of carved-out assets and liabilities from PGI.

Cash, restricted cash and cash

Cash, restricted cash and cash equivalents	10 Months Ended	12 Months Ended
	Jan. 31, 2024	Mar. 31, 2023
Cash, restricted cash and cash equivalents
Cash, restricted cash and cash equivalents	6. Cash, restricted cash and cash equivalents Cash and cash equivalents include the following amounts: ​ ​ ​ ​ ​ ​ ​ January 31, March 31, ​ ​ 2024 ​ 2023 Unrestricted cash held with chartered banks ​ 2,322,008 ​ 1,334,343 Restricted Cash — 29,557 Total 2,322,008 1,363,890 ● unrestricted cash held with chartered banks and ● the Company entered into a cash collateral agreement with a major chartered bank in Canada with regards to a credit facility against which the Company deposited $40,000 in a guaranteed investment certificate with the bank. Amounts are held in restricted cash on the statements of financial position.	5. Cash, restricted cash and cash equivalents Cash and cash equivalents include the following amounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, March 31, March 31, ​ ​ 2023 ​ 2022 ​ 2021 Unrestricted cash held with chartered banks ​ 1,800,539 ​ 2,185,868 ​ 6,001,436 Held in trust for brokerage account 5,227 5,227 5,000 Restricted Cash 40,000 40,000 — Total 1,845,776 2,231,095 6,006,436 ​ ● an amount held in trust by a brokerage firm as security for foreign currency exchanges; ● unrestricted cash held with chartered banks and ● the Company entered into a cash collateral agreement with a major chartered bank in Canada with regards to a credit facility against which the Company deposited $40,000 in a guaranteed investment certificate with the bank. Amounts are held in restricted cash on the carve-out statements of financial position.

Accounts payable and accrued li

Accounts payable and accrued liabilities	10 Months Ended	12 Months Ended
	Jan. 31, 2024	Mar. 31, 2023
Accounts payable and accrued liabilities
Accounts payable and accrued liabilities	7. Accounts payable and accrued liabilities Accounts payable and accrued liabilities include the following amounts: ​ ​ ​ ​ ​ ​ ​ January 31, March 31, ​ ​ 2024 ​ 2023 Trade payables 847,751 1,636,034 Accrued liabilities 262,813 162,565 Total 1,110,564 1,798,599 ​	6. Accounts payable and accrued liabilities Accounts payable and accrued liabilities include the following amounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, March 31, March 31, ​ 2023 2022 2021 Trade payables ​ 2,203,468 ​ 46,054 ​ 16,976 Accrued liabilities 219,999 118,446 110,614 Total 2,423,467 164,500 127,590 ​

Convertible note liability

Convertible note liability	10 Months Ended
	Jan. 31, 2024
Convertible note liability
Convertible note liability	8 . Convertible note liability On January 15, 2024, in connection with the RTO Transaction (Note 5), the Company and Psyence Biomed II entered into the Securities Purchase Agreement with the Investors and the Sponsor, relating to up to four senior secured convertible notes obligations under which are guaranteed by certain assets of the Company and Psyence Biomed II, issuable to the Investors at or after the Closing, as the case may be, for the aggregate principal amount of up to $12,500,000 in exchange for up to $10,000,000 in subscription amounts (the “ Convertible Note Financing The two First Tranche Notes, for an aggregate of $3,125,000, were delivered by the Company to the Investors on January 25, 2024, in exchange for an aggregate of $2,500,000 in financing, which occurred substantially concurrently with the consummation of the RTO Transaction. On the original issuance date of the First Tranche Notes, interest began accruing at 8.0% per annum based on the outstanding principal amount of the First Tranche Notes and is payable monthly in arrears in cash or in common shares of the Company at the Conversion Price (as defined below). The price at which the Investors can convert the outstanding principal and interest to the common shares (the “Conversion Price”) is determined as follows: The initial Conversion Price of the First Tranche Notes was $10.00; provided, however, that such Conversion Price is subject to certain adjustments according to the terms and reset dates included in the First Tranche Notes and may be reduced to a Conversion Floor of $1.00, until the First Reset Date (5 days prior the initial Registration Statement is effective), then to $0.50 on the Second Reset Date (3-month anniversary of Closing Date) and to $0 thereafter. The Company is also obligated to pay the Investors in no later than 35 trading days any price differences in cash or in shares between the when the 30-Day volume-weighted average price (“ VWAP Make Whole Payment Total proceeds received are $2,500,000 (the “ Transaction Price

Derivative warrant liabilities

Derivative warrant liabilities	10 Months Ended
	Jan. 31, 2024
Derivative warrant liabilities
Derivative warrant liabilities	9. Derivative warrant liabilities Prior to the RTO Transaction, NCAC had two classes of warrants outstanding, which were assumed by the Company upon completion of the RTO Transaction. Public Warrants: which were resulted from NCAC’s initial public offering (the “ NCAC IPO Private Warrants: which were resulted from NCAC’s private placement prior to the NCAC IPO. As at the Closing Date and January 31, 2024, there were 13,070,000 warrants Warrants Warrants IAS 32 – Financial Instruments: presentation. Since the Public Warrants are traded on Nasdaq, their price is observable. The Company valued the Public Warrants using the closing price of PBMWW to measure their fair value. The Company utilizes a Black-Scholes options valuation model to value the private warrants at each reporting period, with changes in fair value recognized in the statement of net loss and comprehensive loss. The estimated fair value of the warrant liability is determined using Level 2 inputs. Inherent in a Black-Scholes pricing model are assumptions related to expected volatility of the Public Warrants, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its ordinary shares based on industry historical volatility that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero. The following table provides quantitative information regarding Level 2 fair value measurements at January 31, 2024: ​ ​ ​ ​ ​ ​ Warrant Inputs Share price ​ 4.79 Expected dividend yield Nil ​ Exercise price 11.50 ​ Risk-free interest rate 3.93 % Expected life 5.00 ​ Expected volatility 17.70 % Expiry date ​ January 25, 2029 ​ ​ At January 31, 2024 the fair value of the Public and Private Warrants was $750,000 ($0.06/warrant) and $26,608 ($0.4668/warrant), respectively. A fair value loss of $181,250 was recognized on the statement of net loss and comprehensive loss. Warrant transactions and the number of warrants outstanding are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public Warrants Private Warrants ​ ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ Average ​ ​ Number of ​ Exercise ​ Number of ​ Exercise ​ ​ Warrants ​ Price ​ Warrants ​ Price Balance, March 31, 2023 ​ — ​ $ — ​ — ​ $ — Issued 12,500,000 ​ 11.50 570,000 ​ 11.50 Balance, January 31, 2024 12,500,000 ​ $ 11.50 570,000 ​ $ 11.50 ​ The following warrants were outstanding and exercisable at January 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Number of ​ ​ ​ ​ Exercise ​ Warrants ​ Warrants Issue Date ​ Expiry Date ​ Price ​ Outstanding ​ Exercisable January 25, 2024 ​ January 25, 2029 ​ $ 11.50 ​ 13,070,000 ​ 13,070,000 Balance, January 31, 2024 ​ ​ $ 11.50 ​ 13,070,000 ​ 13,070,000 ​

Promissory Notes

Promissory Notes	10 Months Ended
	Jan. 31, 2024
Promissory Notes
Promissory Notes	10. Promissory Notes On January 25, 2024, the Company issued an unsecured convertible promissory note to Psyence Group Inc.(“ PGI PGI Note On January 25, 2024, NCAC issued an unsecured convertible promissory note to the Sponsor (the “ NCAC Replacement Note Existing Notes

Share capital

Share capital	10 Months Ended
	Jan. 31, 2024
Share capital
Share capital	11. Share capital a) Authorized The Company is authorized to issue an unlimited number of Common Shares, each without par value. b) Issued and outstanding As at January 31, 2024, there were 13,390,659 issued On January 25, 2024, as a result of the completion of the RTO Transaction, the Company issued 5,000,000 Common Shares to the previous shareholders of PGI, 8,390,659 to the previous shareholders of NCAC (see Note 5). c) Loss per share The calculation of basic and diluted loss per share is based on the loss for the period divided by the weighted average number of shares in circulation during the period. In calculating the diluted loss per share, potentially dilutive shares such as options, convertible debt and warrants have not been included as they would have the effect of decreasing the loss per share, and they would therefore be anti-dilutive.

Other income

Other income	10 Months Ended
	Jan. 31, 2024
Other income.
Other income	12. Other income On August 21, 2023 the Company entered into a loan agreement (the "Loan Agreement") via its Australian subsidiary Psyence Australia (Pty) Ltd (the "Borrower"), to borrow up to AUD $1,100,000 by way of a secured loan (the "Loan") from RH Capital Finance Co., LLC. The Loan is secured by way of a General Security Agreement and parent company guarantee against the assets of the Borrower and the Company. The loan was granted to the Borrower after it successfully registered its research and development activities with the Australian Federal Government. The Borrower benefits from the Australian Federal Government’s Research & Development tax incentive program, which provides up to a 43.5% rebate on research and development expenses in Australia. The Loan bears interest at 16% per annum subject to a minimum interest chargeable period of 91 days, and is repayable at the earlier of: (a) 21 business days after the notice of assessment (in respect of R&D refunds) is issued by the Australian Taxation Office to the Borrower for the financial year ended June 30, 2023 (b) an event of default and (c) 30 November 2023. The loan agreement with RH Capital Finance Co., LLC was repaid in full on October 5, 2023 when the Company received the research and development rebate of AUD $1,336,622 ($880,352) from the Australian Taxation office which was utilised to settle the loan payable. This rebate represents a government grant aimed at supporting research and development activities. Therefore, in accordance with International Financial Reporting Standards (IFRS), the grant is recognized as income when there is a reasonable assurance that the grant will be received and that the Company will comply with the conditions attached to it. These conditions were satisfied when the Company received the rebate on October 5, 2023. $56,203 (January 31, 2023 - $nil) in interest expense was incurred during the ten months period ended January 31, 2024. The loan and all outstanding interest was repaid after quarter end after the Australian Taxation Office refunded 43.5% of expenditure incurred on research and development in Australia.

Capital management

Capital management	10 Months Ended	12 Months Ended
	Jan. 31, 2024	Mar. 31, 2023
Capital management
Capital management	13. Capital management The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to pursue the development of natural health business, to maintain a flexible capital structure which optimizes the cost of capital at an acceptable risk level. The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust its capital structure, the Company may obtain additional funding from equity financings, issue new debt, acquire or dispose of assets or adjust the amount of cash and cash equivalents on hand. In order to facilitate the management of its capital requirements, the Company prepares annual budgets that are updated as necessary depending on various factors, including successful capital deployment and general industry conditions. The annual and updated budgets are approved by the Board of Directors. Management considers its approach to capital management to be appropriate given the relative size of the Company. There were no changes in the Company’s approach to capital management during the period.	8. Capital management ​ The Company manages its cash and net parent investment as capital. The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to pursue the development of natural health business, to maintain a flexible capital structure which optimizes the cost of capital at an acceptable risk level. The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust its capital structure, the Company may obtain additional funding from its parent, issue new debt, acquire or dispose of assets or adjust the amount of cash and cash equivalents on hand. In order to facilitate the management of its capital requirements, the Company prepares annual budgets that are updated as necessary depending on various factors, including successful capital deployment and general industry conditions. The annual and updated budgets are approved by the Board of Directors. Management considers its approach to capital management to be appropriate given the relative size of the Company. There were no changes in the Company’s approach to capital management during the year.

Transactions with related parti

Transactions with related parties	10 Months Ended	12 Months Ended
	Jan. 31, 2024	Mar. 31, 2023
Transactions with related parties
Transactions with related parties	14. Transactions with related parties All related party transactions are measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties. All amounts either due from or due to related parties other than specifically disclosed are non-interest bearing, unsecured and have no fixed terms of repayments. The Company incurred the following transactions with related parties during the periods ended January 31, 2024 and January 31, 2023: Compensation to key management personnel Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly. Key management personnel include the Company’s executive officers and Board of Directors. ​ ​ ​ ​ ​ ​ Key Management Personnel January 31, 2024 January 31, 2023 Short term benefits ​ 451,138 ​ 417,958 Total 451,138 417,958 ​ Short term benefits consist of consulting fees, payroll and other benefits paid to key management personnel.	9. Transactions with related parties ​ All related party transactions are measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties. All amounts either due from or due to related parties other than specifically disclosed are non-interest bearing, unsecured and have no fixed terms of repayments. The Company incurred the following transactions with related parties during the years ended March 31, 2023 and March 31, 2022: Compensation to key management personnel Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly. Key management personnel include the Company’s executive officers and Board of Directors. ​ ​ ​ ​ ​ ​ ​ March 31, March 31, Key Management Personnel 2023 2022 Short term benefits 785,487 764,965 Share based compensation 231,231 370,037 Total 1,016,718 1,135,002 ​ Short term benefits consist of consulting fees, payroll and other benefits paid to key management personnel. Share based compensation is options granted to key management personnel. Accounts payable included balances for related parties of $100,355 ($22,005 – March 31, 2022 & $28,125 – March 31, 2021).

Share based compensation

Share based compensation	10 Months Ended	12 Months Ended
	Jan. 31, 2024	Mar. 31, 2023
Share based compensation
Share based compensation	15. Share based compensation During the period ended January 31, 2024, $177,471 (Period ended January 31, 2023 - $243,963) was recognized for options and restricted stock units (“RSU’s”) granted by Psyence Group under professional fees and consulting expenses and general and administrative expenses on the condensed carve-out consolidated interim statements of net loss and comprehensive loss. The allocation of share based compensation expense was comprised of a total of 0 (year ended March 31, 2022 – 2,558,401) options granted by Psyence Group during the period ended January 31, 2024 with a weighted average fair value of $0.00 (period ended January 31, 2023 - $0.07) and a total of 0 (period ended January 31, 2023 - 3,528,750) RSUs granted by Psyence Group during the period ended January 31, 2024. This share-based compensation relates only to the historic carve out pre-combination period and does not relate to options or RSUs in the Company. No share options or RSUs have been issued by the Company post transaction and listing date.	10. Share based compensation During the year ended March 31, 2023 $292,756 (Year ended March 31, 2022 – $414,574) was recognized for options and restricted stock units (“RSU’s”) granted by Psyence Group under professional fees and consulting expenses and general and administrative expenses on the carve-out consolidated statements of net loss and comprehensive loss. The allocation of share based compensation expense to the Company was comprised of a total of 2,558,401 (year ended March 31, 2022 – 1,350,000 Options and RSUs granted were subject to various time-based vesting terms. This allocation was based on services received from consultants and employees who were granted options in Psyence Group. The fair value of the RSU’s was based on the Company’s share price at the date of grant. The fair value of the options was determined at the grant date based on the Black Scholes pricing model, using the following weighted average assumptions: ​ ​ ​ ​ ​ ​ ​ ​ Options granted during year Options granted during year ​ ended March 31, 2023 ended March 31, 2022 ​ Numbers issued ​ 2,558,401 ​ 1,350,000 Share price ​ $0.09 – $0.14 ​ $0.26 ​ Expected dividend yield ​ Nil ​ Nil ​ Exercise price ​ $0.14 – $0.20 ​ $0.30 ​ Risk-free interest rate ​ 2.78% – 3.49% ​ 0.96% ​ Expected life ​ 3.00 – 5.00 ​ 5.00 ​ Expected volatility ​ 100% ​ 100% ​ ​

Financial instruments and finan

Financial instruments and financial risk management	10 Months Ended	12 Months Ended
	Jan. 31, 2024	Mar. 31, 2023
Financial instruments and financial risk management
Financial instruments and financial risk management	16. Financial instruments and financial risk management a) Financial instrument classification and fair value measurement Financial instruments that are recorded at fair value on the consolidated statements of financial position are classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value of hierarchy has the following levels: ● Level 1 – quoted prices in active markets for identical financial instruments. ● Level 2 – quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in the markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. ● Level 3 – valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The table below presents the carrying value of the Company’s financial instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total Derivative warrant liabilities – Private Warrants ​ ​ — ​ ​ 26,608 ​ ​ — ​ ​ 26,608 Derivative warrant liabilities – Public Warrants ​ 750,000 ​ — ​ — ​ 750,000 Convertible notes ​ — ​ — ​ 2,500,000 ​ — Balance, January 31, 2024 ​ $ 750,000 ​ $ 26,608 ​ $ 2,500,000 ​ $ 776,608 ​ The face value of the financial instruments approximates the fair value due to the short-term maturity nature of the financial instruments. b) Risk management In the normal course of business, the Company is exposed to a variety of financial risks: credit risk, liquidity risk, foreign exchange risk and interest rate risk. These financial risks are subject to normal credit standards, financial controls, risk management as well as monitoring. The Company’s Board of Directors has overall responsibility for the establishment and oversight of the Company’s risk management framework. Credit risk Credit risk arises from cash and cash equivalents held with banks. The maximum exposure to credit risk is equal to the carrying value of the financial assets. The objective of managing counterparty credit risk is to prevent losses on financial assets. The Company minimizes the credit risk of cash and cash equivalents by depositing with only reputable financial institutions. Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages liquidity risk through an ongoing review of future commitments and cash balances available. Historically, the Company’s main source of funding has been through investments from its parent. The Company’s access to financing is uncertain. There can be no assurance of continued access to significant equity or debt funding. The following table set forth the maturity of the contractual obligations as at January 31, 2024 and after ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Contractual Less than 1 Between 1 ​ ​ Amount ​ Cash Flows ​ year ​ and 3 year Accounts payable & accrued liabilities ​ $ 1,110,564 ​ $ 1,110,564 ​ $ 1,110,564 ​ $ — Convertible note liability ​ 2,500,000 ​ $ 3,625,000 ​ $ 250,000 ​ 3,375,000 Due to NCAC sponsor ​ 1,615,501 ​ 1,615,501 ​ 1,615,501 ​ — Due to Psyence Group Inc ​ 1,460,657 ​ 1,460,657 ​ 1,460,657 ​ — Total contractual obligations ​ $ 6,686,722 ​ $ 7,811,722 ​ $ 4,436,722 ​ $ 3,375,000 ​ Interest rate risk Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company has no significant interest-bearing assets or liabilities and therefore its income and operating cash flows are substantially independent of changes in market interest rates. Foreign exchange risk Foreign currency risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because they are denominated in currencies that differ from the respective functional currency. As at January 31, 2024, a 10% fluctuation in foreign exchange rates would result in a $42,491 impact to net loss and comprehensive loss.	12. Financial instruments and financial risk management In the normal course of business, the Company is exposed to a variety of financial risks: credit risk, liquidity risk, foreign exchange risk and interest rate risk. These financial risks are subject to normal credit standards, financial controls, risk management as well as monitoring. The Company’s Board of Directors has overall responsibility for the establishment and oversight of the Company’s risk management framework. Credit risk Credit risk arises from cash and cash equivalents held with banks. The maximum exposure to credit risk is equal to the carrying value of the financial assets. The objective of managing counterparty credit risk is to prevent losses on financial assets. The Company minimizes the credit risk of cash and cash equivalents by depositing with only reputable financial institutions. Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages liquidity risk through an ongoing review of future commitments and cash balances available. Historically, the Company’s main source of funding has been through investments from its parent. The Company’s access to financing is always uncertain. There can be no assurance of continued access to significant equity or debt funding. Interest rate risk Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company has no significant interest-bearing assets or liabilities and therefore its income and operating cash flows are substantially independent of changes in market interest rates. Foreign exchange risk Foreign currency risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because they are denominated in currencies that differ from the respective functional currency. As at March 31, 2023, a 10% fluctuation in foreign exchange rates would result in a $5,482 impact to profit or loss.

Material accounting policies (P

Material accounting policies (Policies)	10 Months Ended	12 Months Ended
	Jan. 31, 2024	Mar. 31, 2023
Material accounting policies
Financial instruments	Financial instruments Financial assets and financial liabilities, including derivatives, are recognized on the consolidated statements of financial position when the Company becomes a party to the financial instrument or derivative contract. Summary of the Company’s classification and measurements of financial assets and liabilities: ​ ​ ​ ​ ​ ​ Financial Assets and Liabilities Classification Measurement Cash and cash equivalents ​ Amortized cost ​ Amortized cost ​ Restricted cash ​ Amortized cost ​ Amortized cost ​ Accounts payable and accrued liabilities ​ Amortized cost ​ Amortized cost ​ Derivative warrant liability ​ FVTPL ​ Fair value ​ Convertible notes ​ FVTPL ​ Fair value ​ NCAC promissory note ​ FVTPL ​ Fair value ​ PGI note ​ FVTPL ​ Fair value ​ ​ Classification The Company classifies its financial assets and financial liabilities in the following measurement categories: i) those to be measured subsequently at fair value through profit or loss (“FVTPL”); ii) those to be measured subsequently at fair value through other comprehensive income (“FVOCI”); and iii) those to be measured at amortized cost. The classification of financial assets depends on the business model for managing the financial assets and the contractual terms of the cash flows. Financial liabilities are classified as those to be measured at amortized cost unless they are designated as those to be measured subsequently at FVTPL (irrevocable election at the time of recognition). For assets and liabilities measured at fair value, gains and losses are either recorded in net loss or other comprehensive income (loss). The Company reclassifies financial assets only when its business model for managing those assets changes. Financial liabilities are not reclassified. Amortized cost This category includes financial assets that are held within a business model with the objective to hold the financial assets in order to collect contractual cash flows that meet the sole payments of principal and interest ("SPPI") criterion. Financial assets classified in this category are measured at amortized cost using the effective interest method. Fair value through profit or loss This category includes derivative instruments as well as quoted equity instruments which the Company has irrevocably elected, at initial recognition or transition, to classify at FVTPL. This category would also include debt instruments of which the cash flow characteristics fail the solely payments of principal and interest (“SPPI”) criterion or are not held within a business model whose objective is either to collect contractual cash flows, or to both collect contractual cash flows and sell. Financial assets in this category are recorded at fair value with changes recognized in net loss. Financial assets at fair value through other comprehensive income Equity instruments that are not held-for-trading can be irrevocably designated to have their change in fair value recognized through other comprehensive income (loss) instead of through net loss. This election can be made on individual instruments and is not required to be made for the entire class of instruments. Attributable transaction costs are included in the carrying value of the instruments. Financial assets at fair value through other comprehensive income/(loss) are initially measured at fair value and changes therein are recognized in other comprehensive income/(loss). Hybrid financial instrument and d e rivative liability The Company determined that the warrants, including public warrants and the private warrants are derivative instruments and should be classified as a financial liability and are measured at FVTPL. Derivative and financial liabilities designated at FVTPL are carried subsequently at fair value with gains or losses recognized in net loss. Each embedded derivative is measured and presented separately unless the whole hybrid financial instrument is designated as at FVTPL. Measurement All financial instruments are required to be measured at fair value on initial recognition, plus, in the case of a financial asset or financial liability not at FVTPL, transaction costs that are directly attributable to the acquisition or issuance of the financial asset or financial liability. Transaction costs of financial assets and financial liabilities carried at FVTPL are expensed in net loss. Financial assets and financial liabilities with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payments of principal and interest. Financial assets that are held within a business model whose objective is to collect the contractual cash flows, and that have contractual cash flows that are solely payments of principal and interest on the principal outstanding are generally measured at amortized cost at the end of the subsequent accounting periods. All other financial assets including equity investments are measured at their fair values at the end of subsequent accounting periods, with any changes taken through net loss or other comprehensive income/(loss) (irrevocable election at the time of recognition). For financial liabilities measured subsequently at FVTPL, changes in fair value due to credit risk are recorded in profit and loss.	IFRS 9 Financial instruments The Company recognizes a financial asset or a financial liability when, and only when, it becomes a party to the contractual provisions of the instrument. Such financial assets or financial liabilities are initially recognized at fair value plus or minus transaction costs that are directly attributable to the acquisition or issue of financial instruments that are not classified as fair value through profit or loss. The classification and measurement approach for financial assets reflect the business model in which assets are managed and their cash flow characteristics. Financial assets are classified and measured based on these categories: amortized cost, fair value through other comprehensive income ( “FVOCI” “FVTPL” A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as FVTPL: ● The financial asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and ● The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to measure the investment at FVOCI whereby changes in the investment’s fair value (realized and unrealized) will be recognized permanently in OCI with no reclassification to profit or loss. The election is made on an investment-by-investment basis. A financial asset shall be measured at FVTPL unless it is measured at amortized cost or at FVOCI. Financial liabilities are classified and measured based on two categories — amortized cost or FVTPL: Amortized cost Financial liabilities are classified as measured at amortized cost unless they fall into one of the following categories: financial liabilities at FVTPL, financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition, financial guarantee contracts, commitments to provide a loan at a below-market interest rate, or contingent consideration recognized by an acquirer in a business combination. FVTPL Financial liabilities are classified as FVTPL if they fall into one of the five exemptions detailed above. Classification and measurement of the financial instruments is as follows: ​ ​ ​ Financial instrument Classification Cash and cash equivalents Amortized cost Restricted cash Amortized cost Accounts payable and accrued liabilities Amortized cost ​ Under IFRS 9, the Company applies a forward-looking expected credit loss (“ ECL The three-stage approach to recognizing ECL under IFRS 9 is intended to reflect the increase in credit risk of a financial instrument and are: ● Stage 1 is comprised of all financial instruments that have not had a significant increase in credit risk since initial recognition or that have low credit risk at the reporting date. The Company recognizes an impairment loss for those financial instruments at an amount equal to the twelve-month expected credit loss following the balance sheet date. ● Stage 2 is comprised of all financial instruments that have had a significant increase in credit risk since initial recognition but that do not have objective evidence of a credit loss event. The Company recognizes an impairment loss for those financial instruments at an amount equal to the lifetime expected credit losses. ● Stage 3 is comprised of all financial instruments that have objective evidence of impairment at the reporting date. The Company recognizes an impairment loss for those financial instruments at an amount equal to the lifetime expected credit losses. Impairment losses are recorded in the carve-out statements of net loss and comprehensive loss with the carrying amount of the financial assets reduced through the use of impairment allowance accounts. The Company reverses impairment losses on financial assets carried at amortized cost when the decrease in impairment can be objectively related to an event occurring after the impairment loss was initially recognized.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents include cash on hand and, when applicable, short-term, highly liquid deposits which are either cashable or with original maturities of less than three months at the date of their acquisition.	Cash and cash equivalents Cash and cash equivalents include cash on hand and, when applicable, short-term, highly liquid deposits which are either cashable or with original maturities of less than three months at the date of their acquisition.
Related party transactions	Related party transactions Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or entities. A transaction is considered to be a related party transaction when there is transfer of resources or obligations between related parties.	Related party transactions Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or entities. A transaction is considered to be a related party transaction when there is transfer of resources or obligations between related parties.
Provisions	Provisions Provisions are recognized when the Company has a present obligation, legal or constructive as a result of a previous event, if it is probable that the Company will be required to settle the obligation and a reliable estimate can be made of the obligation. The amount recognized is the best estimate of the expenditure required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligations. Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimate of the expected future cash flows.	Provisions Provisions are recognized when the Company has a present obligation, legal or constructive as a result of a previous event, if it is probable that the Company will be required to settle the obligation and a reliable estimate can be made of the obligation. The amount recognized is the best estimate of the expenditure required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligations. Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimate of the expected future cash flows.
Research and development	Research and development Expenditures on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, are recognized in the statements of net loss and comprehensive loss as incurred. Development expenditures are capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Company intends to complete development and has sufficient resources to complete development and to use or sell the asset. Other development expenditures are expensed as incurred. Research and development expenses include all direct and indirect operating expenses supporting the products in development. The costs incurred in establishing and maintaining patents are expensed as incurred.	Research and development Expenditures on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, are recognized in the carve-out statements of net loss and comprehensive loss as incurred. Development expenditures are capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Company intends to complete development and has sufficient resources to complete development and to use or sell the asset. Other development expenditures are expensed as incurred. Research and development expenses include all direct and indirect operating expenses supporting the products in development. The costs incurred in establishing and maintaining patents are expensed as incurred.
Foreign currency translation	Foreign currency translation The Financial Statements are presented in USD $ which is PBM’s functional currency. The functional currency of its subsidiary consolidated within these Financial Statements is USD. In each individual entity, a foreign currency transaction is initially recorded in the functional currency of the entity, by applying the exchange rate between the functional currency and the foreign currency at the date of the transaction. At the end of the reporting period, monetary assets and liabilities of the Company which are denominated in foreign currencies are translated at the period-end exchange rate. Non-monetary assets and liabilities are translated at rates in effect at the date the assets were acquired, and liabilities incurred. The resulting exchange gains or losses arising on the settlement of monetary items or on translating monetary items at rates different from those at which they were translated on initial recognition, are included in statement of net loss and comprehensive loss in the period in which they arise. For the purpose of presenting these Financial Statements, the assets and liabilities of the subsidiary are translated into USD $ at the exchange rates prevailing at the end of the reporting period. Income and expenses are translated at the average rates for the period.	Foreign currency translation The Financial Statements are presented in CAD $ which is PBC’s functional currency. The functional currency of its subsidiary consolidated within these Financial Statements is USD. In each individual entity, a foreign currency transaction is initially recorded in the functional currency of the entity, by applying the exchange rate between the functional currency and the foreign currency at the date of the transaction. At the end of the reporting period, monetary assets and liabilities of the Company which are denominated in foreign currencies are translated at the period-end exchange rate. Non-monetary assets and liabilities are translated at rates in effect at the date the assets were acquired, and liabilities incurred. The resulting exchange gains or losses arising on the settlement of monetary items or on translating monetary items at rates different from those at which they were translated on initial recognition, are included in profit or loss in the period in which they arise. For the purpose of presenting these Financial Statements, the assets and liabilities of the subsidiary are translated into CAD $ at the exchange rates prevailing at the end of the reporting period. Income and expenses are translated at the average rates for the period. Exchange differences arising are recognized in net parent investment.
Loss per share	Loss per share The Company presents basic and diluted loss per share data for its common shares. Basic loss per share is calculated by dividing the profit or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted loss per share is determined by adjusting the loss attributable to common shareholders and the weighted average number of common shares outstanding, adjusted for the effects of all dilutive potential common shares, which comprise convertible debentures, warrants and share options issued.
Share based compensation	Share based compensation The proportionate share of the fair value of the options and RSUs granted by Psyence Group shall be recognized as an expense in the Carve out Financial Statements of the Company. The expense shall be recognized over the vesting period of the options. The fair value options shall be determined using the Black-Scholes model.	Share based compensation The proportionate share of the fair value of the options and warrants granted by Psyence Group shall be recognized as an expense in the Carve-Out Financial Statements of the Company. The expense shall be recognized over the vesting period of the options. The fair value of the options shall be determined using the Black-Scholes model. The expense associated with the options and warrants shall be allocated to the Company based on the proportion of services received by the Company from the employees and consultants who have been granted the options.
Income taxes	Income taxes Income tax comprises current and deferred tax. Income tax is recognized in profit or loss except to the extent that it relates to items recognized directly in shareholders’ equity, in which case the income tax is also recognized directly in equity or other comprehensive income, in which case the income tax is also recognized directly in equity or other comprehensive income. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted at the end of the reporting period, and any adjustments to tax payable in respect of previous years. Current tax assets and current tax liabilities are only offset if a legally enforceable right exists to offset the amounts and the Company. Deferred tax is recognized in respect of all qualifying temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Financial Statements. Deferred income tax is determined on a non-discounted basis using the tax rates and laws that have been enacted or substantively enacted at the end of the reporting period and are expected to apply when the deferred tax asset or liability is settled. Deferred tax assets are offset when there is a legally enforceable right to offset tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Deferred tax assets are recognized to the extent future recovery is probable. At each reporting period end, deferred tax assets are reduced to the extent that it is no longer probable that sufficient taxable earnings will be available to allow all or part of the asset to be recovered.

Basis of presentation (Tables)

Basis of presentation (Tables)	10 Months Ended	12 Months Ended
	Jan. 31, 2024	Mar. 31, 2023
Basis of presentation
Summary of consolidation	​ ​ ​ ​ ​ ​ ​ ​ ​ Name of entity Place of incorporation % ownership Accounting method Psyence Australia Pty Ltd. ​ Australia ​ 100 % Consolidated ​ Pysence Biomed II Corp. ​ Canada ​ 100 % Consolidated ​ Newcourt Acquisition Corp. ​ Cayman Islands ​ 100 % Consolidated ​	​ ​ ​ ​ ​ ​ ​ ​ Name of entity Place of incorporation % ownership Accounting method Psyence Australia Pty Ltd. Australia 100% ​ Consolidated

Reverse takeover transaction _2

Reverse takeover transaction with NCAC (Tables)	10 Months Ended
	Jan. 31, 2024
Reverse takeover transaction with NCAC
Summary of calculation of listing expenses	​ ​ ​ ​ ​ ​ Listing ​ ​ Expense Consideration paid: ​ ​ Shares issued to NCAC shareholders ​ 7,794,659 Shares issued to settle NCAC liabilities ​ 150,000 Shares issued to compensate advisors ​ 446,000 Total consideration shares issued NCAC shareholders ​ 8,390,659 Fair value of the common shares ​ $ 3.55 Deemed consideration amount for the common shares issued ​ $ 29,786,839 ​ ​ ​ ​ Net identifiable liability acquired: ​ Cash and cash equivalent ​ $ 203 Accounts payable and accrued liabilities ​ $ (165) NCAC promissory note (Note 10) ​ $ (1,615,501) Derivative warrant liabilities (Note 9) ​ $ (595,358) Net liabilities acquired ​ $ (2,210,821) ​ ​ ​ ​ Listing Expense ​ $ 31,997,660

Cash, restricted cash and cas_2

Cash, restricted cash and cash equivalents (Tables)	10 Months Ended	12 Months Ended
	Jan. 31, 2024	Mar. 31, 2023
Cash, restricted cash and cash equivalents
Summary of cash and cash equivalents	​ ​ ​ ​ ​ ​ ​ January 31, March 31, ​ ​ 2024 ​ 2023 Unrestricted cash held with chartered banks ​ 2,322,008 ​ 1,334,343 Restricted Cash — 29,557 Total 2,322,008 1,363,890	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, March 31, March 31, ​ ​ 2023 ​ 2022 ​ 2021 Unrestricted cash held with chartered banks ​ 1,800,539 ​ 2,185,868 ​ 6,001,436 Held in trust for brokerage account 5,227 5,227 5,000 Restricted Cash 40,000 40,000 — Total 1,845,776 2,231,095 6,006,436

Accounts payable and accrued _2

Accounts payable and accrued liabilities (Tables)	10 Months Ended	12 Months Ended
	Jan. 31, 2024	Mar. 31, 2023
Accounts payable and accrued liabilities
Summary of accounts payable and accrued liabilities	​ ​ ​ ​ ​ ​ ​ January 31, March 31, ​ ​ 2024 ​ 2023 Trade payables 847,751 1,636,034 Accrued liabilities 262,813 162,565 Total 1,110,564 1,798,599 ​	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, March 31, March 31, ​ 2023 2022 2021 Trade payables ​ 2,203,468 ​ 46,054 ​ 16,976 Accrued liabilities 219,999 118,446 110,614 Total 2,423,467 164,500 127,590 ​

Derivative warrant liabilities

Derivative warrant liabilities (Tables)	10 Months Ended
	Jan. 31, 2024
Derivative warrant liabilities
Schedule of quantitative information regarding Level 2 fair value measurements of warrants	​ ​ ​ ​ ​ ​ Warrant Inputs Share price ​ 4.79 Expected dividend yield Nil ​ Exercise price 11.50 ​ Risk-free interest rate 3.93 % Expected life 5.00 ​ Expected volatility 17.70 % Expiry date ​ January 25, 2029 ​
Summary of warrant transactions and the number of warrants outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public Warrants Private Warrants ​ ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ Average ​ ​ Number of ​ Exercise ​ Number of ​ Exercise ​ ​ Warrants ​ Price ​ Warrants ​ Price Balance, March 31, 2023 ​ — ​ $ — ​ — ​ $ — Issued 12,500,000 ​ 11.50 570,000 ​ 11.50 Balance, January 31, 2024 12,500,000 ​ $ 11.50 570,000 ​ $ 11.50
Schedule of warrants outstanding and exercisable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Number of ​ ​ ​ ​ Exercise ​ Warrants ​ Warrants Issue Date ​ Expiry Date ​ Price ​ Outstanding ​ Exercisable January 25, 2024 ​ January 25, 2029 ​ $ 11.50 ​ 13,070,000 ​ 13,070,000 Balance, January 31, 2024 ​ ​ $ 11.50 ​ 13,070,000 ​ 13,070,000 ​

Transactions with related par_2

Transactions with related parties (Tables)	10 Months Ended	12 Months Ended
	Jan. 31, 2024	Mar. 31, 2023
Transactions with related parties
Summary of compensation to key management personnel	​ ​ ​ ​ ​ ​ Key Management Personnel January 31, 2024 January 31, 2023 Short term benefits ​ 451,138 ​ 417,958 Total 451,138 417,958	​ ​ ​ ​ ​ ​ ​ March 31, March 31, Key Management Personnel 2023 2022 Short term benefits 785,487 764,965 Share based compensation 231,231 370,037 Total 1,016,718 1,135,002

Share based compensation (Table

Share based compensation (Tables)	12 Months Ended
	Mar. 31, 2023
Share based compensation
Summary of fair value of the options was determined at the grant date based on the Black Scholes pricing model, using the following weighted average assumptions	​ ​ ​ ​ ​ ​ ​ ​ Options granted during year Options granted during year ​ ended March 31, 2023 ended March 31, 2022 ​ Numbers issued ​ 2,558,401 ​ 1,350,000 Share price ​ $0.09 – $0.14 ​ $0.26 ​ Expected dividend yield ​ Nil ​ Nil ​ Exercise price ​ $0.14 – $0.20 ​ $0.30 ​ Risk-free interest rate ​ 2.78% – 3.49% ​ 0.96% ​ Expected life ​ 3.00 – 5.00 ​ 5.00 ​ Expected volatility ​ 100% ​ 100% ​ ​

Financial instruments and fin_2

Financial instruments and financial risk management (Tables)	10 Months Ended
	Jan. 31, 2024
Financial instruments and financial risk management
Schedule of carrying value of the financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total Derivative warrant liabilities – Private Warrants ​ ​ — ​ ​ 26,608 ​ ​ — ​ ​ 26,608 Derivative warrant liabilities – Public Warrants ​ 750,000 ​ — ​ — ​ 750,000 Convertible notes ​ — ​ — ​ 2,500,000 ​ — Balance, January 31, 2024 ​ $ 750,000 ​ $ 26,608 ​ $ 2,500,000 ​ $ 776,608
Schedule of maturities of contractual obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Contractual Less than 1 Between 1 ​ ​ Amount ​ Cash Flows ​ year ​ and 3 year Accounts payable & accrued liabilities ​ $ 1,110,564 ​ $ 1,110,564 ​ $ 1,110,564 ​ $ — Convertible note liability ​ 2,500,000 ​ $ 3,625,000 ​ $ 250,000 ​ 3,375,000 Due to NCAC sponsor ​ 1,615,501 ​ 1,615,501 ​ 1,615,501 ​ — Due to Psyence Group Inc ​ 1,460,657 ​ 1,460,657 ​ 1,460,657 ​ — Total contractual obligations ​ $ 6,686,722 ​ $ 7,811,722 ​ $ 4,436,722 ​ $ 3,375,000

Nature of operations and goin_2

Nature of operations and going concern (Details)		10 Months Ended		12 Months Ended
	Jan. 25, 2024 USD ($) shares	Jan. 31, 2024 USD ($) item shares	Jan. 31, 2023 USD ($)	Mar. 31, 2023 CAD ($) item	Mar. 31, 2022 CAD ($)	Jan. 23, 2024 USD ($)	Jan. 15, 2024 USD ($) item
Nature of operations and going concern
Total subscription amount		$ 2,500,000
Number of patients to participate in the study for clinical trials | item		84		84
Net loss		$ (34,701,404)	$ (2,577,667)	$ (4,238,471)	$ (2,319,932)
Comprehensive loss		$ (34,687,698)	$ (2,581,267)	$ (4,238,471)	$ (2,319,932)
Psyence Group Inc
Nature of operations and going concern
Shares issued to NCAC shareholders | shares	5,000,000	5,000,000
Convertible note liability | Maximum
Nature of operations and going concern
Senior secured convertible notes | item							4
Convertible note liability | Investors | Maximum
Nature of operations and going concern
Aggregate principal amount							$ 12,500,000
Subscription amount							10,000,000
First Tranche Note | Investors
Nature of operations and going concern
Principal amount of debt issued	$ 3,125,000	$ 3,125,000
Total subscription amount	$ 2,500,000	$ 2,500,000
Business combination agreement
Nature of operations and going concern
Amount for minimum cash condition						$ 20,000,000	$ 20,000,000
Business combination agreement | Investors
Nature of operations and going concern
Senior secured convertible notes | item							4
Business combination agreement | Convertible note liability | Maximum
Nature of operations and going concern
Aggregate principal amount							$ 12,500,000
Subscription amount							$ 10,000,000

Basis of presentation (Details)

Basis of presentation (Details)	10 Months Ended	12 Months Ended
	Jan. 31, 2024	Mar. 31, 2023
Psyence Australia Pty Ltd.
Investment in subsidiaries
% ownership	100%	100%
Pysence Biomed II Corp.
Investment in subsidiaries
% ownership	100%
Newcourt Acquisition Corp.
Investment in subsidiaries
% ownership	100%

Critical accounting estimates_2

Critical accounting estimates and judgements (Details)	Jan. 26, 2024 $ / shares
Critical accounting estimates and judgements
Opening trading price	$ 3.55

Reverse takeover transaction _3

Reverse takeover transaction with NCAC (Details) - $ / shares	10 Months Ended
	Jan. 31, 2024	Jan. 26, 2024
Reverse takeover transaction with NCAC
Opening trading price		$ 3.55
NCAC
Reverse takeover transaction with NCAC
Opening trading price	$ 3.55	$ 3.55
Consideration shares issued to NCAC shareholders	8,390,659

Reverse takeover transaction _4

Reverse takeover transaction with NCAC - listing expenses (Details)	10 Months Ended
	Jan. 31, 2024 USD ($) $ / shares shares	Jan. 26, 2024 $ / shares	Mar. 31, 2023 USD ($)	Mar. 31, 2023 CAD ($)	Jan. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2022 CAD ($)	Mar. 31, 2021 CAD ($)
Consideration paid:
Fair value of the common shares | $ / shares		$ 3.55
Net identifiable liability acquired:
Cash and cash equivalents	$ 2,322,008		$ 1,334,343	$ 1,805,766	$ 267,705	$ 1,753,437	$ 2,191,095	$ 6,006,436
Accounts payable and accrued liabilities	(1,110,564)		$ (1,798,599)	$ (2,423,467)	$ (1,798,599)		$ (164,500)	$ (127,590)
Derivative warrant liabilities (Note 9)	(776,608)
Listing Expense	$ 31,997,660
NCAC
Consideration paid:
Shares issued to NCAC shareholders | shares	7,794,659
Shares issued to settle NCAC liabilities | shares	150,000
Shares issued to compensate advisors | shares	446,000
Total consideration shares issued NCAC shareholders | shares	8,390,659
Fair value of the common shares | $ / shares	$ 3.55	$ 3.55
Deemed consideration amount for the common shares issued	$ 29,786,839
Net identifiable liability acquired:
Cash and cash equivalents	203
Accounts payable and accrued liabilities	(165)
NCAC promissory note (Note 10)	(1,615,501)
Derivative warrant liabilities (Note 9)	(595,358)
Net liabilities acquired	(2,210,821)
Listing Expense	$ 31,997,660

Reverse takeover transaction _5

Reverse takeover transaction with NCAC - Additional information (Details)	10 Months Ended
	Jan. 31, 2024 USD ($)
Reverse takeover transaction with NCAC
Other transaction cost	$ 1,074,728

Cash, restricted cash and cas_3

Cash, restricted cash and cash equivalents (Details)	Jan. 31, 2024 USD ($)	Mar. 31, 2023 CAD ($)	Mar. 31, 2023 USD ($)	Jan. 31, 2023 USD ($)	Mar. 31, 2022 CAD ($)	Mar. 31, 2021 CAD ($)
Cash, restricted cash and cash equivalents
Unrestricted cash held with chartered banks	$ 2,322,008	$ 1,800,539		$ 1,334,343	$ 2,185,868	$ 6,001,436
Held in trust for brokerage account		5,227			5,227	5,000
Restricted Cash		40,000	$ 29,557	29,557	40,000
Total	$ 2,322,008	$ 1,845,766		$ 1,363,890	$ 2,231,095	$ 6,006,436

Accounts payable and accrued _3

Accounts payable and accrued liabilities (Details)	Jan. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2023 CAD ($)	Jan. 31, 2023 USD ($)	Mar. 31, 2022 CAD ($)	Mar. 31, 2021 CAD ($)
Accounts payable and accrued liabilities
Trade payables	$ 847,751		$ 2,203,468	$ 1,636,034	$ 46,054	$ 16,976
Accrued liabilities	262,813		219,999	162,565	118,446	110,614
Total	$ 1,110,564	$ 1,798,599	$ 2,423,467	$ 1,798,599	$ 164,500	$ 127,590

Convertible note liability (Det

Convertible note liability (Details)			10 Months Ended
	Jan. 25, 2024 USD ($) item $ / shares	Jan. 15, 2024 USD ($) item	Jan. 31, 2024 USD ($)
Borrowings
Proceeds received from convertible note			$ 2,500,000
Number of days prior to effective initial registration statement for first reset date	5 days
Period of closing date considered for second reset date	3 months
Convertible note liability
Borrowings
Number of tranche notes | item	2
Threshold period for volume-weighted average price		30 days
Convertible note liability | Maximum
Borrowings
Senior secured convertible notes | item		4
Convertible note liability | Investors
Borrowings
Threshold period for payment of price difference between VWAP and conversion price in cash or in shares		35 days
Convertible note liability | Investors | Maximum
Borrowings
Aggregate principal amount		$ 12,500,000
Subscription amount		$ 10,000,000
First Tranche Note
Borrowings
Interest rate	8%
Initial Conversion Price | $ / shares	$ 10
First Tranche Note | Until the First Reset Date
Borrowings
Conversion floor price | $ / shares	1
First Tranche Note | On the Second Reset Date
Borrowings
Conversion floor price | $ / shares	0.50
First Tranche Note | Thereafter
Borrowings
Conversion floor price | $ / shares	$ 0
First Tranche Note | Investors
Borrowings
Notional amount	$ 3,125,000		3,125,000
Proceeds received from convertible note	$ 2,500,000		$ 2,500,000

Derivative warrant liabilitie_2

Derivative warrant liabilities (Details)	10 Months Ended
	Jan. 31, 2024 item $ / shares shares
Derivative warrant liabilities
Number of classes of warrants outstanding | item	2
Number of warrants issued	13,070,000
Number of warrants outstanding	13,070,000
Number of shares issued upon exercise of warrants	1
Exercise price of warrants per share | $ / shares	$ 11.50
Dividend rate	0%
Public warrants
Derivative warrant liabilities
Number of warrants issued	12,500,000
Number of warrants outstanding	12,500,000
Exercise price of warrants per share | $ / shares	$ 11.50
Private warrants
Derivative warrant liabilities
Number of warrants issued	570,000
Number of warrants outstanding	570,000
Exercise price of warrants per share | $ / shares	$ 11.50

Derivative warrant liabilitie_3

Derivative warrant liabilities - Fair value measurements (Details) - 10 months ended Jan. 31, 2024	USD ($) $ / shares	item	Total	Y	USD ($)
Quantitative information regarding Level 2 fair value measurements
Financial instruments at fair value					$ 776,608
Fair value loss	$ 181,250
Public warrants
Quantitative information regarding Level 2 fair value measurements
Financial instruments at fair value					750,000
Fair value per warrant | $ / shares	$ 0.06
Private warrants
Quantitative information regarding Level 2 fair value measurements
Financial instruments at fair value					26,608
Fair value per warrant | $ / shares	$ 0.4668
Level 2
Quantitative information regarding Level 2 fair value measurements
Warrants, Measurement input		0		5
Financial instruments at fair value					$ 26,608
Share price | Level 2
Quantitative information regarding Level 2 fair value measurements
Warrants, Measurement input | $ / shares	4.79
Exercise price | Level 2
Quantitative information regarding Level 2 fair value measurements
Warrants, Measurement input | $ / shares	11.50
Risk-free interest rate | Level 2
Quantitative information regarding Level 2 fair value measurements
Warrants, Measurement input			0.0393
Expected volatility | Level 2
Quantitative information regarding Level 2 fair value measurements
Warrants, Measurement input			0.1770

Derivative warrant liabilitie_4

Derivative warrant liabilities - Warrant transactions (Details)	10 Months Ended
	Jan. 31, 2024 $ / shares shares
Number of Warrants
Number of warrants outstanding, Ending | shares	13,070,000
Weighted Average Exercise Price
Weighted Average Exercise Price per share, Ending | $ / shares	$ 11.50
Public warrants
Number of Warrants
Issued | shares	12,500,000
Number of warrants outstanding, Ending | shares	12,500,000
Weighted Average Exercise Price
Issued, Weighted average exercise price | $ / shares	$ 11.50
Weighted Average Exercise Price per share, Ending | $ / shares	$ 11.50
Private warrants
Number of Warrants
Issued | shares	570,000
Number of warrants outstanding, Ending | shares	570,000
Weighted Average Exercise Price
Issued, Weighted average exercise price | $ / shares	$ 11.50
Weighted Average Exercise Price per share, Ending | $ / shares	$ 11.50

Derivative warrant liabilitie_5

Derivative warrant liabilities - Outstanding and exercisable (Details)	Jan. 31, 2024 $ / shares shares
Derivative warrant liabilities
Exercise price of warrants per share | $ / shares	$ 11.50
Number of warrants outstanding	13,070,000
Number of warrants Exercisable	13,070,000
Issued on January 25, 2024
Derivative warrant liabilities
Exercise price of warrants per share | $ / shares	$ 11.50
Number of warrants outstanding	13,070,000
Number of warrants Exercisable	13,070,000

Promissory Notes (Details)

Promissory Notes (Details) - USD ($)	Jan. 25, 2024	Jan. 31, 2024
Psyence Group Inc
Borrowings
Promissory notes payable		$ 1,460,657
NCAC Sponsor
Borrowings
Promissory notes payable		$ 1,615,501
Unsecured convertible promissory note | Psyence Group Inc
Borrowings
Principal amount of debt issued	$ 1,610,657
Interest rate	0%
Notes paid	$ 150,000
Unsecured convertible promissory note | Psyence Group Inc | Notes payable on the date that is the one-year anniversary after the Business Combination, or January 25, 2025
Borrowings
Promissory notes payable	1,460,657
Unsecured convertible promissory note | NCAC Sponsor
Borrowings
Principal amount of debt issued	$ 1,615,501
Interest rate	0%
Unsecured convertible promissory note | NCAC Sponsor | Notes payable on the date of closing
Borrowings
Promissory notes payable	$ 100,000
Unsecured convertible promissory note | NCAC Sponsor | Notes payable on the date that is the one-year anniversary after the Business Combination, or January 25, 2025
Borrowings
Promissory notes payable	$ 1,515,501

Share capital (Details)

Share capital (Details) - shares		10 Months Ended
	Jan. 25, 2024	Jan. 31, 2024
Share capital
Number of shares issued		13,390,659
Number of shares outstanding		13,390,659
Psyence Group Inc
Share capital
Issuance of shares, reverse takeover transaction (in shares)	5,000,000	5,000,000
NCAC Sponsor
Share capital
Consideration shares issued to NCAC shareholders	8,390,659

Other income (Details)

Other income (Details) - Loan From RH Capital Finance Co., LLC				10 Months Ended
	Oct. 05, 2023 USD ($)	Oct. 05, 2023 AUD ($)	Aug. 21, 2023 AUD ($)	Jan. 31, 2024 USD ($)
Other income
Notional amount			$ 1,100,000
Maximum percentage of rebate on eligible research and development expenses			43.50%
Interest rate			16%
Minimum interest chargeable period			91 days
Repayment period after notice of assessment			21 days
Rebate amount of research and development expenses received	$ 880,352	$ 1,336,622
Interest expense				$ 56,203

Transactions with related par_3

Transactions with related parties - Key Management Personnel (Details)	10 Months Ended		12 Months Ended
	Jan. 31, 2024 USD ($)	Jan. 31, 2023 USD ($)	Mar. 31, 2023 CAD ($)	Mar. 31, 2022 CAD ($)
Transactions with related parties
Short term benefits	$ 451,138	$ 417,958	$ 785,487	$ 764,965
Share based compensation			231,231	370,037
Total	$ 451,138	$ 417,958	$ 1,016,718	$ 1,135,002

Share based compensation (Detai

Share based compensation (Details)		10 Months Ended		12 Months Ended
	Jan. 25, 2024 shares	Jan. 31, 2024 USD ($) shares $ / shares	Jan. 31, 2023 USD ($) shares $ / shares	Mar. 31, 2023 CAD ($) shares $ / shares	Mar. 31, 2022 CAD ($) shares $ / shares
Share based compensation
Value of options and restricted stock units granted		$ 177,471	$ 243,963	$ 292,756	$ 414,574
Number of options granted	0	0		2,558,401	2,558,401
Weighted average fair value of options granted (in dollars per share) | (per share)		$ 0	$ 0.07	$ 0.09	$ 0.19
Number of RSUs granted | shares		0	3,528,750	3,528,750	735,387
Weighted average fair value of RSUs granted (in dollars per share) | $ / shares				$ 0.12	$ 0.16

Financial instruments and fin_3

Financial instruments and financial risk management - Carrying Value of the Financial Instruments (Details)	Jan. 31, 2024 USD ($)
Financial instruments and financial risk management
Financial instruments at fair value	$ 776,608
Derivative warrant liabilities | Private Warrants [Member]
Financial instruments and financial risk management
Financial instruments at fair value	26,608
Derivative warrant liabilities | Public Warrants [Member]
Financial instruments and financial risk management
Financial instruments at fair value	750,000
Level 1
Financial instruments and financial risk management
Financial instruments at fair value	750,000
Level 1 | Derivative warrant liabilities | Public Warrants [Member]
Financial instruments and financial risk management
Financial instruments at fair value	750,000
Level 2
Financial instruments and financial risk management
Financial instruments at fair value	26,608
Level 2 | Derivative warrant liabilities | Private Warrants [Member]
Financial instruments and financial risk management
Financial instruments at fair value	26,608
Level 3
Financial instruments and financial risk management
Financial instruments at fair value	2,500,000
Level 3 | Convertible note liability
Financial instruments and financial risk management
Financial instruments at fair value	$ 2,500,000

Financial instruments and fin_4

Financial instruments and financial risk management - Maturity of the Contractual Obligations (Details)	Jan. 31, 2024 USD ($)
Financial instruments and financial risk management
Carrying Amount	$ 6,686,722
Contractual Cash Flows	7,811,722
Accounts payable & accrued liabilities
Financial instruments and financial risk management
Carrying Amount	1,110,564
Contractual Cash Flows	1,110,564
Convertible note liability
Financial instruments and financial risk management
Carrying Amount	2,500,000
Contractual Cash Flows	3,625,000
Debt Issued | NCAC Sponsor
Financial instruments and financial risk management
Carrying Amount	1,615,501
Contractual Cash Flows	1,615,501
Debt Issued | Psyence Group Inc
Financial instruments and financial risk management
Carrying Amount	1,460,657
Contractual Cash Flows	1,460,657
Less than 1 year
Financial instruments and financial risk management
Contractual Cash Flows	4,436,722
Less than 1 year | Accounts payable & accrued liabilities
Financial instruments and financial risk management
Contractual Cash Flows	1,110,564
Less than 1 year | Convertible note liability
Financial instruments and financial risk management
Contractual Cash Flows	250,000
Less than 1 year | Debt Issued | NCAC Sponsor
Financial instruments and financial risk management
Contractual Cash Flows	1,615,501
Less than 1 year | Debt Issued | Psyence Group Inc
Financial instruments and financial risk management
Contractual Cash Flows	1,460,657
Between 1 and 3 year
Financial instruments and financial risk management
Contractual Cash Flows	3,375,000
Between 1 and 3 year | Convertible note liability
Financial instruments and financial risk management
Contractual Cash Flows	$ 3,375,000

Financial instruments and fin_5

Financial instruments and financial risk management (Details)	10 Months Ended	12 Months Ended
	Jan. 31, 2024 USD ($)	Mar. 31, 2023 CAD ($)
Financial instruments and financial risk management
Fluctuation in foreign exchange rates (as a percent)	10%	10%
Impact to profit or loss from fluctuation in foreign exchange rates	$ 42,491	$ 5,482

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION	Mar. 31, 2023 CAD ($)	Mar. 31, 2022 CAD ($)	Mar. 31, 2021 CAD ($)
Current assets
Cash and cash equivalents	$ 1,805,766	$ 2,191,095	$ 6,006,436
Restricted cash	40,000	40,000
Other receivables	202,150	49,372	174,283
Prepaids	104,276	6,729	6,889
Total current assets	2,152,192	2,287,196	6,187,608
TOTAL ASSETS	2,152,192	2,287,196	6,187,608
Current liabilities
Accounts payable and accrued liabilities	2,423,467	164,500	127,590
Total current liabilities	2,423,467	164,500	127,590
TOTAL LIABILITIES	2,423,467	164,500	127,590
EQUITY
Net parent investment	(271,275)	2,122,696	6,060,018
NET DEFICIT	(271,275)	2,122,696	6,060,018
TOTAL LIABILITIES AND NET DEFICIT	$ 2,152,192	$ 2,287,196	$ 6,187,608

CONSOLIDATED STATEMENTS OF NET

CONSOLIDATED STATEMENTS OF NET LOSS AND COMPREHENSIVE LOSS	10 Months Ended		12 Months Ended
	Jan. 31, 2024 USD ($)	Jan. 31, 2023 USD ($)	Mar. 31, 2023 CAD ($)	Mar. 31, 2022 CAD ($)
Expenses
Sales and marketing		$ 5,744	$ 9,292	$ 21,862
Research and development	$ 909,181	1,314,737	2,126,762	171,335
General and administrative	296,883	299,439	484,382	482,305
Professional fees and consulting fees	1,077,890	981,008	1,655,664	1,641,574
Foreign exchange (gain)/loss	(9,905)	(21,991)	(35,574)	2,856
Interest Income	(2,134)	(1,270)	(2,054)
NET LOSS	34,701,404	2,577,667	4,238,471	2,319,932
TOTAL COMPREHENSIVE LOSS	$ 34,687,698	$ 2,581,267	$ 4,238,471	$ 2,319,932

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN NET PARENT INVESTMENT	10 Months Ended		12 Months Ended
	Jan. 31, 2024 USD ($)	Jan. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2023 CAD ($)	Mar. 31, 2022 CAD ($)
Condensed Carve out Consolidated Interim Statements of Change in Shareholder Equity
Opening balance as at beginning	$ (208,270)	$ 1,620,864	$ 1,620,864	$ 2,122,696	$ 6,060,018
Net investment by parent in the year				1,844,500	(1,617,390)
Net loss	(34,701,404)	(2,577,667)		(4,238,471)	(2,319,932)
Balance at end	$ (5,109,129)	$ 203,835	$ (208,270)	$ (271,275)	$ 2,122,696

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS	12 Months Ended
	Mar. 31, 2023 CAD ($)	Mar. 31, 2022 CAD ($)
Condensed Carve out Consolidated Interim Statements of Cash Flows
Net loss	$ (4,238,471)	$ (2,319,932)
Non-cash adjustment:
Share based compensation	292,756	414,574
Changes in working capital:
Other receivables	(152,778)	124,911
Prepaids	(97,547)	160
Accounts payable and accrued liabilities	2,258,967	36,910
Cash used in operating activities	(1,937,073)	(1,743,377)
Increase in restricted cash		(40,000)
Cash provided from investing activities		(40,000)
Amounts advanced from/(to) parent	1,551,744	(2,031,964)
Cash provided from financing activities	1,551,744	(2,031,964)
Change in cash and cash equivalents	(385,329)	(3,815,341)
Cash and cash equivalents, beginning of period	2,191,095	6,006,436
Cash and cash equivalents, end of period	$ 1,805,766	$ 2,191,095

Nature of operations and goin_3

Nature of operations and going concern	10 Months Ended	12 Months Ended
	Jan. 31, 2024	Mar. 31, 2023
Nature of operations and going concern
Nature of operations and going concern	1. Nature of operations and going concern Psyence Biomedical Ltd. (the “Company” “PBM” Clinical Trials The Company’s registered office is at 121 Richmond Street West, PH Suite 1300, Toronto, Ontario M5H 2K1. The UK Medicines and Healthcare products Regulatory Agency (MHRA) granted full approval for the Company’s Phase IIa study In January 2023, the Company signed a letter of intent with iNGENū Pty Ltd to conduct a Phase IIb study in Australia to further develop the Company’s licensed natural psilocybin drug product. The study will evaluate the safety and efficacy of psilocybin-assisted psychotherapy versus psychotherapy alone for the treatment of adjustment disorder due to an incurable cancer diagnosis in a palliative care context. 84 patients will participate in the study, which will use FDA-recommended primary endpoints. The investigational product will be the proprietary botanical drug candidate PEX010 sourced from Filament Health Corp. Upon successful completion of the study, the Company intends to conduct a multinational Phase III registrational study. On March 06, 2024, the Company announced that its wholly-owned subsidiary, Psyence Australia (Pty) Ltd, had received full approval from the Australian Health Research Ethics Committee (HREC) to initiate its planned Phase IIb study in Melbourne, Australia. On January 9, 2023 Psyence Group Inc entered into a definitive business combination agreement (the “ Business Combination Agreement SPAC NCAC The transaction concluded on January 25, 2024, with the Company listing on the NASDAQ the following day. The transaction was completed by the Company acquiring the SPAC through the merger of the SPAC with the Company’s subsidiary. As a consequence of the transaction, the SPAC will become a wholly-owned subsidiary of PBM, the SPAC shareholders will become shareholders of PBM. On January 25, 2024 (the “ Closing Date RTO Transaction BCA NCAC Sponsor Psyence Group Merger Sub Original Target Psyence Biomed II Prior to the execution of the Amended and Restated Business Combination Agreement, Psyence Group formed Psyence Biomed II and PBM as wholly owned subsidiaries, and prior to the Closing, Psyence Group and the Original Target were amalgamated. Thereafter, Psyence Group transferred the shares of Psyence Australia Pty Ltd. and its related business assets that were previously owned by the Original Target to Psyence Biomed II. The following transactions occurred pursuant to the terms of the BCA (collectively, the “ Business Combination ● Psyence Group contributed Psyence Biomed II to the Company in a share for share exchange (the “ Company Exchange ” ). ● Following the Company Exchange, Merger Sub merged with and into NCAC, with NCAC being the surviving company in the merger (the “ Merger ” ) and each outstanding ordinary share of NCAC was converted into the right to receive one common share of the Company ( “ Common Share ” ). ● Each outstanding warrant to purchase NCAC Class A ordinary shares was converted at the Effective Time into a warrant to acquire one Common Share (the “ Company Warrants ” ) on substantially the same terms as were in effect immediately prior to the Effective Time under their terms. On January 15, 2024 and January 23, 2024, the parties to the Business Combination Agreement entered into letter agreements (the “ Closing Letter Agreements Psyence Parties Closing Minimum Cash Condition PIPE Investment Condition Closing Deliverables On January 15, 2024, in connection with the Business Combination, the Company entered into a securities purchase agreement (the “ Securities Purchase Agreement Investors Notes Financing The Note for the first tranche of the Financing (the “ First Tranche Note Upon the closing of the first tranche of the Financing, the Minimum Cash Condition and PIPE Investment Condition were deemed waived by the Psyence Parties. Merger Consideration As consideration for all of the issued and outstanding Psyence Biomed II common shares that the Company shall receive in the Company Exchange, the Company shall issue to Psyence Group, 5,000,000 Common Shares. On February 15, 2023, Psyence Australia Pty Ltd was incorporated and registered in Victoria, Australia. It is a wholly-owned subsidiary of the Company as a result of the above Business Combination. The purpose of these condensed carve out consolidated interim financial statements (the “ Financial Statements These Financial Statements are prepared on a going concern basis, which contemplates that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of business. During the period ended January 31, 2024, the Company incurred a net loss and comprehensive loss of $34,687,698 (Period ended January 31, 2023: $2,581,267) and the Company has no sources of revenue. The ability of the Company to continue operations is dependent on the Company’s ability to raise additional financing. There is no certainty that additional financing at terms that are acceptable will be available, and an inability to obtain financing would have a direct impact on the Company’s ability to continue as a going concern. These conditions indicate a material uncertainty that cast significant doubt on the Company’s ability to continue as a going concern. These Financial Statements do not reflect the adjustments to the carrying values and classifications of assets and liabilities that would be necessary if the Company were unable to realize its assets and settle its liabilities as a going concern in the normal course of operations. Such adjustments could be material.	Psyence Biomed Corp. (the “Company” “PBC” Psyence Group The Company is currently conducting clinical trials to evaluate the safety and effectiveness of natural psilocybin in treating adjustment disorder in patients with an incurable cancer diagnosis in a palliative care context (the “ Clinical Trials The UK Medicines and Healthcare products Regulatory Agency (MHRA) granted full approval for the Company’s Stage I clinical study, including ethics review board approval, on September 15, 2022. In January 2023, the Company signed a letter of intent with iNGENū Pty Ltd to conduct a Phase IIb study in Australia to further develop the Company’s licensed natural psilocybin drug product. The study will evaluate the safety and efficacy of psilocybin-assisted psychotherapy versus psychotherapy alone for the treatment of adjustment disorder due to an incurable cancer diagnosis in a palliative care context. 84 patients will participate in the study, which will use FDA-recommended primary endpoints. The investigational product will be the proprietary botanical drug candidate PEX010 sourced from Filament Health Corp. Upon successful completion of the study, Psyence intends to conduct a multinational Phase III registrational study. On February 15, 2023, the Company incorporated a wholly-owned subsidiary by the name of Psyence Australia Pty Ltd., registered in Victoria, Australia. On January 9, 2023 Psyence Group announced that it had entered into a definitive business combination agreement (the “ Business Combination Agreement SPAC Newcourt Pubco The Business Combination is anticipated to conclude in the second half of 2023, with the Pubco to go public. The Business Combination is expected to be completed by the Company acquiring the SPAC through the merger of the SPAC with a to-be-incorporated subsidiary of PBC. As a consequence of the Business Combination, the SPAC will become a wholly-owned subsidiary of PBC, the SPAC shareholders will become shareholders of PBC, and PBC would complete filings to become a public company in the United States in which Psyence Group would retain a significant ownership stake. The actual level of Psyence Group ownership of PBC upon conclusion of the Business Combination will depend on the ultimate size of the PIPE financing the SPAC intends to complete in conjunction with the Business Combination, the extent of redemptions by SPAC shareholders and the impact of such redemptions on the SPAC shareholder base. The purpose of these carve-out consolidated financial statements (the “Financial Statements”) is to provide historical financial information of PBC, to reflect PBC as if it had been operating separately from Psyence Group and its subsidiaries that do not partake in the Clinical Trials. Pursuant to the Business Combination Agreement, Newcourt is acquiring only the Clinical Trial related assets and liabilities of PBC, which are considered to be less than substantially all of PBC’s key operating assets. Therefore, the Financial Statements have been prepared on a “carve-out basis” from the consolidated financial statements of Psyence Group for the purposes of presenting the financial position, results of operations and cash flows of the Company and investments and operations relevant to the Clinical Trials on a stand-alone basis, excluding the continuing operations retained by PBC that are not being acquired by Newcourt. Accordingly, the Financial Statements reflect all the costs of business associated with the Clinical Trials, including both direct and indirect expenses allocable to the business. The carve-out consolidated Financial Statements represents the assets and liabilities of the Clinical Trials business that are specifically identifiable, and a reasonable basis exists to allocate items that are not specifically identifiable to the acquired business. Assets and liabilities excluded from the Financial Statements that are not considered to be relevant, both directly and indirectly, to the Clinical Trials include investments in subsidiaries, joint ventures, inter-company loans and website costs previously held by PBC that are not being acquired as part of the Business Combination Agreement. No assets or liabilities exist outside of PBC that are being acquired by Newcourt. These Financial Statements are prepared on a going concern basis, which contemplates that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of business. During the year ended March 31, 2023, the Company incurred a net loss and comprehensive loss of $4,238,471 (Year ended March 31, 2022: $2,319,932) and the Company has no sources of revenue. The ability of the Company to continue operations is dependent on the Company’s ability to raise additional financing. There is no certainty that additional financing at terms that are acceptable will be available, and an inability to obtain financing would have a direct impact on the Company’s ability to continue as a going concern. These conditions indicate a material uncertainty that cast substantial doubt on the Company’s ability to continue as a going concern. These Financial Statements do not reflect the adjustments to the carrying values and classifications of assets and liabilities that would be necessary if the Company were unable to realize its assets and settle its liabilities as a going concern in the normal course of operations. Such adjustments could be material.

Basis of presentation_2

Basis of presentation	10 Months Ended	12 Months Ended
	Jan. 31, 2024	Mar. 31, 2023
Basis of presentation
Basis of presentation	2. Basis of presentation Statement of compliance The Financial Statements of the Company have been prepared using accounting policies in compliance with International Financial Reporting Standards (“ IFRS IASB The Financial Statements were authorized for issue on April 16, 2024 by the directors of the Company. Condensed carve out consolidated Interim Statements of Financial Position The Condensed carve out consolidated Interim Statements of Financial Position include the assets and liabilities that are the Clinical Trial related assets and liabilities, which have been determined in the following manner: ● Cash is comprised of cash and cash equivalents which the Company utilizes for working capital purposes. ● Other receivables are comprised of sales tax receivable from the Canadian Revenue Agency and the Australian Taxation Office. ● Prepaids consists of a research report retainer and accounting fees prepaid. ● Accounts payable and accrued liabilities consists of audit, consulting fees and legal fees related to the Company and its Clinical Trials. Condensed carve out consolidated Interim Statements of Net Loss and Comprehensive Loss ● The Condensed carve out consolidated Interim Statements of Net Loss and Comprehensive Loss include operating expenses that are related to the Company and its Clinical Trials. Basis of consolidation These Financial Statement incorporate the accounts of PBM and its subsidiaries performing Clinical Trials. A subsidiary is an entity controlled by PBM and its results are consolidated into the financial results of the Company from the effective date of control up to the effective date of loss of control. Control exists when an investor is exposed, or has the rights, to variable returns from the involvement with the investee and has liability to affect those returns through its power over the investee. The subsidiaries of PBM have been consolidated for the purpose of these Financial Statements are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Name of entity Place of incorporation % ownership Accounting method Psyence Australia Pty Ltd. ​ Australia ​ 100 % Consolidated ​ Pysence Biomed II Corp. ​ Canada ​ 100 % Consolidated ​ Newcourt Acquisition Corp. ​ Cayman Islands ​ 100 % Consolidated ​ ​ Inter-company balances and transactions are eliminated upon consolidation. Basis of measurement These Financial Statements have been prepared on an accrual basis, are based on historical costs and are presented in United States dollars, unless otherwise noted. Functional and presentation currency These Financial Statements are presented in United States Dollars ( “USD $” ,	2. Basis of presentation Statement of compliance The Financial Statements of the Company have been prepared using accounting policies in compliance with International Financial Reporting Standards (“ IFRS IASB The Financial Statements were authorized for issue on July 28, 2023 by the directors of the Company. Carve-Out Consolidated Statements of Financial Position The carve-out consolidated statements of financial position include the assets and liabilities that are the Clinical Trial related assets and liabilities, which have been determined in the following manner: ● Cash is comprised of cash and cash equivalents which the Company utilizes for working capital purposes. ● Restricted cash is held in a guaranteed investment certificate with a bank as collateral for a credit facility agreement. ● Other receivables are comprised of sales tax receivable from the Canadian Revenue Agency and the Australian Taxation Office. ● Prepaids consists of a research report retainer and accounting fees prepaid. ● Accounts payable and accrued liabilities consists of audit, consulting fees and legal fees related to the Company and its Clinical Trials. ● Investments in subsidiaries and joint ventures of the Company that do not contain Clinical Trial related assets and liabilities have been excluded. Carve-Out Consolidated Statements of Net Loss and Comprehensive Loss ● The carve-out statements of net loss and comprehensive loss include operating expenses that are related to the Company and its Clinical Trials. ● Psyence Group issued share-based compensation which has been included in the Company’s carve- out consolidated statements of loss and comprehensive loss based on the proportionate share of services received by the Company from the holder. Basis of consolidation These Financial Statement incorporate the accounts of PBC and its subsidiaries relevant to the Clinical Trials. A subsidiary is an entity controlled by PBC and its results are consolidated into the financial results of the Company from the effective date of control up to the effective date of loss of control. Control exists when an investor is exposed, or has the rights, to variable returns from the involvement with the investee and has liability to affect those returns through its power over the investee. The subsidiaries of PBC relevant to the Clinical Trials that have been consolidated for the purpose of these Financial Statements are as follows: ​ ​ ​ ​ ​ ​ ​ ​ Name of entity Place of incorporation % ownership Accounting method Psyence Australia Pty Ltd. Australia 100% ​ Consolidated ​ Inter-company balances and transactions are eliminated upon consolidation. Basis of measurement These Financial Statements have been prepared on an accrual basis, are based on historical costs and are presented in Canadian dollars, unless otherwise noted. Functional and presentation currency These Financial Statements are presented in Canadian Dollars ( “CAD $” , USD

Significant accounting policies

Significant accounting policies	10 Months Ended	12 Months Ended
	Jan. 31, 2024	Mar. 31, 2023
Significant accounting policies
Significant accounting policies	3. Material accounting policies Financial instruments Financial assets and financial liabilities, including derivatives, are recognized on the consolidated statements of financial position when the Company becomes a party to the financial instrument or derivative contract. Summary of the Company’s classification and measurements of financial assets and liabilities: ​ ​ ​ ​ ​ ​ Financial Assets and Liabilities Classification Measurement Cash and cash equivalents ​ Amortized cost ​ Amortized cost ​ Restricted cash ​ Amortized cost ​ Amortized cost ​ Accounts payable and accrued liabilities ​ Amortized cost ​ Amortized cost ​ Derivative warrant liability ​ FVTPL ​ Fair value ​ Convertible notes ​ FVTPL ​ Fair value ​ NCAC promissory note ​ FVTPL ​ Fair value ​ PGI note ​ FVTPL ​ Fair value ​ ​ Classification The Company classifies its financial assets and financial liabilities in the following measurement categories: i) those to be measured subsequently at fair value through profit or loss (“FVTPL”); ii) those to be measured subsequently at fair value through other comprehensive income (“FVOCI”); and iii) those to be measured at amortized cost. The classification of financial assets depends on the business model for managing the financial assets and the contractual terms of the cash flows. Financial liabilities are classified as those to be measured at amortized cost unless they are designated as those to be measured subsequently at FVTPL (irrevocable election at the time of recognition). For assets and liabilities measured at fair value, gains and losses are either recorded in net loss or other comprehensive income (loss). The Company reclassifies financial assets only when its business model for managing those assets changes. Financial liabilities are not reclassified. Amortized cost This category includes financial assets that are held within a business model with the objective to hold the financial assets in order to collect contractual cash flows that meet the sole payments of principal and interest ("SPPI") criterion. Financial assets classified in this category are measured at amortized cost using the effective interest method. Fair value through profit or loss This category includes derivative instruments as well as quoted equity instruments which the Company has irrevocably elected, at initial recognition or transition, to classify at FVTPL. This category would also include debt instruments of which the cash flow characteristics fail the solely payments of principal and interest (“SPPI”) criterion or are not held within a business model whose objective is either to collect contractual cash flows, or to both collect contractual cash flows and sell. Financial assets in this category are recorded at fair value with changes recognized in net loss. Financial assets at fair value through other comprehensive income Equity instruments that are not held-for-trading can be irrevocably designated to have their change in fair value recognized through other comprehensive income (loss) instead of through net loss. This election can be made on individual instruments and is not required to be made for the entire class of instruments. Attributable transaction costs are included in the carrying value of the instruments. Financial assets at fair value through other comprehensive income/(loss) are initially measured at fair value and changes therein are recognized in other comprehensive income/(loss). Hybrid financial instrument and d e rivative liability The Company determined that the warrants, including public warrants and the private warrants are derivative instruments and should be classified as a financial liability and are measured at FVTPL. Derivative and financial liabilities designated at FVTPL are carried subsequently at fair value with gains or losses recognized in net loss. Each embedded derivative is measured and presented separately unless the whole hybrid financial instrument is designated as at FVTPL. Measurement All financial instruments are required to be measured at fair value on initial recognition, plus, in the case of a financial asset or financial liability not at FVTPL, transaction costs that are directly attributable to the acquisition or issuance of the financial asset or financial liability. Transaction costs of financial assets and financial liabilities carried at FVTPL are expensed in net loss. Financial assets and financial liabilities with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payments of principal and interest. Financial assets that are held within a business model whose objective is to collect the contractual cash flows, and that have contractual cash flows that are solely payments of principal and interest on the principal outstanding are generally measured at amortized cost at the end of the subsequent accounting periods. All other financial assets including equity investments are measured at their fair values at the end of subsequent accounting periods, with any changes taken through net loss or other comprehensive income/(loss) (irrevocable election at the time of recognition). For financial liabilities measured subsequently at FVTPL, changes in fair value due to credit risk are recorded in profit and loss. Cash and cash equivalents Cash and cash equivalents include cash on hand and, when applicable, short-term, highly liquid deposits which are either cashable or with original maturities of less than three months at the date of their acquisition. Related party transactions Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or entities. A transaction is considered to be a related party transaction when there is transfer of resources or obligations between related parties. Provisions Provisions are recognized when the Company has a present obligation, legal or constructive as a result of a previous event, if it is probable that the Company will be required to settle the obligation and a reliable estimate can be made of the obligation. The amount recognized is the best estimate of the expenditure required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligations. Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimate of the expected future cash flows. Research and development Expenditures on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, are recognized in the statements of net loss and comprehensive loss as incurred. Development expenditures are capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Company intends to complete development and has sufficient resources to complete development and to use or sell the asset. Other development expenditures are expensed as incurred. Research and development expenses include all direct and indirect operating expenses supporting the products in development. The costs incurred in establishing and maintaining patents are expensed as incurred. Foreign currency translation The Financial Statements are presented in USD $ which is PBM’s functional currency. The functional currency of its subsidiary consolidated within these Financial Statements is USD. In each individual entity, a foreign currency transaction is initially recorded in the functional currency of the entity, by applying the exchange rate between the functional currency and the foreign currency at the date of the transaction. At the end of the reporting period, monetary assets and liabilities of the Company which are denominated in foreign currencies are translated at the period-end exchange rate. Non-monetary assets and liabilities are translated at rates in effect at the date the assets were acquired, and liabilities incurred. The resulting exchange gains or losses arising on the settlement of monetary items or on translating monetary items at rates different from those at which they were translated on initial recognition, are included in statement of net loss and comprehensive loss in the period in which they arise. For the purpose of presenting these Financial Statements, the assets and liabilities of the subsidiary are translated into USD $ at the exchange rates prevailing at the end of the reporting period. Income and expenses are translated at the average rates for the period. Loss per share The Company presents basic and diluted loss per share data for its common shares. Basic loss per share is calculated by dividing the profit or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted loss per share is determined by adjusting the loss attributable to common shareholders and the weighted average number of common shares outstanding, adjusted for the effects of all dilutive potential common shares, which comprise convertible debentures, warrants and share options issued. Share based compensation The proportionate share of the fair value of the options and RSUs granted by Psyence Group shall be recognized as an expense in the Carve out Financial Statements of the Company. The expense shall be recognized over the vesting period of the options. The fair value options shall be determined using the Black-Scholes model. Income taxes Income tax comprises current and deferred tax. Income tax is recognized in profit or loss except to the extent that it relates to items recognized directly in shareholders’ equity, in which case the income tax is also recognized directly in equity or other comprehensive income, in which case the income tax is also recognized directly in equity or other comprehensive income. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted at the end of the reporting period, and any adjustments to tax payable in respect of previous years. Current tax assets and current tax liabilities are only offset if a legally enforceable right exists to offset the amounts and the Company. Deferred tax is recognized in respect of all qualifying temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Financial Statements. Deferred income tax is determined on a non-discounted basis using the tax rates and laws that have been enacted or substantively enacted at the end of the reporting period and are expected to apply when the deferred tax asset or liability is settled. Deferred tax assets are offset when there is a legally enforceable right to offset tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Deferred tax assets are recognized to the extent future recovery is probable. At each reporting period end, deferred tax assets are reduced to the extent that it is no longer probable that sufficient taxable earnings will be available to allow all or part of the asset to be recovered.	3. Significant accounting policies IFRS 9 Financial instruments The Company recognizes a financial asset or a financial liability when, and only when, it becomes a party to the contractual provisions of the instrument. Such financial assets or financial liabilities are initially recognized at fair value plus or minus transaction costs that are directly attributable to the acquisition or issue of financial instruments that are not classified as fair value through profit or loss. The classification and measurement approach for financial assets reflect the business model in which assets are managed and their cash flow characteristics. Financial assets are classified and measured based on these categories: amortized cost, fair value through other comprehensive income ( “FVOCI” “FVTPL” A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as FVTPL: ● The financial asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and ● The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to measure the investment at FVOCI whereby changes in the investment’s fair value (realized and unrealized) will be recognized permanently in OCI with no reclassification to profit or loss. The election is made on an investment-by-investment basis. A financial asset shall be measured at FVTPL unless it is measured at amortized cost or at FVOCI. Financial liabilities are classified and measured based on two categories — amortized cost or FVTPL: Amortized cost Financial liabilities are classified as measured at amortized cost unless they fall into one of the following categories: financial liabilities at FVTPL, financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition, financial guarantee contracts, commitments to provide a loan at a below-market interest rate, or contingent consideration recognized by an acquirer in a business combination. FVTPL Financial liabilities are classified as FVTPL if they fall into one of the five exemptions detailed above. Classification and measurement of the financial instruments is as follows: ​ ​ ​ Financial instrument Classification Cash and cash equivalents Amortized cost Restricted cash Amortized cost Accounts payable and accrued liabilities Amortized cost ​ Under IFRS 9, the Company applies a forward-looking expected credit loss (“ ECL The three-stage approach to recognizing ECL under IFRS 9 is intended to reflect the increase in credit risk of a financial instrument and are: ● Stage 1 is comprised of all financial instruments that have not had a significant increase in credit risk since initial recognition or that have low credit risk at the reporting date. The Company recognizes an impairment loss for those financial instruments at an amount equal to the twelve-month expected credit loss following the balance sheet date. ● Stage 2 is comprised of all financial instruments that have had a significant increase in credit risk since initial recognition but that do not have objective evidence of a credit loss event. The Company recognizes an impairment loss for those financial instruments at an amount equal to the lifetime expected credit losses. ● Stage 3 is comprised of all financial instruments that have objective evidence of impairment at the reporting date. The Company recognizes an impairment loss for those financial instruments at an amount equal to the lifetime expected credit losses. Impairment losses are recorded in the carve-out statements of net loss and comprehensive loss with the carrying amount of the financial assets reduced through the use of impairment allowance accounts. The Company reverses impairment losses on financial assets carried at amortized cost when the decrease in impairment can be objectively related to an event occurring after the impairment loss was initially recognized. Cash and cash equivalents Cash and cash equivalents include cash on hand and, when applicable, short-term, highly liquid deposits which are either cashable or with original maturities of less than three months at the date of their acquisition. Related party transactions Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or entities. A transaction is considered to be a related party transaction when there is transfer of resources or obligations between related parties. Provisions Provisions are recognized when the Company has a present obligation, legal or constructive as a result of a previous event, if it is probable that the Company will be required to settle the obligation and a reliable estimate can be made of the obligation. The amount recognized is the best estimate of the expenditure required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligations. Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimate of the expected future cash flows. Share based compensation The proportionate share of the fair value of the options and warrants granted by Psyence Group shall be recognized as an expense in the Carve-Out Financial Statements of the Company. The expense shall be recognized over the vesting period of the options. The fair value of the options shall be determined using the Black-Scholes model. The expense associated with the options and warrants shall be allocated to the Company based on the proportion of services received by the Company from the employees and consultants who have been granted the options. Net parent investment The net parent investment represents the net financings that the Company received from Psyence Group to fund its operations through contributions to the Clinical Trials, cash extended to the Company’s subsidiaries and joint ventures that were not related to the Clinical Trials, and the net effect of cost allocations from transactions with Psyence Group, all of which did not require repayments. Research and development Expenditures on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, are recognized in the carve-out statements of net loss and comprehensive loss as incurred. Development expenditures are capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Company intends to complete development and has sufficient resources to complete development and to use or sell the asset. Other development expenditures are expensed as incurred. Research and development expenses include all direct and indirect operating expenses supporting the products in development. The costs incurred in establishing and maintaining patents are expensed as incurred. Foreign currency translation The Financial Statements are presented in CAD $ which is PBC’s functional currency. The functional currency of its subsidiary consolidated within these Financial Statements is USD. In each individual entity, a foreign currency transaction is initially recorded in the functional currency of the entity, by applying the exchange rate between the functional currency and the foreign currency at the date of the transaction. At the end of the reporting period, monetary assets and liabilities of the Company which are denominated in foreign currencies are translated at the period-end exchange rate. Non-monetary assets and liabilities are translated at rates in effect at the date the assets were acquired, and liabilities incurred. The resulting exchange gains or losses arising on the settlement of monetary items or on translating monetary items at rates different from those at which they were translated on initial recognition, are included in profit or loss in the period in which they arise. For the purpose of presenting these Financial Statements, the assets and liabilities of the subsidiary are translated into CAD $ at the exchange rates prevailing at the end of the reporting period. Income and expenses are translated at the average rates for the period. Exchange differences arising are recognized in net parent investment.

Critical accounting estimates_3

Critical accounting estimates and judgements	10 Months Ended	12 Months Ended
	Jan. 31, 2024	Mar. 31, 2023
Critical accounting estimates and judgements
Critical accounting estimates and judgements	4. Critical accounting estimates and judgements The preparation of financial statements in conformity with IFRS requires management to make certain estimates, judgments and assumptions concerning the future. Actual results may differ from these estimates. The Company’s management reviews these estimates, judgments, and assumptions on an ongoing basis, based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to estimates are adjusted prospectively in the period in which the estimates are revised. The following are deemed to be critical accounting policies by as these require a high level of subjectivity and judgement and could have a material impact on PBM’s financial statements. Going concern These Financial Statements have been prepared on the assumption that the Company will continue as a going concern, meaning it will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the ordinary course of operations. Management routinely plans future activities including forecasting future cash flows and forming judgements collectively with directors of the Company. Judgement is required in determining if the Company’s has sufficient cash reserves, together with all other available information, to continue as a going concern for a period of at least twelve months. As at January 31, 2024 the Company has concluded that a material uncertainty exists that casts significant doubt about the Company’s ability to continue as a going concern. Reverse takeover transaction The Company treated the RTO Transaction as a capital transaction equivalent to the issue of shares of the Company in exchange for the net monetary assets of NCAC. The Company determined that the original shareholders of PGI became the controlling shareholders of the Company after the RTO Transaction, therefore the Company was the acquiror and NCAC was the acquiree. The RTO Transaction did not constitute a business combination as defined under IFRS 3, Business Combinations, as NCAC is a non-operating entity that does not meet the definition of a business under IFRS 3. The excess of the consideration paid over the net liability acquired together with any transaction costs incurred for the Transaction is expensed as a listing expense in accordance with IFRS 2 Share-Based Payments. The fair value of the consideration paid was determined by the opening trading price ($3.55/share) of the Company’s common shares listed on the NASDAQ on January 26, 2024. Convertible instruments Convertible notes are compound financial instruments which have been designated as a FVTPL classification. The identification of convertible debenture components is based on interpretations of the substance of the contractual arrangement and therefore requires judgment from management. The separation of the components affects the initial recognition of the convertible debenture at issuance and the subsequent remeasurement. As the Company has designated the entire convertible financial instrument as FVTPL given the embedded derivate liability that was contained by the convertible financial instrument, the debentures have not been separated into debt and derivative components. The fair value of the instrument approximates the transaction price due to the short period outstanding. Contingencies From time to time, the Company is named as a party to claims or involved in proceedings, including legal, regulatory and tax related, in the ordinary course of its business. While the outcome of these matters may not be estimable at the reporting date, the Company makes provisions, where possible, for the estimated outcome of such claims or proceedings. Should a loss result from the resolution of any claims or proceedings that differs from these estimates, the difference will be accounted for as a charge to profit or loss in that period. The actual results may vary and may cause significant adjustments. Deferred taxes Significant estimates are required in determining the Company’s income tax provision. Some estimates are based on interpretations of existing tax laws or regulations. Various internal and external factors may have favourable or unfavourable effects on the Company’s future effective tax rate. These include, but are not limited to, changes in tax laws, regulations and/or rates, changing interpretations of existing tax laws or regulations, and results of tax audits by tax authorities. Inputs when using Black-Scholes valuation model The estimates used in determining the private warrant fair values, utilizes estimates made by management in determining the appropriate input variables in the Black-Scholes valuation model. Inputs subject to estimates include volatility, estimated lives and market rates. Income taxes Provisions for taxes are made using the best estimate of the amount expected to be paid based on a qualitative assessment of all relevant factors. The Company reviews the adequacy of these provisions at the end of the reporting period. However, it is possible that at some future date an additional liability could result from audits by taxing authorities. Where the final outcome of these tax-related matters is different from the amounts that were initially recorded, such differences will affect the tax provisions in the period in which such determination is made. Government grants Government grants are recognized when there is reasonable assurance that the Company will comply with the conditions attached to them and the government grants will be received. Grants are recognized as income when they are received. The Company has recognized the government grant received during the period as research and development grants as other income in the combined consolidated statements of loss and comprehensive loss.	4. Critical accounting estimates and judgements ​ The preparation of financial statements in conformity with IFRS requires management to make certain estimates, judgments and assumptions concerning the future. Actual results may differ from these estimates. The Company’s management reviews these estimates, judgments, and assumptions on an ongoing basis, based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to estimates are adjusted prospectively in the period in which the estimates are revised. The following are deemed to be critical accounting policies by as these require a high level of subjectivity and judgement and could have a material impact on PBC’s financial statements. Going concern These Financial Statements have been prepared on the assumption that the Company will continue as a going concern, meaning it will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the ordinary course of operations. Management routinely plans future activities including forecasting future cash flows and forming judgements collectively with directors of the Company. Judgement is required in determining if the Company’s has sufficient cash reserves, together with all other available information, to continue as a going concern for a period of at least twelve months. As at March 31, 2023 the Company has concluded that a material uncertainty exists that casts significant doubt about the Company’s ability to continue as a going concern. Contingencies From time to time, the Company is named as a party to claims or involved in proceedings, including legal, regulatory and tax related, in the ordinary course of its business. While the outcome of these matters may not be estimable at the reporting date, the Company makes provisions, where possible, for the estimated outcome of such claims or proceedings. Should a loss result from the resolution of any claims or proceedings that differs from these estimates, the difference will be accounted for as a charge to profit or loss in that period. The actual results may vary and may cause significant adjustments. Share based compensation The allocation of the expenses associated with the options and warrants granted by Psyence Group to the Company is based on the proportion of services received from the employees and consultants who have been granted the options. However, determining the proportion of services received by the Company involves judgment. Additionally, estimating the fair value for share-based payment transactions requires judgement in determining the most appropriate valuation model, which is dependent on the terms and conditions of the grant. This also requires estimation of the most appropriate inputs to the valuation model including the expected life of the share option or warrant, volatility, dividend yield and share price.

Cash, restricted cash and cas_4

Cash, restricted cash and cash equivalents	10 Months Ended	12 Months Ended
	Jan. 31, 2024	Mar. 31, 2023
Cash, restricted cash and cash equivalents
Cash, restricted cash and cash equivalents	6. Cash, restricted cash and cash equivalents Cash and cash equivalents include the following amounts: ​ ​ ​ ​ ​ ​ ​ January 31, March 31, ​ ​ 2024 ​ 2023 Unrestricted cash held with chartered banks ​ 2,322,008 ​ 1,334,343 Restricted Cash — 29,557 Total 2,322,008 1,363,890 ● unrestricted cash held with chartered banks and ● the Company entered into a cash collateral agreement with a major chartered bank in Canada with regards to a credit facility against which the Company deposited $40,000 in a guaranteed investment certificate with the bank. Amounts are held in restricted cash on the statements of financial position.	5. Cash, restricted cash and cash equivalents Cash and cash equivalents include the following amounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, March 31, March 31, ​ ​ 2023 ​ 2022 ​ 2021 Unrestricted cash held with chartered banks ​ 1,800,539 ​ 2,185,868 ​ 6,001,436 Held in trust for brokerage account 5,227 5,227 5,000 Restricted Cash 40,000 40,000 — Total 1,845,776 2,231,095 6,006,436 ​ ● an amount held in trust by a brokerage firm as security for foreign currency exchanges; ● unrestricted cash held with chartered banks and ● the Company entered into a cash collateral agreement with a major chartered bank in Canada with regards to a credit facility against which the Company deposited $40,000 in a guaranteed investment certificate with the bank. Amounts are held in restricted cash on the carve-out statements of financial position.

Accounts payable and accrued _4

Accounts payable and accrued liabilities	10 Months Ended	12 Months Ended
	Jan. 31, 2024	Mar. 31, 2023
Accounts payable and accrued liabilities
Accounts payable and accrued liabilities	7. Accounts payable and accrued liabilities Accounts payable and accrued liabilities include the following amounts: ​ ​ ​ ​ ​ ​ ​ January 31, March 31, ​ ​ 2024 ​ 2023 Trade payables 847,751 1,636,034 Accrued liabilities 262,813 162,565 Total 1,110,564 1,798,599 ​	6. Accounts payable and accrued liabilities Accounts payable and accrued liabilities include the following amounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, March 31, March 31, ​ 2023 2022 2021 Trade payables ​ 2,203,468 ​ 46,054 ​ 16,976 Accrued liabilities 219,999 118,446 110,614 Total 2,423,467 164,500 127,590 ​

Income taxes

Income taxes	12 Months Ended
	Mar. 31, 2023
Income taxes
Income taxes	7. Income taxes The reconciliation of the combined Canadian federal and provincial statutory income tax rate of 26.5% (March 31, 2022 – 26.5%) to the effective tax rate is as follows: ​ ​ ​ ​ ​ ​ ​ March 31, March 31, ​ 2023 2022 Net Loss before recovery of income taxes ​ (4,238,471) ​ (2,319,932) Expected income tax (recovery)/expense (1,123,195) (614,782) Stock based compensation 77,580 109,862 Difference in tax rates (60,111) — Change in tax benefits not recognized 1,105,726 504,920 Income tax (recovery)/expense — — ​ Deferred tax Unrecognized deferred tax asset Deferred taxes are provided as a result of temporary differences that arise due to the differences between the income tax values and the carrying amounts of assets and liabilities. Deferred tax assets have not been recognized in respect of the following deductible temporary differences: ​ ​ ​ ​ ​ ​ ​ March 31, March 31, Unrecognized deferred tax 2023 2022 Non-capital losses carried forward – Canada 5,137,001 2,883,658 Non-capital losses carried forward – Australia 1,717,450 — Intangible assets 148,955 2,749 Share issuance costs – 20(1)(e) 380,888 547,172 ​ 7,384,294 3,433,580 ​ The Company’s Canadian non-capital income tax losses expire as follows: ​ ​ ​ ​ Expiry Amount $ 2041 ​ 827,846 2042 2,055,812 2043 2,253,343 Total 5,137,001 ​ The Company’s Australian non-capital income tax losses can be carried forward indefinitely.

Capital management_2

Capital management	10 Months Ended	12 Months Ended
	Jan. 31, 2024	Mar. 31, 2023
Capital management
Capital management	13. Capital management The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to pursue the development of natural health business, to maintain a flexible capital structure which optimizes the cost of capital at an acceptable risk level. The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust its capital structure, the Company may obtain additional funding from equity financings, issue new debt, acquire or dispose of assets or adjust the amount of cash and cash equivalents on hand. In order to facilitate the management of its capital requirements, the Company prepares annual budgets that are updated as necessary depending on various factors, including successful capital deployment and general industry conditions. The annual and updated budgets are approved by the Board of Directors. Management considers its approach to capital management to be appropriate given the relative size of the Company. There were no changes in the Company’s approach to capital management during the period.	8. Capital management ​ The Company manages its cash and net parent investment as capital. The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to pursue the development of natural health business, to maintain a flexible capital structure which optimizes the cost of capital at an acceptable risk level. The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust its capital structure, the Company may obtain additional funding from its parent, issue new debt, acquire or dispose of assets or adjust the amount of cash and cash equivalents on hand. In order to facilitate the management of its capital requirements, the Company prepares annual budgets that are updated as necessary depending on various factors, including successful capital deployment and general industry conditions. The annual and updated budgets are approved by the Board of Directors. Management considers its approach to capital management to be appropriate given the relative size of the Company. There were no changes in the Company’s approach to capital management during the year.

Transactions with related par_4

Transactions with related parties	10 Months Ended	12 Months Ended
	Jan. 31, 2024	Mar. 31, 2023
Transactions with related parties
Transactions with related parties	14. Transactions with related parties All related party transactions are measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties. All amounts either due from or due to related parties other than specifically disclosed are non-interest bearing, unsecured and have no fixed terms of repayments. The Company incurred the following transactions with related parties during the periods ended January 31, 2024 and January 31, 2023: Compensation to key management personnel Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly. Key management personnel include the Company’s executive officers and Board of Directors. ​ ​ ​ ​ ​ ​ Key Management Personnel January 31, 2024 January 31, 2023 Short term benefits ​ 451,138 ​ 417,958 Total 451,138 417,958 ​ Short term benefits consist of consulting fees, payroll and other benefits paid to key management personnel.	9. Transactions with related parties ​ All related party transactions are measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties. All amounts either due from or due to related parties other than specifically disclosed are non-interest bearing, unsecured and have no fixed terms of repayments. The Company incurred the following transactions with related parties during the years ended March 31, 2023 and March 31, 2022: Compensation to key management personnel Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly. Key management personnel include the Company’s executive officers and Board of Directors. ​ ​ ​ ​ ​ ​ ​ March 31, March 31, Key Management Personnel 2023 2022 Short term benefits 785,487 764,965 Share based compensation 231,231 370,037 Total 1,016,718 1,135,002 ​ Short term benefits consist of consulting fees, payroll and other benefits paid to key management personnel. Share based compensation is options granted to key management personnel. Accounts payable included balances for related parties of $100,355 ($22,005 – March 31, 2022 & $28,125 – March 31, 2021).

Share based compensation_2

Share based compensation	10 Months Ended	12 Months Ended
	Jan. 31, 2024	Mar. 31, 2023
Share based compensation
Share based compensation	15. Share based compensation During the period ended January 31, 2024, $177,471 (Period ended January 31, 2023 - $243,963) was recognized for options and restricted stock units (“RSU’s”) granted by Psyence Group under professional fees and consulting expenses and general and administrative expenses on the condensed carve-out consolidated interim statements of net loss and comprehensive loss. The allocation of share based compensation expense was comprised of a total of 0 (year ended March 31, 2022 – 2,558,401) options granted by Psyence Group during the period ended January 31, 2024 with a weighted average fair value of $0.00 (period ended January 31, 2023 - $0.07) and a total of 0 (period ended January 31, 2023 - 3,528,750) RSUs granted by Psyence Group during the period ended January 31, 2024. This share-based compensation relates only to the historic carve out pre-combination period and does not relate to options or RSUs in the Company. No share options or RSUs have been issued by the Company post transaction and listing date.	10. Share based compensation During the year ended March 31, 2023 $292,756 (Year ended March 31, 2022 – $414,574) was recognized for options and restricted stock units (“RSU’s”) granted by Psyence Group under professional fees and consulting expenses and general and administrative expenses on the carve-out consolidated statements of net loss and comprehensive loss. The allocation of share based compensation expense to the Company was comprised of a total of 2,558,401 (year ended March 31, 2022 – 1,350,000 Options and RSUs granted were subject to various time-based vesting terms. This allocation was based on services received from consultants and employees who were granted options in Psyence Group. The fair value of the RSU’s was based on the Company’s share price at the date of grant. The fair value of the options was determined at the grant date based on the Black Scholes pricing model, using the following weighted average assumptions: ​ ​ ​ ​ ​ ​ ​ ​ Options granted during year Options granted during year ​ ended March 31, 2023 ended March 31, 2022 ​ Numbers issued ​ 2,558,401 ​ 1,350,000 Share price ​ $0.09 – $0.14 ​ $0.26 ​ Expected dividend yield ​ Nil ​ Nil ​ Exercise price ​ $0.14 – $0.20 ​ $0.30 ​ Risk-free interest rate ​ 2.78% – 3.49% ​ 0.96% ​ Expected life ​ 3.00 – 5.00 ​ 5.00 ​ Expected volatility ​ 100% ​ 100% ​ ​

Advances from Psyence Group

Advances from Psyence Group	12 Months Ended
	Mar. 31, 2023
Advances from Psyence Group
Advances from Psyence Group	11. Advances from Psyence Group During the year ended March 31, 2023, the Company received cash advances from Psyence Group in the amount of $1,551,744 (March 31, 2022 - $2,031,964), that have been utilized by the Company to conduct its Clinical Trial operations to date. As the advances made by Psyence Group are not expected to be repaid in future periods, the advances have been classified as part of the Company’s net parent investment from Psyence Group in the Clinical Trials. ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ March 31, Advances from (repayments to) Psyence Group 2023 2022 Opening balance ​ 5,060,331 ​ 7,092,295 Amounts advanced (repaid) 1,551,744 (2,031,964) Ending Balance 6,612,075 5,060,331 ​

Financial instruments and fin_6

Financial instruments and financial risk management	10 Months Ended	12 Months Ended
	Jan. 31, 2024	Mar. 31, 2023
Financial instruments and financial risk management
Financial instruments and financial risk management	16. Financial instruments and financial risk management a) Financial instrument classification and fair value measurement Financial instruments that are recorded at fair value on the consolidated statements of financial position are classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value of hierarchy has the following levels: ● Level 1 – quoted prices in active markets for identical financial instruments. ● Level 2 – quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in the markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. ● Level 3 – valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The table below presents the carrying value of the Company’s financial instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total Derivative warrant liabilities – Private Warrants ​ ​ — ​ ​ 26,608 ​ ​ — ​ ​ 26,608 Derivative warrant liabilities – Public Warrants ​ 750,000 ​ — ​ — ​ 750,000 Convertible notes ​ — ​ — ​ 2,500,000 ​ — Balance, January 31, 2024 ​ $ 750,000 ​ $ 26,608 ​ $ 2,500,000 ​ $ 776,608 ​ The face value of the financial instruments approximates the fair value due to the short-term maturity nature of the financial instruments. b) Risk management In the normal course of business, the Company is exposed to a variety of financial risks: credit risk, liquidity risk, foreign exchange risk and interest rate risk. These financial risks are subject to normal credit standards, financial controls, risk management as well as monitoring. The Company’s Board of Directors has overall responsibility for the establishment and oversight of the Company’s risk management framework. Credit risk Credit risk arises from cash and cash equivalents held with banks. The maximum exposure to credit risk is equal to the carrying value of the financial assets. The objective of managing counterparty credit risk is to prevent losses on financial assets. The Company minimizes the credit risk of cash and cash equivalents by depositing with only reputable financial institutions. Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages liquidity risk through an ongoing review of future commitments and cash balances available. Historically, the Company’s main source of funding has been through investments from its parent. The Company’s access to financing is uncertain. There can be no assurance of continued access to significant equity or debt funding. The following table set forth the maturity of the contractual obligations as at January 31, 2024 and after ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Contractual Less than 1 Between 1 ​ ​ Amount ​ Cash Flows ​ year ​ and 3 year Accounts payable & accrued liabilities ​ $ 1,110,564 ​ $ 1,110,564 ​ $ 1,110,564 ​ $ — Convertible note liability ​ 2,500,000 ​ $ 3,625,000 ​ $ 250,000 ​ 3,375,000 Due to NCAC sponsor ​ 1,615,501 ​ 1,615,501 ​ 1,615,501 ​ — Due to Psyence Group Inc ​ 1,460,657 ​ 1,460,657 ​ 1,460,657 ​ — Total contractual obligations ​ $ 6,686,722 ​ $ 7,811,722 ​ $ 4,436,722 ​ $ 3,375,000 ​ Interest rate risk Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company has no significant interest-bearing assets or liabilities and therefore its income and operating cash flows are substantially independent of changes in market interest rates. Foreign exchange risk Foreign currency risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because they are denominated in currencies that differ from the respective functional currency. As at January 31, 2024, a 10% fluctuation in foreign exchange rates would result in a $42,491 impact to net loss and comprehensive loss.	12. Financial instruments and financial risk management In the normal course of business, the Company is exposed to a variety of financial risks: credit risk, liquidity risk, foreign exchange risk and interest rate risk. These financial risks are subject to normal credit standards, financial controls, risk management as well as monitoring. The Company’s Board of Directors has overall responsibility for the establishment and oversight of the Company’s risk management framework. Credit risk Credit risk arises from cash and cash equivalents held with banks. The maximum exposure to credit risk is equal to the carrying value of the financial assets. The objective of managing counterparty credit risk is to prevent losses on financial assets. The Company minimizes the credit risk of cash and cash equivalents by depositing with only reputable financial institutions. Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages liquidity risk through an ongoing review of future commitments and cash balances available. Historically, the Company’s main source of funding has been through investments from its parent. The Company’s access to financing is always uncertain. There can be no assurance of continued access to significant equity or debt funding. Interest rate risk Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company has no significant interest-bearing assets or liabilities and therefore its income and operating cash flows are substantially independent of changes in market interest rates. Foreign exchange risk Foreign currency risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because they are denominated in currencies that differ from the respective functional currency. As at March 31, 2023, a 10% fluctuation in foreign exchange rates would result in a $5,482 impact to profit or loss.

Significant accounting polici_2

Significant accounting policies (Policies)	10 Months Ended	12 Months Ended
	Jan. 31, 2024	Mar. 31, 2023
Significant accounting policies
IFRS 9 Financial instruments	Financial instruments Financial assets and financial liabilities, including derivatives, are recognized on the consolidated statements of financial position when the Company becomes a party to the financial instrument or derivative contract. Summary of the Company’s classification and measurements of financial assets and liabilities: ​ ​ ​ ​ ​ ​ Financial Assets and Liabilities Classification Measurement Cash and cash equivalents ​ Amortized cost ​ Amortized cost ​ Restricted cash ​ Amortized cost ​ Amortized cost ​ Accounts payable and accrued liabilities ​ Amortized cost ​ Amortized cost ​ Derivative warrant liability ​ FVTPL ​ Fair value ​ Convertible notes ​ FVTPL ​ Fair value ​ NCAC promissory note ​ FVTPL ​ Fair value ​ PGI note ​ FVTPL ​ Fair value ​ ​ Classification The Company classifies its financial assets and financial liabilities in the following measurement categories: i) those to be measured subsequently at fair value through profit or loss (“FVTPL”); ii) those to be measured subsequently at fair value through other comprehensive income (“FVOCI”); and iii) those to be measured at amortized cost. The classification of financial assets depends on the business model for managing the financial assets and the contractual terms of the cash flows. Financial liabilities are classified as those to be measured at amortized cost unless they are designated as those to be measured subsequently at FVTPL (irrevocable election at the time of recognition). For assets and liabilities measured at fair value, gains and losses are either recorded in net loss or other comprehensive income (loss). The Company reclassifies financial assets only when its business model for managing those assets changes. Financial liabilities are not reclassified. Amortized cost This category includes financial assets that are held within a business model with the objective to hold the financial assets in order to collect contractual cash flows that meet the sole payments of principal and interest ("SPPI") criterion. Financial assets classified in this category are measured at amortized cost using the effective interest method. Fair value through profit or loss This category includes derivative instruments as well as quoted equity instruments which the Company has irrevocably elected, at initial recognition or transition, to classify at FVTPL. This category would also include debt instruments of which the cash flow characteristics fail the solely payments of principal and interest (“SPPI”) criterion or are not held within a business model whose objective is either to collect contractual cash flows, or to both collect contractual cash flows and sell. Financial assets in this category are recorded at fair value with changes recognized in net loss. Financial assets at fair value through other comprehensive income Equity instruments that are not held-for-trading can be irrevocably designated to have their change in fair value recognized through other comprehensive income (loss) instead of through net loss. This election can be made on individual instruments and is not required to be made for the entire class of instruments. Attributable transaction costs are included in the carrying value of the instruments. Financial assets at fair value through other comprehensive income/(loss) are initially measured at fair value and changes therein are recognized in other comprehensive income/(loss). Hybrid financial instrument and d e rivative liability The Company determined that the warrants, including public warrants and the private warrants are derivative instruments and should be classified as a financial liability and are measured at FVTPL. Derivative and financial liabilities designated at FVTPL are carried subsequently at fair value with gains or losses recognized in net loss. Each embedded derivative is measured and presented separately unless the whole hybrid financial instrument is designated as at FVTPL. Measurement All financial instruments are required to be measured at fair value on initial recognition, plus, in the case of a financial asset or financial liability not at FVTPL, transaction costs that are directly attributable to the acquisition or issuance of the financial asset or financial liability. Transaction costs of financial assets and financial liabilities carried at FVTPL are expensed in net loss. Financial assets and financial liabilities with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payments of principal and interest. Financial assets that are held within a business model whose objective is to collect the contractual cash flows, and that have contractual cash flows that are solely payments of principal and interest on the principal outstanding are generally measured at amortized cost at the end of the subsequent accounting periods. All other financial assets including equity investments are measured at their fair values at the end of subsequent accounting periods, with any changes taken through net loss or other comprehensive income/(loss) (irrevocable election at the time of recognition). For financial liabilities measured subsequently at FVTPL, changes in fair value due to credit risk are recorded in profit and loss.	IFRS 9 Financial instruments The Company recognizes a financial asset or a financial liability when, and only when, it becomes a party to the contractual provisions of the instrument. Such financial assets or financial liabilities are initially recognized at fair value plus or minus transaction costs that are directly attributable to the acquisition or issue of financial instruments that are not classified as fair value through profit or loss. The classification and measurement approach for financial assets reflect the business model in which assets are managed and their cash flow characteristics. Financial assets are classified and measured based on these categories: amortized cost, fair value through other comprehensive income ( “FVOCI” “FVTPL” A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as FVTPL: ● The financial asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and ● The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to measure the investment at FVOCI whereby changes in the investment’s fair value (realized and unrealized) will be recognized permanently in OCI with no reclassification to profit or loss. The election is made on an investment-by-investment basis. A financial asset shall be measured at FVTPL unless it is measured at amortized cost or at FVOCI. Financial liabilities are classified and measured based on two categories — amortized cost or FVTPL: Amortized cost Financial liabilities are classified as measured at amortized cost unless they fall into one of the following categories: financial liabilities at FVTPL, financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition, financial guarantee contracts, commitments to provide a loan at a below-market interest rate, or contingent consideration recognized by an acquirer in a business combination. FVTPL Financial liabilities are classified as FVTPL if they fall into one of the five exemptions detailed above. Classification and measurement of the financial instruments is as follows: ​ ​ ​ Financial instrument Classification Cash and cash equivalents Amortized cost Restricted cash Amortized cost Accounts payable and accrued liabilities Amortized cost ​ Under IFRS 9, the Company applies a forward-looking expected credit loss (“ ECL The three-stage approach to recognizing ECL under IFRS 9 is intended to reflect the increase in credit risk of a financial instrument and are: ● Stage 1 is comprised of all financial instruments that have not had a significant increase in credit risk since initial recognition or that have low credit risk at the reporting date. The Company recognizes an impairment loss for those financial instruments at an amount equal to the twelve-month expected credit loss following the balance sheet date. ● Stage 2 is comprised of all financial instruments that have had a significant increase in credit risk since initial recognition but that do not have objective evidence of a credit loss event. The Company recognizes an impairment loss for those financial instruments at an amount equal to the lifetime expected credit losses. ● Stage 3 is comprised of all financial instruments that have objective evidence of impairment at the reporting date. The Company recognizes an impairment loss for those financial instruments at an amount equal to the lifetime expected credit losses. Impairment losses are recorded in the carve-out statements of net loss and comprehensive loss with the carrying amount of the financial assets reduced through the use of impairment allowance accounts. The Company reverses impairment losses on financial assets carried at amortized cost when the decrease in impairment can be objectively related to an event occurring after the impairment loss was initially recognized.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents include cash on hand and, when applicable, short-term, highly liquid deposits which are either cashable or with original maturities of less than three months at the date of their acquisition.	Cash and cash equivalents Cash and cash equivalents include cash on hand and, when applicable, short-term, highly liquid deposits which are either cashable or with original maturities of less than three months at the date of their acquisition.
Related party transactions	Related party transactions Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or entities. A transaction is considered to be a related party transaction when there is transfer of resources or obligations between related parties.	Related party transactions Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or entities. A transaction is considered to be a related party transaction when there is transfer of resources or obligations between related parties.
Provisions	Provisions Provisions are recognized when the Company has a present obligation, legal or constructive as a result of a previous event, if it is probable that the Company will be required to settle the obligation and a reliable estimate can be made of the obligation. The amount recognized is the best estimate of the expenditure required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligations. Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimate of the expected future cash flows.	Provisions Provisions are recognized when the Company has a present obligation, legal or constructive as a result of a previous event, if it is probable that the Company will be required to settle the obligation and a reliable estimate can be made of the obligation. The amount recognized is the best estimate of the expenditure required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligations. Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimate of the expected future cash flows.
Share based compensation	Share based compensation The proportionate share of the fair value of the options and RSUs granted by Psyence Group shall be recognized as an expense in the Carve out Financial Statements of the Company. The expense shall be recognized over the vesting period of the options. The fair value options shall be determined using the Black-Scholes model.	Share based compensation The proportionate share of the fair value of the options and warrants granted by Psyence Group shall be recognized as an expense in the Carve-Out Financial Statements of the Company. The expense shall be recognized over the vesting period of the options. The fair value of the options shall be determined using the Black-Scholes model. The expense associated with the options and warrants shall be allocated to the Company based on the proportion of services received by the Company from the employees and consultants who have been granted the options.
Net parent investment		Net parent investment The net parent investment represents the net financings that the Company received from Psyence Group to fund its operations through contributions to the Clinical Trials, cash extended to the Company’s subsidiaries and joint ventures that were not related to the Clinical Trials, and the net effect of cost allocations from transactions with Psyence Group, all of which did not require repayments.
Research and development	Research and development Expenditures on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, are recognized in the statements of net loss and comprehensive loss as incurred. Development expenditures are capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Company intends to complete development and has sufficient resources to complete development and to use or sell the asset. Other development expenditures are expensed as incurred. Research and development expenses include all direct and indirect operating expenses supporting the products in development. The costs incurred in establishing and maintaining patents are expensed as incurred.	Research and development Expenditures on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, are recognized in the carve-out statements of net loss and comprehensive loss as incurred. Development expenditures are capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Company intends to complete development and has sufficient resources to complete development and to use or sell the asset. Other development expenditures are expensed as incurred. Research and development expenses include all direct and indirect operating expenses supporting the products in development. The costs incurred in establishing and maintaining patents are expensed as incurred.
Foreign currency translation	Foreign currency translation The Financial Statements are presented in USD $ which is PBM’s functional currency. The functional currency of its subsidiary consolidated within these Financial Statements is USD. In each individual entity, a foreign currency transaction is initially recorded in the functional currency of the entity, by applying the exchange rate between the functional currency and the foreign currency at the date of the transaction. At the end of the reporting period, monetary assets and liabilities of the Company which are denominated in foreign currencies are translated at the period-end exchange rate. Non-monetary assets and liabilities are translated at rates in effect at the date the assets were acquired, and liabilities incurred. The resulting exchange gains or losses arising on the settlement of monetary items or on translating monetary items at rates different from those at which they were translated on initial recognition, are included in statement of net loss and comprehensive loss in the period in which they arise. For the purpose of presenting these Financial Statements, the assets and liabilities of the subsidiary are translated into USD $ at the exchange rates prevailing at the end of the reporting period. Income and expenses are translated at the average rates for the period.	Foreign currency translation The Financial Statements are presented in CAD $ which is PBC’s functional currency. The functional currency of its subsidiary consolidated within these Financial Statements is USD. In each individual entity, a foreign currency transaction is initially recorded in the functional currency of the entity, by applying the exchange rate between the functional currency and the foreign currency at the date of the transaction. At the end of the reporting period, monetary assets and liabilities of the Company which are denominated in foreign currencies are translated at the period-end exchange rate. Non-monetary assets and liabilities are translated at rates in effect at the date the assets were acquired, and liabilities incurred. The resulting exchange gains or losses arising on the settlement of monetary items or on translating monetary items at rates different from those at which they were translated on initial recognition, are included in profit or loss in the period in which they arise. For the purpose of presenting these Financial Statements, the assets and liabilities of the subsidiary are translated into CAD $ at the exchange rates prevailing at the end of the reporting period. Income and expenses are translated at the average rates for the period. Exchange differences arising are recognized in net parent investment.

Basis of presentation (Tables_2

Basis of presentation (Tables)	10 Months Ended	12 Months Ended
	Jan. 31, 2024	Mar. 31, 2023
Basis of presentation
Summary of consolidation	​ ​ ​ ​ ​ ​ ​ ​ ​ Name of entity Place of incorporation % ownership Accounting method Psyence Australia Pty Ltd. ​ Australia ​ 100 % Consolidated ​ Pysence Biomed II Corp. ​ Canada ​ 100 % Consolidated ​ Newcourt Acquisition Corp. ​ Cayman Islands ​ 100 % Consolidated ​	​ ​ ​ ​ ​ ​ ​ ​ Name of entity Place of incorporation % ownership Accounting method Psyence Australia Pty Ltd. Australia 100% ​ Consolidated

Cash, restricted cash and cas_5

Cash, restricted cash and cash equivalents (Tables)	10 Months Ended	12 Months Ended
	Jan. 31, 2024	Mar. 31, 2023
Cash, restricted cash and cash equivalents
Summary of cash and cash equivalents	​ ​ ​ ​ ​ ​ ​ January 31, March 31, ​ ​ 2024 ​ 2023 Unrestricted cash held with chartered banks ​ 2,322,008 ​ 1,334,343 Restricted Cash — 29,557 Total 2,322,008 1,363,890	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, March 31, March 31, ​ ​ 2023 ​ 2022 ​ 2021 Unrestricted cash held with chartered banks ​ 1,800,539 ​ 2,185,868 ​ 6,001,436 Held in trust for brokerage account 5,227 5,227 5,000 Restricted Cash 40,000 40,000 — Total 1,845,776 2,231,095 6,006,436

Accounts payable and accrued _5

Accounts payable and accrued liabilities (Tables)	10 Months Ended	12 Months Ended
	Jan. 31, 2024	Mar. 31, 2023
Accounts payable and accrued liabilities
Summary of accounts payable and accrued liabilities	​ ​ ​ ​ ​ ​ ​ January 31, March 31, ​ ​ 2024 ​ 2023 Trade payables 847,751 1,636,034 Accrued liabilities 262,813 162,565 Total 1,110,564 1,798,599 ​	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, March 31, March 31, ​ 2023 2022 2021 Trade payables ​ 2,203,468 ​ 46,054 ​ 16,976 Accrued liabilities 219,999 118,446 110,614 Total 2,423,467 164,500 127,590 ​

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Mar. 31, 2023
Income taxes
Summary of reconciliation of the combined Canadian federal and provincial statutory income tax rate to the effective tax rate	​ ​ ​ ​ ​ ​ ​ March 31, March 31, ​ 2023 2022 Net Loss before recovery of income taxes ​ (4,238,471) ​ (2,319,932) Expected income tax (recovery)/expense (1,123,195) (614,782) Stock based compensation 77,580 109,862 Difference in tax rates (60,111) — Change in tax benefits not recognized 1,105,726 504,920 Income tax (recovery)/expense — —
Summary of unrecognized deferred tax	​ ​ ​ ​ ​ ​ ​ March 31, March 31, Unrecognized deferred tax 2023 2022 Non-capital losses carried forward – Canada 5,137,001 2,883,658 Non-capital losses carried forward – Australia 1,717,450 — Intangible assets 148,955 2,749 Share issuance costs – 20(1)(e) 380,888 547,172 ​ 7,384,294 3,433,580
Summary of non-capital income tax losses	​ ​ ​ ​ Expiry Amount $ 2041 ​ 827,846 2042 2,055,812 2043 2,253,343 Total 5,137,001

Transactions with related par_5

Transactions with related parties (Tables)	10 Months Ended	12 Months Ended
	Jan. 31, 2024	Mar. 31, 2023
Transactions with related parties
Summary of compensation to key management personnel	​ ​ ​ ​ ​ ​ Key Management Personnel January 31, 2024 January 31, 2023 Short term benefits ​ 451,138 ​ 417,958 Total 451,138 417,958	​ ​ ​ ​ ​ ​ ​ March 31, March 31, Key Management Personnel 2023 2022 Short term benefits 785,487 764,965 Share based compensation 231,231 370,037 Total 1,016,718 1,135,002

Share based compensation (Tab_2

Share based compensation (Tables)	12 Months Ended
	Mar. 31, 2023
Share based compensation
Summary of fair value of the options was determined at the grant date based on the Black Scholes pricing model, using the following weighted average assumptions	​ ​ ​ ​ ​ ​ ​ ​ Options granted during year Options granted during year ​ ended March 31, 2023 ended March 31, 2022 ​ Numbers issued ​ 2,558,401 ​ 1,350,000 Share price ​ $0.09 – $0.14 ​ $0.26 ​ Expected dividend yield ​ Nil ​ Nil ​ Exercise price ​ $0.14 – $0.20 ​ $0.30 ​ Risk-free interest rate ​ 2.78% – 3.49% ​ 0.96% ​ Expected life ​ 3.00 – 5.00 ​ 5.00 ​ Expected volatility ​ 100% ​ 100% ​ ​

Advances from Psyence Group (Ta

Advances from Psyence Group (Tables)	12 Months Ended
	Mar. 31, 2023
Advances from Psyence Group
Schedule of advances from (repayments to) Psyence Group	​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ March 31, Advances from (repayments to) Psyence Group 2023 2022 Opening balance ​ 5,060,331 ​ 7,092,295 Amounts advanced (repaid) 1,551,744 (2,031,964) Ending Balance 6,612,075 5,060,331 ​

Nature of operations and goin_4

Nature of operations and going concern (Details)	10 Months Ended		12 Months Ended
	Jan. 31, 2024 USD ($) item	Jan. 31, 2023 USD ($)	Mar. 31, 2023 CAD ($) item	Mar. 31, 2022 CAD ($)
Nature of operations and going concern
Number of patients to participate in the study for clinical trials	84		84
Net loss	$ (34,701,404)	$ (2,577,667)	$ (4,238,471)	$ (2,319,932)
Comprehensive loss	$ (34,687,698)	$ (2,581,267)	$ (4,238,471)	$ (2,319,932)

Basis of presentation (Detail_2

Basis of presentation (Details)	10 Months Ended	12 Months Ended
	Jan. 31, 2024	Mar. 31, 2023
Psyence Australia Pty Ltd.
Investment in subsidiaries
% ownership	100%	100%

Cash, restricted cash and cas_6

Cash, restricted cash and cash equivalents (Details)	Jan. 31, 2024 USD ($)	Mar. 31, 2023 CAD ($)	Mar. 31, 2023 USD ($)	Jan. 31, 2023 USD ($)	Mar. 31, 2022 CAD ($)	Mar. 31, 2021 CAD ($)
Cash, restricted cash and cash equivalents
Unrestricted cash held with chartered banks	$ 2,322,008	$ 1,800,539		$ 1,334,343	$ 2,185,868	$ 6,001,436
Held in trust for brokerage account		5,227			5,227	5,000
Restricted Cash		40,000	$ 29,557	29,557	40,000
Total	$ 2,322,008	$ 1,845,766		$ 1,363,890	$ 2,231,095	$ 6,006,436

Accounts payable and accrued _6

Accounts payable and accrued liabilities (Details)	Jan. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2023 CAD ($)	Jan. 31, 2023 USD ($)	Mar. 31, 2022 CAD ($)	Mar. 31, 2021 CAD ($)
Accounts payable and accrued liabilities
Trade payables	$ 847,751		$ 2,203,468	$ 1,636,034	$ 46,054	$ 16,976
Accrued liabilities	262,813		219,999	162,565	118,446	110,614
Total	$ 1,110,564	$ 1,798,599	$ 2,423,467	$ 1,798,599	$ 164,500	$ 127,590

Income taxes (Details)

Income taxes (Details) - CAD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income taxes
Statutory income tax rate	26.50%	26.50%
Reconciliation of the combined Canadian federal and provincial statutory income tax rate to the effective tax rate
Net Loss before recovery of income taxes	$ (4,238,471)	$ (2,319,932)
Expected income tax (recovery)/expense	(1,123,195)	(614,782)
Stock based compensation	77,580	109,862
Difference in tax rates	(60,111)
Change in tax benefits not recognized	$ 1,105,726	$ 504,920

Income taxes - Unrecognized def

Income taxes - Unrecognized deferred tax asset (Details) - CAD ($)	Mar. 31, 2023	Mar. 31, 2022
Unrecognized deferred tax asset
Unrecognized deferred tax asset	$ 7,384,294	$ 3,433,580
Non-capital losses carried forward | Canada
Unrecognized deferred tax asset
Unrecognized deferred tax asset	5,137,001	2,883,658
Non-capital losses carried forward | Australia
Unrecognized deferred tax asset
Unrecognized deferred tax asset	1,717,450
Intangible assets
Unrecognized deferred tax asset
Unrecognized deferred tax asset	148,955	2,749
Share issuance costs - 20(1)(e)
Unrecognized deferred tax asset
Unrecognized deferred tax asset	$ 380,888	$ 547,172

Income taxes - Non-capital inco

Income taxes - Non-capital income tax losses (Details)	Mar. 31, 2023 CAD ($)
Income taxes
Total	$ 5,137,001
2041
Income taxes
Total	827,846
2042
Income taxes
Total	2,055,812
2043
Income taxes
Total	$ 2,253,343

Transactions with related par_6

Transactions with related parties - Key Management Personnel (Details)	10 Months Ended		12 Months Ended
	Jan. 31, 2024 USD ($)	Jan. 31, 2023 USD ($)	Mar. 31, 2023 CAD ($)	Mar. 31, 2022 CAD ($)
Transactions with related parties
Short term benefits	$ 451,138	$ 417,958	$ 785,487	$ 764,965
Share based compensation			231,231	370,037
Total	$ 451,138	$ 417,958	$ 1,016,718	$ 1,135,002

Transactions with related par_7

Transactions with related parties (Details) - CAD ($)	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Transactions with related parties
Accounts payable to related parties	$ 100,355	$ 22,005	$ 28,125

Share based compensation (Det_2

Share based compensation (Details)		10 Months Ended		12 Months Ended
	Jan. 25, 2024 shares	Jan. 31, 2024 USD ($) shares $ / shares	Jan. 31, 2023 USD ($) shares $ / shares	Mar. 31, 2023 CAD ($) shares $ / shares	Mar. 31, 2022 CAD ($) shares $ / shares
Share based compensation
Value of options and restricted stock units granted		$ 177,471	$ 243,963	$ 292,756	$ 414,574
Number of options granted	0	0		2,558,401	2,558,401
Weighted average fair value of options granted (in dollars per share) | (per share)		$ 0	$ 0.07	$ 0.09	$ 0.19
Number of RSUs granted | shares		0	3,528,750	3,528,750	735,387
Weighted average fair value of RSUs granted (in dollars per share) | $ / shares				$ 0.12	$ 0.16

Share based compensation - Weig

Share based compensation - Weighted average assumptions (Details)	12 Months Ended
	Mar. 31, 2023 shares Y $ / shares	Mar. 31, 2022 Y shares $ / shares
Share based compensation
Numbers issued | shares	2,558,401	1,350,000
Share price		$ 0.26
Expected dividend yield	0%	0%
Exercise price		$ 0.30
Risk-free interest rate		0.96%
Expected life | Y		5
Expected volatility	100%	100%
Minimum
Share based compensation
Share price	$ 0.09
Exercise price	$ 0.14
Risk-free interest rate	2.78%
Expected life | Y	3
Maximum
Share based compensation
Share price	$ 0.14
Exercise price	$ 0.20
Risk-free interest rate	3.49%
Expected life | Y	5

Advances from Psyence Group (De

Advances from Psyence Group (Details) - CAD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Advances from Psyence Group
Cash advances from Psyence Group	$ 1,551,744	$ (2,031,964)
Advances from (repayments to) Psyence Group, Opening balance	5,060,331	7,092,295
Amounts advanced (repaid)	1,551,744	(2,031,964)
Advances from (repayments to) Psyence Group, Ending balance	$ 6,612,075	$ 5,060,331

Financial instruments and fin_7

Financial instruments and financial risk management (Details)	10 Months Ended	12 Months Ended
	Jan. 31, 2024 USD ($)	Mar. 31, 2023 CAD ($)
Financial instruments and financial risk management
Fluctuation in foreign exchange rates (as a percent)	10%	10%
Impact to profit or loss from fluctuation in foreign exchange rates	$ 42,491	$ 5,482