Jody Aufrichtig Chief Executive Officer

Jody Aufrichtig is an award-winning entrepreneur, business builder, impact investor, and philanthropist. A Chartered Accountant by training, he has built significant shareholder value in 19 businesses across various sectors including cannabis, private equity, travel and tourism, and sport and leisure. He previously headed Canopy Growth's African operations and has 25 years of private equity experience. He was awarded Entrepreneur of the Year in 2023.

Warwick Corden-Lloyd Chief Financial Officer

Warwick Corden-Lloyd is a Chartered Accountant and Certified Project Manager with over 17 years of experience in the United Kingdom, the USA, and South Africa. His experience spans advising boards of publicly traded companies and designing strategies for start-ups. He previously served as VP Operations and Finance for Canopy Growth Africa and, before that, was the Head of Financial Accounting for Capitec Bank. He is experienced in IPOs, capital raises, M&A, regulatory affairs, compliance, and corporate governance.

Dr. Neil Maresky Global Head Clinical Development

Dr. Neil Maresky, a trained MD in Emergency Medicine and Family Practice, is the Chief Executive Officer of Psyence Group and previously served as CEO of Psyence Biomedical Ltd. He has over 17 years of experience in research-based pharmaceuticals, having held positions with Wyeth, Bayer, and Novartis, and was the Vice President Scientific Affairs at AstraZeneca, Canada Inc. Dr. Maresky also served as Director of Drug Safety and Pharmaco-epidemiology. He has over 25 years of experience leading Research and Development for large pharmaceutical companies.

Key Risks to Psyence Biomedical (PBM)

1. Clinical Trial Failure and Inability to Obtain Regulatory Approvals: As a biopharmaceutical company specializing in psychedelic-based therapeutics, Psyence Biomedical's core business relies heavily on the successful outcome of its clinical trials and subsequent regulatory approvals. The company's products are currently in the preclinical or clinical development phases, including an ongoing Phase IIb clinical trial for psilocybin. There is a high rate of failure for product candidates in clinical trials. Delays in, or the failure to obtain, necessary regulatory approvals (such as from the FDA or similar authorities) for its proposed psilocybin-based medicines would severely impede the commercial success of its products and materially adversely affect the company's business, prospects, financial condition, and results of operations. Even if regulatory approvals are initially secured, there is a risk that a proposed drug could later be found ineffective or unsafe, potentially leading to its withdrawal from the market. Furthermore, the efficacy and safety of psychedelic compounds for medical use have not been definitively confirmed by extensive authorized clinical research.
2. Lack of Revenue and Sustained Losses: Psyence Biomedical has a limited operating history and has not generated any revenue to date, incurring losses since its inception. The company expects to continue incurring significant losses for the foreseeable future and there is no assurance that it will ever be profitable or successfully commercialize marketable products. While the company may exhibit strong liquidity, its reliance on debt and the absence of profitable operations pose significant financial challenges, making it difficult to predict its future performance.
3. Evolving and Uncertain Regulatory Landscape and Market Acceptance: Psyence Biomedical operates within the nascent and highly regulated psychedelic therapy industry. There is no guarantee that this industry and market will continue to exist and grow as currently estimated or anticipated, or that it will evolve in a manner consistent with management's expectations. Any event or circumstance that negatively affects the psychedelic therapy industry and market, including changes in laws, regulations, or public perception, could have a material adverse effect on Psyence's business. The company must also make significant investments to build brand awareness, operational capacity, and ensure compliance with complex and evolving regulations in this specialized market.

Psyence Biomedical (PBM) focuses on developing nature-derived psilocybin-based and ibogaine-based psychedelic medicines for mental health disorders, particularly within the context of palliative care, targeting conditions such as anxiety, depression, and adjustment disorder. The addressable markets for their main products and services fall under the broader psychedelic drugs market and the more specific psilocybin-assisted therapy market.

• Global Psychedelic Drugs Market: This market was valued at approximately USD 4.08 billion in 2025 and is estimated to grow from USD 4.63 billion in 2026 to reach USD 8.75 billion by 2031, demonstrating a Compound Annual Growth Rate (CAGR) of 13.55% during this forecast period. North America leads this market, holding a 51.60% share in 2025. Another projection indicates the global psychedelic drugs market size was USD 1.82 billion in 2025 and is projected to grow from USD 2.04 billion in 2026 to USD 5.16 billion by 2034, at a CAGR of 12.27%. Psilocybin alone holds approximately 34% of the psychedelic drugs market share. The market is estimated to grow from USD 2.77 billion in 2024 to USD 3.19 billion in 2025 and is expected to reach USD 12.89 billion by 2035, growing at a CAGR of 15%.
• Global Psilocybin Assisted Therapy Market: This market was valued at USD 3.1 billion in 2025 and is projected to reach USD 11.8 billion by the end of 2035, with a CAGR of 15.8% during the period of 2026-2035. In 2026, the market size for psilocybin-assisted therapy is estimated at USD 3.6 billion. North America is anticipated to command a 55.3% share of this market by 2035.

Share Repurchases

• On January 12, 2026, Psyence Biomedical Ltd. announced a share repurchase program, with no specified expiration date, aimed at protecting and enhancing shareholder value.

Share Issuance

• The company completed a business combination agreement with Newcourt Acquisition Corp. (a SPAC) on January 25, 2024, leading to PBM's listing on NASDAQ.
• Psyence Biomedical has conducted multiple reverse stock splits to maintain its Nasdaq listing, including a 1-for-75 consolidation on November 26, 2024, a 1-for-7.97 consolidation on May 5, 2025, and a 1-for-6.25 reverse stock split effective February 2, 2026, reducing outstanding shares from 6,388,604 to approximately 1,022,177.
• On February 25, 2026, the company issued 1,146,159 common shares in a share-for-share exchange with Psyence Labs Ltd. for an equivalent value of US$5,000,000, significantly diluting existing shareholders and making Psyence Labs the dominant shareholder.

Inbound Investments

• Psyence has financed its operations primarily through the sale of equity securities and convertible debt financings since its inception.
• The share-for-share exchange completed on February 25, 2026, involved Psyence Biomedical issuing shares in return for Psyence Labs Ltd.'s ordinary shares valued at US$5,000,000, securing strategic supply and strengthening the commercialization pathway.

Outbound Investments

• Psyence BioMed made a "multi-million-dollar follow-on investment in PsyLabs" to secure GMP nature-derived psilocybin and ibogaine supply for its clinical programs.
• The company holds a strategic equity stake in PsyLabs and has secured a right of first refusal to acquire exclusive rights to a dedicated supply of Ibogaine.

Capital Expenditures

• Capital expenditures were approximately -$3,677 for the 12 months prior to March 11, 2026.
• Annual cash flow statements show capital expenditures of -$0.01 million for the fiscal year ended March 31, 2025, and -$0.006 million for the fiscal year ended March 31, 2024.
• The primary focus of the company's capital allocation, while not necessarily categorized as capital expenditures, is on developing nature-derived psilocybin-based psychedelic medicine and advancing its Phase IIb clinical trial in Australia.