The company remains entirely pre-revenue, with operational sustainability hindered by R&D expenditures that reached $75.1K in 2023Q3.
Psyence Biomedical Ltd. (PBM) annual income statement — 5-year revenue, gross profit & net income history
| Metric | TTM | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 4.27K | 240 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | -4.27K | -240 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - |
| Gross Profit Growth % | - | 100% | -1678.33% | - | - | - |
| Operating Expenses | 2.67M | 6.24M | 3.66M | 2.75M | 1.29M | 334.29K |
| OpEx % of Revenue | - | - | - | - | - | - |
| Selling, General & Admin | 2.03M | 4.77M | 3.32M | 1.8M | 1.63M | 1.72M |
| SG&A % of Revenue | - | - | - | - | - | - |
| Research & Development | 75.14K | 1.47M | 342.17K | 954.59K | 1.61M | 137.24K |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | 569.67K | 5.27K | 0 | 0 | -1.94M | -1.52M |
| Operating Income | -2.53M | -6.24M | -3.66M | -2.75M | -4.38M | -334.29K |
| Operating Margin % | - | - | - | - | - | - |
| Operating Income Growth % | - | -70.28% | -33.11% | 37.1% | -1208.82% | - |
| EBITDA | -1.63M | -6.23M | -3.66M | -2.75M | 10.77M | 1.98M |
| EBITDA Margin % | - | - | - | - | - | - |
| EBITDA Growth % | -115.64% | -70.34% | -32.97% | -125.55% | 443.47% | - |
| D&A (Non-Cash Add-back) | 120 | 5.27K | 4.27K | 240 | 0 | 2.32M |
| EBIT | -1.63M | -6.93M | 1.02M | -51.11M | 10.77M | 8.23M |
| Net Interest Income | 634.41K | 253.85K | 86.52K | -50.81K | 1.55K | 2.42K |
| Interest Income | 844.14K | 263.37K | 95.79K | 2.13K | 1.55K | 2.42K |
| Interest Expense | 27.57K | 9.52K | 9.27K | 52.94K | 0 | 0 |
| Other Income/Expense | -23.07M | -698.91K | 4.67M | -48.41M | 38.5K | 8.56M |
| Pretax Income | -25.16M | -6.94M | 1.01M | -51.16M | 8.01M | 8.23M |
| Pretax Margin % | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -25.73M | -6.94M | 1.01M | -51.16M | 8.01M | 8.23M |
| Net Margin % | - | - | - | - | - | - |
| Net Income Growth % | -421.02% | -785.56% | 101.98% | -738.35% | -2.63% | - |
| Net Income (Continuing) | -25.73M | -6.94M | 1.01M | -51.16M | -4.34M | 8.23M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.92 | 0.00 | 1.78 | -7.85 | -0.64 | 0.25 |
| EPS Growth % | -827.04% | -100% | 122.68% | -1126.56% | -356% | - |
| EPS (Basic) | - | 0.00 | 1.78 | -7.85 | -0.64 | 0.25 |
| Diluted Shares Outstanding | 13.39M | 0 | 568.02K | 6.52M | 32.67M | 32.67M |
| Basic Shares Outstanding | 13.39M | 0 | 568.02K | 6.52M | 32.67M | 32.67M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Quick answers to the most common questions about buying PBM stock.
For fiscal year 2025, Psyence Biomedical Ltd. (PBM) reported total revenue of $0.0M.
Psyence Biomedical Ltd. (PBM) reported a net loss of $6.9M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Clinical trial funding exhaustion
Pre-Revenue Status Limits Growth Visibility
As reported in financial statements, Psyence Biomedical remains a pre-commercial entity with zero revenue, reflecting its status as a clinical-stage biotechnology firm focused on the development of PEX010 rather than immediate commercial sales or market penetration within the highly competitive psychedelic-assisted therapy sector.
The absence of top-line growth is consistent with the company's current developmental stage, where all resources are directed toward Phase IIb clinical trials. Investors should monitor the transition from clinical development to potential commercialization, as the current lack of revenue provides no indication of future market demand or pricing power.
Clinical Expenditures Drive Operational Burn
Based on recent SEC filings, the company's cost structure is dominated by R&D and SG&A expenses, with R&D costs reaching $75.1K in 2023Q3, highlighting the significant capital requirements necessary to sustain clinical trial operations and regulatory compliance in the absence of any offsetting revenue streams.
The cost profile is entirely fixed, reflecting the high barrier to entry for clinical-stage biotech firms. Management's expense discipline is currently secondary to the necessity of funding the Phase IIb trial, which remains the primary driver of the company's ongoing cash burn.
Earnings Volatility Masks Operational Reality
According to historical income statements, the company has experienced significant net income fluctuations, including a $24.8M loss in 2023Q3, which suggests that reported earnings are heavily influenced by non-operating items and accounting adjustments rather than core operational performance or sustainable business activities.
The erratic nature of net income, which has swung between multi-million dollar gains and losses, warrants further investigation into the underlying accounting treatments. These figures appear to be disconnected from the company's actual cash-based operational burn, making them poor indicators of long-term financial health.
Capital Dilution and Execution Risks
As indicated by the recent business combination with Newcourt Acquisition Corp, the company's reliance on external capital markets to fund its $7.4M cash position introduces significant dilution risks and volatility that may impair shareholder value if clinical milestones are not met in a timely manner.
Short-sellers would likely focus on the company's extreme sensitivity to capital market conditions and the potential for further equity raises. The reliance on a single lead candidate for a niche indication suggests that any regulatory setback could lead to a rapid deterioration of the company's financial position.