Category: Psychedelics

Psyence Group Inc. (CSE: PSYG) told investors that it will be consolidating all of its issued and outstanding share capital on the basis of every 15 existing common shares into one new common share effective April 23, 2025 with a record date of April 23, 2025. As a result of the consolidation, the issued and outstanding shares will be reduced to approximately 9,387,695 on the effective date.

This is the second time a Psyence company has consolidated shares recently. In November, its Nasdaq-listed associate, Psyence Biomedical Ltd. (Nasdaq: PBM), implemented a 1-for-75 share consolidation as the psychedelics company worked to maintain its Nasdaq listing.

Psyence Group reported earnings in February when the company delivered a net loss of C$3 million and was reporting as a going concern. At the end of 2024, the company said it had not yet achieved profitable operations, has accumulated losses of C$48,982,320 since its inception.

Total assets at the end of 2024 were C$11,944,478 and comprised predominantly of: cash and cash equivalents of C$10,611,113, other receivables of C$159,808, investment in PsyLabs of C$1,071,981 and prepaids of C$68,243.

Still, the company is pushing ahead. Psyence told investors that it has historically secured financing through share issuances and convertible debentures, and it continues to explore funding opportunities to support its operations and strategic initiatives. “Based on these actions and
management’s expectations regarding future funding and operational developments, the company believes it will have sufficient resources to meet its obligations as they become due for at least the next twelve months,” it said in its last financial filing.

The company said it believes that the consolidation will position it with greater flexibility for the development of its business and the growth of the company.

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Psyence Biomedical (NASDAQ: PBM) invested an additional $500,000 in PsyLabs, deepening its relationship with the psychedelic ingredients producer while securing exclusive access to pharmaceutical-grade ibogaine.

The cash infusion builds on Psyence’s initial partnership from September 2024, when it acquired an 11.13% equity stake in PsyLabs and locked down exclusive rights to nature-derived psilocybin for clinical trials.

The new agreement gives Psyence first dibs on worldwide supply of pharmaceutical-grade ibogaine, a psychoactive substance from the Tabernanthe iboga plant being eyed for addiction treatment.

“We’re thrilled to strengthen our partnership with PsyLabs through both our financial investment and this opportunity to acquire exclusive ibogaine supply rights,” CEO Dr. Neil Maresky said in a statement. “Ibogaine holds significant potential as part of a new wave of therapeutics targeting some of the most challenging conditions in mental health.”

Psyence is betting big on nature-derived compounds rather than synthetic alternatives, aiming to build what it calls a “vertically integrated, multi-asset psychedelics biotech platform.” The company plans to evaluate ibogaine specifically for substance use disorders, including alcohol addiction.

Tony Budden, PsyLabs’ chief executive, said the expanded collaboration creates “a powerful platform to explore the full potential of ibogaine and psilocybin in addressing addiction and mental health disorders.”

PsyLabs operates from an ISO 22000-certified facility with federal licenses to handle various psychedelic compounds. The company has already shipped psilocybin products to Canada, the U.K., Portugal and Slovenia.

The deal remains subject to finalizing terms and regulatory approvals.

While touting ibogaine’s potential to “interrupt” addiction, Psyence included the usual disclaimers that regulatory authorities haven’t evaluated claims about psychedelic compounds and that “vigorous scientific research and clinical trials are needed.” The company acknowledges it hasn’t yet conducted clinical trials for its proposed treatments.

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