PSYENCE BIOMEDICAL LTD.

PBMdata completeness 75%3 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

PSYENCE BIOMEDICAL LTD. earns about 15% on equity, but has diluted owners by 6690% over 3 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2023	FY 2024	FY 2025
Revenue	—	—	—
Net income	−$3.21M¹	−$51.2M¹	$1.01M¹
Operating cash flow	−$1.59M²	−$2.95M²	−$3.73M²
Capital expenditure	—	$5,727³	$9,877³
Free cash flow (derived)	—	−$2.95M²	−$3.74M²
Total debt	—	$10.4M⁴	—
Cash & equivalents	$1.33M⁵	$733,188⁵	$6.14M⁵
Diluted shares	8,365	13.4M	568,021

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$118.34

your share of equity

Profit it earned you last year

$17.81

Free cash flow it threw off

−$65.92

Debt you’d be carrying

—

10 shares is a claim on $118.34 of net worth that earned you $17.81 and generated −$65.92 of cash last year.

iii. Is this a good business?

Moat signal · return on equity

15% avg · 3y

FY23 —FY24 —FY25 15%

It earned an average 15% on equity over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+6690% shares · 3y

Share count is up 6690% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 2 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 2 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

$37.35

assumptions (1)

grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts

20-F · period ending 2023-03-31 · accession 0001213900-25-057893 (ProfitLoss)
20-F · period ending 2023-03-31 · accession 0001213900-25-057893 (CashFlowsFromUsedInOperatingActivities)
20-F · period ending 2024-03-31 · accession 0001213900-25-057893 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
20-F · period ending 2024-03-31 · accession 0001213900-25-057893 (Borrowings)
20-F · period ending 2023-03-31 · accession 0001213900-25-057893 (CashAndCashEquivalents)