<SEC-DOCUMENT>0001104659-23-102359.txt : 20240122
<SEC-HEADER>0001104659-23-102359.hdr.sgml : 20240122
<ACCEPTANCE-DATETIME>20230920172720
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-23-102359
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230920

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PSYENCE BIOMEDICAL LTD.
		CENTRAL INDEX KEY:			0001985062
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		121 RICHMOND STREET WEST PENTHOUSE
		STREET 2:		SUITE 1300
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5H 2K1
		BUSINESS PHONE:		27744604171

	MAIL ADDRESS:	
		STREET 1:		121 RICHMOND STREET WEST PENTHOUSE
		STREET 2:		SUITE 1300
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5H 2K1
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">September&nbsp;20, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. Securities&nbsp;&amp; Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Office of Life Sciences</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">100 F Street, NE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attn: Li Xiao and Kevin Vaughn</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Ms.&nbsp;Xiao and Mr.&nbsp;Vaughn:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Psyence Biomedical Ltd., a
corporation organized under the laws of Ontario (the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;our&rdquo; or &ldquo;us&rdquo;),
hereby transmits the Company&rsquo;s response to the comment letter received from the staff (the &ldquo;Staff&rdquo;) of the U.S. Securities
and Exchange Commission (the &ldquo;Commission&rdquo;) dated September&nbsp;4, 2023, regarding the Company&rsquo;s Registration Statement
on Form&nbsp;F-4 filed with the Commission on August&nbsp;1, 2023 (the &ldquo;Registration Statement&rdquo;). For the Staff&rsquo;s convenience,
we have repeated below each of the Staff&rsquo;s comments in bold and have followed such comments with the Company&rsquo;s response. All
page&nbsp;references in the responses set forth below refer to page&nbsp;numbers in the Amendment No.&nbsp;1 to the Registration Statement
(&ldquo;Amendment No.&nbsp;1&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Registration Statement on Form&nbsp;F-4, Filed August&nbsp;1, 2023<BR>
Cover Page</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>We note your disclosure that Pubco will apply for Nasdaq listing of the shares of Pubco Common Shares
and Pubco Public Warrants in connection with the Closing, and that there is no assurance that Pubco will be approved for Nasdaq listing.
With reference to the disclosure on page&nbsp;59, please revise the cover page&nbsp;to highlight that the listing is a waivable condition
to closing and, as such, shareholders will lack certainty concerning the listing at the time they make their voting and redemption decisions.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company has revised the disclosure on the cover page&nbsp;of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Market and Industry Data, page&nbsp;1</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Please revise to disclose whether you believe the sources are reliable.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In response to the Staff&rsquo;s comment, the Company has
revised the disclosure on page&nbsp;1 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Questions and Answers About the Business Combination</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>What happens if a substantial number of NCAC
Public Shareholders vote in favor of the</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Business Combination
and exercise</U></FONT>&#8239;... <FONT STYLE="font-size: 10pt">, <U>page&nbsp;8</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>It appears that underwriting fees remain constant and are not adjusted based on redemptions. Please
revise your disclosure on page&nbsp;9 to disclose the effective underwriting fee on a percentage basis for shares at each redemption level
presented in your sensitivity analysis related to dilution.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company has revised the disclosure on page&nbsp;11 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.</B></TD><TD STYLE="text-align: justify"><B>We note the inclusion of Backstop Shares in the table. Please advise regarding whether there is a Backstop
arrangement in place.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company has revised the disclosure on page&nbsp;11 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Please revise to disclose the Minimum Cash Condition to provide context to the Maximum Redemption Scenario
discussion. Also, disclose the amount of additional financing that the parties would need to secure in order to meet the condition under
this redemption scenario. In light of the disclosure at the bottom of page&nbsp;70, it appears that NCAC's Sponsor, officers and directors
control NCAC and also hold the votes need to approve or reject the Business Combination. As such, please revise to indicate whether NCAC's
Sponsor, officers and directors will allow the Business Combination to close absent sufficient funding to meet the Minimum Cash Condition.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company has revised the disclosure on page&nbsp;11 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Who is Psyence?, page&nbsp;8</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>6.</B></TD><TD STYLE="text-align: justify"><B>Please revise to clarify and expand your disclosure that Psyence develops natural psilocybin products
and that it has commenced the clinical trial process to evaluate the safety and efficacy of its product candidates. In this regard, please
clarify that you in-license the lead candidate, PEX010, until 2027. Also, explain, if true, that you have not conducted preclinical or
clinical trials to date for this drug candidate.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company has revised the disclosure on pages&nbsp;8-10 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>What interests do NCAC's Sponsor, current officers
and directors have in the Business Combination?, page&nbsp;11</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>7.</B></TD><TD STYLE="text-align: justify"><B>With reference to the disclosure at the top of page&nbsp;13, please tell us how the $1,000,000 advisory
fee to CCM is consistent with the representations on pages&nbsp;94-95 of the final NCAC IPO prospectus concerning limitations on payments
and compensation to the Sponsor and its affiliates.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">To date, NCAC has not paid its Sponsor,
officers or directors, or any entities with which they are affiliated, any finder&rsquo;s fee, consulting fee or other compensation prior
to, or for any services they rendered in order to effectuate, the consummation of our initial business combination, other than as described
in NCAC&rsquo;s final IPO prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Although inconsistent with the
representations in NCAC&rsquo;s final IPO prospectus concerning limitations on payments and compensation to the Sponsor and its
affiliates, NCAC intends to issue the Advisory Fee in the form of equity to CCM, an affiliate of the Sponsor. NCAC is disclosing
such intention and giving shareholders the opportunity to vote against the proposals presented at the special meeting and/or redeem
their NCAC Public Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Even if the Business Combination is consummated,
Pubco will require substantial additional funding to achieve its business goals..., page&nbsp;41</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>8.</B></TD><TD STYLE="text-align: justify"><B>Please tell us your basis for disclosing that the 505(b)(2)&nbsp;pathway would allow for a shorter
development program along with less data that is developed by Psyence, as compared to a regular NDA submission. In this regard, we note
the disclosure on page&nbsp;56 indicates that there have been relatively few clinical trials pertaining to psilocybin products. In addition,
revise the Business section to discuss the 505(b)(2)&nbsp;regulatory pathway and your plans to pursue that pathway.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company has revised the disclosure on pages&nbsp;70 and 171-172 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Unaudited Pro Forma Condensed Combined Financial
Information</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Note 2. Basis of Presentation</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Minimum Cash Closing Condition and Proposed
PIPE Investment, page&nbsp;81</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>9.</B></TD><TD STYLE="text-align: justify"><B>You disclose here that at the time of this filing, there is no commitment for the proposed additional
financing from the PIPE Investment, and you include the PIPE proceeds as part of your pro forma presentation to meet the Minimum Cash
Condition. Please revise to address the following:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Elsewhere in the filing where you discuss the PIPE Investment and the Minimum Cash Condition, revise
to prominently disclose the extent to which you have or do not have a firm commitment of such funding, and discuss any other related uncertainties.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company has revised the disclosure on pages&nbsp;11, 31 and 91 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>If true, revise your pro forma narrative and footnotes to more clearly discuss the possible scenario
that you are not able to obtain additional funding, but that you are omitting such a scenario from your pro forma presentation because
in that case the merger would no longer be probable of completion due to the Minimum Cash Condition.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company has revised the disclosure on page&nbsp;90 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>The</B></FONT>&#8239;<FONT STYLE="font-size: 10pt"><B>ending cash balance in Scenario
2 on page&nbsp;78 appears to be below $20 million. Please tell us and revise to clarify how the current maximum redemption Scenario 2
meets the $20 million Minimum Cash Condition. In that regard we note your disclosure that the repayment of certain debt and member payables
that is expected to be paid by Psyence immediately following the Closing does not impact the Minimum Cash Condition.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company has revised the disclosure on page&nbsp;91 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Note 3. Accounting for the Business Combination,
page&nbsp;83</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>10.</B></TD><TD STYLE="text-align: justify"><B>You disclose here on page&nbsp;84 that the Business Combination will be accounted for as a capital
reorganization in accordance with IFRS. However, at pages&nbsp;28 and 116 you refer to it as a <I>reverse </I>recapitalization. Please
reconcile this apparent inconsistency, and explain to us your justification for treating the business combination as a reverse recapitalization
under IFRS considering the registrant of this Form&nbsp;F-4 owns the carve out clinical trial business with the Business Combination being
treated as the equivalent of Psyence Biomed Corp. issuing shares for the net assets of NCAC as you disclosed at page&nbsp;28.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company has revised the disclosure on pages&nbsp;32 and 127 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Note 5. Adjustments to Unaudited Pro Forma
Condensed Combined Balance Sheet as of March&#8239;31, 2023</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Adjustment (I)&nbsp;, page&nbsp;88</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>11.</B></TD><TD STYLE="text-align: justify"><B>Please address the following:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Please tell us the extent to which you have entered into an agreement with the underwriter to waive
the 50% deferred underwriter fee.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The underwriter has agreed via e-mail
correspondence that they will waive 50% of the fee and will agree to accept payment of the un-waived portion 50% in cash and 50% in shares
of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>If so, revise to disclose the date and the terms of the agreement, as well as how you will account
for the waiver.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company has revised the disclosure on page&nbsp;96 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>As part of your response, tell us and revise to disclose how the underwriting fee was originally recorded
and the extent to which it was allocated between various securities.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The transaction costs were originally
allocated on a pro rata basis between the NCAC Class&nbsp;A Ordinary Shares and the NCAC Public Warrants. The portion attributed to NCAC
Class&nbsp;A Ordinary Shares was allocated to Class&nbsp;A ordinary share and subsequently trued up to redemption value. The portion attributed
to the warrants was applied to earnings. As such the reversal of the fee was applied to accumulated deficit to reverse the effect of the
original entry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Please</B></FONT>&#8239;<FONT STYLE="font-size: 10pt"><B>also explain to us your consideration
to record the $6.55 million representing the 50% deferred underwriter fee waived against accumulated deficit in your pro forma balance
sheet.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Please see response above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Adjustment (M), page&nbsp;89</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.45in"><B>12.</B></TD><TD STYLE="text-align: justify"><B>Please explain to us your consideration why it is appropriate under 11-02 of Regulation S-X to include
the interest earned <I>after </I>the balance sheet date in your pro forma balance sheet as of March&nbsp;31, 2023.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In review of the SEC rule&nbsp;and regulations
excerpted below, management believes that the interest earned in trust as well as the extension deposit have a direct impact on the redemption
price of the redeemable shares of NCAC, as such in order to properly estimate the number of shares that could be redeemed to ensure the
minimum net cash requirement is met the interest earned and extension deposits should be included to properly calculate the maximum redemption
scenario.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>Regulation S-X, Article&nbsp;11 Pro
Forma Financial Information</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>Rule&nbsp;11-02(a), Preparation requirements,
Form&nbsp;and content</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>(6)&nbsp;The pro forma condensed
balance sheet and pro forma condensed statements of comprehensive income must include, and be limited to, the following pro forma adjustments,
except as noted in paragraph (a)(7)&nbsp;of this section:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>(i)&nbsp;Transaction Accounting Adjustments.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><I>(A)&nbsp;Adjustments that depict in
the pro forma condensed balance sheet the accounting for the transaction required by US Generally Accepted Accounting Principles (US GAAP)
or, as applicable,&nbsp;International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS-IASB).
Calculate pro forma adjustments using the measurement date and method prescribed by the applicable accounting standards. For a probable
transaction, calculate pro forma adjustments using, and disclose, the most recent practicable date prior to the effective date (for registration
statements), qualification date (for Regulation A offering statements), or the mail date (for proxy statements).</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><I>(B)&nbsp;Adjustments that depict in
the pro forma condensed statements of comprehensive income the effects of the pro forma balance sheet adjustments in paragraph (a)(6)(i)(A)&nbsp;of
this section assuming those adjustments were made as of the beginning of the fiscal year presented. Such adjustments must be made whether
or not the pro forma balance sheet is presented pursuant to paragraph (c)(1)&nbsp;of this section. If the condition in Rule&nbsp;11-01(a)&nbsp;that
is met does not have a balance sheet effect, then depict the accounting for the transaction required by US GAAP or IFRS-IASB, as applicable.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>The Business Combination</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>The Background of the Business Combination,
page&nbsp;99</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>13.</B></TD><TD STYLE="text-align: justify"><B>We note your disclosure that you had in-person or telephonic discussions with 19 potential acquisition
target companies. Please disclose how many potential acquisition target companies were in the biotech industry.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company has revised the disclosure on page&nbsp;108 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>14.</B></TD><TD STYLE="text-align: justify"><B>We note your references to &ldquo;among other criteria&rdquo; and &ldquo;inter alia&rdquo; while describing
the criteria that NCAC used in evaluating potential acquisition companies. Please include all material criteria used by NCAC in this regard.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company has revised the disclosure on page&nbsp;108 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>15.</B></TD><TD STYLE="text-align: justify"><B>Please revise to discuss where applicable, the discussions and negotiations concerning the capital
requirements of Psyence, including the amounts planned for phase 2B drug trials, as well as the Minimum Cash Condition.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company has revised the disclosure on page&nbsp;111 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>16.</B></TD><TD STYLE="text-align: justify"><B>Please revise the disclosure on page&nbsp;102 so it is presented in chronological order.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company has revised the disclosure on page&nbsp;111 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>17.</B></TD><TD STYLE="text-align: justify"><B>Please revise the November&nbsp;27 entry to clarify which party made the initial proposal. Also discuss
the &quot;sources and uses&quot; calculation.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company has revised the disclosure on page&nbsp;111 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>18.</B></TD><TD STYLE="text-align: justify"><B>Please name the corporate advisors, and Corporate Advisor, described on pages&nbsp;101 and 102, respectively.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company has revised the disclosure on page&nbsp;111 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>19.</B></TD><TD STYLE="text-align: justify"><B>With reference to the January&nbsp;7 entry, please revise the Background section to explain the negotiations
concerning the terms of the Parent Support Agreement, the PIPE Financing and Parent termination rights.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company has revised the disclosure on page&nbsp;113 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>20.</B></TD><TD STYLE="text-align: justify"><B>Please explain the provisions of the February&nbsp;15, 2023 amendment.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In response to the Staff&rsquo;s comment, the Company has revised the
disclosure on page&nbsp;114 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>21.</B></TD><TD STYLE="text-align: justify"><B>Please revise the Background section, or another appropriate section of the proxy/prospectus, to explain
the material changes between the Original Business Combination Agreement, executed on January&nbsp;9, 2023, and the Amended and Restated
Business Combination Agreement, executed on July&nbsp;31, 2023. Please revise the Background section to explain which party sought to
renegotiate the terms of the arrangement. Without limitation, revise to identify and discuss the reasons for the additional due diligence
and the proposed and actual changes to the structure of the Business Combination.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company has revised the disclosure on pages&nbsp;114 and 115 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>22.</B></TD><TD STYLE="text-align: justify"><B>Revise the July&nbsp;17 and July&nbsp;27 entries to explain the substance of the &quot;Parent disclosure
letter&quot; and the reason(s)&nbsp;why NCAC negotiated to ensure that Parent would not conduct &quot;drug trials outside of Psyence and
its subsidiaries&quot; between signing and closing.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company has revised the disclosure on page&nbsp;115 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Recommendation of the NCAC Board..., page&nbsp;106</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>23.</B></TD><TD STYLE="text-align: justify"><B>Please revise to explain briefly here and more extensively elsewhere, as appropriate, Psyence's &quot;capital
efficient approach&quot; to conducting trials and the expectation that the trials will be run on a &quot;capital light&quot; basis.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company has revised the disclosure on pages&nbsp;116 and 117, as well as pages&nbsp;163 and 164 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Opinion of RNA Advisors, LLC</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Summary of Financial Analysis, page&nbsp;112</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>24.</B></TD><TD STYLE="text-align: justify"><B>With regard to your disclosures for the RNA valuation approaches, including the projected revenues
and free cash flows, please address the following:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Under the income approach, you stated that you developed an rNPV analysis based on information provided
by Psyence&rsquo;s management, and presented key assumptions for the projected revenues and cash flows. Explain to us, and revise as necessary
to disclose, how the assumptions regarding the probability of successful approval by FDA at various stages compare to industry standards.
Disclose the industry data RNA relied upon related to FDA approval, and identify the basis for any adjustments to or departures from industry
averages based on your specific fact pattern.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">We respectfully acknowledge the Staff&rsquo;s
comment and advise the Staff that we have revised the disclosure on page&nbsp;124 of Amendment No.&#8239;1 in response to the Staff&rsquo;s
comment. The Company further advises the Staff that RNA based its assumptions regarding the probability of successful approval from an
industry study examining clinical development success rates entitled &ldquo;Clinical Development Success Rates, 2011-2020&rdquo;, published
by BIO,&nbsp;Informa Pharma Intelligence, and QLS Advisors (the &ldquo;<U>Industry Study</U>&rdquo;). In Portrayal 1, based on two prior
studies relating to the efficacy of Psilocybin in palliative care<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT>,
Psyence management believed that the probabilities of technical success in each of Phase 2 and Phase 3 should be increased from the probabilities
of technical success included in the Industry Study by 5%. Other factors (in addition to the factors disclosed on page&nbsp;126 of Amendment
No.&nbsp;1 in the last bullet point prior to the heading, &ldquo;Market Approach&rdquo;) that supported the determination that an increase
by 5% in the probabilities of success for each of Phase 2 and Phase 3 were the following: (1)&nbsp;the single administration protocol
of the <FONT STYLE="color: #231F20">psilocybin product</FONT>, (2)&nbsp;the quick clearance out of the body of the <FONT STYLE="color: #231F20">psilocybin
product</FONT>, and (3)&nbsp;a reduction in planned enrollment for the COMPASS Pathways Phase 3 trial size due to a high observed effect
size.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">In contrast, the probabilities of technical
success applied to the model in Portrayal 2 were directly derived from the Industry Study, and were not adjusted upwards by said 5% in
Phase 2 and Phase 3, as was done in Portrayal 1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Both of the portrayals provided appear to be presented assuming commercial success and successful regulatory
approval. Explain to us whether you were provided with and the extent to which you have considered alternative scenarios in which significant
research and development costs were incurred without achieving regulatory approval or commercial success in your analysis. Further, discuss
the extent to which you considered other scenarios in which commercial success and regulatory approval was not achieved until significantly
later in time and at greater cost.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">We respectfully acknowledges the Staff&rsquo;s
comment and advise the Staff that the portrayals did not assume that commercial success and successful regulatory approval would be 100%.
Rather, RNA applied the probabilities of technical success based upon input from Psyence management and the data provided by the Industry
Study to its cash flow model, which had the effect of discounting the future cash flows attributed to Psyence&rsquo;s product candidate
and, therefore, factoring in the uncertainty with respect to achieving regulatory approval and commercial success.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Ross
et al. &ldquo;Rapid and sustained symptom reduction following psilocybin treatment for anxiety and depression in patients with life-threatening
cancer: a randomized controlled trial&rdquo;, <U>J Psychopharmacol</U>, 2016 Dec; 30 (12), pp. 1165-1180; and Griffiths et al. &ldquo;Psilocybin
produces substantial and sustained decreases in depression and anxiety in patients with life-threatening cancer: A randomized double-blind
trial&rdquo;; <U>J Psychopharmacol</U>. 2016 Dec; 30 (12), pp. 1181-1197.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Explain to us why you present the projected revenues and free cash flows starting from year 2027, without
presenting the cash flows expected to invested in the business in the years leading up to the point of FDA approval to properly balance
the presentation. Revise your presentation accordingly, or specifically explain how you determined omitting such expected and necessary
costs to potentially achieve commercialization is not prohibitively unbalanced.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">We respectfully acknowledge the Staff&rsquo;s
comment and advise the Staff that we have revised the disclosure on page&nbsp;125 of Amendment No.&nbsp;1, which includes the runway of
revenues and cash flows in the years leading up to the point of FDA approval. The table in the revised disclosure now shows the revenue,
free cash flows, and probability-adjusted free cash flows for the years 2023 through 2031.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Revise to disclose more prominently the limitations of the usefulness of the scenarios presented here
given there is no guarantee that the products will achieve FDA approval and/or commercialization, and the inherent inaccuracy of any estimates
of costs to be incurred to achieve regulatory approval.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company has revised the disclosure page&nbsp;122 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Summary of Financial Analyses</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Income Approach, page&nbsp;112</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>25.</B></TD><TD STYLE="text-align: justify"><B>We note that RNA developed its analysis based on &ldquo;information&rdquo; provided by Psyence&rsquo;s
management. Please identify the information prepared by Psyence&rsquo;s management and provided to RNA in connection with its fairness
opinion, and describe the material assumptions and limitations underlying such information.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">We respectfully acknowledge the Staff&rsquo;s
comment and advise the Staff that Psyence management provided RNA with the material assumptions identified as being provided by Psyence
management in the bullet points on pages&nbsp;124 and 125 of Amendment No.&nbsp;1. In addition, Psyence management prepared the following
material information, which RNA used in preparing its fairness opinion-related analyses: (1)&nbsp;a corporate presentation prepared by
Psyence, which is filed with NCAC&rsquo;s Form&nbsp;8-K filed on February&nbsp;2, 2023; and (2)&nbsp;an &ldquo;Executive Summary&rdquo;
providing an overview of Parent. This information provided RNA with insight into the palliative care market for a psilocybin drug, information
about Psyence&rsquo;s clinical trials, regulatory pathways, and research and development plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>26.</B></TD><TD STYLE="text-align: justify"><B>We note the analysis includes a projected product launch in the United States in 2027Q2 on page&nbsp;113,
and that both Portrayal 1 and 2 presumed regulatory approval and commercialization. Please fully describe the assumptions that underlie
the projections and the type of market assumed in developing those assumptions, including if less favorable outcomes were considered.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">We respectfully acknowledge the Staff&rsquo;s
comment and advise the Staff that we have revised the disclosure on page&nbsp;125 of Amendment No.&nbsp;1 in response to the Staff&rsquo;s
comment. The table in such revised disclosure includes rows in Portrayal 1 and Portrayal 2 showing &ldquo;probability-adjusted free cash
flows&rdquo;. We respectfully advise the Staff that the assumptions underlying such probability-adjusted free cash flows are discussed
in the bullet points above the aforementioned table.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Material U.S. Federal Income Tax..., page&nbsp;129</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>27.</B></TD><TD STYLE="text-align: justify"><B>Please file counsel's short-form tax opinion pursuant to Regulation S-K,&nbsp;Item 601(b)(8).</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company undertakes to file counsel&rsquo;s
short form tax opinion pursuant to Regulation S-K,&nbsp;Item 601(b)(8)&nbsp;in a subsequent amendment to the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>28.</B></TD><TD STYLE="text-align: justify"><B>Please revise to have counsel state clearly what the tax consequences are to: (i)&nbsp;NCAC public
holders who receive Psyence Biomedical Ltd shares at closing and (ii)&nbsp;NCAC public holders who redeem their shares. In order to render
the opinion, it appears that counsel will need to determine whether it is more likely than not that (i)&nbsp;the Merger qualifies as a
Reorganization and (ii)&nbsp;PubCo will be treated as a PFIC. Refer to Refer to Staff Legal Bulletin No.&nbsp;19 (Oct.&nbsp;14, 2011)
for guidance concerning assumptions and qualifications in tax opinions.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company undertakes to revise its
disclosure to address Staff&rsquo;s comment in a subsequent amendment to the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Information about Psyence, page&nbsp;150</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>29.</B></TD><TD STYLE="text-align: justify"><B>Please revise to explain what work Psyence has conducted to date in developing drugs using nature-based
psilocybin products. In this regard, we do not see any reference to pre-clinical or Phase 1 trials relating to the in-licensed PEX010
product candidate.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company has revised the disclosure on pages&nbsp;9 and 164-166 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>30.</B></TD><TD STYLE="text-align: justify"><B>Please revise, where appropriate, to discuss the costs associated with the Phase 2B clinical trial.
Also discuss the planned allocation for the proceeds to be received by the combined company. In this regard, show the planned allocation
under the various cash scenarios outlined on page&nbsp;37 and elsewhere. Given your disclosure that the Minimum Cash Condition is a waivable
condition, please also disclose the funding that the business requires to operate for the first twelve months following the closing.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company has revised the disclosure on pages&nbsp;164 and 172 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Palliative Care Clinical Trial , page&nbsp;151</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>31.</B></TD><TD STYLE="text-align: justify"><B>Please identify the &ldquo;FDA-recommended primary endpoints&rdquo; to study PEX010. Clarify whether
the referenced 75-patient trial is a trial that you plan to conduct and one that you have discussed with the FDA. Alternatively, please
clarify that the referenced trial is a third-party trial or advise.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company has revised the disclosure on pages&nbsp;163&nbsp;- 164 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Information about Psyence</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Licensing and commercialization of PEX010,
page&nbsp;152</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>32.</B></TD><TD STYLE="text-align: justify"><B>Please revise to disclose all key financial terms under the Filament license agreement and their related
accounting implications, if any.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company has revised the disclosure on pages&nbsp;8 and 164 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Intellectual Property, page&nbsp;152</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>33.</B></TD><TD STYLE="text-align: justify"><B>Please revise this section to clarify whether Psyence holds any issued patents. Given your reliance
on licenses from Filament pertaining to PEX010, please discuss the material patents covered by these licenses, including the type(s)&nbsp;of
patent protection, the expiration dates and the applicable jurisdictions.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company has revised the disclosure on pages&nbsp;166&nbsp;- 171 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>34.</B></TD><TD STYLE="text-align: justify"><B>Please revise to explain briefly how companies obtain data exclusivity for eight years and why that
is significant.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company has removed the disclosure on page&nbsp;166 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Competitive Environment, page&nbsp;153</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>35.</B></TD><TD STYLE="text-align: justify"><B>We note your statements that PEX010 may be eligible for a number of processes that could result in
expedited marketing approval of PEX010, such as Fast Track, Accelerated Approval, Priority Review and Breakthrough Status. We also note
your statement that breakthrough therapy designation is intended to expedite the development and review of drugs for serious or life-threatening
conditions. Please revise to clarify that such designations may not lead to a faster development, regulatory review or approval process.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company has revised the disclosure on pages&nbsp;59 - 60 and 172 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Description of PEX010, page&nbsp;154</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>36.</B></TD><TD STYLE="text-align: justify"><B>Please tell us how the efficacy and safety endpoints will be established and why they won&rsquo;t be
known until the trial is underway.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In response to the Staff&rsquo;s comment, the Company has revised the
disclosure on pages&nbsp;163 - 164 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Target Population and Market - Palliative Care
Patients, page&nbsp;164</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>37.</B></TD><TD STYLE="text-align: justify"><B>We note your disclosure that PAP is well tolerated in samples of palliative care patients, with &ldquo;no
SAEs.&quot; Please tell us how this statement is consistent with the disclosure on page&nbsp;164 concerning the clinical trial in which
treatment-emergent SAEs occurred more frequently in the 25 mg group than in the 10 mg or 1 mg groups.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company has revised the disclosure on page&nbsp;183 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Psyence Biomed Corp. Managements Discussion
and Analysis of Financial Condition and Results of Operations</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Research and Development, page&nbsp;171</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>38.</B></TD><TD STYLE="text-align: justify"><B>Please address the following:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Revise to present disaggregated disclosures for your research and development costs by product candidate
and/or medical indication. To the extent some costs are not allocated by product candidate or medical indication, disclose that fact,
and provide a breakdown of unallocated costs by nature or type of costs, which reconciles to the amount shown on the face of your Statement
of Operations.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company has revised the disclosure on pages&nbsp;190 - 191 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>You disclose on page&nbsp;172 that certain product development costs are included in the professional
and consulting fees line item. Please tell us the amount and nature of such amounts. As part of your response, specifically explain how
you have differentiated these costs when classifying these amounts as product development costs versus research and development expenses.
Revise as necessary to comply with the definition of research and development activities in IAS 38.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company has revised the disclosure on page&nbsp;191 of Amendment No.&nbsp;1 in order to comply with IAS 38.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>JOBS Act, page&nbsp;175</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>39.</B></TD><TD STYLE="text-align: justify"><B>Here you state that you are electing to delay the adoption of new or revised accounting standards as
an emerging growth company (EGC). Since IFRS does not have separate adoption dates for public and private companies and the EGC deferral
does not apply to IFRS filers, please revise your disclosures accordingly.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company has revised the disclosure on page&nbsp;194 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Certain NCAC Relationships and Related Person Transactions, page&nbsp;192</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>40.</B></TD><TD STYLE="text-align: justify"><B>With reference to your disclosure on page&nbsp;13, please revise to disclose the material terms of
your advisory agreement with CCM. Please also file the agreement as an exhibit to the registration statement or advise.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company has revised the disclosure on page&nbsp;212 of Amendment No.&nbsp;1 and filed the agreement as exhibit 10.1 to Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Newcourt Acquisition Corp. Financial Statements</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Note 2. Summary of Significant Accounting
Policies</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Accounting for Warrants , page&nbsp;F-14</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>41.</B></TD><TD STYLE="text-align: justify"><B>You appear to have reported the public and private place warrants as derivative warrant liabilities
on the balance sheets; however, you also state here and at pages&nbsp;191 and F-34 that &ldquo;The Company concluded that the Public Warrants
and Private Placement Warrants issued pursuant to the warrant agreement qualify for equity accounting treatment.&rdquo; Please revise
to reconcile the apparent inconsistency.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company has revised the disclosure on pages&nbsp;210 and F-35 of Amendment No.&nbsp;1 to correct the accounting treatment applied.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><U>Psyence Biomed
Corp. Financial Statements</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Independent Auditor's Report, page&nbsp;F-44</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>42.</B></TD><TD STYLE="text-align: justify"><B>Please have your auditor revise its auditor&rsquo;s report to be titled as &ldquo;Report of Independent
Registered Public Accounting Firm&rdquo; as required under AS 3101.06. Also revise the report to be addressed to the shareholder(s)&nbsp;in
addition to the board of directors as required under AS 3101.07.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
auditor has revised its auditor&rsquo;s report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Note 2. Basis of Presentation</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Carve-out Consolidated Statements of Financial
Position, page&nbsp;F-51</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>43.</B></TD><TD STYLE="text-align: justify"><B>Please address the following:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>If true, please revise to specifically confirm that you determined that it was &quot;<I>impracticable&quot;
</I>to prepare the full financial statements of the clinical trial business as required by Item 3-05(e)&nbsp;of Regulation S-X, and disclose
an explanation of such <I>impracticability</I> in the filing.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The carve-out financial statements
were prepared to reflect&nbsp;what was acquired within the PBC. Management prepared the carve-out financials not because it was impracticable,
but rather to reflect that only certain business assets were acquired by NCAC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Please also separately disclose historical intercompany borrowings or advances related to the clinical
trial business to provide users with insight of the financial resources utilized by the carveout business in conducting its operations.
Refer to SAB <I>Topic 1.B</I>.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The financial statements have been
updated to include a note in the carveout statements on page&nbsp;F-79 of Amendment No.&nbsp;1, and such note discloses the intercompany
borrowings and advances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>If true, revise to specifically disclose that the financial statements reflect all the costs of business
conducted by the business, including both direct and indirect expenses allocable to the business.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">In response to the Staff&rsquo;s comment,
the notes to the financial statements have been updated on page&nbsp;F-71 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Item 21. Exhibits and Financial Statement Schedules,
page&nbsp;II-2</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>44.</B></TD><TD STYLE="text-align: justify"><B>With reference to your risk factor disclosures on pages&nbsp;46 and 49 and your disclosure on page&nbsp;152,
file your licensing agreements with Filament as exhibits.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company advises the Staff that it has submitted the redacted agreements with Filament as Exhibits 10.6 and 10.7 pursuant to Section&nbsp;601(b)(10)(iv)&nbsp;of
Regulation S-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>General</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>45.</B></TD><TD STYLE="text-align: justify"><B>With a view toward disclosure, please tell us whether your sponsor is, is controlled by, has any members
who are, or has substantial ties with, a non-U.S. person. Please also tell us whether anyone or any entity associated with or otherwise
involved in the transaction, is, is controlled by, or has substantial ties with a non-U.S. person. If so, please revise your filing to
include risk factor disclosure that addresses how this fact could impact your ability to complete your initial business combination. For
instance, discuss the risk to investors that you may not be able to complete an initial business combination with a target company should
the transaction be subject to review by a U.S. government entity, such as the Committee on Foreign Investment in the United States (CFIUS),
or ultimately prohibited. Further, disclose that the time necessary for government review of the transaction or a decision to prohibit
the transaction could prevent you from completing an initial business combination and require you to liquidate. Disclose the consequences
of liquidation to investors, such as the losses of the investment opportunity in a target company, any price appreciation in the combined
company, and the warrants, which would expire worthless.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company has revised the disclosure on page&nbsp;81 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>46.</B></TD><TD STYLE="text-align: justify"><B>We note that Cantor Fitzgerald&nbsp;&amp; Co was the underwriter for the initial public offering of
the SPAC, and Cohen&nbsp;&amp; Company Capital Markets and RNA Advisors, LLC served as financial advisor to NCAC in connection with this
transaction. We also note press reports that certain underwriters and financial advisors are ending their involvement in SPAC business
combination transactions. Please tell us, with a view to disclosure, whether you have received notice from these institutions about ceasing
involvement in your transaction and how that may impact your deal or any deferred compensation owed to such institutions. In addition,
identify any other financial advisors who served the parties in connection with the proposed transaction, and provide similar disclosure
as applicable.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In response to the Staff&rsquo;s comment, the Company has revised the
disclosure on pages&nbsp;114 and 120 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>47.</B></TD><TD STYLE="text-align: justify"><B>Please highlight the material risks to public warrant holders, including those arising from differences
between private and public warrants. Clarify whether recent common stock trading prices exceed the threshold that would allow the company
to redeem public warrants. Clearly explain the steps, if any, the company will take to notify all shareholders, including beneficial owners,
regarding when the warrants become eligible for redemption.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company has revised the disclosure on pages&nbsp;79-80 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We thank the Staff for its
review of the foregoing and the Registration Statement. If you have further comments, please feel free to contact NCAC&rsquo;s legal
counsel, Ari Edelman, at <U>aedelman@mwe.com</U> or by telephone at (212) 547-5372 .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Sincerely,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"><FONT STYLE="font-size: 10pt">/s/ Dr.&nbsp;Neil Maresky</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Dr.&nbsp;Neil Maresky</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-size: 10pt">Chief Executive Officer, Psyence Biomedical Ltd.</FONT></TD></TR>
  </TABLE>


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