Psyence Biomedical's subsidiary, Psyence Australia, has received approval from the Human Research Ethics Committee to begin a Phase IIb study on the use of nature-derived psilocybin for treating Adjustment Disorder in palliative care patients recently diagnosed with cancer. This study addresses a significant need, given the estimated 56.8 million people requiring palliative care worldwide annually, many of whom experience considerable psychosocial distress post-diagnosis.