@Narvey, you're absolutely correct... (and @Gordon was just a bit too nice not to point this out). Battery on BAT_IN in goes thru the MOSFET Q1 which allows a co-powering and even charges the battery (with closed P$1/P$2 solder bridge as described in schema) by pin B0. The other - very noteworthy - application of the MOSFET Q1 is driving a load connected to BAT_IN and Pico power is supplied thru USB or Bat_out.
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@Narvey, you're absolutely correct... (and @Gordon was just a bit too nice not to point this out). Battery on BAT_IN in goes thru the MOSFET Q1 which allows a co-powering and even charges the battery (with closed P$1/P$2 solder bridge as described in schema) by pin B0. The other - very noteworthy - application of the MOSFET Q1 is driving a load connected to BAT_IN and Pico power is supplied thru USB or Bat_out.