Welcome to Psychedelic Alpha.

Independent data-driven reporting, analysis and commentary on the psychedelics space: from business and drug development through to policy reform and culture.

Plus incubation, consultancy, and advisory for this emerging field. ∎

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Open access data on psychedelic policy reform, patents and drug development activity.

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Our latest insights

Pα+ Psychedelic Bulletin #203: Norway Considers Funding Off-Label Ketamine for TRD; Longevity Crowd Hypes Psilocybin Study; Will State-Legal Psychedelics Eat Psychedelic Pharma’s Lunch?

July 14, 2025

Norway’s Health System Considers Funding Off-Label Ketamine for Treatment-Resistant Depression • Spravato’s Monotherapy Success Puts Pressure on Psychedelics Developers • Longevity Crowd Hypes Psilocybin Study But Researchers Urge Caution • Will State-Legal Psychedelics Eat Psychedelic Pharma’s Lunch? • 3 Years of Psychedelics Access via Canada’s Special Access Programme • The New Neuroplastogen Developer on the Block • and more…

Psychedelic Funding Update: Q2 2025

July 9, 2025

Q1 2025 saw around $152M flow into psychedelics companies, with Lykos Therapeutics’ $50M Series B round representing one of the first major private financings in quite some time. Explore key trends, public vs. private dynamics, and how the markets are reacting to trial and regulatory news in our Q1 roundup.

From Senate to Psychedelics: Kyrsten Sinema’s Ibogaine Advocacy Playbook

July 7, 2025

In a candid conversation with Psychedelic Alpha’s Josh Hardman, former U.S. Senator Kyrsten Sinema shares her case for ibogaine, sidesteps what she describes as ‘drama’, and lays out a strategy for funding research into the atypical psychedelic. Framing FDA approval as the north star, Sinema positions ibogaine as a transformative treatment option for conditions ranging from PTSD through to traumatic brain injury and Parkinson’s.

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INCUBATION & GROWTH

Entrepreneurs and Startups

Whether you’re at the idea-formation stage or raising early-stage funding, we’re here to help across the entire psychedelic value chain and company life-cycle.

ADVISORY & CONSULTANCY

Investors and Corporates

We help investors and corporates of all stripes understand and support the psychedelics space: from syndicates and VCs through to institutions.

INSIGHTS & ANALYSIS

Psychedelic Insiders and the Curious

Join our newsletter to stay abreast of the rapidly emergent psychedelics industry: from clinical trials and patents through to healing centres and decriminalisation.

The Psychedelic Renaissance

After a half-century of prohibition, psychedelics are once again entering the mainstream.

Today’s so-called “psychedelic renaissance” is represented by a seemingly exponential increase in research and development activity, billions of dollars of funding, psychedelic policy reform initiatives and successes across the world, and changing public perceptions. ∎

Clinical Trials

Clinical trials involving psychedelics started, per year

Phase 3 trials of MDMA-assisted therapy have been completed, with Phase 3 study of psilocybin underway.

$4+ billion

Invested in public and private psychedelic companies since 2020.

Psychedelic policy reforms are gaining pace at the federal, state and local level in the U.S. and internationally.

80.9%

of psychiatrists agreed that psychedelics show promise in treating psychiatric disorders.

Barnett et al., 2023

On “Alpha”

‘Alpha’, in the investing world, refers to an excess return on investment relative to a benchmark. But we broaden the definition of alpha on both ends to include more than just economic returns on more than just economic investments.

Instead, we conceptualise alpha as the excess return on myriad investments that people may make in the present and future of psychedelics: beyond economic capital, people might invest time, energy, and effort, for example. And that excess return might not be (purely) financial, it might also be realised through a more impactful treatment paradigm for mental health, for example, where the ‘benchmark’ is the inadequate status quo.

All this to say, we’re not only for investors. In fact, most of our readers aren’t: many of them are practitioners, regulators, entrepreneurs, and so on. ∎