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. ∎

Insights, Delivered

Join over ten thousand psychedelic insiders…

For in-depth analysis and insights, consider our paid offering…

Our data and insights are cited in…

Data

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

Support

Consultancy, advisory and incubation offerings for investors, entrepreneurs, and beyond.

Our data and insights are cited in…

Our latest insights

Pα+ Psychedelic Bulletin #161: Numinus Shifts Focus to US; Algernon Makes DMT for Stroke Lead Asset; atai Pivots to IV Ibogaine

April 17, 2024

Numinus’ Shifting Focus Toward U.S. Market Revealed via “Unauthorized Disclosure” • Algernon Pharmaceuticals Makes DMT Stroke Research Program Its Lead Asset • atai Pivots to IV Formulation of Ibogaine •
Seaport Therapeutics Launches with $100m Series A, Pipeline Includes ‘Prodrug of a Non-Hallucinogenic Neuroplastogen’ • and more…

Developing Esketamine (Spravato) and Lessons for Psychedelic Drug Developers with Jaskaran Singh

April 12, 2024

Josh Hardman sits down with Jaskaran (‘Jaz’) Singh, who spearheaded the development of esketamine for treatment-resistant depression, now marketed as Spravato. We discuss how Singh’s early work assessing ketamine’s antidepressant effects at the National Institute of Mental Health (NIMH) encouraged him to move into industry; how his team decided to pursue esketamine; lessons learned that might be relevant for psychedelic drug developers; and his broader outlook on the field.

MindMed’s ‘Total Elimination’ of Psychotherapy in LSD Study Stokes Debate Around Its Role in Psychedelic Therapies

April 5, 2024

In March, MindMed scored an FDA Breakthrough Therapy Designation for its LSD-D-tartrate candidate (MM120) for generalised anxiety disorder (GAD). Here, Josh takes a closer look at the company’s claim to have ‘eliminated’ psychotherapy from its Phase 2b study of MM120 and explores how a ‘Spravato-isation’ of psychedelic therapies is stoking broader debates around the contribution of psychotherapy in psychedelic therapies or ‘treatments’.

Subscribe to Pα+

Pα+ subscribers receive regular Bulletins, articles, interviews with insiders and quick-take analysis of major stories and developments (e.g., significant trial results, financing rounds, policy reforms, etc.); along with access to our back catalogue and Library.

We Support

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. ∎