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

Dispatch from Breaking Convention 2025: Key Takeaways from Europe’s Largest Psychedelic Summit (Part 2)

May 12, 2025

From 17–19 April, the UK’s seventh biennial psychedelic conference tackled some of the field’s most urgent questions. In this second instalment, we explore the ethical dilemmas of giving psychedelics to young people, the critical role of therapist selection, how female biology affects drug interactions, the pros and cons of non-hallucinogenic psychoplastogens, and what it really means to integrate psychedelic insights.

Colorado’s Psilocybin Supply Chain Complete: First Testing Lab Licensed, Sessions Could Begin This Month

May 10, 2025

With a psilocybin testing license now issued to Nordic Analytical Laboratories, Colorado’s regulated psychedelic supply chain appears ready to launch. Though final state-approved paperwork remains pending, advocates hope the first psilocybin sessions could take place by the end of May.

Pα+ Psychedelic Bulletin #196: Otsuka Eyes Psychedelic Future in Japan; First Look at Gilgamesh’s Phase 2a Data; ASCP 2025 Preview; VA Sec. Pressed on Psychedelics Plans

May 9, 2025

Otsuka Eyes Psychedelic Future in Japan with New Infrastructure Drive • ASCP 2025 Preview: Psychedelic Therapies Dominate Clinical Psychopharmacology Agenda • First Look at Gilgamesh’s Phase 2a Data: Psychedelic Candidate Yields Effect Size of ~1.0, But Sparse Details • VA Secretary Pressed for Details on Psychedelics Plans • and more…

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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. ∎