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

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Our latest insights

Pα+ February 2026 Psychedelic Bill Roundup

March 6, 2026

A state-by-state and federal review of psychedelics-related bills introduced or advanced in February 2026, including pilot programs, trigger laws, and research programs.

The State of the Psychedelic Industry & Open Questions (Video)

March 3, 2026

In the third video of a three-part series, Psychedelic Alpha’s Josh Hardman takes a look at some broader open questions and potential futures in the psychedelics field via a narrated presentation.

Psilocybin for OCD: Terence Ching on Lessons from Yale’s Randomised Trials

February 27, 2026

In this conversation with Psychedelic Alpha’s Josh Hardman, Dr. Terence Ching discusses his journey into the field and current work leading Yale’s psilocybin trials for OCD. He reflects on study design considerations, potential mechanisms of action, and some of the subjective phenomena observed during psilocybin sessions in those studies. Dr. Ching also explores what experience and data suggest about integrating psychedelics with evidence-based treatments like CBT and ACT.

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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 studies of several psychedelics are underway.

$5+ 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. ∎