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 #219: Trump Admin. Vetoed Compass Priority Voucher; Ibogaine in Focus; Definium Sued by Former Vendor; Psychedelics Feature in Epstein Files

February 6, 2026

Trump Administration Vetoed Compass Pathways Priority Voucher • Ibogaine in Focus (State Bills Progress, Safety and Regulation, State Programs and Global Supply, Drug Development Remains Early-Stage, DemeRx Shares Phase 1 Data • Definium Therapeutics Sued by Former Vendor Over Alleged Trade Secret Theft • Psychedelics Surface in Newly Released Epstein Documents • Fresh State Bills Add to Growing Psychedelics Docket • and more…

Center for MINDS: Bruce Damer on Why We Need Psychedelic-Catalysed Innovation

February 5, 2026

Psychedelic Alpha’s Charles Bliss speaks with astrobiologist Dr. Bruce Damer about the Center for MINDS’ mission and how it is picking up the “abandoned thread” of research into psychedelics as catalysers of creativity and innovation.

Q3 2025: Oregon Psilocybin Services Update

February 2, 2026

Oregon Psilocybin Services (OPS) has now published its third dataset for 2025, with updates summarised in our Oregon Psilocybin Services Tracker. Here, we share a summary of the main takeaways for Pα+ subscribers.

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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. ∎