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 thousands of 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

Psychedelics in Japan: Dr. Hiroyuki Uchida on Studies, Stigma, and the Road Ahead

May 21, 2025

As global interest in psychedelic therapies grows, Japan is beginning to chart its own path, grounded in cultural nuance, regulatory caution, and scientific rigour. In this interview, Dr. Hiroyuki Uchida of Keio University discusses his journey into psychedelic research, the challenges of launching Japan’s first psilocybin trials, and the steps being taken to ensure a safe, culturally appropriate psychedelic future.

FDA’s Makary Hints at Faster Reviews for Psychedelic Therapies

May 19, 2025

In a brief interview on Friday, FDA Commissioner Marty Makary publicly addressed psychedelic therapies for the first time in his new role, floating the potential for expedited reviews. While he emphasised urgency, he stopped short of outlining any concrete policy changes. Here, we cover the interview and provide our analysis.

Pα+ Psychedelic Bulletin #197: Portuguese Health-Related Professions Unite on Psychedelics; Shrooms, Shots, and the Next Surgeon General; Religious Leaders Study Set to Publish

May 16, 2025

Bridging Promise and Prudence: Portuguese Health-Related Professions Unite to Release First National Guidelines on Psychedelic Therapy • Shrooms, Shots, and the Next Surgeon General: Psychedelics at the Centre of MAGA Infighting • ‘No One Has the Right to Speak for Us’: Religious Leaders Who Participated in Hopkins Study Push Back on Critics As Publication Nears • Manvir Singh Challenges the Stories Westerners Tell About Psychedelics’ Past • Compass Pathways Sets Expectations Ahead of June Readout • and more…

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. ∎