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 #220: New State Bills; Congressional Mentions; Published Psilocybin, DMT, and Methylone Studies; RAND Polling Reveals 23% of Americans Support Legal Psilocybin Use

February 24, 2026

Policy Round-Up: State Momentum, Congressional Signals, and Colorado’s Data Build-Out • RAND Survey: Americans Divided on Psilocybin Legalisation • Helus’ Phase 2a Study of Intravenous DMT in MDD Published in Nature Medicine • Transcend’s Phase 2 Study of Methylone in PTSD Publishes in JAMA Psychiatry • Large German Psilocybin Trial Misses Primary Endpoint • Latest Data from Aus Reports 188 Patients Treated • FDA’s ‘One Pivotal Trial’ Default • and more…

After the Readout: How the Field Is Interpreting Compass’ Phase 3 Psilocybin Data

February 20, 2026

Researchers, clinicians and executives react to Compass Pathways’ second positive Phase 3 psilocybin readout in treatment-resistant depression.

Q1 2026 Psychedelic Drug Development Pipeline: Bullseye Charts

February 19, 2026

We present the psychedelic drug development pipeline in two ‘bullseye chart’ formats, as of Q1 2026.

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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. ∎