We have updated our Psychedelic Company Financing Tracker to reflect activity in Q1 2025.

Quarterly Fundraising Activity in Psychedelics

With around $350M of investment in Q1’25, the year is off to a promising start, especially when compared to the prior three quarters.

But, a similarly strong start to 2024, with over $400M flowing into the space in Q1, petered out as the year went on, ultimately ending with the worst quarter for psychedelic investment since we began formally tracking it in 2020.

It’s also worth noting that the headline $350M figure is driven almost entirely by mid- to late-stage publicly-traded drug developers, specifically Compass Pathways, GH Research, and atai Life Sciences. Across three rounds, the trio raised around 97% of that $350M figure, meaning there were slim pickings for other psychedelics companies...