We have updated our Psychedelic Company Financing Tracker to reflect activity in Q3 2025. Below, you will find your exclusive Pα+ summary.

Quarterly Fundraising Activity in Psychedelics

Psychedelic financing activity dropped slightly in Q3 vs the previous quarter, and is down substantially from Q2, with just over $120M raised across 8 financing events.

The most substantial of those was a $50M private placement by atai Life Sciences, led by Ferring Ventures and Christian Angermayer’s family office, Apeiron Investment. The round was announced on the first of July, right as Beckley Psytech posted positive results from its Phase 2b study of intranasal 5-MeO-DMT (BPL-003) for treatment-resistant depression. atai is, of course, in the process of merging with Beckley.

Elsewhere, Reunion Neuroscience also capitalised on strong Phase 2 results. In August, the company shared a positive topline readout from its study of a 4-OH-DiPT prodrug (RE104) in postpartum depression. A month later, it announced that it had closed an upsized Series A financing, with the total amount raised standing at $133M. That’s $30M more than originally announced, following its meeting of certain milestones, so we recorded the additional $30M as raised during Q2.

The third substantial round announced in Q3 was Sensorium Therapeutics’ Series A extension, which we covered in late August, through which the company raised $25M. It had raised $30M in November 2022, which it hoped to see its lead candidate into the clinic last year, but there were evidently delays. It now believes that its kanna-related lead, SNTX-2643, will sail through Phase 1.

Elsewhere, UC Davis Health Ventures made its first investment out of its $25M IFM fund into Delix Therapeutics. But, since neither the fund nor the company has publicly disclosed the size of that investment, we have not included it in the tracker. The company is, of course, attempting to commercialise research conducted by the Olson Lab at UC Davis.

Other rounds included…