A Note from the Editor

I just returned from a trip to Washington, D.C., where I found myself immersed in a notably optimistic psychedelics clique, with many expecting several significant developments in the next 18 months.

One of those developments has already come to fruition: ARPA-H’s $100M initiative to develop objective measures of mental and behavioural health. The initiative, which is one of the agency’s largest ever, looks set to feature psychedelic research substantially. (We were the first to cover that program’s reveal last Friday.)

There is plenty more coming down the pike, I am told, with 2026 set to be an incredibly busy year for the field. I will be writing up some of my field notes (a kind of ‘View from D.C.’) in the coming weeks, exclusively for our Pα+ subscribers.

Elsewhere this week, the largest trial of LSD microdosing to date found that it underperformed placebo across all endpoints in a population of 89 patients with major depressive disorder. The null finding is the latest blow to drug developers seeking to prove the efficacy of microdosing, and it becomes the second mid-stage low-dose LSD program to flop.

Below, you will find your Psychedelic News Feed, a one-stop digest for the latest coverage of psychedelics business, policy, research and beyond.

Josh Hardman
Founder & Editor