A Note from the Editor

This week was a fine example of how surging optimism among many in the psychedelics field exists alongside calls for a tempering of excitement.

Our analysis of the Q3 2025 Psychedelic Investor Survey revealed record levels of optimism and positive sentiment, yet actual financing data from the same quarter showed a drop in allocation to the field. Taken together, this suggests that funding is lagging sentiment.

But, last week, atai Life Sciences closed a $150M public financing on the back of its receipt of FDA breakthrough therapy status for BPL-003, Beckley Psytech’s intranasal 5-MeO-DMT candidate for treatment-resistant depression. (atai is in the process of acquiring Beckley.) Might this be the beginning of a more active fundraising environment to end the year?

Elsewhere, at least two recent studies have delivered null findings. A study of the longitudinal effects of psilocybin truffle microdosing found no enhancement in self-reported mood or cognition. And, a 62-participant study that saw participants receive IV ketamine or midazolam twice-weekly for four weeks found no significant difference in outcomes between the two groups. (We covered both in our most recent Bulletin.) The latter study, in particular, has sparked plenty of discussion among researchers.

In the mainstream media, BBC Future published an interesting look at the impact of Erowid, “the 30-year-old drug website that transformed psychedelic research”. Women’s Health, meanwhile, explored “why more midlife women are turning to psychedelics to heal their minds”. 

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