A Note from the Editor

It’s been an incredibly active start to the fourth and final quarter of 2025.

In October, funding for psychedelics companies appears to have caught up with the positive sentiment exhibited in our Q3 Psychedelic Investor Survey. More than half a billion dollars was raised across three rounds alone last month (by atai, Cybin, and MindMed), meaning Q4 2025 will see the largest inflows to the space since mid-2021. There are still two months left of the quarter, meaning the heady days of 2021 could still be topped.

On the lobbying front, too, spend is ramping up. Our Psychedelics Federal Lobbying Tracker shows that psychedelic drug developers spent more than ever on U.S. federal lobbying in Q3, though the aggregate reported spend remains relatively modest at just north of $300k over the three-month period. Interestingly, Lykos Therapeutics has ceased its formal spend on federal lobbying, while Compass Pathways has more than doubled its own. What’s more, the Association for Prescription Psychedelics (which represents most of the late-stage developers in the field) began spending cash on lobbying activities in Q3, according to filings. (Pα+ subscribers can read our analysis of the latest data.)

On Friday, the Australian Government’s Department of Veterans’ Affairs announced that it has decided to fund psychedelic assisted therapy for veterans who meet certain criteria. It’s the latest in a string of psychedelics-related headlines from down under, which we will be covering in more detail very soon.

In the 212th Issue of our Psychedelic Bulletin, we looked at several other stories, including Delix Therapeutics’ efficacy signal from a small open-label study of its lead neuroplastogen and NRx Pharmaceuticals’ efforts to have FDA ban its competitors’ ketamine products. 

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