Psilocybin
Psychedelic Stock Market Update | November 2022
Let’s get straight to it: The psychedelic stock market continues to underperform. Taking a look at our Psychedelic Invest Index, we can see that only…
Let’s get straight to it: The psychedelic stock market continues to underperform.
Taking a look at our Psychedelic Invest Index, we can see that only two companies that trade for a greater than $50 million market cap were up in the month of November: atai Life Sciences (ATAI) & GH Research (GHRS).
Wait, there are only stocks trading at a greater than $50 million market cap?… You are probably asking yourself.
They sure are.
Psychedelic Invest’s Index now only has eight companies trading over a $50 million market cap…
Five trading over $100 million…
And only two trading over $500 million.
Simply put, the psychedelic stock market has taken a beating. If you were to add up the market capitalizations for every psychedelic stock, it would ring up to less than $2.5 billion.
To put this in perspective, atai’s IPO at the height of the psychedelic bull market was worth more than $3 billion.
With that being said, let’s try to look at a few positive pieces of news from November.
Colorado Voters Pass Proposition 122 Legalizing Psilocybin
The votes are in, and Colorado citizens want access to psychedelics. On November 8, 2022, Colorado became the second US state to vote on a measure that legalizes psilocybin access in a therapeutic setting and decriminalizes personal use. Learn more here.
Venture Funding Strong
In November we saw two funding rounds that caught our attention. Although these rounds are not for public companies, the amount raised and valuations are worth noting for future public listings.
Sensorium Raises $30 Million
Sensorium Therapeutics announced it closed a $30 million Series A financing round for its compounds SENS-01 and Biodynamic Discovery Platform (BDP.) The funding round was led by healthcare and life sciences investment firm Santé Ventures, along with Iter Investments, Route 66 Ventures, CU Healthcare Innovation Fund, WPSS.bio, Palo Santo, Ocama Partners and re.Mind Capital.
Lusaris Therapeutics Raises $60 Million
Lusaris Therapeutics announced its launch with $60 million in Series A financing to advance LSR-1019, a sublingual formulation of 5-MeO-DMT for patients with treatment-resistant depression (TRD) and other severe neuropsychiatric disorders. The round was led by RA Capital Management, with participation from Venrock Healthcare Capital Partners, Deep Track Capital, and Boxer Capital.
For specific news into the public markets, in November our very own Adam Tubero did deep dives into both atai Life Sciences (ATAI) and MindMed (MNMD). You can view those below.
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Psychedelics1 week ago
Algernon NeuroScience and the Centre for Human Drug Research to Present DMT Phase 1 Stroke Clinical Data at the Interdisciplinary Conference on Psychedelic Research June 6 – 8th, 2024
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Law & Regulation1 week ago
Tryp Therapeutics merger with Exopharm approved by shareholders
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Psychedelics1 week ago
atai Life Sciences Announces Dosing of First Patient in Part 2 of Beckley Psytech’s Phase 2a Study Exploring BPL-003 Adjunctive to SSRIs in Patients with Treatment Resistant Depression
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Law & Regulation1 week ago
Tryp Therapeutics, Exopharm merger approved by shareholders
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Psychedelics1 week ago
MindBio Landmark Sleep Research Published in Prestigious Nature Portfolio Journal Translational Psychiatry
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Law & Regulation1 week ago
Adastra reports record sales in 2023, but remains in the red
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LSD1 week ago
The First Wave of Blotter Acid Inspired Trippy Psychedelic Art
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Psilocybin7 days ago
Psychedelic Underground Celebrated in San Francisco on Bicycle Day Weekend