MARKETS · ANALYSIS

Psychedelic drug developers are borrowing their launch infrastructure. Few of the terms are public.

Compass Pathways, Helus Pharma, Incannex and Usona rely on outside manufacturers, and Compass, the closest to market, plans to deliver through clinics it does not run. Their disclosures show a prescription market being assembled from clinical-supply contracts, research collaborations and a clinic base that esketamine built, with one software company working with three drug developers.

Across the desks

PSYCHEDELICS · REGULATION

FDA's preliminary thinking on a first ibogaine trial calls for a cardiac unit, a genotype screen and patients taken off methadone

In a request for information published October 6, FDA described the early-phase ibogaine trial it is considering: single ascending doses up to 10 mg/kg, given one participant at a time in an inpatient unit equipped to treat a life-threatening arrhythmia. The notice sets no requirements. It does show what a sponsor would likely need under that approach, and the first item is a hospital, which neither funding nor drug supply provides on its own.

DIGITAL HEALTH · MARKETS

The first FDA-approved at-home depression device goes on sale in the US, nine months after approval

Flow Neuroscience's FL-100 headset is the only tDCS device with a completed FDA premarket approval for depression; its closest rivals are still in investigational trials. The commercial launch adds a prescription and telehealth pathway to that approval. It does not add a price, an insurance answer, or independent data on how the device performs outside a clinical trial.

PSYCHEDELICS · REGULATION

The psychedelic approval debate is moving from whether the drugs work to who must deliver them

FDA's September 14 public hearing opened with five minutes on executive orders and priority vouchers, then turned to a two-hour comment block on a narrower question: who has to be in the room when a patient takes the drug. This account covers the opening remarks and twenty of that block's speakers. Not one of them drew a question from FDA's panel.

Analysis

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PSYCHEDELICS · ANALYSIS

Psilocybin's next indication frontier may be pain. The programs chasing it are not testing the same thing.

Cancer pain, chronic pelvic pain, phantom limb pain, fibromyalgia, migraine: psilocybin trials are now running across a genuinely wide swath of chronic pain medicine. Nearly all of them share the same structural weakness, a pain-scale endpoint that cannot tell whether the drug changed the pain itself or changed how much the pain bothers the patient. That distinction is the entire story.

Editorial Desk · 9 min read
PSYCHEDELICS · ANALYSIS

Real-world psilocybin data is starting to arrive. It looks a lot more like an SSRI than a breakthrough.

A retrospective study of 19 patients treated under Switzerland's limited medical-use exemption is among the first real-world psilocybin outcome data generated outside a clinical trial. The response and remission rates land close to what ordinary antidepressants achieve in real-world use, not the dramatic figures the field's early trials reported.

Editorial Desk · 8 min read
DIGITAL HEALTH · ANALYSIS

At-home ketamine's largest dataset reports strong results. Six of seven authors are paid by the company it studies.

A retrospective analysis of 3,041 Mindbloom patients reports high rates of clinical improvement from at-home subcutaneous ketamine, a genuinely under-studied delivery route. The topline numbers are real. So is the conflict of interest, the near-total attrition by the final assessment, and the gap between the headline improvement rate and the much lower remission rate underneath it.

Editorial Desk · 8 min read

The work

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In the pipeline

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Last updated Oct 9, 2026

Pharma Approved

Zuranolone (Zurzuvae)

Postpartum depression

Supernus (Biogen collaboration) Marketed for PPD; not approved for MDD in the U.S.

Updated Apr 18, 2026

Pharma Approved

AXS-05 (Auvelity)

Major depressive disorder

Axsome Therapeutics Marketed

Updated May 9, 2026

Pharma Approved

AXS-05 (Auvelity)

Agitation associated with dementia due to Alzheimer's disease

Axsome Therapeutics FDA approved April 2026

Updated Apr 30, 2026

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