Psychedelics are on the rise and a majority of Americans support psychedelic therapy. In fact, various research in the last year has revealed that compounds previously thought to be drugs have value. Biotechnology and drug companies have taken notice, and the psychedelic pharmaceuticals market is projected to reach $2641M by 2032.

With a burgeoning industry comes regular updates. Here is what’s up with corporate psychedelics business and research right now.

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Tryp Therapeutics psilocybin research

Publicly traded psychedelic drug company Tryp Therapeutics has clinical trials underway in various phases. Australian regulators recently approved Phase 1 of IV-admitted psilocin called TRP-8803. The open-label clinical trial will be small, with only nine adult volunteer participants, and aims to understand the drug.

Researchers will document the safety and pharmacokinetics of TRP-8803 and pinpoint how much psilocin it takes to reach a psychedelic state. Researchers will hone in on what they deem the optimal psychedelic state by monitoring participants’ brain activity with an electroencephalogram (EEG).

While the IV trial finds its feet in Australia, an oral psilocybin trial for IBS abdominal pain just reached Phase 2a in the U.S. The open-label study hopes to identify the safety and efficacy of the oral psilocybin drug TRP-8802.

Tryp and the Massachusetts General Hospital entered a partnership to conduct the trial following approval from the Institutional Review Board. The University of Michigan has already administered TRP-8802 to one patient. This arm of the study will focus on abdominal pain caused by fibromyalgia.

Enterprise has built a marriage of psychedelics and pharmaceuticals, leading many in the counterculture to bite their nails watching it play out. For now, the outcome is lots of new research on the wire, but with lobbying and more, there are lots of possible destinations for the psychedelic space.

MAPS Public Benefit Corporation rebrands to Lykos Therapeutic

One recent change comes from the Multidisciplinary Association for Psychedelic Studies, which has welcomed a new investor into the fold. MAPS has long sat on the fence between corporate psychedelics and the underground, but this recent move has raised some eyebrows.

At the start of the year, MAPS announced the closing of an oversubscribed Series A. This means they got more money than they had aimed for. With the $100M infusion comes a name change for the MAPS Public Benefit Corp to Lykos Therapeutics along with a visual rebrand.

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“Lykos in its transition from a research-focused public benefit company, wholly owned by a nonprofit, to a PBC with mission-aligned investors focused on obtaining FDA approval and insurance coverage for prescription use of MDMA-assisted therapy by appropriate patients with PTSD,” MAPS founder and president, Rick Doblin, Ph.D., shared in a press release.

MAPS plans to offer more education in the coming year, including first responder crisis training and international psychedelic therapist education. Research continues to center MDMA, and MAPS deputy director Fede Menapace explained that this move only opens more doors for this pursuit.

“For most of MAPS’ existence, the stigma associated with psychedelic compounds made it impossible to fund MAPS’ clinical research through government grants or traditional investment models,” Menapace said. “In a testament to Lykos’ remarkable progress in its research program, investors joining our cause are making it possible to build the commercial infrastructure required to deliver MDMA-assisted therapy to many in need, if FDA-approved.”

Psilocybin PTSD trials hit Phase II

Psilocybin-focused biotech firm Compass Pathways is undergoing multiple magic mushroom trials. The London, U.K.-based company is investigating the possibilities for treating anorexia, bipolar disorder, and post-traumatic stress disorder (PTSD). In a recent update, Compass announced early results from the latter.

The PTSD psilocybin study using a synthetic magic mushroom formulation called COMP360 is in Phase II. 22 patients in the U.S. and U.K. with adulthood-rooted PTSD trauma received one 25mg dose of the drug. No adverse events were recording during the following 24 hours.

Researchers will continue to check in with participants for the next 12 weeks. Final efficacy and safety reports from the trial are expected in Spring 2024.

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“Safety is of paramount importance when developing potential new treatments, so we are pleased to see these positive safety signals. These results are consistent with findings from other studies and add to the growing body of evidence to demonstrate the potential of COMP360 in difficult-to-treat mental health conditions,” chief medical officer of Compass Pathways, Dr. Guy Goodwin, said in a press release.

In the weeks following trial results, Compass announced a partnership with Greenbrook TMS Inc. to expand delivery methods. The corporation specializes in nasal spray and transcranial magnetic stimulation (TMS).

This move signals that more studies may cruise down the pipeline by 2025.

Psychedelic business and research is worldwide

The business of psychedelics is worldwide, and research is coupled alongside it. Clinical trials are a step forward for new pharmaceutical compounds. Though there are many psychedelic books detailing the power of psilocybin, LSD, and more–research provides a foundation of understanding. These updates give insight into where the pharmaceutical psychedelic industry is at, both for investors and nail-biting underground psychonauts.