Hage , Sandy B ian
Wo king Pape
T acking he Fo unes o Co po a e Psychedelia
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T acking he Fo unes o Co po a e Psychedelia
Sandy Hage
CITYPERC Wo king Pape No. 2024-02
Ci y, Uni e si y o London
No hamp on Squa e
London EC1V 0HB
Uni ed Kingdom
T acking he Fo unes o Co po a e Psychedelia
Sandy B ian Hage
Ci y, Uni e si y o London
Sandy.H[email p o ec ed]
Abs ac
In ecen yea s, new bio ech companies ha e eme ged hoping o cash in on a medical
psychedelics ma ke expec ed o be wo h billions. This a icle examines he business models
o wo o he la ges such companies. Acco ding o con en ional wisdom, o -p o i playe s a e
bes posi ioned o deli e new cu es o men al illness a scale because o hei abili y o ap
capi al ma ke s. The analysis p esen ed he e challenges his s o y on wo coun s. Fi s , i
a gues ha p o i abili y in he pha maceu ical business depends no on apid scaling pe se,
bu on con olling and es ic ing access o main ain p icing powe . Second, i claims ha he
un uliness o psychedelics – mani es ed in he p esence o cheap gene ics, mu ky in ellec ual
p ope y claims, and high cos s o adminis a ion – aises se ious ques ions abou hei
comme cial iabili y. The a icle hen assesses he sec o ’s emb ace o Johnson and
Johnson’s pa en ed o m o eske amine, Sp a a o, as i s p o o ype o comme cializa ion.
Sp a a o may p o ide a pa hway o p o i abili y, bu pa ien s mus con end wi h high p ices
and a d ug ha p o ides only sho - e m elie and equi es inde ini e dosing. Ra he han
dis up Big Pha ma, co po a e psychedelia eplica es i s main ea u es, aising ques ions
abou i s claims o ackle he men al heal h c isis.
Keywo ds: psychedelics; pha maceu icals; medicaliza ion; men al heal h c isis; business
models
1
In oduc ion: Cashing In on he Psychedelic Renaissance
The 1950s and ea ly 1960s we e a e ile pe iod o psychedelic esea ch (Dyck 2008; O am
2018; S e ens 1989). Du ing his ime, LSD, psilocybin, and mescaline we e used o ea ens
o housands o pa ien s o a ious psychia ic diso de s. Thousands o scien i ic pape s we e
published, wi h esea ch showing sa e y and e icacy o hese powe ul subs ances in he
ea men o dep ession and addic ion. Such e ela ions would come as no su p ise o
coun e cul u al ypes, who iewed psychedelics no only as key o indi idual healing bu also
o he spi i ual ans o ma ion o all humani y. No would hey su p ise he indigenous
communi ies in Cen al and Sou h Ame ica, and in Wes A ica, ha ha e used psychedelic
plan s and ungi as pa o adi ional medicine since ime immemo ial. The indings did,
howe e , lend an ai o espec abili y o hese s ange new molecules (Gi o 2020). Posi i e
media epo s and high-p o ile endo semen s om Hollywood celeb i ies like Ca ey G an
ollowed.
Bu hings changed in he la e hal o 1960s. Poli icians s a ed o associa e psychedelics,
especially LSD, wi h g owing social un es . The Wa on D ugs pushed hese subs ances
ou side he ealm o legi ima e science and in o he illici shadows o he unde g ound. I would
ake nea ly ou decades o mains eam science o edisco e hei healing powe s. Since he
ea ly 2000s, a g owing body o clinical e idence once again shows p omise o psychedelic
he apy in ea ing a long lis o psychia ic diso de s, om dep ession, anxie y, and addic ion
o pos - auma ic s ess diso de and ano exia ne osa. This “ enaissance” in psychedelic
esea ch is now helping o es o e c edibili y a e p olonged p ohibi ion (Gi o 2020). Sc oll
h ough Spo i y o Ne lix oday and you will ind coun less documen a ies and podcas s
ex olling he i ues o hese subs ances. In Ca ey G an 's place we now ha e P ince Ha y,
Aa on Rodge s and Miley Ray Cy us o e ing es imonials o how ayahuasca jou neys healed
hei deep-sea ed aumas.
F om a poli ical economy pe spec i e, wha is pa icula ly ascina ing abou his enaissance
is he gold ush i has spawned. As d ug laws loosen in he Uni ed S a es (US) and elsewhe e,
hund eds o new bio ech companies a e hoping o cash in on a medical psychedelics ma ke
ha is expec ed o be wo h se e al billions o dolla s wi hin he nex decade. These
companies a e acing o de elop hei own psychedelic compounds and hey a e a ac ing
se ious money om Silicon Valley en u e capi al.
A he hea o his eme ging psychedelic business model is a simple s o y abou ma ke s. On
he demand side, he companies poin o as unme need o e ec i e men al heal hca e
ea men (Schwa z-Plaschg 2022). Thei po en ial cus ome base is he billions o people
a ound he globe cu en ly su e ing om some o m o psychia ic illness. On he supply side,
hey emphasize he ine ec i eness and cos liness o cu en men al heal hca e, wi h Big
Pha ma ailing o p o ide b eak h ough ea men s o decades. Men al heal hca e is a ma ke
ipe o dis up ion. Wi h hei access o capi al ma ke s, psychedelic companies claim hey a e
bes posi ioned o apidly scale-up deli e y o hese e olu iona y new medicines. Co po a e
psychedelia’s ision o he u u e in ol es solid e u ns o sha eholde s and a iumphan end
o he men al heal h c isis.
The s a ing poin o my inqui y he e is he ollowing ques ion: wha happens when p o i -
seeking companies u n psychedelics in o comme cial pha maceu icals? Del ing in o he
2
p oduc de elopmen chain (Ande sson e al. 2010), I sugges wo easons o be scep ical o
he simple ma ke s o y unde pinning he psychedelic business model. The i s eason, which
applies o any company de eloping pha maceu ical d ugs, is ha scale does no necessa ily
ansla e in o p o i abili y. To inance hei clinical ials, p e- e enue psychedelic companies
mus aise cash by con incing in es o s ha hey will e en ually u n a p o i . And p o i abili y,
I claim, hinges no on apid scaling pe se, bu on con olling and es ic ing access o main ain
p icing powe (see also Ni zan and Bichle 2009). Psychedelic companies seek ma ke powe
h ough a ious means. The mos common is o ollow a con en ional ac ic o he
pha maceu ical business hey claim o dis up ; namely, iling o pa en s ha con e exclusi e
con ol o e he p oduc ion and dis ibu ion o hese subs ances.
Ano he eason o doub he simple ma ke s o y has o do wi h he unique cha ac e is ics o
psychedelics and he challenges hese pose o p o i abili y. Psychedelics a e no like s anda d
psychia ic d ugs. Co po a ions ying o commodi y hem mus con end wi h hei inhe en
un uliness, as hey e ade a emp s o ame and con ol hem o p o i able ends. Psychedelics
a e un uly in pa because hey a e cheap. In seeking new o ms o pa en ing, psychedelic
companies mus demons a e how hei compounds ep esen an inno a ion on cheap
gene ics and he ich his o y o p io a ha exis s in he psychedelic space. Psychedelics a e
also un uly in hei subjec i e e ec s. A highe doses, hey occasion mys ical expe iences
ha a e unp edic able, o en ex emely challenging and ime-consuming. Sa e and e ec i e
usage gene ally equi es ca e ul p epa a ion be o e he expe ience, suppo du ing he “ ip”,
and in eg a ion a e wa d. How companies will make a p o i gi en he po en ially la ge cos s
o adminis e ing psychedelics emains unclea .
In he ea ly yea s o his young sec o , om a ound 2016 o mid-2021, in es o s seemed
impe ious o hese challenges. A ha ime, psychedelic companies we e iding he peak o
he hype cycle. In es o s we e eage o dole ou cash o p e y much any s a up wi h e en a
hal -baked scheme o comme cializa ion, and hey we e massi ely in la ing he alues o
companies going public. Bu since la e-2021, he sec o has expe ienced wha can bes be
desc ibed as a massi e comedown. As in e es a es climbed, sha e p ices anked, unding
d ied up, many companies wen bus , and su i o s we e o ced o cu cos s and scale back
ambi ion. The comedown has se ed as a eali y check. The ask o b inging hese medicines
o ma ke is aking a lo longe and is p o ing o be a lo ha de han many had o iginally hoped.
Amid his clima e o unce ain y, he psychedelic sec o has done plen y o soul sea ching.
Wha has eme ged is no a shi bu a cla i ica ion o s a egy, one ap ly desc ibed as
“Sp a o isa ion” (Ha dman 2024a). I in ol es using pha ma gian Johnson and Johnson’s
pa en ed o m o eske amine, an “a ypical” psychedelic, as a model o comme cializa ion o
o he psychedelics. I is no di icul o see why Sp a a o causes such exci emen . A e a slow
s a when i was launched in 2019, he d ug has become a majo comme cial success,
gene a ing o e a billion dolla s o sales in he pas h ee yea s.
As I will a gue, psychedelic companies ha e emb aced Sp a a o since he comedown no
only because i is p o i able, bu also because i shows how un uliness can be managed. I
p o es ha pa en s can be secu ed e en in he p esence o cheap gene ics, and e en wi h
a he enuous claims o inno a ion. Wi h only wo hou s o moni o ing and no he apy equi ed,
i also shows how un uly psychedelics can be made cos -e ec i e. Sp a a o may ha e blazed
a ail o psychedelic p o i abili y. Bu his comes a he cos o ipping apa he simple ma ke
s o y ha unde pins he psychedelic business model. Ra he han dis up ing Big Pha ma,
3
psychedelic companies now see i as an inspi a ion. Following he pha ma s a us quo makes
he ensions be ween scale and p o i abili y e en mo e anspa en . Gene ic ke amine cos s a
couple o dolla s; Sp a a o o en well o e $1000 pe dose wi h moni o ing cos s, making i
una o dable o many. To make ma e s wo se, esea ch shows ha Sp a a o is no only less
e ec i e han gene ic ke amine, bu also ha i s an i-dep essan e ec s a e sho -li ed and
only main ained wi h epea ed dosing (Moghaddam 2021). Ra he han dis up Big Pha ma,
co po a e psychedelia ins ead plans o eplica e i s essen ial ea u es, aising ques ions abou
i s claims o ackle he men al heal h c isis.
The es o he pape is o ganized in o i e sec ions. In sec ion one, I si ua e my p ojec wi hin
he exis ing li e a u e on co po a e psychedelia and lay ou he concep ual and me hodological
ounda ions o he analysis. In sec ion wo, I analyze he psychedelic p oduc de elopmen
chain and show how i c ea es a ension be ween scale and p o i abili y, one ha cha ac e izes
all pha maceu ical de elopmen . In sec ion h ee, I examine he un uliness o psychedelics
and he unique challenges his poses o companies ying o u n hem in o pha maceu icals.
In he penul ima e sec ion, I discuss he comedown and Sp a a oisa ion as a esponse o i .
Finally, I conclude wi h some b ie hough s on he pa adoxes o co po a e psychedelia and
he p ospec s o change.
Founda ions
Co po a e psychedelia is in i s in ancy, bu i has al eady managed o a ac schola ly a en ion,
mos ly wi hin he new sub ield o c i ical psychedelic s udies (CPS) (De eno 2023; Hauskelle
and Schwa z 2023; Hauskelle and Sjös ed -Hughes 2022; Le che 2013; Pace and De eno
2023). Wo king la gely in he humani ies, CPS wa ns us o he dange s o comme cialisa ion
and he g owing in luence o co po a e ac o s in he psychedelic space. Bu wha is hus a
missing om he sub ield is an in-dep h s udy o psychedelic companies hemsel es and he
s a egies hey a e de eloping o ans o m psychedelics in o p o i able pha maceu icals. A
ca e ul examina ion o hese s a egies is needed no only o unde s and he g owing powe
o co po a e ac o s in psychedelia, bu also o assess he po en ial obs acles hese once-
o bidden subs ances pose o p o i -making. In his pape , I aim o con ibu e o CPS by
o e ing he i s analysis o psychedelic business models.
By way o concep ual aming, i use ul o explain how he business model is unde s ood in
he con ex o his pape . In he wo ld o co po a e psychedelia, execu i es make cons an
e e ence o hei business model. The business model he e e e s loosely o an o e a ching
plan o make p o i able pha maceu icals ou o compounds like DMT and psilocybin. Pu
simply, he business model is a plan o making money o psychedelics. Such colloquial usage
ankles academics in mains eam business and managemen , who see i as “an in i a ion o
aul y hinking and sel -delusion” (Po e 2001: 73). O he esea che s a e mo e p agma ic,
asse ing ha he language su ounding business models is necessa ily ague because hey
a e pe o ma i e (Dogano a and Muniesa 2015, Dogano a and Eyquem-Renaul 2009). The
business model is pe o ma i e because i s assemblage o na a i es and numbe s is s aged
o a public audience. As i ci cula es amongs in es o s and o he s akeholde s i in i es
in e oga ion. F om he pe spec i e o pe o ma i i y, i is ha d o pin down a p ecise de ini ion
o he business model because o he cons an lux gene a ed h ough ci cula ion and
con es a ion.
4
Taking on boa d hese insigh s om he pe o ma i i y app oach, I de ine a business model
simply as a plan o making money, one ha is open-ended, malleable, and con es ed. The
aming he e lends i sel o he adi ion ha o eg ounds p o i abili y in explaining poli ical-
economic ou comes (see Ch is ophe s 2022). The aming he e also s esses he o wa d-
looking empo ali y ha go e ns p o i making in a capi alis se ing (see Ni zan and Bichle
2009). Business models aim o c ea e alue o in es o s h ough capi aliza ion, which se es
as a kind o me a-numbe in capi alism.
1
I is h ough he lens o capi aliza ion ha companies
u n ma e ial and imma e ial hings (like psychedelics) in o e enue-gene a ing asse s (like
pha maceu icals). Capi aliza ion calcula es he p esen alue o an asse by discoun ing he
ea nings i is expec ed o make in an unknowable u u e. I con ains ou in e ela ed
componen s:
capi aliza ion = expec ed u u e ea nings * hype / isk * no mal a e o e u n
Valua ion in he he e-and-now is ancho ed in he ea nings ha in es o s expec ha asse o
gene a e in he u u e. C ea ing alue o in es o s means boos ing capi aliza ion ela i e o
some a e age benchma k. And his ul ima ely es s on he abili y o a company, h ough i s
business model, o p esen a iable s a egy o gene a ing ea nings om i s asse s,
inc easing he hype associa ed wi h hose ea nings, and dec easing he isk associa ed wi h
hose ea nings. The no mal a e o e u n, usually he cu en yield on “ isk- ee” go e nmen
bonds, is used o discoun expec ed ea nings in o p esen alue.
Mo ing om he concep ual o he me hodological, he e a e p ac ical challenges acing any
inqui y in o psychedelic business models. Acco ding o he websi e Psychedelic Alpha, he e
a e a ound 40 publicly lis ed psychedelic companies. He e I ocus p ima ily on wo publicly
lis ed psychedelic companies: Be lin-headqua e ed a ai Li e Sciences and London-
headqua e ed Compass Pa hways (when discussing he wo companies oge he he ea e I
e e o hem wi h he ac onym AC).
Table 1 p o ides a b ie o e iew o some o he main ea u es o AC. The eason o cen ing
he analysis on AC is ou old. Fi s , hey a e among he la ges playe s in co po a e
psychedelia. A he end o 2023, AC had a 46 pe cen sha e o he o al ma ke capi aliza ion
o publicly lis ed psychedelic companies. Second, hey a e wo o he oldes and mos well-
known psychedelic companies in a e y young sec o . Compass and a ai we e ounded in
2016 and 2018 and wen public on he Nasdaq in 2020 and 2021, espec i ely. The hi d
eason is ha he a es o he wo companies a e ied oge he . A ai (2022) employs a
decen alized “hub and spoke” business model. In addi ion o de eloping i s own compounds,
which include p op ie a y o mula ions o DMT and ibogaine, a ai also p o ides inancing and
suppo o a ilia ed companies. This includes a subs an ial in es men in Compass’s syn he ic
o m o psilocybin, COMP360, o ea men esis an dep ession (TRD). The inal and pe haps
mos impo an eason o ocusing on AC is ha hey a e bo h mid o la e s age bio ech
companies u hes along in b inging medical psychedelics o ma ke . A he ime o w i ing,
COMP360 o TRD is he only o -p o i “classic” psychedelic in phase 3 o i s clinical ial, he
1
Fo an inno a i e concep ual wea ing o pe o ma i i y, capi aliza ion and u u e-o ien ed empo ali y,
and i s applica ion o he Eu opean deb c isis, see Samiee (2024).
5
inal phase be o e egula o y app o al.
2
As ma ke leade s, he expe iences o AC a e shaping
he de elopmen o he wide sec o .
a ai Li e Sciences
Compass Pa hways
Headqua e s
Be lin
London
Founded
2018
2016
IPO
2021 (June)
2020 (Sep embe )
S ock Exchange
Nasdaq
Nasdaq
Ma ke Capi aliza ion
(Sep embe 1, 2024)
$215 million
$542 million
Ne Income (since
IPO)
-$369 million
-$328 million
Pipeline
BPL-003 / In anasal 5-MeO-DMT
o TRD [P2]*
ELE-101 / Psilocin o MDD [P2]*
No el 5-HT2A Recep o Agonis s
o Undisclosed [P eclinical]
EMP-01 / R-MDMA o SAD [P1]
IBX-210 / Ibogaine o OUD [P1]
RL-007 / Neu omodula o o
Schizoph enia [P2]**
VLS-01 / DMT o TRD [P1]
COMP360 / Psilocybin o TRD
[P3]
Comp360 / Psilocybin o PTSD
[P2]
COMP360 / Psilocybin o
Ano exia Ne osa [P2]
P od ug P og amme [P eclinical]
Table 1 O e iew o Psychedelic Lead Co po a ions: a ai Li e Sciences and Compass
Pa hways
No es: MDD = majo dep essi e diso de , OUD = opioid use diso de , P = Phase, PTSD = pos -
auma ic s ess diso de , SAD = social anxie y diso de , TRD = ea men esis an dep ession, *wi h
Beckley Psy ech, **wi h Recogni y Li e Sciences
Sou ce: Company websi es, annual epo s
Much like my de ini ion o business models, he me hodology ha guides my analysis he e is
in en ionally loose. Ra he han con ine he analysis o AC, I use he da a om hese wo
sec o al leade s o p o ide a gene al accoun o co po a e psychedelia. To examine he
na a i es and numbe s o he business model, my app oach uses bo h quan i a i e and
quali a i e me hods (Ande sson e al. 2010; F oud e al. 2006). Fo he o me , I use
comme cial da abases like Bloombe g P o essional, Re ini i Eikon and WRDS Compus a ,
as well as company annual epo s, o assemble and analyze da a om company inancial
s a emen s, including ne income, esea ch and de elopmen (R&D) expendi u es, capi al
s uc u e (deb and equi y), equi y owne ship, and cash lows (see Samman e al. 2022: 96-
97). Fo he la e , I unde ake con en analysis o a ious documen s p oduced by psychedelic
companies and o he s akeholde s: annual epo s, egula o y ilings, ea nings call ansc ip s,
social media pos s, media commen a y, pa en ilings, p ess eleases, and public
p esen a ions. I also conduc ed wel e semi-s uc u ed in e iews wi h a ange o subjec s,
om indus y expe s and pa en a o neys o ac i is s and en u e capi alis s. The pu pose o
he in e iews is o iangula e some o he quan i a i e and quali a i e indings, as well as o
p o ide addi ional na a i e con ex whe e needed.
2
Psychedelics a e commonly di ided in o classic and a ypical o ms. The o me include LSD,
psilocybin, mescaline, DMT and some imes ibogaine. The la e include ke amine and MDMA. Classic
psychedelics a e se o onin ecep o agonis s (mimicking he e ec s o se o onin), MDMA p omo es
se o onin elease, and ke amine dis up s he b ain’s glu ama e sys em.
6
O e all, my pu pose is o ace how na a i e and numbe – quali y and quan i y – in e ac and
ul ima ely eed in o he me a-numbe o capi aliza ion (Baines and Hage 2021). In he
ollowing sec ions, I use his concep ual and me hodological amewo k o unpack he
psychedelic business model and i s o wa d-looking pu sui o p o i . My aim is no only o
p o ide a sys ema ic accoun o how psychedelics a e ans o med in o pha maceu icals, bu
also o assess he consequences o his me amo phosis o he men al heal h c isis.
The P oduc De elopmen Chain
The p ocess o ans o ming psychedelics in o pha maceu icals can be concei ed in e ms o
a p oduc de elopmen chain (Ande sson e al. 2010; Saba ie e al. 2010). Figu e 1 isualizes
his p ocess, which cha ac e izes any o m o d ug de elopmen , psychedelic o o he wise.
The s a ing poin is a new d ug concep and he end poin is app o al om a egula o y body
like he Food and D ug Adminis a ion (FDA) in he US. Regula o y app o al is needed be o e
a company can legally sell i s d ug. I is also no mally a p e equisi e o p i a e and public
heal h insu e s o eimbu se i . To ge pas he inish line, companies mus unde ake a se ies
o clinical ials o gene a e da a on he sa e y and e icacy o hei new p oduc . The chances
o success a e slim. Acco ding o a ecen s udy, i akes an a e age o 10-15 yea s and $1-2
billion be o e a new d ug is app o ed o clinical use (Sun e al. 2022). E en d ug candida es
ha ad ance om he p eclinical s age o clinical ial ha e a ailu e a e o 90 pe cen (ibid).
Wi h such low chances o success, d ug de elopmen has been compa ed o a casino o o
o he highly specula i e ac i i ies like oil and mine al p ospec ing (Ande son e al. 2010: 632).
Figu e 1 The Pha maceu ical De elopmen Chain
Sou ce: Adap ed om Ande sson e al. (2010)
As psychedelic companies ad ance h ough he p oduc de elopmen chain, hey equi e
g ea e amoun s o unding o R&D. Tallying numbe s om annual epo s, a ai and Compass
ha e spen on a e age $63 million and $55 million pe yea on R&D espec i ely since hei
ini ial public o e ings (IPOs). Funding R&D equi es s eady cash lows. In ea nings calls wi h
13
Cos conce ns ex end well beyond supe ision. The psychedelic business model’s claim o be
an al e na i e o Big Pha ma is also a claim o be an al e na i e o he p e ailing biomedical
dogma ha unde pins i . Acco ding o he biomedical iew, men al illness is a biological
p oblem o he b ain, o be sol ed wi h pha maceu ical in e en ion alone (Deacon 2013; Engel
1977). Despi e he ea ly hyping o psychedelics as mi acle cu es, he e has been a gene al, i
somewha implici and ague, unde s anding ha las ing bene i om hese subs ances
equi es some he apeu ic elemen (Dumi and Sanab ia 2022; Hauskelle and Schwa z 2023).
This includes p epa a ion be o e he session and in eg a ion a e wi h a psycho he apis o
some o m o suppo ne wo k. Bu he apy adds o he cos o ea men and companies ha e
li le inancial incen i e o o e i , especially since mos insu e s do no co e he apy (Lambe
2024).
Compass’s expe ience shows ha a emp s o pa en he basic componen s o he apy a e
unlikely o succeed. The cu en design o he d ug disco e y p ocess u he incen i izes
psychedelic companies o downplay he he apeu ic elemen . Tes ing he e icacy o di e en
ypes o he apy equi es a la ge sample o pa icipan s, which adds u he cos s (Samuel
2024). Since egula o s like he FDA a e in he business o egula ing d ugs and no he apy,
companies a e mo e likely gain app o al i hey can demons a e ha he d ug alone is
esponsible o he e ec .
8
This s uc u al impe a i e o minimize he impo ance o he
he apeu ic elemen e eals ano he ension in he psychedelic business model. Though he
co po a e medicalized model p esen s i sel as a sa e al e na i e o unde g ound usage, he
pu sui o p o i en ails cu ing cos s in ways ha end up comp omising pa ien sa e y
(Ha ogsohn 2023; Noo ani 2019).
The Comedown
In he ea ly yea s, psychedelic companies umbled along wi hou any s ong need o desi e o
add ess he ensions unde lying hei business model. They we e iding a massi e hype wa e.
Hype allowed hese companies o s ee clea o he con adic ion o wan ing o dis up Big
Pha ma while simul aneously engaging in Big Pha ma-s yle pa en ing s a egies. Hype also
allowed hese companies o dodge ho ny ques ions abou he un uliness o psychedelics and
he p oblems his poses o p o i abili y. Bu hen like all hype wa es his one came c ashing
down.
Figu e 3 shows AC’s sha e o capi aliza ion in wo ma ke s: he Nasdaq and he wo ld bio ech
sec o . Capi aliza ion gi es us a window in o he collec i e mindse o psychedelic in es o s,
o how hey diagnose he u u e e enue-gene a ing capaci ies o hese companies. In i s sho
his o y, he e has been a d ama ic shi in he inancial o unes o co po a e psychedelia. AC
debu ed on he s ock ma ke wi h sky-high alua ions. Bu since la e-2021, he sec o has
expe ienced wha can bes be desc ibed as a massi e comedown. By bo h measu es, AC’s
sha e o capi aliza ion has allen sha ply. In his hos ile new clima e, many psychedelic
companies ha e gone bus , while su i o s ha e been o ced o es uc u e, im down
pipelines, and lay o s a .
8
A he ime o w i ing (Summe 2024), he FDA ejec ed Lykos The apeu ics’ MDMA-assis ed he apy
o PTSD. One o he many g ounds o ejec ion was he lack o clea sepa a ion be ween he d ug's
e ec s and he he apy i sel (Ha dman 2024c).
14
The comedown can a leas pa ly be blamed on changing mac oeconomic condi ions,
especially ising in e es a es s a ing in 2022 (Ange maye 2023). Highe in e es a es ha e
a nega i e e ec on s ock ma ke alua ions and make i ha de o aise he inancing ha is
he li eblood o he psychedelics sec o . Bu mac oeconomic shi s can only be pa o he s o y
o a simple eason. The bio ech sec o in gene al is also elian on inancing and he e o e
in e es a e sensi i e. And ye , as we see in Figu e 3, he pe o mance o AC has allen sha ply
no only ela i e o he Nasdaq bu also o wo ld bio ech.
Figu e 3 The Comedown: Psychedelic Sha es o NASDAQ and Wo ld Bio ech
Capi aliza ion
Sou ce: Re ini i Eikon
Why ha e psychedelic companies a ed so much wo se han o he bio ech companies? I
posed his ques ion o Josh Ha dman (2024b), he ounde o Psychedelic Alpha and one o
he mos espec ed commen a o s in he indus y. Fo Ha dman, he issue in la ge pa boils
down o isk pe cep ions in he in es men communi y. Bio ech s ocks a e isky, bu wi hin
bio ech, psychedelic s ocks a e he iskies o he isky – hey a e, in Ha dman’s wo ds,
“uncha ed bio ech”. And so when ma ke s u n bea ish, as hey did in la e-2024, i is he
iskies asse s ha su e mos . As Ha dman no es, he bea ma ke also empe ed he hype
su ounding he imeline o egula o y app o al. A he heigh o he ma ke enzy in 2020
and ea ly 2021, op imis s we e o ecas ing ha FDA app o al o psilocybin he apy was jus
a ound he co ne , as ea ly as 2023 by some es ima es. Now in he dep hs o he comedown,
legal medical use is no expec ed be o e 2027 a he ea lies . Acco ding o Ha dman,
ins i u ional in es o s end o be mo e willing o wea he s o ms o his ype. Bu as men ioned
ea lie , one o he ea u es o co po a e psychedelia is he ou sized p esence o e ail in es o s
wi h sho - e m ho izons. “As soon as he ma ke s a ed u ning,” Ha dman explained, “a lo
o hese small- ime in es o s needed o liquida e hei posi ions o pay en ”.
0.000
0.002
0.004
0.006
0.008
0.010
0.012
0.00
0.05
0.10
0.15
0.20
0.25
0.30
Sep
2020 Jan
2021 Ap il
2021 July
2021 No
2021 Feb
2022 June
2022 Sep
2022 Jan
2023 Ap il
2023 Aug
2023 No
2023 Ma ch
2024 June
2024
a ai + Compass / NASDAQ
( igh )
a ai + Compass / Wo ld Bio ech
(le )
pe cen
pe cen
15
Ha d imes ha e o ced psychedelic companies o do plen y o soul-sea ching. Wha has
eme ged is no eally a shi o ans o ma ion bu a cla i ica ion o pu pose. Ha dman (2024a)
e e s o his ans o ma ion as a p ocess o “Sp a a oisa ion”. Sp a a o is he b and name o
pha ma gian Johnson and Johnson’s (J&J) pa en ed e sion o he a ypical psychedelic
ke amine. Be o e he comedown, psychedelic execu i es would occasionally men ion
Sp a a o as a po en ial model o ollow. Bu since la e 2021, he sec o has been g ipped by
a nea obsession wi h J&J’s pa en ed eske amine. In in e iews, ea nings calls, and
con e ence alks, execu i es cons an ly men ion Sp a a o as hei new ound inspi a ion, he
bluep in o b inging hei own compounds o ma ke . In he wo ds o cu en Compass CEO
Kabi Na h (2024a), Sp a a o is a “ha binge o wha we could do”.
Looking a he inancial numbe s, i is easy o see why Sp a a o causes so much exci emen .
The d ug ecei ed FDA app o al in 2019 o TRD and majo dep essi e diso de (MDD) wi h
suicidal hough s o ac ions, o be used in conjunc ion wi h an o al an idep essan . Sp a a o
go o o a slow s a bu has become a majo comme cial success, wi h o e a billion dolla s
o sales in he pas h ee yea s. I is expec ed o each blockbus e s a us (o e a billion dolla s
in yea ly sales) as ea ly as 2024. Mo e undamen ally, psychedelic companies ake inspi a ion
om Sp a a o because i shows how o ame he un uliness o psychedelics.
Sp a a o ins ills con idence ha mu ky claims o IP will be upheld e en when claims o
inno a ion a e enuous. Cheap, gene ic ke amine has been used “o label” in psychia ic
ea men o decades. To make ke amine pa en able, and he e o e p o i able, J&J de eloped
Sp a a o as a nasal sp ay and shi ed ke amine o one o i s isome s: eske amine. The la e
claim o inno a ion is pa icula ly enuous because s udies ha e shown ha eske amine is
less e ec i e han gene ic ke amine in ea ing dep ession (Nikolin e al. 2023). Sp a a o also
inspi es because i ecei ed FDA app o al wi h minimal moni o ing equi emen s and wi hou
need o he apy. As pa o i s Risk E alua ion and Mi iga ion S a egy, he FDA equi es ha
Sp a a o be adminis e ed wi h wo hou s o moni o ing by a ained p o essional. These ligh -
ouch equi emen s a e especially hea ening o psychedelic companies de eloping sho e
du a ion compounds ha i wi hin a wo-hou moni o ing session. Be o e Sp a a o’s
spec acula success, psychedelic companies claimed hey we e in he business o
psychedelic-assis ed psycho he apy. Now i is he d ug e ec alone ha ge s emphasized.
Ins ead o he apy, he companies o e “digi al suppo ools” – apps ha a e in ended o help
pa ien s in eg a e hei expe ience (Compass Pa hways 2022). And ins ead o he apis s, one
company now e e s o “dosing session moni o s” – minimally ained s a who a e explici ly
ins uc ed o only wa ch i al signs (Mind Medicine 2024).
Sp a a oisa ion may be he su es pa hway o comme cial success. Bu adop ing he Sp a a o
pa adigm only se es o exace ba e he unde lying ensions o he psychedelic business
model. A e all, pa en ed eske amine is a p oduc o Big Pha ma, he supposed a ge o
psychedelic dis up ion. And when we look a how i has been olled ou , we see ha Sp a a o
embodies e e y hing ha co po a ized psychedelic medicine claims o o e come. J&J has
been accused o monopolis ic p ice gouging (Benne and Belse 2020). Fo millions wi hou
ull insu ance, he cos o Sp a a o is simply ou o each. I also ep esen s a huge cos o
heal hca e sys ems, e en hough e idence sugges s i is less e ec i e han gene ic ke amine.
9
9
The Uni ed Kingdom’s Na ional Heal h Se ice (NHS) has no app o ed Sp a a o due o conce ns
abou cos e ec i eness (BBC 2020).
16
While gene ic ke amine cos s a ew dolla s, Reddi use s in he US epo cos s o a ound
$1500 pe dose o Sp a a o wi h moni o ing ( /Sp a a o 2023). I he aim is o model hei
p oduc s on Sp a a o, hen i is unclea how psychedelic companies will mee hei goal o
apidly deli e ing psychedelic medicine a scale.
Adop ing he Sp a a o pa adigm also aises doub s abou co po a e psychedelia’s abili y o
de elop las ing cu es o men al illness. When mains eam science i s “disco e ed” i s an i-
dep essan p ope ies in he 1990s, ke amine was ou ed as a powe ul cu e o dep ession
(Moghaddam 2021). The ini ial hype helped J&J ge Sp a a o as acked h ough he FDA
app o al p ocess. Now esea che s a e disco e ing ha Sp a a o is no only less e ec i e
han gene ic ke amine, bu also ha i s an i-dep essan e ec s a e sho -li ed and a e only
main ained wi h inde ini e epea ed dosing (ibid: 2021). In his way, Sp a a o i s wi hin he Big
Pha ma s a egy inso a as i s p o i abili y depends no on las ing healing, bu ch onic
dependence. Psychedelic execu i es a e awa e o his aspec o Sp a a o. Fo example,
Compass’s emb ace o he Sp a a o pa adigm comes wi h a ca ea . One o he
disad an ages o COMP360 ela i e o Sp a a o is he moni o ing ime. Compass
acknowledges ha i s p op ie a y psilocybin will does no cu en ly i wi hin he wo-hou
clinical model (Na h 2024b). Bu i also a gues ha he cos o ou o six hou s o moni o ing
will be o se by ewe adminis a ions han Sp a a o. Whe he his al e na i e model will p o e
o be as p o i able as Sp a a o emains o be seen. In any case, judging om he ecen
comedown, in es o s ha e ye o be con inced ha psychedelics will ollow Sp a a o o
blockbus e s a us.
Conclusion: T ans o ming Co po a e Psychedelia?
Sp a a oisa ion makes he dis up e image o he psychedelic business model inc easingly
di icul o uphold. Ye he inabili y o dis inguish i sel om Big Pha ma appea s o be a
necessa y ade-o i he sec o wan s o p o i ably ans o m psychedelics in o
pha maceu icals. P o i abili y appea s o hinge on he sec o ’s abili y o ame he un uliness o
psychedelics by pu ing hem in o a medicalized box. Tha aming p ocess, howe e , comes
a a cos ha is exis en ial i no inancial. Indigenous and coun e cul u al communi ies a e
di e se, making i di icul o gene alize abou hei iews on psychedelics. Bu one hing ha
uni es hese dispa a e communi ies is ha hey emb ace he un uliness o he psychedelic
expe ience as an essen ial pa o healing. In o he wo ds, he ans o ma i e powe o hese
subs ances de i es om hei in ense subjec i e e ec s, om hei wei d, ime-dissol ing
p ope ies, om hei ime-consuming incon enience. Communal i uals do no seek o con ol
o ame un uliness. Ins ead, hey y o channel i so ha pa icipan s may hemsel es elease
con ol o he subs ances which a e seen o ha e an agency, sen ience, and wisdom all hei
own (De eno e al. 2022; Sanab ia 2021).
Wha eme ges, hen, is a pa adox o e looked in he sec o ’s simple ma ke s o y. Co po a e
psychedelia ies o ans o m hese subs ances in o pha maceu ical medicines. To make
hem in o pha maceu icals hey need o be p o i able. And o be p o i able, hey need o be
pu ged o he e y elemen s essen ial o hei healing powe . This pa adox is as old as
capi alism i sel . F om he e y beginning capi alism has commodi ied and coop ed humans
and mo e- han-human na u e, abso bing hem in o he logic o capi al, aming hei un uliness
and d aining hem o hei adical po en ial (Fishe 2009). The cos has been a deep spi i ual
malaise, as he ex ension o capi alis logic in o e e -g ea e a eas o social li e lea es us
17
eeling aliena ed om ou sel es, om o he humans, and om ou na u al en i onmen (Hage
2023).
Re lec ing on his i s -hand encoun e wi h he psychedelic enaissance, in which he sampled
many o hese subs ances, jou nalis Andy Mi chell (2024: 310) o e s a sobe assessmen o
i s u u e. Conju ing Albe Eins ein, Mi chell w i es: “…we can’ sol e he p oblems we’ e
c ea ed om he same le el o consciousness om which we’ e c ea ed hem. We ha e o
change be o e psychedelics can eally change us”. Pu ing his in poli ical economy e ms: we
can’ sol e he p oblem o he men al heal h c isis wi h capi alism because capi alism c ea ed
he c isis in he i s place. The “we” ha needs o change mus include he capi alis s ha
s ee he ship. Bu he ein lies he p oblem. Wha incen i e do psychedelic capi alis s ha e o
change when hey a e he ones ha gain mos om business as usual?
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