Despite years of excitement in the psychedelic medicine space, no large pharmaceutical company is expected to buy or sign a major licensing deal with a psychedelic biotech for more than $100 million before late 2026. Big pharma companies are waiting: they want to see larger, more definitive clinical trial results and clearer signals from the FDA (the US drug regulator) before writing enormous checks. Right now, the science is still too early-stage to justify that kind of investment.
Assets remain un-de-risked pre-Phase-3 readout. Pharma waits for regulatory clarity. Today's flat tape confirms no whisper of a deal is circulating.
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