As recently as January 2022, VC-backed Eleusius Holdings was talking about a public listing, however it appears that an inability to raise capital has forced the company to seek a buy-out, with Beckley Psytech likely to step-up and add the operation to its portfolio. This ‘thinning out’ effect is already playing out, both in the listed and unlisted space and we are starting to see consolidation.Ī couple of recent cases serve as examples of what is sure to be an ongoing sector theme. The combination of a long and uncertain timeframe for revenue generation with ongoing cash burn meant that the likelihood of early stage company failures was high. The initial market excitement and hype regarding psychedelics resulted in a number of low-quality companies being able to attract capital. There are genuine question marks regarding the validity and ethics of certain aspects of the patent-driven strategy that CMPS is employing but I think that investors interested in the psychedelics sector will benefit from keeping a close eye on this stock.
Novamind market cap trial#
Assuming that the trial is successful (which is far from certain), a best-case scenario for regulatory approval would be at some point in 2026.
The trial is expected to commence before the end of 2022 but investors will need to remain patient, as trial outcome data will not be available until mid-2025. The announcement represents a big and very important step for the psychedelics sector. The company says that this will be the first Phase 3 trial for psilocybin-based PAT globally. On 12 October 2022, CMPS announced the launch of Phase 3 trials applying COMP360 psilocybin therapy to treatment resistant depression 'TRD'. CMPS is arguably the leading listed player in terms of the race to obtain regulatory approval for PAT. Compass is seeking to establish a new, patent-protected model of psilocybin-based therapy, utilizing their own proprietary formulation of synthetic psilocybin, COMP360.
I have less interest in organizations that are solely or primarily working on drug development /discovery these entities are best regarded as bio-tech stocks.Ĭompass Pathways ( CMPS) has a foot in both camps (therapy and also drug development/discovery). My main focus in the psychedelics space is on psychedelic-assisted therapy ‘PAT’. In this note I’ll highlight recent interesting sector level updates and take a fresh look at the investment case for Numinus. News at the sector level has flowed thick and fast over recent months, and it hasn’t been a quiet period for Numinus either. It’s still very early days for the psychedelics sector and so it should come as no surprise that a lot has changed since my first note on Numinus Wellness ( TSX: NUMI:CA) in February 2022.
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