Six molecules·76 trial records·5 deals·19 calls on the record
Drug companies are spending billions on psychedelic medicine, mostly in America.
We read the contracts and filings behind every deal to show what's been bought, what's been skipped, and what that leaves open in Europe.
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Six molecules will decide what Europe gets. We follow all of them, every week.
For the 21 million people in the EU living with depression.
The money
$8.2bn
Headline value of the five deals we track. Lilly, AbbVie, Otsuka. None of it European.
Where Europe stands
Twelve assets. Six molecules. Four with no European partner.
Every row from a filing or a registry. Stage is the highest with a European record; US progress is a note, never a position.
| Molecule | Asset | Holder | Stage in Europe | European partner | Bought | Source |
|---|---|---|---|---|---|---|
| Psilocybin | COMP360 | Compass Pathways | Phase 3 | None disclosed | · | 10-K · 25 Aug |
| Lysergide | DT120 | Definium Therapeutics | Phase 3 | None disclosed | · | 10-K · 15 Sep |
| Mebufotenin | BPL-003 | Lilly, via AtaiBeckley | Phase 2 | Lilly | $3.8bn · Sep 2026 | 8-K · 15 Sep |
| GH001 | GH Research | Phase 2 | None disclosed | · | 20-F · 25 Aug | |
| HLP003 | HLP003 | Helus Pharma | Phase 3 | None disclosed | · | AIF · 24 Aug |
| MDMA | Amsterdam UMC | Investigator-led | Phase 2 | n/a | · | CTIS · 8 Sep |
| Brenipatide | LY3537031 | Lilly | Phase 3 | Lilly | · | 10-Q · 15 Sep |
Issue 20·27 October 2026
AtaiBeckley announced the Phase 3 that pays CVR holders. Lilly owes no effort to run it.
On 6 July AtaiBeckley said VLS-01 would go into depression (MDD) in a Phase 3 program. A first dose in it would pay CVR holders up to $1.00. The CVR form attached to the merger agreement signed nine days later gives Lilly no efforts obligation in MDD. The dollar is still reachable through TRD. Call 19 scores a hit.
Read the issueThe call in this issue
By 31 December 2026, no topline result from Elumina, the VLS-01 Phase 2b in treatment-resistant depression (NCT06524830), is published in a Lilly press release, a Lilly SEC filing or a results posting on ClinicalTrials.gov.
Open · resolves 31 Dec 2026 · scored in the first January issue
Falsifier: a topline result from NCT06524830 in a Lilly press release, a Lilly SEC filing, or a results posting on the ClinicalTrials.gov record, dated on or before 31 December 2026