Another week, another round of developments across psychedelic medicine. Below is our recap of what mattered to investors for the week of July 14–20, 2025.
State of Texas (ibogaine policy) (—): National coverage spotlights Texas's $50M state investment in FDA-supervised ibogaine research
A July 14 report examined Texas's decision, via Senate Bill 2308, to commit up to $50 million in grants for FDA-supervised ibogaine research, described as the largest state investment of its kind and requiring a private-sector match. The program creates a consortium of universities, hospitals and drug developers to run trials targeting PTSD and addiction. The funding is a potential catalyst for ibogaine-focused developers seeking clinical partners and non-dilutive capital.
Source: americanhomefront.wunc.org
Enveric Biosciences (ENVB): Enveric's lead candidate EB-003 shows positive preclinical signal in a PTSD fear model
Enveric Biosciences reported that a single oral dose of EB-003, its non-hallucinogenic neuroplastogen candidate, significantly reduced context-induced freezing behavior in fear-conditioned mice measured one hour post-dose (p<0.05). The company framed the result as evidence of accelerated extinction of contextual fear, supporting EB-003's potential in PTSD. As an early preclinical readout, it helps build the rationale for advancing the program toward the clinic for a small-cap developer.
Source: biospace.com
Clearmind Medicine (CMND): Clearmind adds Johns Hopkins site to Phase I/IIa alcohol-use-disorder trial of CMND-100
Clearmind Medicine activated a new clinical site at Johns Hopkins University School of Medicine and enrolled its first participant there in the Phase I/IIa trial of CMND-100, its MEAI-based oral candidate for alcohol use disorder. The addition followed the enrollment of a first patient at Yale, extending the multinational, multicenter study assessing safety, tolerability, pharmacokinetics and early signals of reduced cravings and consumption. Broadening top-tier US sites is a visibility and execution milestone for the micro-cap.
Source: globenewswire.com
Cybin Inc. (CYBN): Cybin wins UK MHRA approval to begin EMBRACE, its second pivotal CYB003 depression study
Cybin said the UK's MHRA cleared it to start EMBRACE, the second pivotal study in its multinational Phase 3 PARADIGM program for CYB003, a deuterated psilocin analog carrying FDA Breakthrough Therapy Designation. EMBRACE is designed to enroll 330 patients with major depressive disorder who respond inadequately to antidepressants, randomizing them to CYB003 16 mg, 8 mg, or placebo across two doses given three weeks apart. The clearance expands the Phase 3 program beyond the US into UK and European sites and keeps Cybin's late-stage timeline on track.
Source: businesswire.com
That's the recap. Follow the Psychedelic Invest Index for how the sector is trading, and check back next week for the next edition.