The Venture Codex

Participated · Series B · Dec 2022

Gilgamesh Pharmaceuticals pursues discovery and development of improved neuropsychiatric drugs, using a platform that combines neural-circuit translational methods with AI and machine learning to optimize safety, efficacy and dosing. Its pipeline includes the ibogaine-analog GM-3009 (supported by a $14 million NIDA grant), the oral NMDAR antagonist GM-1020 (completed Phase 1 SAD/MAD and progressed into Phase 2), non-hallucinogenic neuroplasticity candidates now in IND-enabling stages, and projects targeting M1/M4 receptors. In August 2025 the company completed a strategic divestiture of clinical-stage candidate GM-2505 to AbbVie for up to $1.2 billion, and it has a separate AbbVie collaboration that included a $65 million upfront payment and up to $1.95 billion in option/ milestone payments plus royalties. The company assembled a leadership team with extensive CNS drug-development experience and intends to use recent financing to fund clinical and preclinical programs and continued discovery efforts. Gilgamesh was founded in 2019 by Jonathan Sporn and Andrew Kruegel.

Participated · Seed · Feb 2022

Mindstate Design Labs is a preclinical biotech building psychedelic-inspired therapeutics, including a lead MDMA-derived candidate for PTSD. The company pairs drug discovery with an AI-powered Osmanthus platform that predicts phenomenological side effects to help precision-engineer treatments. Mindstate intends to advance its drug candidates into clinical trials and hoped to start trials for its lead MDMA-based product by mid-2023. The startup plans to use the new funding to grow the team and further develop its software platforms alongside drug development. Mindstate was formed out of Y Combinator (spring 2021) and positions itself to pursue FDA approval pathways or licensing/partnerships with other firms.

Participated · Series A · Sep 2021

Delix Therapeutics develops small‑molecule psychoplastogens that rapidly induce structural and functional neural changes in targeted brain areas. Its compounds are inspired by psychedelic compounds but are engineered to preserve efficacy while avoiding hallucinogenic properties and other safety liabilities. The company is advancing multiple candidates through preclinical and clinical development with the goal of bringing FDA‑approved, take‑home medicines to patients. Delix intends to use new funds to grow its drug development program, expand its pipeline and platform, hire additional team members, and pursue strategic opportunities in 2022. The company is led by CEO Mark Rus and is based in Boston, MA. Financially, Delix recently completed a convertible note financing and secured a strategic credit facility to support its programs alongside a prior $70M Series A in September 2021. Delix Therapeutics is a Boston-based preclinical neuroscience company developing non-hallucinatory, neuroplasticity-promoting therapeutics called psychoplastogens to treat mental illness and other brain disorders at scale. Its small-molecule compounds are designed to rapidly induce structural and functional neural changes in targeted brain regions while avoiding the hallucinogenic effects of first-generation psychedelics. Delix's discovery engine has produced nearly 1,000 novel compounds and identified several potential clinical development candidates. Its most advanced, orally bioavailable analogs—profiled in Nature and Cell—seek to preserve long-lasting beneficial neural rewiring without the safety liabilities and access barriers of classic psychedelics. The company raised $70M in a Series A to advance its non-hallucinatory, take-home candidates into clinical trials and to expand its team. DLX-1 and DLX-7, the first two development candidates, are undergoing pre-IND safety and toxicology studies to enable clinical trials in 2022.

Participated · Series B · Aug 2021

Beckley Psytech is a British privately-held psychedelic drug developer focused on short-duration psychedelic therapies. Its two primary clinical programs are intranasal 5‑MeO‑DMT (BPL‑003), in a Phase IIb study targeting 225 moderate-to-severe TRD patients with a readout expected in H2 2024, and intravenous psilocin (ELE‑101), in a Phase I/IIa study with topline results expected in H1 2024. The company positions these shorter-duration candidates as potentially more scalable and efficient than longer-acting psychedelic-assisted therapies, which could improve patient access. Beckley and its partners are exploring digital patient-support tools and planning for future commercialization as part of development efforts. Financially, Beckley received a $50M strategic investment from atai—$40M primary and $10M secondary—which granted atai a 35.47% stake and board representation. The company previously raised an $80M Series B (upsized from $50M) in summer 2021. Beckley Psytech is a clinical-stage, privately held company developing a broad pipeline of psychedelic compounds to address neurological and psychiatric disorders. Its near-term clinical programs include a Phase 1b low-dose psilocybin trial in patients with SUNHA and a planned Phase 1 dose-ranging study of an intranasal 5-MeO-DMT formulation ahead of a Phase 2 trial in treatment-resistant depression. The company plans to expand its pipeline with new, unique and proprietary psychedelic compounds. Beckley Psytech leverages expertise developed over more than 20 years by the Beckley Foundation and was founded in 2019. It is based in Oxford, United Kingdom and states a vision for integrating clinically validated psychedelic medicines into modern medical practice. The company recently completed an oversubscribed Series B financing of $80 million to accelerate its clinical development programs. Beckley Psytech is a UK psychedelic medicine company and spin-out of the Beckley Foundation focused on turning psychedelic compounds into licensed pharmaceuticals. Its immediate focus is the development of 5-MeO-DMT as a treatment for neuropsychiatric diseases and the company is preparing to begin a Phase 1 clinical trial. The team also plans to explore other psychedelic agents targeting orphan diseases. The company was founded last year by Lady Amanda Feilding and CEO Cosmo Feilding Mellen and maintains a Scientific Advisory Board including Dr. Robin Carhart-Harris, Prof. Matthew Johnson and Prof. Guy Goodwin. Financially, the company has recently completed follow-on fundraising to push its drug development pipeline toward clinical trials.