After decades of prohibition and criminalization, psychedelic policies are finally starting to loosen up amid a significant surge in psychedelics research. The resulting scientific studies into the probable benefits and risks of hallucinogenic drugs have revealed that the substances can indeed be effective against a variety of mental health conditions, especially when combined with psychotherapy.
As such, the nascent psychedelic industry has attracted numerous startups that would like to develop novel psychedelic-assisted therapies. The industry is projected to be worth $6.63 billion in 2026, and plenty of companies are keen on taking a slice of these profits for themselves.
But if psychedelic startups hope to weather the initial growth phase of the industry and become profitable once the space stabilizes, they will have to build their resilience. In the short time that most psychedelic startups have existed, the young industry has been buffeted with numerous challenges.
First, the coronavirus pandemic completely disrupted supply chains and forced businesses to adapt their operations or shut their doors. Major pharmaceutical companies with large cash reserves were able to take the COVID-19 pandemic in stride, with some even making record profits after developing a vaccine for the virus. On the other hand, many psychedelics startups were not profitable by the time the pandemic rolled around, with most of them being in the research and development stage.
So how are such companies looking to build their resilience now?
Atai Life Sciences recently reported that it had stockpiled enough cash to operate well into 2025.The company stated that it had done this by limiting funding to essential programs with the most potential for success.
MindMed, on the other hand, has made itself an attractive target for investors by appointing two new directors who bring a lot of business and life science expertise to the startup.
According to Seelos Therapeutic officials, the company plans on staying resilient by maintaining and building its intellectual portfolio, a feat that startup Cybin is also keen on achieving.
Despite being founded in 2019, Cybin Inc. (NYSE American: CYBN) (NEO: CYBN) already has one patent and 19 pending patents. It has also run an impressive 200 studies in only a few years and developed more than 50 novel compounds.
On top of streamlining funding pipelines, building up cash reserves and investing in intellectual property, psychedelics executives also point to emerging technologies such as production automation, robotics, data science and artificial intelligence, which could all make the industry more resilient to internal and external threats.
NOTE TO INVESTORS: The latest news and updates relating to Cybin Inc. (NEO: CYBN) (NYSE American: CYBN) are available in the company’s newsroom at https://ibn.fm/CYBN
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