In brief
- According to Psychedelic Alpha, Johnson & Johnson signed a letter of intent to lead an $85 million Series C funding round for Delix Therapeutics.
- The reported round, pending closure, would support zalsupindole (DLX-001), a compound inspired by 5-MeO-DMT designed to trigger neuronal plasticity without inducing hallucinations or dissociation.
- According to an October 2025 sponsor release, in an open phase Ib trial involving 18 people with major depression, one week of treatment halved symptoms, with effects sustained four weeks after the final dose.
Pharmaceutical giant Johnson & Johnson has signed a letter of intent to lead an $85 million funding round in Delix Therapeutics, as reported by the industry outlet Psychedelic Alpha on August 18. The Massachusetts-based company is developing zalsupindole, a drug structurally inspired by 5-MeO-DMT but engineered to strip away the perceptual component of the psychedelic experience. The report put the pre-money valuation at $190 million and described the round as unclosed; subsequent confirmation was not verified here.
Copying the mechanism, not the trip
Delix is part of a cohort of companies pursuing what they call “non-hallucinogenic psychoplastogens”: molecules that mimic the ability of substances like psilocybin, ketamine, or 5-MeO-DMT to promote the growth of new neuronal connections, but without the subjective effects that typically accompany them. One of the company’s founders, chemist David E. Olson, published a study in ACS Chemical Neuroscience in October 2025 showing that zalsupindole generated dendritic spine growth in cell cultures and animal models comparable to or greater than that of ketamine, psilocybin, and DMT, without the behavioral markers associated with hallucination or sedation in those models.
The data that attracted J&J
The pharmaceutical company’s interest follows Delix’s presentation of results from a Phase Ib trial involving 18 people with major depressive disorder. One group received a daily dose of zalsupindole for seven days; another group received only two doses during that same week. In both cases, scores on the MADRS scale dropped by approximately 12 points—about half—by the eighth day, and the improvement was maintained through day 36, four weeks after the final dose. While these figures suggest tolerability and a signal of efficacy, the trial lacked a placebo group and blinding, and the sample size is minimal, meaning the role of expectation cannot be ruled out. The agreement with J&J also includes a right of first negotiation for zalsupindole and the company itself, which will be triggered once Phase II data becomes available.
What this implies
The entry of a pharmaceutical company of J&J’s scale into this space confirms that the industry sees potential in psychedelics—and their non-hallucinogenic derivatives—as a viable business beyond academic laboratories, following the trend of Eli Lilly’s acquisition of AtaiBeckley. The significance lies not just in the dollar amount, but in the fact that a molecule designed to decouple neuronal plasticity from the subjective experience is beginning to show results in humans, albeit in a small, uncontrolled sample. It remains to be seen whether this separation is desirable for those who value the “trip” as an essential part of the therapeutic process, rather than a side effect to be eliminated.
Source
- Psychedelic Alpha. Scoop: Johnson & Johnson to Lead Delix Therapeutics’ $85M Series C. Psychedelic Alpha, August 18, 2026.
Educational content written from a harm reduction perspective and with respect for individual freedom. It is not a substitute for advice from a healthcare professional and is not intended to encourage or condemn any drug use.
