Part one of this series ranked the money — public market caps, private funding, government budgets. This piece is about everything the rankings don't show: the companies that renamed themselves to escape their own history, the ones that got absorbed into someone else, and the genuine graveyard of businesses that raised real money and still didn't make it.
Renamed, Merged, or Reborn — But Still Here
Some renames tracked real scientific progress. Others are harder to read that way — a company acquired in a reverse merger, then renamed twice more by its new owner, or a rebrand that quietly coincided with the business no longer being about psychedelics at all.
| Current Name | Former Name | Funding Raised / Market Cap | Trials / Compound |
|---|---|---|---|
| Definium Therapeutics (Nasdaq: DFTX) | MindMed | $5.14B market cap | DT120 (LSD) — two positive Phase 3 GAD trials |
| Helus Pharma (Nasdaq: HELP) | Cybin (absorbed Small Pharma, Oct 2023) | $905M market cap | CYB003, Psilocybin, Phase 3 |
| AtaiBeckley (Nasdaq: ATAI) | ATAI Life Sciences + Beckley Psytech (merged Nov 2025) | $2.70B market cap — being acquired by Eli Lilly for up to $3.8B | BPL-003/mebufotenin, 5-MeO-DMT, Phase 2b positive |
| Entropy Neurodynamics (ASX: ENP) | Tryp Therapeutics → Exopharm → Tryptamine Therapeutics | ~$45M market cap | TRP-8802/8803, Psilocybin, Phase 2 |
| Rhelion Life Sciences (CSE: RHEL) | Red Light Holland (acquired Filament Health, Apr 2026) | C$18.4M market cap | PEX010, Psilocybin |
| Grey Matters Health (CSE: GREY) | Algernon Pharmaceuticals | $3.89M market cap | DMT (stroke/TBI) — now secondary to a new PET-neuroimaging clinic business |
| Noveris Health Sciences (CSE: NVRS) | Mydecine Innovations Group | $4.46M market cap | MYCO-series (MDMA/psilocybin analogs) — commercial focus shifting to nicotine addiction |
| Reunion Neuroscience (private) | Field Trip Health Ltd. (public as REUN, taken private 2023) | $133M raised privately since 2024 | RE104/luvesilocin — Phase 2, FDA Breakthrough Therapy Designation |
| Gilgamesh Pharma (private) | Gilgamesh Pharmaceuticals (post-AbbVie carve-out of bretisilocin) | $60M Series A | GM-3009 (Ibogaine analog), GM-1020 |
The biggest story in this table doesn't fit neatly in a row: Beckley Psytech merged into ATAI in November 2025, and less than a year later, Eli Lilly agreed to buy the combined company for up to $3.8 billion. Three identities, three years, one buyer — the cleanest illustration of where consolidation in this sector is actually headed: not companies disappearing, but capital and IP concentrating upward into fewer, larger hands.
The Graveyard
These didn't make it — acquired into someone else's business entirely, or wound down without a formal exit.
| Defunct Company | Amount Raised / Market Cap | Who Bought It or Current Status | Compound |
|---|---|---|---|
| Field Trip Health & Wellness | $100M+ raised (original Field Trip Health Ltd.) | Entered creditor protection Mar 2023; assets sold piecemeal to Stella ($751,770), Canadian Centre for Psychedelic Healing ($627,900), and a private buyer ($350,000) | Psilocybin, Ketamine (clinics) |
| Seelos Therapeutics | Public; market cap now ~$0 | Chapter 11, Nov 2024; remaining assets sold in a court-approved $22M sale, 2025 | Ketamine (minority of pipeline) |
| Small Pharma | C$58M raised (2021 RTO) | Acquired by Cybin (now Helus Pharma), Oct 2023 | DMT, D2-DMT |
| Novamind | Undisclosed | Acquired by Numinus Wellness for ~C$26.2M, 2022 | Ketamine (clinics) |
| Awakn Life Sciences | Undisclosed | Acquired by Solvonis Therapeutics (LSE), May 2025 | Ketamine, MDMA |
| Filament Health | Undisclosed | Acquired by Red Light Holland (now Rhelion Life Sciences), Apr 2026 | Psilocybin (PEX010) |
| Braxia Scientific (fka Champignon Brands) | ~C$1.2M market cap | Trading suspended; sold core clinic business via 2024 shareholder vote; CEO resigned Nov 2024 | Ketamine (clinics) |
| Delic Holdings | ~$27.7K market cap | Ketamine Wellness Centers closed Mar 2023; CSE-suspended since Jul 2023; corporate domain expired | Ketamine (clinics) |
| Wesana Health | ~$0.28M market cap | Sold TBI drug program and clinics 2022–23; now a shell company | Psilocybin |
| HAVN Life Sciences | ~$0.33M market cap | No substantive activity since 2022; never formally delisted or filed bankruptcy | Psilocybin (extraction) |
| PsyBio Therapeutics | ~$0.13M market cap | No substantive activity since 2023 | Psilocybin (biosynthetic) |
| Nue Life Health | $23M raised (pre-acquisition) | Acquired by venture studio Beckley Waves, 2023; fully wound down, site offline | Ketamine (telehealth) |
| Mind Cure Health | ~$0.79M market cap (as successor entity) | Reverse-merged into LNG Energy Group Corp. (oil & gas), 2023 — no psychedelics business remains; now under an Ontario Securities Commission cease-trade order | Ibogaine (formerly) |
| Otonomy | Not applicable | Dissolved 2023 — a hearing-loss biotech, never actually psychedelic-focused; assets sold to Spiral Therapeutics | None — see note below |
One correction worth repeating from part one: Otonomy is sometimes described in psychedelic-sector roundups as a company that pivoted into psychedelics. It didn't. Otonomy was a hearing-loss biotech whose ear-drug programs failed; it dissolved in 2023 and sold its remaining assets to another otology company. It has no psychedelic connection at any point in its history — a useful reminder that not everything that shows up in a "psychedelic company" list search actually belongs there.
What the Pattern Says
Put together, the picture is less "psychedelic stocks crashed" and more "the 2020-21 boom created a lot of thinly-capitalized companies whose business models didn't survive contact with actual drug development." The survivors from part one's top ranks — Definium, GH Research, Compass, Helus — all share one thing the graveyard companies mostly didn't: real, controlled clinical trial data reaching Phase 2 or further. The companies that died, got suspended, or quietly went dark were disproportionately clinic-operators and extraction/manufacturing plays without a drug candidate of their own moving through trials — businesses that depended on continuous capital access in a sector where capital got much harder to raise after 2022, with no clinical milestone of their own to point to when it did.
That's not a universal rule — Optimi Health, a manufacturer rather than a drug developer, is one of the sector's few unambiguous small-cap growth stories. But it's the closest thing to a pattern in a dataset this messy, and it's a more useful lens than just watching the top-line rankings for anyone trying to read where this sector actually goes next.
This is business and market reporting, not investment advice. Company statuses reflect the most recent verified information as of this writing and may have changed since publication.
Sources
- Altitude: The Psychedelic Money Rankings (Part One)
- Altitude: Eli Lilly Is Buying AtaiBeckley for Up to $3.8 Billion
- Lucid News: The Collapse of Field Trip Health
- FierceBiotech: After ALS Trial Misses Mark, Seelos Has Filed Bankruptcy
- Reunion Neuroscience: US$13.1 Million Take-Private Transaction With MPM BioImpact
- Reunion Neuroscience: FDA Grants Luvesilocin Breakthrough Therapy Designation
- BioPharma Dive: Otonomy to Liquidate, Dissolve, Shut Down
- StockTitan: Rhelion Life Sciences Corp. Commences Trading Under New Name
- Globe and Mail: Cybin to Rebrand as Helus Pharma