Delix Therapeutics has raised $100 million in a series C round backed by the likes of Johnson & Johnson to advance a phase 2-ready non-hallucinatory psychedelic therapy for depression.
The therapy, called zalsupindole, is a neuroplastogen designed to harness the brain’s ability to regrow lost connections, known as neuroplasticity. Delix expects to initiate a placebo-controlled phase 2b study in major depressive disorder (MDD) in the first half of 2027, according to the company's Nov. 9 release.
The Boston biotech will also use the funds to further develop its other neuroplastogens for neurological and neurodegenerative diseases, such as substance use disorders, bipolar disorder, schizophrenia and Alzheimer's disease.
The round was led by J&J’s venture capital arm JJDC, with participation from SV Health Investors’ Dementia Discovery Fund, RA Capital, UC Investments, Artis Ventures and Adage Capital Management, among others.
Delix CEO Mark Rus said the latest funds ensure Delix is “more well positioned than ever to define the next chapter of true neuroplastogen medicine.”
MDD affects an interconnected network of brain regions responsible for regulating mood, processing emotions, memory and cognitive control. When a person has MDD, this network can become damaged through loss of critical synapses.
The neuroplastogen drug class is usually aligned with psychedelics such as ketamine or psilocybin, or second-generation drugs such as J&J’s Spravato. Zalsupindole is an oral neuroplastogen developed to promote structural and functional neuroplasticity without the hallucinatory or psychedelic effects. The drug itself is based on mebufotenin, which is a naturally occurring fast-acting psychedelic found in plants and secreted by a species of toad.
“We have been following the psychedelics field, and Delix is the first company we’ve seen to separate the neuroplastic benefits of psychedelics from their hallucinogenic effects,” said Christian Jung, Ph.D., a partner at SV Health Investors who is joining Delix's board.
Massachusetts-based Delix was born in 2019 out of the University of California lab of David Olson, Ph.D., the biotech's co-founder and chief innovation officer. The company closed a $70 million series A round back in 2021.
In late 2024, the former Fierce 15 nominee reported positive phase 1b data of zalsupindole in MDD. In the 106 healthy volunteers enrolled, there were no serious adverse events observed and no hallucinatory or dissociative effects at any dose level.
The psychedelics sector in general has seen renewed energy this year, with President Donald Trump ordering the FDA to prioritize reviews of psychedelic drugs for the treatment of mental illness. Eli Lilly acquired AtaiBeckley for $2.8 billion upfront in July, while Compass Pathways came one step closer to a potentially historic approval for its psilocybin formulation for depression after completing its rolling FDA submission today.
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