Delix Therapeutics has raised $100 million through an oversubscribed Series C financing round to advance its investigational psychedelic-derived medicine, zalsupindole, into Phase 2 development for major depressive disorder. The funding round was co-led by Johnson & Johnson’s venture capital arm and SV Health Investors’ Dementia Discovery Fund, according to an announcement released by the biotechnology company on Monday.
Zalsupindole is an oral drug derived from the naturally occurring psychedelic 5-MeO-DMT. Delix has engineered the compound to avoid hallucinations and psychosis-like side effects, with the intention of enabling its administration outside clinical settings. The company plans to begin at-home Phase 2 testing in patients with major depressive disorder during the first half of 2027.
Zalsupindole’s Development and Clinical Findings
The investigational treatment is designed to improve neuroplasticity, which refers to the brain’s ability to reorganise its neural networks. Changes in neuroplasticity have been linked to depression. Delix aims to achieve these effects without the hallucinatory, dissociative, sedative or other side effects commonly associated with psychedelic medicines.
Preclinical research published in October 2025 found that zalsupindole promoted functional plasticity at levels comparable to or greater than those produced by ketamine and other psychedelics.
Additional findings from a Phase 1b study, released in the same month, showed that the treatment reduced depression severity in adults with recurrent major depressive disorder. After one week of treatment, improvements in depression severity were observed at the day-eight assessment.
The planned Phase 2 programme will examine the treatment through an at-home administration design, with testing expected to begin in the first half of 2027.
Johnson & Johnson Participates in Financing
Johnson & Johnson joined the financing through its venture capital division, alongside SV Health Investors’ Dementia Discovery Fund. The pharmaceutical company already has a treatment in the depression market through Spravato, its ketamine-derived nasal spray, which received approval in 2019.
Although Johnson & Johnson does not classify Spravato as a classic psychedelic, analysts frequently examine its sales when assessing the potential opportunity for emerging psychedelic medicines. Spravato can also produce side effects associated with psychedelic treatments, although these are described as rare.
Founded in 2019, Delix previously raised $70 million in a Series A financing round in September 2021. At the time, the company planned to use the funding to advance two of its leading neuroplasticity-boosting drug candidates through Phase 1 development.
Series C to Support Wider Drug Pipeline
The latest financing will also fund the advancement of Delix’s broader neuroplastogen pipeline, which includes three additional investigational candidates currently undergoing preclinical testing.
These include DLX-007, an ibogaine derivative being developed for substance use disorders; DLX-159, another drug based on 5-MeO-DMT for affective disorders and neurodegeneration; and DLX-726, a compound based on an LSD scaffold that is being investigated for treatment-resistant depression.
The financing follows developments in the psychedelic medicines sector earlier this year. US President Donald Trump signed an executive order intended to accelerate the development of psychedelic medicines, specifically highlighting ibogaine.
Following the directive in April, the FDA awarded Commissioner’s National Priority Vouchers to investigational psychedelic candidates from Compass Therapeutics, Transcend Therapeutics and Usona Institute. Usona and Compass filed approval applications for their respective investigational treatments earlier this month, with regulatory decisions potentially expected later this year.
Several acquisitions have also taken place in the sector. These include Eli Lilly’s $3.8 billion acquisition of AtaiBeckley in July, AbbVie’s $1.2 billion acquisition of Gilgamesh Pharmaceuticals in August 2025, and Otsuka Pharmaceutical’s acquisition of Mindset Pharma in August 2023.
Delix Secures Major Funding for Depression Treatment
Delix Therapeutics has raised $100 million in an oversubscribed Series C financing round to advance zalsupindole, its lead investigational treatment for major depressive disorder. The funding is intended to support Phase IIb proof-of-concept development and the company’s broader neuroplastogen pipeline. delixtherapeutics.com
The financing represents an important milestone for Delix as the company focuses on developing new medicines designed to promote neuroplasticity without producing hallucinatory effects. The investment round was led by Johnson & Johnson’s venture organization and SV Health Investors’ Dementia Discovery Fund. delixtherapeutics.com
How Zalsupindole Could Advance Depression Care
Zalsupindole is an orally available investigational neuroplastogen designed to promote structural and functional changes in neural connections. Delix is developing the treatment for recurrent major depressive disorder, with the goal of creating a potentially more convenient approach to treating depression.
