Entropy Neurodynamics reports a 14.8% reduction in half-year losses while progressing a pioneering clinical trial for Binge Eating Disorder using its proprietary psychedelic drug TRP-8803. The company also secured $6.1 million in new funding and strategic collaborations to enhance its neuropsychiatry platform.
- 14.8% reduction in half-year loss to $3.43 million
- Initiation and dosing in world-first Binge Eating Disorder trial with TRP-8803
- Secured $6.1 million placement and $2.6 million R&D loan facility
- Exclusive biomarker development agreement with Imperial College London
- Rebranded from Tryptamine Therapeutics to Entropy Neurodynamics
Financial Performance and Funding
Entropy Neurodynamics Limited (ASX: ENP), formerly known as Tryptamine Therapeutics, reported a half-year loss of $3.43 million for the six months ending 31 December 2025, marking a 14.8% improvement compared to the prior period. This reduction in losses was accompanied by a near tenfold increase in revenue, primarily from interest income, reflecting improved cash management and funding activities.
The company bolstered its financial position through a $6.1 million capital raise via a placement to sophisticated and institutional investors, alongside securing a $2.6 million non-dilutive R&D loan facility. These funds are earmarked to accelerate clinical development programs, including the ongoing Binge Eating Disorder (BED) trial and other neuropsychiatric indications.
Clinical Progress in Psychedelic Therapy
Entropy has made significant strides in its clinical-stage biopharmaceutical development, particularly with TRP-8803, an intravenous psilocin formulation designed to harness neuroplastic benefits. The company achieved a regulatory milestone with Victorian health authorities granting a permit for the world-first clinical trial targeting BED, a condition with limited effective treatments.
Patient recruitment commenced successfully, with the first two patients enrolled and dosed during the period. The trial protocol involves two doses administered 14 days apart, combined with structured psychotherapy. Early dosing demonstrated the controlled onset and depth of the psychedelic experience, underscoring the advantages of Entropy’s IV delivery model.
Strategic Collaborations and Platform Development
In a landmark agreement, Entropy partnered exclusively with Professors Robin Carhart-Harris and Pedro Mediano of Imperial College London to develop an EEG-based brain entropy biomarker. This biomarker aims to provide real-time, objective measures of brain activity to predict and optimise therapeutic outcomes during TRP-8803 administration.
This collaboration elevates TRP-8803 from a standalone drug candidate to a data-driven therapeutic platform, integrating precision dosing with biomarker monitoring. The approach could enhance regulatory positioning, payer acceptance, and clinical adoption, potentially expanding the platform’s application across multiple neuropsychiatric disorders.
Corporate Developments and Expertise
Reflecting its strategic evolution, the company rebranded from Tryptamine Therapeutics Limited to Entropy Neurodynamics Limited, aligning its identity with the entropic brain hypothesis underpinning its biomarker-driven approach. Key appointments, including a senior formulation scientist and a consultant medical officer with extensive expertise in psychiatry and psychedelic therapies, strengthen the company’s clinical and technical capabilities.
Despite ongoing losses, Entropy maintains a solid cash position of over $6.4 million and anticipates further R&D tax incentives, supporting its ability to continue as a going concern. The company remains focused on advancing its clinical programs and delivering value through innovation in neuropsychiatry.
Bottom Line?
Entropy Neurodynamics is positioning itself at the forefront of precision psychedelic therapies, but upcoming clinical results and funding milestones will be critical to sustaining momentum.
Questions in the middle?
- How will patient outcomes from the BED trial influence Entropy’s broader clinical development strategy?
- What commercial partnerships or regulatory pathways might emerge from the EEG biomarker platform?
- Can Entropy secure additional funding or partnerships to mitigate going concern uncertainties beyond FY26?