Tryptamine Therapeutics Ltd (ASX:TYP, OTC:TYPTF) has strengthened its cash position with a $2.6 million research and development (R&D) loan facility from Rockford Equity Pty Ltd, providing non-dilutive capital to advance clinical development of its lead intravenous psilocin formulation for Binge Eating Disorder (BED), TRP-8803.
The facility is secured against the company’s projected 2026 financial year (FY) R&D expenditure and will be repaid from future R&D Tax Incentive (RDTI) refunds. Tryptamine can draw down the funding in $500,000 tranches, with interest accruing at 16% per annum on outstanding amounts.
The new line of credit adds to the company’s existing $3.03 million in cash at June 30 and an expected $800,000 FY24 RDTI rebate due this quarter, giving the Melbourne-based biotech additional financial flexibility as it progresses its clinical pipeline.
Advancing BED trial and new opportunities
Tryptamine’s world-first BED trial with Swinburne University is already in motion, with patient screening under way and initial dosing scheduled for this quarter.
Swinburne has received regulatory approval from the Victorian Department of Health to obtain and use controlled substances for the study, enabling supply of TRP-8803 to the trial site.
The open-label study will enrol 12 adults with BED, split into two six-person cohorts receiving different dose levels. Each participant will receive two intravenous infusions of TRP-8803, administered 14 days apart, alongside psychotherapy. The primary aim is to assess safety, with secondary and exploratory measures including psychedelic activity, changes in binge-eating frequency, and weight-related health markers.
Addressing unmet needs
TRP-8803 is a proprietary intravenous formulation of psilocin — the active metabolite of psilocybin — designed to address limitations of oral psilocybin, such as variable onset times and lengthy treatment sessions. By enabling rapid, controlled onset and duration, Tryptamine aims to create a commercially viable psychedelic-assisted therapy platform.
The company has previously completed a Phase 2a trial of oral psilocybin (TRP-8802) in BED at the University of Florida, reporting an average reduction in binge-eating episodes of more than 80%. Data from that study informed the move to TRP-8803, which has the potential to further improve safety, efficacy and patient experience.
Beyond BED, TRP-8803 is also earmarked for follow-up studies in fibromyalgia and irritable bowel syndrome, where earlier trials with TRP-8802 showed encouraging clinical benefit.
With fresh capital available and its flagship BED trial progressing, Tryptamine says it is well-placed to accelerate clinical milestones and explore additional therapeutic opportunities for psilocin-based treatments.