Highlights

  • Entropy Neurodynamics (ASX:ENP) is advancing a Phase 1b/2a basket trial of intravenous psilocin formulation TRP-8803.
  • The study is designed to evaluate eight mental health and neurological conditions across nine patient cohorts.
  • Human research ethics approval has been received, with dosing expected to commence during the September 2026 quarter.
  • Funding, clinical outcomes and regulatory pathways remain key considerations as the programme progresses.

Clinical-stage biotechnology companies often focus on one asset and one indication, but Entropy Neurodynamics (ASX:ENP) is taking a broader approach by evaluating its lead therapy across multiple conditions through a single clinical programme.

Formerly known as Tryp Therapeutics, the company is developing psilocin-based therapies combined with structured psychedelic-assisted psychotherapy. Its lead candidate, TRP-8803, is moving towards a multi-cohort clinical study designed to identify potential therapeutic applications across several disorders.

Latest Development

In an announcement released in early August 2026, Entropy Neurodynamics (ASX:ENP) confirmed human research ethics approval for a 72-patient Phase 1b/2a basket trial of its intravenous psilocin formulation at Swinburne University in Melbourne.

The open-label study will enrol 72 participants across nine cohorts of eight patients.

The indications being assessed include:

  • Anorexia nervosa.
  • Body dysmorphic disorder.
  • Fibromyalgia.
  • Generalised anxiety disorder.
  • Irritable bowel syndrome.
  • Obsessive compulsive disorder.
  • Post-traumatic stress disorder.
  • Treatment-resistant major depressive disorder, assessed across two cohorts depending on antidepressant use.

Safety is the primary endpoint, while secondary measures include anxiety, quality of life and disease-specific symptoms.

The study will also incorporate supporting assessments using magnetic resonance imaging, functional MRI, electroencephalography and speech analysis.

The company has estimated trial costs at approximately A$3.2 million before potential Research and Development tax incentives.

Company Overview

Entropy Neurodynamics (ASX:ENP) develops proprietary psilocin formulations combined with structured psychedelic-assisted psychotherapy.

Psilocin is the active metabolite of psilocybin.

The company's lead asset, TRP-8803, is delivered intravenously. Entropy believes this approach may reduce pharmacokinetic variability, improve dosing precision and shorten treatment sessions compared with oral dosing.

The company has stated that intravenous delivery may allow greater control over the treatment process, including the ability to pause infusion if required.

An oral formulation, TRP-8802, has also been used in earlier work.

The treatment approach involves two doses administered approximately two weeks apart alongside psychotherapy support.

Recent Developments

Entropy Neurodynamics (ASX:ENP) expanded its clinical trial research agreement with Swinburne University to support the Phase 1b/2a basket study.

The agreement provides access to dedicated treatment rooms and a multidisciplinary clinical team.

Remaining steps before trial commencement included clinical trial notification acknowledgement and site governance approvals.

Earlier Phase 2 work in binge eating disorder reported a 50% remission rate and clinically meaningful improvement among participants in the first cohort.

The company reported a 74% reduction in weekly binge eating episodes in that cohort.

Results from the second binge eating disorder cohort, involving 12 patients, were expected during the December 2026 quarter.

Cash stood at A$5.6 million at 30 June 2026.

Financial and Operational Position

Entropy Neurodynamics (ASX:ENP) remains a clinical-stage biotechnology company without commercial revenue.

The company had cash of A$5.6 million at 30 June 2026 and is funding clinical development activities through its available Capital resources.

The Phase 1b/2a basket trial represents a significant operational milestone as the company moves from earlier-stage research into broader human testing.

Future funding requirements will depend on clinical progress, trial expansion and the pace of development activities.

What Investors May Watch Next

First patient dosing in the basket trial was expected during the September 2026 quarter, with initial cohorts anticipated to begin treatment before the end of 2026.

Recruitment completion is targeted for the December 2026 quarter, with interim data expected to begin emerging from the same period.

The company has indicated that the study is designed to identify which indications demonstrate the strongest clinical and commercial potential.

Any evidence of prioritisation towards a specific indication could become an important strategic milestone.

The second cohort results from the binge eating disorder programme represent another scheduled data point.

Risks

The open-label design and absence of a control group mean the study may not be able to separate treatment effects from placebo responses or the impact of psychotherapy.

The small cohort size of eight participants per indication also limits the strength of conclusions that can be drawn from early results.

Positive signals observed in early psychedelic research programmes may not always be replicated in controlled studies.

Entropy Neurodynamics (ASX:ENP) also faces funding considerations, with A$5.6 million in cash at 30 June 2026 against a trial budget of approximately A$3.2 million.

Further capital raising may be required, which could dilute existing shareholders.

Regulatory frameworks for psychedelic-based therapies remain under development across many jurisdictions.

Conclusion

Entropy Neurodynamics (ASX:ENP) has moved from a strategic transition phase into a defined clinical programme supported by ethics approval, a university Partnership and a planned multi-indication study.

The TRP-8803 basket trial could provide insights into which conditions offer the strongest opportunity for further development, although the small cohorts and early-stage design mean results will require careful interpretation.

The next phase will be shaped by patient dosing, interim clinical data, funding requirements and the company's ability to identify a commercially viable lead indication.