UC Davis Health's IFM Fund Increases Its Commitment to Delix Therapeutics as At-Home Depression Trial Advances

UC Davis Health Ventures, which is part of the Innovation and Economic Development Office, has made a follow-on investment in Delix Therapeutics through its Investing in the Future of Medicine (IFM) Fund. The investment is part of Delix's Series C financing. Delix is a UC Davis spinout developing non-hallucinogenic neuroplastogens, a new class of fast-acting medicines developed for depression and other brain disorders.

The IFM Fund first invested in Delix in September 2025, alongside UC Investments. 

A Milestone-Driven Clinical Program

The Series C will fund advancement of Delix’s pipeline of novel neuroplastogens, including a Phase IIb trial of Delix's lead candidate, Zalsupindole (DLX-001), in major depressive disorder (MDD). Patients in the trial will take the oral medicine at home. The U.S. Food and Drug Administration cleared the randomized, double-blind, placebo-controlled design in October 2025. 

The trial builds on Phase Ib results, which evaluated the effects of Zalsupindole on 18 adults with recurring MDD. During the Phase Ib trial, depression scores fell by about half within eight days, while improvements lasted four weeks after the last dose, and no hallucinatory or dissociative effects were reported.

The financing will also advance additional assets through IND-enabling studies and one to two additional programs into clinical trials as well as advance their program in neurodegenerative disease.

Why At-Home Treatment Matters

Psychedelic and dissociative drugs such as psilocybin and ketamine have produced meaningful results in depression, but they are hard to scale. Patients need hours of supervised treatment in certified clinics. Many patients with other psychiatric or medical conditions are not advised to take them, and reimbursement for such treatment is expected to be limited.

Neuroplastogens aim to promote the same growth and repair of brain connections that the psychedelics do but without the hallucinations. A medicine that patients can take at home, without special monitoring requirements, could reach far more of the roughly 21 million U.S. adults who had a major depressive episode in 2021.

“From Delix’s beginnings and pioneering science coming out of David Olson’s lab at UC Davis, to today, the university has been an important partner in our journey from discovery to clinical development,” said Mark Rus, Chief Executive Officer of Delix Therapeutics. “Their continued investment reflects a shared commitment to translating breakthrough science into medicines that matter. As we advance Zalsupindole into Phase II, we are moving closer to our goal of fundamentally changing how depression is treated, on the path to building the world’s leading neuroplasticity company.”

A Rigorous Investment Evaluation

UC Davis Health Ventures evaluated the follow-on through the IFM Fund's full investment review. The team assessed the Series C terms, clinical data, competitive landscape and financing runway. It also conducted diligence with co-investors and peer academic venture groups. The team then weighed the opportunity against the need for a diversified portfolio.

The same process applies to every company the IFM Fund considers. Each opportunity is scored on a comprehensive intake assessment covering clinical need, differentiation, team, intellectual property, regulatory path and commercial readiness. Companies that advance then undergo deep diligence and committee review. So far in fiscal year 2027, the IFM Fund has formally assessed seven investment opportunities, from seed through Series C, in biologics, diagnostics, devices and clinical AI. Six more are currently in review.

“Neuroscience is one of our strongest areas of focus because UC Davis has world-class expertise in brain and nervous system function," said Don Taylor, chief ventures officer for UC Davis Health Ventures. "We follow on when the evidence supports it. Delix has delivered the clinical progress and the investor support that our review requires."

The IFM Fund invests in human health companies to support a diversified revenue stream for UC Davis Health while also advancing promising technologies and therapeutics with the potential to improve patient care.

The University of California holds intellectual property rights related to this innovation, which the UC Davis Technology Transfer Office licensed to Delix. Under UC policy, the university and inventors may be eligible to receive a share of licensing income. Any related potential conflicts of interest are reviewed and managed by the university.

About UC Davis Health Ventures and the IFM Fund

UC Davis Health Ventures is the human health innovation and commercialization hub within the Innovation and Economic Development Office. Based at Aggie Square, it connects researchers, clinicians, investors and industry partners to move health discoveries into the market. The Investing in the Future of Medicine Fund is a $25 million program that funds the translation of UC Davis innovations and invests in human health companies addressing major health needs.

About Delix Therapeutics

Delix Therapeutics is a clinical-stage neuroscience company focused on harnessing novel neuroplasticity-promoting therapeutics to better treat patients with difficult-to-treat neuropsychiatric and neurological disorders. Through its Neuroplastogen Platform, Delix is pioneering a new class of fast-acting outpatient pharmacotherapies, advancing toward FDA-approved, take-home medicines.