XTL is a clinical-stage biopharmaceutical holding company that develops medical treatments derived from psychedelic and functional mushrooms. Following the June 2026 acquisition of Psyga Bio, XTL transitioned from having no meaningful operating business to a biotech developer centered on psychedelic therapeutics. Through its 83.4% stake in Psyga Bio, XTL develops pharmaceutical-grade products using compounds such as psilocybin and ibogaine to address psychiatric and neurological conditions, including treatment-resistant depression, PTSD, and addiction. The company also develops standardized microdosing solutions for ADHD and anxiety. Psyga Bio operates a GMP-ready cleanroom in Israel for the cultivation and extraction of botanical and synthetic psychedelic ingredients and maintains a library of over 250 unique mushroom strains. XTL is entirely pre-commercial and generates no revenue. Its business model relies on raising capital through equity issuances to fund clinical research, with a pipeline currently consisting of seven Phase 2a trials. If products reach commercialization, the model would require supervised therapy sessions at specialized facilities, creating a high-cost structure compared to self-administered medications. XTL also holds a sublicense for a legacy lupus treatment, hCDR1, which may provide future milestone payments of up to ~$11.5M.