Enveric Biosciences is a preclinical-stage biotech company developing synthetic small-molecule drugs for psychiatric and neurological disorders, including depression, anxiety, and addiction. Enveric's core approach is to create derivatives of naturally occurring psychedelic compounds — such as DMT and psilocybin — that promote neuroplasticity without causing hallucinations, making them potentially suitable for outpatient use. Its lead candidate, EB-003, is a DMT derivative designed to engage both 5-HT2A and 5-HT1B receptors, targeting fast-acting antidepressant and anxiolytic effects. EB-003 has completed short-term toxicology studies and is preparing for IND-enabling studies ahead of a first-in-human trial. Enveric has no commercial products or revenues, employs six people, and relies on contract research organizations and academic partners for R&D. Beyond EB-003, Enveric's key asset is its proprietary compound library, the Psybrary, which contains 20 patent families covering roughly one million potential molecular structures derived from psychedelic chemistry. The Psybrary serves two purposes: internal pipeline development, including the EVM401 Series targeting addiction, and out-licensing of non-core molecules to third parties. Enveric's business model centers on advancing EB-003 toward FDA approval, with the likely end goal of partnering with or licensing to larger pharma companies. The Psybrary provides a secondary potential revenue stream through out-licensing. Enveric is entirely dependent on external funding and has no pending out-licensing term sheets at this time.