The credit quality of the twenty-three Psychedelics sector companies is undecipherable using standard credit metrics. The sector has very little revenue, let alone EBITDA, and standard liquidity measures, like the current ratio, are seriously flawed due to its high cash burn rate. Accordingly we utilize our bespoke leverage and liquidity measures to make sense of the picture. Median total liabilities to market cap is now .33x, up from .21x in July, primarily due to equity price underperformance. The number is still relatively low, showing a general perception that asset values significantly exceed liabilities. Offsetting the slight increase in leverage, we see a bit of improvement in liquidity. The current ratio has deteriorated to 2.06x from 3.68x. More importantly, the free cash flow adjusted current ratio has improved to -.03x from -.5x. The sector still needs consistent capital raises. Still, the cash burn rates were slightly less in the most recent quarter. We are somewhat surprised that we have not seen more convertible debt financing in the sector. Although the interest expense would have to be financed,  the volatility of the asset values should make the conversion options highly valuable and potentially lower the cost of capital compared to straight equity issuance.