Marcus & Amber Capone
Co-Founders
Turning the Tide in
Veteran Mental Health
Scaling Access. Strengthening Systems. Shaping Policy.
2025
Annual
Report
Report
Scroll to explore
A Wave of
Impact
Measurable Momentum. Lasting Progress.
2025 marked a powerful evolution in our mission. Veterans Exploring Treatment Solutions moved beyond proving the promise of psychedelic-assisted therapy.
From the halls of Congress to the living rooms of everyday Americans, VETS is shifting the national conversation around veteran mental health. Through policy, research, and elevating veteran voices, we are turning the tide — changing how healing is understood, accessed, and sustained.
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Total People
Served
Served
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States
Served
Served
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Total Resources Provided
to Veterans & Spouses
to Veterans & Spouses
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Major Research
Studies
Studies
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Landmark
Legislative Wins
Legislative Wins
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Media
Impressions
Impressions
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Federal Coalition
Launched
Launched
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Iconic
Fundraising Gala
Fundraising Gala
01.
The Healing
Surge
Surge
Direct Support. Holistic Programming. Real Results.
We expanded our Foundational Healing Grant program, offering more than access to psychedelic-assisted therapy treatment. We surrounded veterans and their families with coaching, community, and care.
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Veterans Funded
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Hours of Coaching
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Veteran Spouses Supported
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States Served
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Individuals Serving as Ambassadors
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Veterans & Spouses Engaged in VETS' Community Support Platform
Veteran Spotlight
Isaac Mastel, U.S. Army Ranger (Ret.)
After struggling with PTSD and loss, Isaac's story shows what healing can look like when support is personalized, comprehensive, and backed by care that works.
"I could finally feel love again."
Watch Isaac's Story02.
Proving
What's Possible
What's Possible
From Real-World Data to Peer-Reviewed Progress.
In 2025, VETS deepened its commitment to research that informs policy, validates treatment efficacy, and accelerates access for veterans and their families.
350+ Wellbeing Assessments
130+ Veterans Enrolled in Landmark OSU Study
5+ Academic Papers in Development
2 Peer-Reviewed Publications Accepted
Research Highlights
Stanford University
Ongoing Ibogaine Research
Following the landmark 2024 Stanford Ibogaine Study highlighting substantial reductions in PTSD, disability, depression, and anxiety. Notable 2025 contributions include EEG research showing brainwave changes correlated with improved executive functioning.
Read the StudyThe Ohio State University
Psychedelic Drug Research Collaboration
VETS concluded data collection for the largest longitudinal observational study of psychedelic treatment in U.S. veterans. With over 130 participants enrolled, five peer-reviewed publications are now underway.
See the Program EvaluationUCSF & More
Wellbeing Assessment & Collaborations
A comprehensive tool designed to track outcomes across physical, emotional, spiritual, and social dimensions. More than 350 grant recipients completed assessments. Now the subject of formal collaboration with UCSF's Translational Psychedelic Research Program.
03.
Mobilizing the
Momentum
Momentum
Advocacy Expands Access.
Veteran voices fueled real policy wins in 2025. VETS helped draft, shape, and pass major legislation, driving forward research access, funding, and meaningful reform.
$112M Total Appropriated Funds
2 Landmark Bipartisan Bills
3 National Advocacy Events
16 Veteran Advocates Trained
1 New National Coalition: VALOR
Spotlight: VALOR
A powerful alliance led by VETS, the Navy SEAL Foundation, Wounded Warrior Project, and Green Beret Foundation — uniting to advance practical veteran health policy that saves lives.
Learn More About VALORAdvocacy Highlights
HB 3717
SB 2308
SB 2308
Texas Ibogaine Initiative
Texas passed the largest state-funded psychedelic research initiative in U.S. history, committing $50 million to study ibogaine for treating PTSD, TBI, and substance use in veterans. VETS played a central role in the bill's development.
Read About the Day of ActionAB
1103
1103
California AB 1103
Signed by Governor Newsom in October 2025, AB 1103 streamlines review processes for psychedelic research in California, accelerating studies focused on conditions driving veteran suicide.
Read the AnnouncementGBA
Georgia Budget Appropriation
The $1 million appropriation to support psychedelic research at Emory University constitutes the first legislative psychedelic success in the Deep South, igniting a new trend of Southern leadership.
04.
The Ripple
Effect
Effect
VETS is changing the conversation around veteran mental health.
In 2025, VETS helped shift the public narrative surrounding veteran mental wellbeing and healing with storytelling, celebration, and a rapidly growing sphere of influence.
Through powerful public testimony, strategic visibility, and high-impact events, VETS reached more hearts and headlines than ever before — bringing veteran mental health into sharper cultural focus.
From an international film premiere to landmark fundraising events, veteran voices rippled further, our mission resonated deeper, and the movement grew stronger.
In Waves and War
In November 2025, a powerful new documentary brought the stories of our founders, and the urgency of our mission, to audiences around the world.
In Waves and War, directed by renowned documentarians Jon Shenk and Bonni Cohen, follows VETS Co-Founder Marcus Capone as he returns home from combat and begins a different kind of fight: confronting the invisible wounds of war, from traumatic brain injury to treatment-resistant PTSD.
When traditional care falls short, Marcus and Amber made the difficult decision to explore psychedelic-assisted therapy outside the U.S. That experience became the catalyst for their family’s healing, and for launching VETS.
The film also features other members of the VETS community and elevates the family perspective, weaving in Amber’s voice and those of fellow spouses navigating the healing journey alongside their partners.
Stunning animation from Studio AKA brings the interior experience of transformation to life, and research from Stanford’s Brain Stimulation Lab grounds the story in real science.
Produced by Actual Films and Participant Media, in association with Chicago Media Project and Mycoskie Enterprises, In Waves and War is more than a documentary. It’s a call to action — one that’s already reshaping national conversation, accelerating policy momentum, and proving what’s possible for veterans and their families.
Watch the FilmVETS 4th Annual
Torchbearer Ball
On November 15th, 2025, VETS welcomed 445 guests to the iconic Hotel del Coronado for the highly anticipated return of our Annual Torchbearer Ball.
The event featured a stunning three-course dinner, inspiring programming, unforgettable performances, and a dynamic live auction.
The evening culminated in the presentation of the Torchbearer Award to two deserving winners — In Waves and War directors Jon Shenk and Bonni Cohen.
With support from Black Rifle Coffee Company, Ambio Life Sciences, Peter and Eliza Palandjian, Healthquest Wellness, Dr. Bronner's, Stone Canyon Industries, Twinco Industries, Fortress Anchors, Monterey Financial Services, atai, and GBRS Group, the evening raised more than $1.4 million to expand access to life-changing care for veterans nationwide.
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Raised
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Total Sponsors
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States Represented
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Torchbearer Award Winners
Voices of Support
Famous Fans &
Public Voices
Joe Rogan
Podcast host and media personality who spotlighted In Waves and War and backed psychedelic therapies for veterans.
Shawn Ryan
Former Navy SEAL and host of The Shawn Ryan Show, who featured VETS and its mission in veteran-focused episodes.
Dr. Andrew Huberman
Neuroscientist and host of Huberman Lab, who amplified Stanford’s ibogaine research and its implications for healing.
DJ Shipley
Veteran and VETS grant recipient whose story in In Waves and War helped bring unseen wounds into the light.
W. Bryan Hubbard
CEO of Americans for Ibogaine and keynote speaker at the 2025 Torchbearer Ball; co-led the Texas Ibogaine Initiative.
Jon Shenk & Bonni Cohen
Directors of In Waves and War, whose storytelling helped drive a national conversation around veteran healing.
Dwayne “The Rock” Johnson
Actor, businessman, and influencer who praised In Waves and War and supported reform in veteran mental health.
Governor Greg Abbott (TX)
Signed the Texas Ibogaine Initiative into law, launching the largest publicly-funded state investment in psychedelic-assisted therapy research.
Governor Gavin Newsom (CA)
Signed AB 1103 into law and publicly endorsed VETS’ leadership in shaping veteran-centered legislation.
Voices of Support
Famous Fans &
Public Voices
Former Governor Rick Perry
Advocated strongly for the Texas Ibogaine Initiative, crediting veteran healing and VETS’ impact.
Brent Pella
Comedian and creator — partnered with VETS to produce educational content that combined humor and healing advocacy.
Rachel Platten
Singer and longtime VETS advocate — supported the mission through past performances and social promotion.
Kelsie Watts
Singer and The Voice alum — headlined the 2025 Torchbearer Ball and brought powerful emotion to the stage.
Kat Stickler
Comedian and influencer — shared content highlighting the family aspect of VETS’ work.
Eliza Dushku Palandjian
Former actress and mental health counselor — elevated the mission of VETS in the mental health and philanthropic space.
Peter Palandjian
Business leader, philanthropist, and mental health advocate — passionate about advancing care, advocacy, and research around psychedelic-assisted therapy for veterans.
05.
Financials at
A Glance
A Glance
Transparency, trust, and impact at scale.
In 2025, VETS raised $6.7M to expand access, fund research, and shape national policy. More than $4.2M was invested across our three pillars — Resources, Research, and Advocacy — to deliver healing and support to veterans and their families.
Income (2025)
Individuals$3.3M
Foundations$1.99M
Corporations$681K
Events$704K
Other Income$19K
Total Income$6.7M
Expenses by Program Area
Resources$1.99M (47%)
Research$1.21M (29%)
Advocacy$433K (10%)
Operations & Admin$519K (12%)
Total Expenses$4.26M
78%
Mission-Aligned Spending
78% of all spending directly supported mission-aligned programs — healing veterans, advancing research, and driving policy change.
06.
Our
People
People
The Team Behind the Mission
Behind every milestone, healing story, and policy breakthrough stands a team driven by purpose and passion. The people of VETS blend personal experience, professional expertise, and an unwavering belief that peace is possible, and that every veteran deserves access to it.
In 2025, our team expanded to meet rising demand and growing impact — welcoming new staff and growing our ambassador program to strengthen every arm of our mission.
Team Growth & Impact
Departmental Leadership
Leadership & Operations
CEO, COO/CFO, Chief of Staff
Programs & Community
Veteran and family-facing care teams
Policy & Advocacy
Government affairs and public policy experts
Research & Education
Clinical research leadership
Marketing & Communications
Storytelling, press, and digital media
Development & Events
Fundraising and experience strategy
Join the
Wave
Wave
Help us reach more veterans, advance the science, and shape a system of care that works.