Welcome to the 163rd episode of the Inc. Uncensored podcast, hosted by Inc. editor James Ledbetter.

This week, staff writer Zoë Henry explores why Spotify elected to go public in a direct listing--eschewing Wall Street underwriters and the more traditional IPO. On Tuesday, Spotify shares opened well above their reference price at $165.90 apiece for a $29.5 billion valuation, and closed slightly lower at $149.01. Could this unusual approach inspire the next wave of technology startups looking to tap the public markets?

Then, staff writer Will Yackowicz discusses one entrepreneur's journey to turn "Molly" into a $100 million pharmaceutical medicine. Since 1986, Rick Doblin has been lobbying to get MDMA-assisted psychotherapy approved as a treatment for post-traumatic stress disorder, with phase 3 clinical trials set for this summer.

Finally, staff writer Emily Canal dissects how Joel Clark, CEO at the Park City, Utah-based startup Kodiak Cakes, was able to turn his fledgling pancake mix brand into one of the largest such brands in the U.S.--despite nearly going bankrupt. As Clark told her: "I kept that tiny fire of passion inside of me and kept thinking, I have to keep going and figure out how to make this work."

As always, you can listen to individual episodes of the Inc. Uncensored podcast on the Panoply Network or on Apple Podcasts, where you can also subscribe.