How Alchemy Works

Anyone who has the Spirit Shunned feat or can Cast Spells may create a potion, though they must be able to pass an Alchemy check DC equal to 15+Spell CL Requirement and pay the single Frag cost. The Self-Experimentation feat allows you to create Extracts for 1/5 of a Frag, but until the Master Alchemist feat is taken only the creator may take an Extract.
Potions take up 1/2 a slot, but Extracts only take up a bandolier slot (1/15 a slot).
Due to the fact that Potions and Extracts come in a liquid form, without feats the only Spells that may be made with Alchemy are those that provide a beneficial effect. The Poisoner and Bombchymist feats allow you to apply damaging and other types of spells to weapons or the place where the bottle breaks respectively.
Because there is no Spellcasting involved with using a potion (outside creation, which is the same), Alchemists may use as many Potions or Extracts as they would like a turn, but it takes an Action to drink a potion. They may use Spell Modification and metamagic, but it must be done during the crafting process.