Late last year we wrote about psychedelic stocks here Psychedelic Therapeutics. Here is quick update in the sector, of the five most advanced companies pursuing therapies.
ATAI is entering phase 3 clinical trials for lead drug candidate BLP-003 for TRD in 2026. The company is also exploring social anxiety disorder (SAD) with EMP-01, having just competed a phase 2 trial.
GHRS is also tackling TRD with an inhalant device, and will be entering phase 3 clinical trials in 2026. Both ATAI and GHRS are utilizing psychedelic mebufotenin for TRD with an inhaling device.
CMPS is preparing for NDA filing with COMP360 for TRD through FDA discussions. They are also advancing COMP360 for PTSD, with phase 3 studies scheduled in 2026.
DFTX is using LSD for GAD and MDD, with MDD readout of the EMERGE study late second quarter. They have BTD for GAD. GAD is their primary program. DT120 had an effect on MDD also, in their phase 2 study.
HELP is the only adjunctive for MDD, as concomitant is allowed in their phase 3 clinical trials. Their first phase 3 read-out for trial APPROACH is anticipated for the 4th quarter of 2026.
DXFT’s MDD readout, anticipated by the end of the second
quarter is the next catalyst for the sector.
A chart below of the five companies and their stock performance year to date.
GOLD sold off on 2/28/26, which was the day geopolitical risks were elevated, due to military strikes on Iran. Gold sold off -24.4% from a recent high of $5,400 / ounce all the way down to $4100 per ounce, then has since recovered up to present prices around $4,600 per ounce. Gold's sell-off was due to profit taking after reaching all-time high in price, US dollar strength, and fear of rising interest rates. Once geopolitical risks alleviate, we expect gold to continue it's march higher, or stabilize in prices near term. Below is a chart of M2 money supply, and a daily chart of gold depicting the sell-off beginning 2/28/26. Thank you for reading.
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A stocks market cap is simply the current stock price multiplied by the current number of shares outstanding, and is a rough assessment of the companies worth.
Axsome has received FDA approval for in-house developed Auvelity (depression) and Symbravo (migraine). The company also has a pipeline of drugs in various stages with the notable exception of AXS-05, which has pending approval for Alzheimer's Disease Agitation (ADA). That pending approval has a decision date of April 30th.
With potential AXS-05 approval for ADA, the likelihood for patients remaining in their homes becomes more favorable, easier on caregivers, and reducing overburdened nursing care facilities. Below is a chart of Axsome over the past two years, with market cap in red at various stock prices. Thank you for reading.
Definium Therapeutics (DFTX) formerly MindMed, is in late stage psychedelic-based development, with drug DT120 for General Anxiety Disorder (GAD) and depression (MDD). We wrote about psychedelic drug companies last year, Psychedelic Therapeutics. DT120 was granted FDA Breakthrough Therapy Designation for GAD, after they completed phase 2 testing. The year is full of catalyst's of clinical data readout, with expected timelines below.
Catalysts:
Financial Statistics:
Nuvation Bio held their 4th quarter conference call today to update investors, on the progress of their cancer drug development programs. Just some key points below, as they will be a multi-year investment, with updates along the way.
Today, Axsome Therapeutics released fourth quarter 2025 financial results. Another impressive quarter as the company is getting closer to becoming profitable, on a cash and earnings per share basis. 4th quarter highlights below.
Nuvation Bio has updated investors with the good news of a European partnership, to sell newly FDA approved and commercialized drug Ibtrozi in Europe and other countries outside of the US, for patients with Ros1 NSCLC. Like many other US based companies, they utilize partnerships outside the US who already have a footprint of sales professionals actively selling similar products in the field. Under this agreement completed today with Eisai, there is upfront, milestones and a royalty kick back to the owner of the product, in this case Nuvation Bio. The selling partner reaps the revenue abroad. A win / win cost effective scenario. Below are the Royalty agreements that are now in place outside of the US for Nuvation Bio (NUVB).
Cybin whom we wrote about here Cybin history, has changed their name and ticker symbol as they have moved from the NYSE exchange to the Nasdaq exchange starting on January 5th. The companies name is now Helus Pharma with ticker symbol HELP. The move suits the companies prospects better trading on the Nasdaq, because of their focus on growth-oriented development. Chart of HELP below.
We first wrote about the prospect of the company addressing this unmet need here Agitation in Alzheimer's Disease - An Unmet Need. The therapy, if approved could allow easier caregiver services, that keep patients in their home setting, avoiding institutional care. The company completed all phases of clinical trials, and filed a new drug application recently (NDA) for AXS-05 for the indication of Alzheimer's Disease Agitation. Axsome was notified by the FDA that the application has been accepted with priority review and a decision date (PDUFA) of April 30th, 2026. This is great news as it could be the only non-antipsychotic drug to be approved for this indication. Receiving priority review, which includes a shortened time frame for review, increases the chances of approval significantly. The stocks reaction as anticipated, is very positive chart below.
Past Nuvation Bio posts can be found in date order, by clicking here Nuvation Bio.
There are different ways to calculate a stock price target. One way is to use a comparison valuation method. This post considers the current market valuation ($2.932 billion) for Nuvation Bio.
For comparison valuation; In June of 2022 Bristol Myer Squibb offered 4.1 billion to buy Turning Point Therapeutics for their lead drug candidate Repotrectinib a TKI inhibitor for the same indication that Nuvation has been FDA approved for ROS1 NSCLC, BMS News.
