Psychedelic Sector Update #2

A quick valuation update of the psychedelic sector. Listed are the five most advanced companies pursuing psychedelic therapies. 

Psychedelic Sector Update #1

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. 

Psychedelic Therapeutics

Second generation therapies using psychedelic drugs to treat mental health, is moving to the forefront at a rapid pace. The conversation now is which psychedelic will hit the market first, to serve their unmet need. We initially wrote about the subject here Psychedelic-Based Therapeutics. 

Not all psychedelics are identical in nature. Psilocin, DMT, and MDMA are the popular ones, all produced to act quickly with minimal dosing requirements. Here’s a list of five companies furthest along in their clinical trials, that have successfully raised the needed capital to progress further toward FDA approval, and commercialization.

ATAIBeckley, Compass Pathways, Cybin, GH Research, and MindMed.

ATAIBeckley - BLP-003

ATAI is addressing treatment resistant depression with their psychedelic drug (BLP-003) mebufotenin benzoate, and their means of dosing is an intranasal inhalant. The company has completed Phase 2b Results and is now in the process of meeting with the FDA to discuss the design of their phase 3 clinical trials. Those phase 3 trials are expected to commence in the second quarter of 2026. BLP-003 has Breakthrough Therapy Designation.

Compass Pathways - COMP360

Compass is furthest along in their clinical trials addressing treatment resistant depression with their lead oral candidate psilocybin COMP360. Completion their first phase 3 clinical trial (COMP005) is posted here COMP360 Phase 3  With their second phase 3 clinical trial with (COMP006), to be completed in the first quarter of 2026. COMP360 has Breakthrough Therapy Designation.

Cybin - CYB003

Cybin is addressing adjunctive major depression disorder (MDD) with their lead deuterated psilocybin oral candidate CYB003. The company has completed Phase 2 Results and has recently raised the needed cash to fund the operation through phase 3 readouts. Cybin is currently running three phase 3 clinical trials with CYB003 as an adjunctive therapy for patients. The first phase 3 APPROACH will have data by the fourth quarter 2026. EMBRACE to begin a global phase 3 in the fourth quarter of 2025, and EXTEND which is the long-term open label study currently enrolling the completers of APPROACH and EMBRACE to confirm long-term safety and efficacy. CYB003 has Breakthrough Therapy Designation.

GH Research - GH001

Similar to ATAI, GH Research is addressing TRD with an intranasal inhalant with psychedelic mebufotenin. The company has completed Phase 2b Results, and is on schedule to meet with the FDA for a post phase 2 meeting to discuss phase 3 clinical design. The company is well funded, having raised capital after the announcement of phase 2 results. Their goal is to commence phase 3 testing in 2026.

Definium ( formerly MindMed) - DT120 

Definium’s lead candidate is lysergide D-tartrate (LSD) with DT120 for generalized anxiety disorder (GAD). The company has completed Phase 2b Results and currently has two phase 3 clinical trials running called Voyage and Panorama. The potential completion for Voyage is late 2026 and Panorama mid-year 2027. The long-term open label 40-week extension study Part B, is available for the completers of Voyage and Panorama. The company is well financed and has Breakthrough Therapy Designation for MM120 and GAD.

The companies listed have set up intervention protocols for the patients, after the dosing of their therapeutic. The five companies written about here hold great potential for new innovative therapeutics for mental health, and at the same time, there are many challenges getting the therapies approved. At this writing we are only interested in Cybin for investment. Thank you for reading.