Compass Pathways just released its latest study on psychedelic to treat depression. A top Wall Street analyst says the results are 'very encouraging.'
Compass' CEO George Goldsmith says that this study is the largest to date on psilocybin.The second largest psychedelics company in the world just releasedCompass Pathways is studying the potential of a synthetic version of psilocybin, the psychoactive component found in magic mushrooms, on treatment-resistantMost psychedelics companies are in pre-clinical or early stage trials to bring their medications to market.
"Remission trends are particularly impressive and better than expected," she added. Baral says this has positive implications for the total addressable market that Compass can target with its treatment. The mid-stage trial took 233 patients across 10 countries in North America and Europe and separated them into three groups to see how psilocybin would work on treatment-resistant depression patients if they were given 25mg, 10mg, and 1mg of psilocybin.
There were some adverse effects, and 24 participants withdrew from the trials, but the company says that over 90% of reported adverse effects were mild to moderate in severity. Twelve patients reported severe effects like suicidal behaviour, intentional self-injury, and suicidal ideation, which the company says are more common among patients with treatment resistant depression.
Compass Pathways' stock is down around 28% as of Tuesday afternoon, while Atai Life Sciences, which holds a major stake in Compass, is down 7%. AdvisorShares Psychedelics ETF, which tracks several companies in the psychedelics industry, is down 6%.