The clinical evidence is real. The valuations are not. Compass Pathways: $560 million market cap, zero revenue. MindMed: up to $2 billion, zero revenue. Even Ozempic lost half its value with $49 billion in real sales. When this bubble pops, the casualties won’t be on Wall Street. They’ll be the patients this medicine was supposed to reach.
Key Takeaways
The clinical evidence for psychedelic therapy is real — the financial bubble forming around it is not.
Leading psychedelic companies carry billions in market cap on zero commercial revenue, in a sector where even Novo Nordisk lost half its stock value despite $49 billion in sales.
Without better-designed legalization, psychedelics are headed for the same corporate capture that priced patients out of cannabis.
The clinical evidence for psychedelic-assisted therapy is real, it is growing, and it matters. In the past five years, rigorously designed trials have shown that psilocybin can produce rapid and durable reductions in depressive symptoms that conventional antidepressants often cannot match.
A dose-response meta-analysis of randomized placebo-controlled trials published in the Journal of Affective Disorders confirmed short-term efficacy for major depressive disorder. A VA-funded pilot study found that 60% of military veterans with severe treatment-resistant depression met response criteria three weeks after a single 25 mg dose, with 40% still in remission at twelve weeks—in a population that had failed multiple prior treatments.
A Phase 2 trial of COMP360 psilocybin for PTSD showed rapid, durable symptom improvement lasting up to 12 weeks, with no serious adverse events, offering a potential breakthrough in a field with just two FDA-approved medications and persistently high dropout rates from trauma-focused therapy.
In Germany, the first compassionate-use psilocybin therapy program launched in 2026 for patients with treatment-resistant depression. In the Czech Republic, lawmakers approved therapeutic psilocybin use for severe depression. In New Zealand, the first authorized prescriber began administering clinical doses …
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Author: Rolando García / High Times
