Compass Pathways reported that its COMP360 psilocybin therapy met the primary endpoint in its first Phase 3 trial for treatment-resistant depression (TRD). The COMP005 trial demonstrated that a single 25 mg dose of the drug produced a statistically significant reduction in depressive symptoms. This study is noted as the largest-ever conducted on psilocybin for TRD. Despite the positive clinical outcome, Compass Pathways' stock fell by over 35% in pre-market trading, reflecting investor skepticism. Separately, atai Life Sciences and Beckley Psytech announced positive topline results from their Phase 2b study of BPL-003, an intranasal formulation of 5-MeO-DMT, also targeting treatment-resistant depression. Both 8 mg and 12 mg single doses showed statistically significant reductions in depressive symptoms compared to control, with effects visible within one day and sustained up to eight weeks. The companies plan to merge, and atai's stock rose nearly 12% pre-market following the announcement. Analysts from Jefferies have expressed optimism about BPL-003's potential as a blockbuster drug. These developments highlight advancing research in psychedelic therapies for difficult-to-treat depression, though market reactions remain cautious.