Robust Depression Data for LSD Psychedelic Bodes Well for the Overall Space

Research evidence excerpt

Robust Depression Data for LSD Psychedelic Bodes Well for the Overall Space

USA | Biotechnology

Compass Pathways EquityJuneResearch22, 2026

FLASH NOTERobust Depression Data for LSD Psychedelic

RATING BUYBodes Well for the Overall Space

PRICE $12.53^

Following DFTX's Phase III Emerge data with DT120 (oral LSD tablet) in MDD

depression, we see minimal impact to CMPS stock as the Street is highly PRICE TARGET | % TO PT $18.00 | +44%

focused on COMP360's (oral psilocybin) approval/launch prospects in TRD 52W HIGH-LOW $14.76 - $2.25

around YE:26. We'd argue multiple psychedelic players can share the market FLOAT (%) | ADV MM (USD) 52.5% | 48.53

anyway, with the competitive dynamics (if any) more about psychedelics vs MARKET CAP $2.2B

existing drugs. CMPS and DFTX can grow patient, physician and investor TICKER CMPS ^Prior trading day's closing price unless otherwise

mindshare together. noted.

Big picture: We remain 75-85%+ confident FDA approves COMP360 (oral psilocybin) around YE:26

for TRD treatment-resistant depression (affects 4M+ US patients). Potentially launching by early

2027, COMP360 has already been de-risked by 3 large (+) Phase II/III datasets (all stat-sig), even

earning an FDA breakthrough designation (BTD) and an FDA CNPV voucher. Overall, we think the

TRD commercial oppty is attractive, as the only other approved TRD therapy that is currently used is

JNJ's Spravato (intranasal esketamine), which is dosed up to 52-56x/year during a 2 hour session.

Spravato's peak sales guide of up to $5B+ suggests the infrastructure (7K+ US centers) and demand

(patients) will be present for a novel psychedelic like COMP360. Ultimately, $1.5B+ peak sales X

2-3x multiple = $3.0-4.5B valuation (up from $1.7B+ cap). With Big Pharma's interest rising (ABBV,