LifeStance Health: Deep Dive: Underappreciated Interventional Psych Oppty Could Bring >$600MM Revs

Research evidence excerpt

LifeStance Health: Deep Dive: Underappreciated Interventional Psych Oppty Could Bring >$600MM Revs

LifeStance Health Group Inc (LFST)

Equity Research

July 16, 2026

Our Analysis Points to a Large & Growing Addressable Market for Current

Interventional Psychiatric Treatments within Major Depressive Disorder

In order to qualify for interventional psychiatry treatments such as TMS and Spravato, a patient

must be diagnosed with TRD (treatment-resistant depression). Clinically, TRD is defined as major

depressive disorder that fails to achieve meaningful relief or remission after trials of at least two

different antidepressant medications, positioning these treatments further downstream in a patient's

depression treatment pathway.

To size the addressable US TRD patient population, we took a top-down approach beginning with

the total U.S. population before narrowing down to people with depression, MDD, and then finally

TRD, utilizing market insights and expert opinions to inform our estimates. Of the 343MM making up

the total U.S. population, it is estimated that ~48MM people are suffering from depression (Ex. 5).

Narrowing further, roughly ~21MM people suffer at least one major depressive episode (MDD) in a

year (National Institute of Mental Health), while an estimated ~30% of MDD patients meet the criteria

for TRD (National Library of Medicine), implying about ~6MM U.S. citizens.

Exhibit 5 - Addressable Patient Markets Across Depression Diagnoses

.

Source: Jefferies, Gallup, NIMH, NLM

We view depression (and TRD) as a large and growing TAM, with significant whitespace remaining for Exhibit 6 - Current LFST Patient Pop. Could Contain

~100k With TRDLifeStance to penetrate despite its scale as one of the largest pure-play behavioral health providers

in the country.