Psychedelics have gone from a countercultural fad of the 1960s to mainstream medicine in the 2020s. Quite a few psychedelic pharmaceutical companies are developing drugs that follow the legal, regulatory pathway to approval. Hallucinogens, including psilocybin, are showing considerable promise in treating illnesses such as depression and schizophrenia.
Several of these drugmakers are publicly traded and are receiving increased attention from investors. We've seen a similar phenomenon with marijuana stocks over the past several years. Cannabis was once on the fringe but is now a significant and growing industry.
Whether you call them magic mushroom stocks, 'shroom stocks, or psilocybin stocks, psychedelic stocks are hot right now. Let's explore four of the best publicly traded psychedelic companies on the market today.
Best psychedelic stocks
Psychedelic stocks are simply healthcare stocks focused on the use of hallucinogens to treat diseases. Because the area is still fairly new, most of these companies have relatively low market capitalizations. However, many are growing rapidly. Here are five of the top psychedelic stocks:
| Name and ticker | Market cap | Dividend yield | Industry |
|---|---|---|---|
| Atai Life Sciences (NASDAQ:ATAI) | $1.3 billion | 0.00% | Pharmaceuticals |
| Compass Pathways Plc (NASDAQ:CMPS) | $593.3 million | 0.00% | Biotechnology |
| Cybin (NYSEMKT:CYBN) | $137.1 million | 0.00% | Pharmaceuticals |
| Mind Medicine (MindMed) (NASDAQ:MNMD) | $939.1 million | 0.00% | Pharmaceuticals |
| GH Research (NASDAQ:GHRS) | $791.5 million | 0.00% | Pharmaceuticals |
1. Atai Life Sciences
NASDAQ: ATAI
Key Data Points
With prominent backing from venture capitalists, including billionaire Peter Thiel, it's unsurprising that Atai Life Sciences ranks as one of the biggest biotech stocks focused on psychedelic drugs. Founded in 2018, the company went public in June 2021. Atai has also acquired or made significant strategic investments in several other psychedelic companies.
Atai's pipeline features six programs in clinical testing, including the company's strategic investments. The company has four candidates in phase 2 clinical studies: VLS-01 and BPL-003 for treatment-resistant depression, ELE-101 for major depressive disorder, and non-psychedelic drug RL-007 for treating schizophrenia.
Atai's Perception Neuroscience unit teamed up with Japanese drugmaker Otsuka (OTC:OTSK.Y) to develop R-ketamine for treating depression. It's the first major collaboration between a psychedelic-focused biotech and a big pharma company. Atai is also one of the largest shareholders in Compass Pathways, the next psychedelic drugmaker we'll look at in this list.
2. Compass Pathways
NASDAQ: CMPS
Key Data Points
Compass Pathways' roots go back to 2015, when George Goldsmith and Ekaterina Malievskaia founded a nonprofit organization, Compass Trust Limited, to support the research and development of psilocybin therapy for individuals with end-of-life anxiety.
Their efforts led to Compass Pathways becoming a for-profit company the following year. In September 2020, the company listed its shares on the Nasdaq Stock Exchange.
The drugmaker is currently conducting two phase 3 studies evaluating COMP360 in treatment-resistant depression. It reported positive results from the first of those studies in June 2025. Compass expects to report results from the other late-stage study in the second half of 2026. COMP360 is currently Compass Pathways' only pipeline candidate.
There are other diseases for which COMP360 could be used. At the Institute of Psychiatry, Psychology & Neuroscience (IoPPN) at King's College London, Compass Pathways has initiated a phase 2 study of the experimental therapy in treating post-traumatic stress disorder (PTSD). Additional investigator-led studies are also underway for other indications, including anorexia nervosa.
3. Cybin
NYSEMKT: CYBN
Key Data Points
Founded in 2019, Cybin went public in 2020 on Canada's NEO Exchange through a reverse takeover of Clarmin Explorations. Its shares began trading on the NYSE American in August 2021.
Cybin's lead candidate is CYB003, a deuterated version of psilocin, a psychedelic found in mushrooms. The company expects to report results from one phase 3 study of CYB003 as an adjunct treatment of major depressive disorder in 2026. It has also received regulatory approvals in Europe and Australia to initiate a second pivotal study.
In addition, Cybin's pipeline includes CYB004, a deuterated version of dimethyltryptamine, a powerful hallucinogenic chemical found in plants and animals. Cybin is evaluating CYB004 in a phase 2 study targeting generalized anxiety disorder.
4. Mind Medicine
NASDAQ: MNMD
Key Data Points
Mind Medicine (also known as MindMed) was the first psychedelic drugmaker to conduct an initial public offering (IPO) on Canada's NEO Exchange in March 2020. The company was founded less than a year earlier, in May 2019.
MindMed is evaluating its experimental psychedelic drug MM120 in two phase 3 clinical studies targeting generalized anxiety disorder. The company plans to announce results from one of these studies in the first half of 2026, with results from the other study expected in the second half of 2026.
In addition, MindMed is evaluating MM120 in another phase 3 study as a treatment for major depressive disorder. The company is also evaluating MM402 in a phase 1 study targeting autism spectrum disorder.
5. GH Research
NASDAQ: GHRS
Key Data Points
GH Research is a clinical-stage biopharmaceutical company based in Dublin, Ireland. It was founded in 2018 by Theis Terwey, Florian Schönharting, and Magnus Halle. Two of the three remain actively involved in the company, with Schönharting serving as chairman of the board of directors and Halle serving as managing director.
The company's lead pipeline candidate is GH001, an inhalable formulation of mebufotenin, a psychedelic found in various plants and the Colorado River toad. GH Research is evaluating the experimental drug in a phase 2b clinical trial targeting treatment-resistant depression (TRD) and in a phase 2a trial targeting bipolar II disorder. The TRD study was placed on a clinical hold by the U.S. Food and Drug Administration. GH Research is working with the agency to address concerns.
GH Research's other pipeline candidate is GH002, an intravenous formulation of mebufotenin. The company completed a phase 1 study of GH002 in treating psychiatric or neurological disorders. It's working to advance the experimental drug into the next stage of clinical testing.
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Benefits and risks of investing in psychedelic stocks
None of the five psychedelic drugmakers has approved therapies on the market yet. There is a risk that pipeline candidates will be unsuccessful in clinical testing. Even if the drugs prove safe and effective in clinical studies and win regulatory approvals, it's still possible they won't achieve commercial success.
Also, none of the companies has reached profitability yet. They might need to raise additional capital through stock offerings that dilute the value of existing shares.
On the other hand, there are reasons to be optimistic about the potential for psychedelic substances in treating various neurological and psychological disorders. It's still early days, but any or all of these leading pharmaceutical stocks could become big winners over the next few years.
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