The question behind this journal
为什么研究这两家公司
A promising medicine must do more than improve a score in a trial. It must produce dependable benefit, reach patients through workable clinical services, and survive an expensive development process. This journal follows two different attempts to turn psychedelic science into a treatment for treatment-resistant depression (TRD). TRD generally means inadequate benefit after at least two adequate antidepressant treatments.
一种有希望的药，除了在试验中改善评分，还要能稳定帮助患者、在诊所中实际交付，并撑过昂贵的研发过程。这个博客跟踪两条不同的研发路线：它们都试图治疗难治性抑郁症（TRD），通常指至少两次充分的抗抑郁药治疗后，仍未得到足够改善。
Two products, two development positions
两种产品，两个研发位置
Compass is developing COMP360, a synthetic psilocybin formulation. GH Research is developing GH001, inhaled mebufotenin (5-MeO-DMT). Both are investigational. Compass has reported positive Phase 3 primary endpoints and is completing a rolling New Drug Application. GH has published a Phase 2b trial and is preparing its pivotal Phase 3 program. These are different stages of evidence, not a ranking of which drug is better. [1, 2, 3]
Compass 研发的 COMP360 是合成裸盖菇素制剂；GH Research 的 GH001 是吸入式 mebufotenin（5-MeO-DMT）制剂。两者仍是研究药物。Compass 已报告三期主要终点成功，正在完成滚动新药申请；GH 已发表二期 b 试验，正在准备关键三期项目。这个差别代表证据进度，不能直接证明哪种药更好。[1、2、3]
Why the headline numbers cannot decide the winner
为什么不能只比较一个“有效率”
A score difference at week 6 and a remission rate at day 8 answer different questions. The studies also use different participants, controls and treatment schedules. There is no head-to-head trial here. I will compare the strength and limitations of each evidence base, rather than turn separate trials into a league table.
第六周的评分差异，与第八天的缓解率，回答的是不同的问题。患者、对照组、给药安排也不同。目前这里没有两种药直接对比的试验。我会比较各自证据的强度和限制，而不是用不同试验的数据排出胜负。
My working view
我的初步判断
Compass makes me ask whether clinical evidence can translate into approval and access. GH makes me ask whether a short psychoactive experience can translate into an efficient full clinic visit. Neither question is settled by a small p-value or a large cash balance. My next update will record what changed in all five questions, and whether that changes my interpretation.
Compass 让我关注：临床证据能否转化为批准和患者可及性？GH 让我关注：较短的精神活性体验，能否转化为整个诊疗流程的效率？很小的 p 值或较多的现金，都不能单独回答这些问题。下一篇季度更新会记录五个维度的变化，以及它们是否改变我的判断。
| Question问题 | Compass Pathways | GH Research |
|---|---|---|
| Product / disease产品 / 疾病 | COMP360 · synthetic psilocybin · TRDCOMP360 · 合成裸盖菇素 · 难治性抑郁 | GH001 · inhaled mebufotenin · TRDGH001 · 吸入式 mebufotenin · 难治性抑郁 |
| Stage阶段 | Positive Phase 3 endpoints; rolling NDA underway [1, 4]三期主要终点成功；滚动 NDA 进行中 [1、4] | Phase 2b completed; preparing pivotal Phase 3 [2]二期 b 完成；准备关键三期 [2] |
| Evidence效果 | Week 6 adjusted MADRS differences: −3.6 / −3.8 [1]第六周调整后 MADRS 差异：−3.6 / −3.8 [1] | Day 8 remission: 23/40 versus 0/41 [3]第八天缓解：23/40 对 0/41 [3] |
| Delivery效率 | Multi-hour monitored session; clinic economics unproven数小时监测过程；诊所经济性待验证 | Short psychoactive effects; full visit takes longer精神活性体验较短；整个就诊更长 |
| Financial resources资金 | $433.3m cash and equivalents [5]4.333 亿美元现金及现金等价物 [5] | $362.7m cash, equivalents and securities [2]3.627 亿美元现金、现金等价物及证券 [2] |
| Financing example融资实例 | ~$200m gross from warrant exercises, February [6]2 月认股权证行权，总额约 2 亿美元 [6] | ~$117.5m gross share offering, April [7]4 月股票发行，总额约 1.175 亿美元 [7] |
Sources资料来源
Plain-text references. Financial balances are dated June 30, 2026; source review completed October 6, 2026.保留文字参考资料。财务余额截至 2026 年 6 月 30 日；资料核对日期为 2026 年 10 月 6 日。
- Compass Pathways. Second Phase 3 COMP360 primary-endpoint announcement. February 17, 2026.
- GH Research. Second Quarter 2026 Financial Results and Business Update. August 6, 2026.
- Cubała WJ, Bajbouj M, Bauer M, et al. GH001 vs Placebo in Patients With Treatment-Resistant Depression: A Randomized Clinical Trial. JAMA Psychiatry. 2026;83(6):561–569. DOI: 10.1001/jamapsychiatry.2026.0096.
- Compass Pathways. 52-week open-label COMP005 Part C topline results. September 9, 2026.
- Compass Pathways. Second Quarter and First Half 2026 Financial Results and Business Highlights. August 5, 2026.