Mind, Medicine & Markets

Two companies. Five questions.

两家公司，五个问题。

A starting point for reading the research. Cash figures use the latest verified quarterly reports; clinical announcements have their own dates.

A dated snapshot—not a head-to-head trial
QuestionCompass PathwaysGH Research
Product / diseaseCOMP360 · synthetic psilocybin · TRDGH001 · inhaled mebufotenin · TRD
StagePositive Phase 3 endpoints; rolling NDA underway [1, 4]Phase 2b completed; preparing pivotal Phase 3 [2]
EvidenceWeek 6 adjusted MADRS differences: −3.6 / −3.8 [1]Day 8 remission: 23/40 versus 0/41 [3]
DeliveryMulti-hour monitored session; clinic economics unprovenShort psychoactive effects; full visit takes longer
Financial resources$433.3m cash and equivalents [5]$362.7m cash, equivalents and securities [2]
Financing example~$200m gross from warrant exercises, February [6]~$117.5m gross share offering, April [7]
Read the Compass analysis Read the GH analysis

Sources

Plain-text references. Financial balances are dated June 30, 2026; source review completed October 6, 2026.

  1. Compass Pathways. Second Phase 3 COMP360 primary-endpoint announcement. February 17, 2026.
  2. GH Research. Second Quarter 2026 Financial Results and Business Update. August 6, 2026.
  3. 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.
  4. Compass Pathways. 52-week open-label COMP005 Part C topline results. September 9, 2026.
  5. Compass Pathways. Second Quarter and First Half 2026 Financial Results and Business Highlights. August 5, 2026.
  6. Compass Pathways. Exercise of $200 Million in Outstanding Warrants. February 26, 2026.
  7. GH Research. Pricing of $117.5 Million Underwritten Offering. April 29, 2026.