Psychedelic Stocks May Gain from Marijuana Rescheduling, According to Jefferies
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 19 2025
0mins
Should l Buy ATAI?
Source: SeekingAlpha
Psychedelics and Executive Order: Companies like Atai Beckley, Cybin, and Mind Medicine may benefit from President Trump's Executive Order to reclassify marijuana, potentially paving the way for similar changes for psychedelics if clinical data supports their efficacy in mental health treatment.
Current Classification: Psychedelic drugs are currently classified as Schedule I substances, indicating no recognized medical use and a high risk of abuse, similar to the current status of marijuana before the proposed reclassification to Schedule III.
Analyst Insights: Jefferies analyst Andrew Tsai highlighted that the stigma surrounding psychedelics has been politically driven, despite clinical evidence suggesting their potential in treating hard-to-treat mental health disorders.
Company Developments: Atai Beckley is advancing its pipeline for treatment-resistant depression, while Mind Medicine is preparing for significant Phase III data readouts in 2026, supported by a recent $225 million public offering.
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Analyst Views on ATAI
Wall Street analysts forecast ATAI stock price to rise
7 Analyst Rating
7 Buy
0 Hold
0 Sell
Strong Buy
Current: 3.380
Low
10.00
Averages
13.00
High
16.00
Current: 3.380
Low
10.00
Averages
13.00
High
16.00
About ATAI
AtaiBeckley Inc is a clinical-stage biotechnology company focused on developing rapid-acting, durable and convenient mental health treatments. The Company’s pipeline of novel therapies includes BPL-003 (mebufotenin benzoate nasal spray) for treatment-resistant depression (TRD), VLS-01 (DMT buccal film) for TRD and EMP-01 (R-MDMA HCI) for social anxiety disorder. The Company is also advancing a drug discovery program to identify novel, non-hallucinogenic 5-HT2AR agonists for opioid use disorder and TRD. BPL-003 is a proprietary synthetic intranasal formulation of mebufotenin benzoate being developed as a potential treatment for people living with TRD. VLS-01 is a proprietary oral transmucosal film formulation of N,N-Dimethyltryptamine (DMT) being developed as a potential treatment for people living with TRD. EMP-01 is an oral formulation of R-MDMA, being developed as a potential treatment for people living with social anxiety disorder.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
AtaiBeckley Reports Positive Phase 2a Results for BPL-003 in Treatment-Resistant Depression
- Clinical Trial Results: AtaiBeckley's BPL-003 (mebufotenin benzoate nasal spray) demonstrated significant antidepressant effects in a 12-week open-label trial involving 12 patients, with a single 10 mg dose leading to a 12.6-point reduction in the Montgomery–Åsberg Depression Rating Scale (MADRS) total score by day 2, maintained at a mean score of 14.5 by day 85, indicating long-term efficacy.
- Restoration of Pleasure: The mean Snaith-Hamilton Pleasure Scale (SHAPS) scores improved from a baseline of 8.4 to 1.5 by day 85, indicating the absence of anhedonia and further validating the effectiveness of BPL-003 in enhancing patients' quality of life.
- Good Safety Profile: Throughout the trial, BPL-003 was well tolerated with no serious adverse events reported, underscoring the drug's safety in treating patients with treatment-resistant depression.
- Future Plans: AtaiBeckley is on track to initiate a phase 3 program for BPL-003 in Q2, reflecting the company's optimistic outlook on the drug's development and potential market introduction.
See More
Atai Beckley Analysts Maintain Buy Ratings with $14 Price Target
- Investor Event Insights: Atai Beckley's investor event featured discussions by KOLs on BPL-003 and the treatment-resistant depression landscape, with analyst Ami Fadia highlighting key advantages such as durability of efficacy and improved safety compared to existing standards of care.
- Pricing Potential Analysis: Management sees potential for premium pricing above Spravato’s $60-65K annual cost based on BPL-003’s profile, which could significantly enhance the company's revenue potential in the mental health market.
- Clinical Trial Progress: Canaccord Genuity analyst Sumant Kulkarni noted that BPL-003 is on the verge of entering a Phase 3 program for treatment-resistant depression, with top-line readouts expected by early 2029, laying a solid foundation for the company's future market performance.
- Market Opportunity Assessment: Although data is not yet available, the investor day made a compelling case for BPL-003 as a potentially game-changing option for treatment-resistant depression patients, with analysts believing the stock is significantly undervalued relative to the market opportunity in mental health-focused indications.
See More
AtaiBeckley Advances BPL-003 Treatment Plan
- Breakthrough Therapy Progress: BPL-003 (mebufotenin benzoate nasal spray) has received Breakthrough Therapy Designation for treatment-resistant depression, demonstrating rapid antidepressant effects within 2 days and sustained improvements over 8 weeks, indicating strong market potential.
- Cash Runway Assurance: The company reaffirmed its cash runway extending into early 2029, ensuring sufficient funding for the upcoming pivotal Phase 3 trials, which enhances investor confidence and supports long-term growth.
- Commercial Readiness Advancement: AtaiBeckley is advancing its commercial readiness strategy for BPL-003, designed to integrate seamlessly into existing interventional psychiatry workflows, providing a convenient treatment model that is expected to significantly increase patient acceptance and treatment efficiency.
- Pipeline Progress: The company also reported positive Phase 2 results for EMP-01 and anticipates topline data for VLS-01 in H2 2026, further enriching its product pipeline and enhancing competitive positioning in the market.
See More
Helus Pharma Advances New Drug for Anxiety Treatment
- Clinical Trial Progress: Helus Pharma's Phase 2 signal detection study for HLP004 showed that among 36 patients, those receiving 20 mg achieved a mean HAM-A score reduction of 10.4 points (p<0.0001) at six weeks, indicating significant efficacy and potential for new treatment options for anxiety patients.
- Strong Market Demand: The global economy loses over $1 trillion annually due to depression and anxiety, with approximately 30% of patients suffering from treatment-resistant depression, driving the need for novel rapid-acting therapies, which Helus Pharma aims to address.
- Sufficient Financial Support: As of December 31, 2025, Helus Pharma reported $195.1 million in cash, providing ample resources to support the ongoing advancement of its multi-asset clinical pipeline, ensuring the company maintains a competitive edge in a challenging market.
- Strengthened Leadership: Helus Pharma recently appointed former Pfizer Chief Medical Officer Freda Lewis-Hall to its Board of Directors and as Chair of the Scientific Advisory Committee, leveraging her extensive industry experience to further enhance the company's scientific development and market strategy.
See More
Helus Pharma Advances Mental Health Treatments with Promising Phase 2 Results
- Clinical Trial Progress: Helus Pharma's Phase 2 signal detection study for HLP004 showed that patients receiving the 20 mg dose achieved a mean HAM-A score reduction of 10.4 points (p<0.0001) at six weeks, indicating significant efficacy and potential as an adjunctive treatment for generalized anxiety disorder.
- Strong Market Demand: The global economy loses over $1 trillion annually due to depression and anxiety, with approximately 30% of major depressive disorder patients being treatment-resistant, driving urgent demand for novel therapeutic mechanisms that Helus Pharma aims to address.
- Sufficient Financial Support: As of December 31, 2025, Helus Pharma reported $195.1 million in cash, ensuring continued advancement across its multi-asset clinical pipeline and safeguarding its research activities in the mental health sector from financial constraints.
- Enhanced Leadership: The appointment of Dr. Freda Lewis-Hall to Helus Pharma's Board and as Chair of the Scientific Advisory Committee, leveraging her extensive experience at Pfizer, is expected to provide crucial guidance for the company's scientific development and market strategy.
See More
AtaiBeckley Explores Strategic Options for BPL-003
- Strategic Negotiations: AtaiBeckley is in talks with advisors to explore strategic options for its lead psychedelic drug candidate BPL-003, seeking at least $2 billion in a potential deal, which would significantly enhance the company's market position.
- Clinical Development Progress: BPL-003 is on track to enter Phase 3 development in Q2, targeting depression, showcasing the company's R&D capabilities and potentially attracting more investor interest in its future prospects.
- Co-commercialization Considerations: The company is weighing a co-commercialization agreement with other pharmaceutical firms to share costs for late-stage development and marketing while splitting revenues and profits, which would help mitigate financial risks and accelerate product launch.
- Advisor Selection: AtaiBeckley has selected Jefferies and JPMorgan Chase as its lead financial advisors for discussions with other pharmaceutical companies, indicating the company's commitment to a successful transaction and aiming to complete discussions in Q2.
See More
AtaiBeckley Reports Positive Phase 2a Results for BPL-003 in Treatment-Resistant Depression
- Clinical Trial Results: AtaiBeckley's BPL-003 (mebufotenin benzoate nasal spray) demonstrated significant antidepressant effects in a 12-week open-label trial involving 12 patients, with a single 10 mg dose leading to a 12.6-point reduction in the Montgomery–Åsberg Depression Rating Scale (MADRS) total score by day 2, maintained at a mean score of 14.5 by day 85, indicating long-term efficacy.
- Restoration of Pleasure: The mean Snaith-Hamilton Pleasure Scale (SHAPS) scores improved from a baseline of 8.4 to 1.5 by day 85, indicating the absence of anhedonia and further validating the effectiveness of BPL-003 in enhancing patients' quality of life.
- Good Safety Profile: Throughout the trial, BPL-003 was well tolerated with no serious adverse events reported, underscoring the drug's safety in treating patients with treatment-resistant depression.
- Future Plans: AtaiBeckley is on track to initiate a phase 3 program for BPL-003 in Q2, reflecting the company's optimistic outlook on the drug's development and potential market introduction.
See More
Atai Beckley Analysts Maintain Buy Ratings with $14 Price Target
- Investor Event Insights: Atai Beckley's investor event featured discussions by KOLs on BPL-003 and the treatment-resistant depression landscape, with analyst Ami Fadia highlighting key advantages such as durability of efficacy and improved safety compared to existing standards of care.
- Pricing Potential Analysis: Management sees potential for premium pricing above Spravato’s $60-65K annual cost based on BPL-003’s profile, which could significantly enhance the company's revenue potential in the mental health market.
- Clinical Trial Progress: Canaccord Genuity analyst Sumant Kulkarni noted that BPL-003 is on the verge of entering a Phase 3 program for treatment-resistant depression, with top-line readouts expected by early 2029, laying a solid foundation for the company's future market performance.
- Market Opportunity Assessment: Although data is not yet available, the investor day made a compelling case for BPL-003 as a potentially game-changing option for treatment-resistant depression patients, with analysts believing the stock is significantly undervalued relative to the market opportunity in mental health-focused indications.
See More
AtaiBeckley Advances BPL-003 Treatment Plan
- Breakthrough Therapy Progress: BPL-003 (mebufotenin benzoate nasal spray) has received Breakthrough Therapy Designation for treatment-resistant depression, demonstrating rapid antidepressant effects within 2 days and sustained improvements over 8 weeks, indicating strong market potential.
- Cash Runway Assurance: The company reaffirmed its cash runway extending into early 2029, ensuring sufficient funding for the upcoming pivotal Phase 3 trials, which enhances investor confidence and supports long-term growth.
- Commercial Readiness Advancement: AtaiBeckley is advancing its commercial readiness strategy for BPL-003, designed to integrate seamlessly into existing interventional psychiatry workflows, providing a convenient treatment model that is expected to significantly increase patient acceptance and treatment efficiency.
- Pipeline Progress: The company also reported positive Phase 2 results for EMP-01 and anticipates topline data for VLS-01 in H2 2026, further enriching its product pipeline and enhancing competitive positioning in the market.
See More
Helus Pharma Advances New Drug for Anxiety Treatment
- Clinical Trial Progress: Helus Pharma's Phase 2 signal detection study for HLP004 showed that among 36 patients, those receiving 20 mg achieved a mean HAM-A score reduction of 10.4 points (p<0.0001) at six weeks, indicating significant efficacy and potential for new treatment options for anxiety patients.
- Strong Market Demand: The global economy loses over $1 trillion annually due to depression and anxiety, with approximately 30% of patients suffering from treatment-resistant depression, driving the need for novel rapid-acting therapies, which Helus Pharma aims to address.
- Sufficient Financial Support: As of December 31, 2025, Helus Pharma reported $195.1 million in cash, providing ample resources to support the ongoing advancement of its multi-asset clinical pipeline, ensuring the company maintains a competitive edge in a challenging market.
- Strengthened Leadership: Helus Pharma recently appointed former Pfizer Chief Medical Officer Freda Lewis-Hall to its Board of Directors and as Chair of the Scientific Advisory Committee, leveraging her extensive industry experience to further enhance the company's scientific development and market strategy.
See More
Helus Pharma Advances Mental Health Treatments with Promising Phase 2 Results
- Clinical Trial Progress: Helus Pharma's Phase 2 signal detection study for HLP004 showed that patients receiving the 20 mg dose achieved a mean HAM-A score reduction of 10.4 points (p<0.0001) at six weeks, indicating significant efficacy and potential as an adjunctive treatment for generalized anxiety disorder.
- Strong Market Demand: The global economy loses over $1 trillion annually due to depression and anxiety, with approximately 30% of major depressive disorder patients being treatment-resistant, driving urgent demand for novel therapeutic mechanisms that Helus Pharma aims to address.
- Sufficient Financial Support: As of December 31, 2025, Helus Pharma reported $195.1 million in cash, ensuring continued advancement across its multi-asset clinical pipeline and safeguarding its research activities in the mental health sector from financial constraints.
- Enhanced Leadership: The appointment of Dr. Freda Lewis-Hall to Helus Pharma's Board and as Chair of the Scientific Advisory Committee, leveraging her extensive experience at Pfizer, is expected to provide crucial guidance for the company's scientific development and market strategy.
See More
AtaiBeckley Explores Strategic Options for BPL-003
- Strategic Negotiations: AtaiBeckley is in talks with advisors to explore strategic options for its lead psychedelic drug candidate BPL-003, seeking at least $2 billion in a potential deal, which would significantly enhance the company's market position.
- Clinical Development Progress: BPL-003 is on track to enter Phase 3 development in Q2, targeting depression, showcasing the company's R&D capabilities and potentially attracting more investor interest in its future prospects.
- Co-commercialization Considerations: The company is weighing a co-commercialization agreement with other pharmaceutical firms to share costs for late-stage development and marketing while splitting revenues and profits, which would help mitigate financial risks and accelerate product launch.
- Advisor Selection: AtaiBeckley has selected Jefferies and JPMorgan Chase as its lead financial advisors for discussions with other pharmaceutical companies, indicating the company's commitment to a successful transaction and aiming to complete discussions in Q2.
See More
