Psilocybin mushrooms stand ready for harvest in a humidified "fruiting chamber" in the basement of a private home.

Photograph: Getty Images

Feb 19th 2026|4 min read

FOR FIVE years biotech startups have been betting that psychedelic substances could be turned into real medicines. One of them may have hit the jackpot. On February 17th Compass Pathways, a British biotech, announced strong results in two late-stage trials showing that a synthetic form of psilocybin—the active compound in magic mushrooms—can rapidly relieve symptoms in patients with treatment-resistant depression (TRD). If America’s Food and Drug Administration (FDA) approves the drug, which could happen early next year, it would be the first psychedelic drug to become a fully licensed medicine.

Baby bottle with measurement markings and a smiling pink nipple on a blue background.

A psychedelic medicine performs well against depression