CMPS, ATAI, GHRS: Trump Just Handed These Forgotten Biotechs a $400B Golden Ticket
A Trump executive order fast-tracking psychedelic therapy just lit a fuse under three small-cap biotechs the market has almost completely ignored
Ticker Ratings
On April 18th, Trump signed an executive order making psychedelic-assisted therapy a national mental health priority — quietly unlocking what a Felix & Friends deep-dive estimates is a $400 billion addressable market. The mainstream financial press largely slept on it. Classic.
The proof of concept already exists: Johnson & Johnson's Spravato — a psychedelic-adjacent ketamine nasal spray — posted nearly $500M in Q1 2026 revenue alone, annualizing at roughly $2B. Insurance reimbursement works. Patient demand is real. The infrastructure is there. Now meet the three small-caps actually playing in the psychedelic space: $CMPS (Compass Pathways) is furthest along in FDA trials with psilocybin therapy for treatment-resistant depression. $ATAI (Atai Life Sciences) is a multi-asset platform backing several psychedelic drug programs simultaneously. $GHRS (GH Research) is focused on 5-MeO-DMT, the extremely potent psychedelic with dramatic early clinical results. All three are pre-revenue, all three are speculative, and all three just got a presidential tailwind that most portfolios haven't priced in yet.
These aren't your grandma's pharma stocks — but your grandma's depression medication clearly isn't working, and the White House just agreed.