The Evolving Psychedelic Therapy Landscape with Compass Pathways
Guest: Kabir Nath, CEO, Compass Pathways
Host: Ritu Baral, Managing Director, Health Care – Biotechnology Research Analyst, TD Cowen
Our discussion with Compass CEO Kabir Nath focuses on the FDA’s current approach to psychedelic drug development, what it signals for the broader psychiatry landscape and the evolving interventional psychiatry infrastructure in the community setting. Nath highlights a highly engaged and collaborative FDA Psychiatry Division, noting the agency's recent acceptance of 7-8 psychedelic therapy Investigational New Drug application (IND) and its willingness to work constructively with sponsors despite relatively small datasets in early development. He highlights recent positive psychedelic clinical datasets as many traditional antidepressant approaches continue to fall short, including Compass’s successful Phase 2 and 3 treatment-resistant depression (TRD) results across three standardized studies as evidence of the category’s clinical potential.
The conversation also explores how the existing interventional psychiatry infrastructure in the community setting, shaped in part by the successful launch of Spravato, has transformed the field and lowered barriers for future commercial uptake of innovative psychedelic therapies. We learn about 7,200+ certified Spravato treatment sites now in place and increasing familiarity with Risk Evaluation and Mitigation Strategy (REMS)-based models. Nath emphasizes the importance of bringing forward additional options in the psychedelic space to address significant unmet need across major depressive disorder (MDD), TRD and posttraumatic stress disorder (PTSD) as psychiatry treatment paradigms continue to evolve.
This podcast was originally recorded on March 3, 2026.
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