President Trump signed an executive order directing the FDA and other federal agencies to accelerate research and improve access to psychedelic drugs for serious mental illnesses, using Breakthrough Therapy designations and Commissioner’s National Priority Vouchers (CNPVs) as key levers. The order also requires HHS/ARPA-H to spend at least $50 million to support partnerships with states advancing psychedelic programs. At the signing ceremony, FDA Commissioner Martin A. Makary highlighted urgency around “Applications…about to come in.” Market expectations quickly centered on serotonin 2a agonists, and Compass Pathways’ COMP360 synthetic psilocybin reportedly won a CNPV—positioning it as a potential first-in-class approval candidate in the 2027 timeframe cited by analysts.