Beckley Psytech and Atai Life Sciences have announced positive Phase 2b results for their intranasal psychedelic drug, mebufotenin, demonstrating significant symptom reduction in treatment-resistant depression patients. The compound met primary and secondary endpoints, showing a dose-dependent reduction in depression scores with no serious adverse events. This success has cleared the way for the planned merger between the two companies, aiming to accelerate development in the burgeoning psychedelic therapy space. The merger follows validation of mebufotenin's efficacy and safety profile, with both firms racing to capitalize on the growing acceptance and regulatory support for psychedelics in mental health treatment.