Atai Life Sciences and Beckley Psytech revealed positive Phase 2b results for intranasal mebufotenin in treatment-resistant depression, significantly reducing symptoms compared to low-dose control. The compound demonstrated favorable safety and dosing profiles. Following the data, Atai announced a $50 million financing round and plans to merge with Beckley, contingent on regulatory milestones. The combined entity aims to capitalize on growing interest and regulatory openness to psychedelic therapeutics. The compounds show potential to compete with existing psychedelics such as Johnson & Johnson's Spravato.