Beckley Psytech and Atai Life Sciences reported positive Phase 2b results for the psychedelic compound BPL-003 (intranasal mebufotenin) in treatment-resistant depression, exceeding efficacy benchmarks and advancing their pending merger. The data demonstrate rapid, durable antidepressant effects with a favorable safety profile. Investor enthusiasm followed, reflecting increasing regulatory and health policy openness to psychedelics as novel mental health therapeutics.