<h2>关键点</h2>
<ul>
<li>特朗普的行政命令可能缩短监管时间表，并比预期更快地将机构资本引入迷幻药领域。</li>
<li>尽管大多数同行仍处于早期阶段，Compass Pathways 已经进入第三阶段测试，并获得了积极的晚期数据。</li>
<li>Compass Pathways 拥有约 1.5 亿美元的现金，能够在不依赖近期稀释的情况下，达到监管决策的要求。</li>
<li>我们更看好的 10 只股票 ›</li>
</ul>
<p>上周末，唐纳德·特朗普总统签署了一项行政命令，旨在加速对心理健康状况的迷幻疗法的审查。</p>
<p>从高层次来看，该命令有三个主要内容。它缩短了临床试验和监管审查的时间表，帮助在患者和提供者眼中使这些疗法正常化，并发出了明确的联邦支持信号。这种组合具有实际意义，特别是在投资者如何评估迷幻药股票方面。</p>
<p><em><strong>人工智能会创造出世界上第一个万亿富翁吗？</strong> 我们的团队刚刚发布了一份关于一家鲜为人知的公司报告，该公司被称为 “不可或缺的垄断”，提供 Nvidia 和 Intel 都需要的关键技术。<strong>继续 »</strong></em></p>
<p>当然，迷幻药行业仍然相对较小，即使有了这项最新的行政命令，风险依然存在。毕竟，从本质上讲，大多数迷幻药股票都是生物技术股票，它们的估值取决于临床试验结果、监管批准和药物疗效，而不是消费者需求或品牌影响力。</p>
<p>迷幻药公司遵循与开发药物的生物技术公司相同的 FDA 路径，结果是二元的且以数据为驱动。最终，他们正在开发药物疗法，这意味着他们的风险、时间表和估值模型与生物技术公司是相同的。</p>
<p>一旦你理解了这一点，你就理解了对迷幻药股票进行任何合理分析的基础。当你查看目前公开交易的少数迷幻药公司时，有一家公司特别突出：<strong>Compass Pathways</strong>（NASDAQ: CMPS）</p>
<h2>FDA 提交即将到来</h2>
<p>除了 <strong>AtaiBeckley</strong>（NASDAQ: ATAI）和 <strong>Definium Therapeutics</strong>（NASDAQ: DFTX）之外，迷幻药领域的大多数公司仍处于早期开发阶段。也就是说，处于第一阶段或早期第二阶段试验，距离任何有意义的监管结果还有几年。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg2NjkyMC9nZXR0eWltYWdlcy0yMjM2NzE4NTgxLTYwMXgzNDctZDc4NzY5NS5qcGcGdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg2NjkyMC9nZXR0eWltYWdlcy0yMjM2NzE4NTgxLTYwMXgzNDctZDc4NzY5NS5qcGcGdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<p>但 Compass Pathways 已经在其主要资产 COMP360 的晚期开发中，这是用于治疗耐药性抑郁症的合成迷幻药疗法。它目前处于关键的第三阶段开发，这是潜在 FDA 提交之前的最后阶段。</p>
<p>还值得注意的是：该公司已经提供了积极的晚期数据。公司表示，它已经看到 “高度统计显著且临床上有意义的数据，表明在一天内产生效果，并且在仅仅一到两剂后，持续时间至少达到 6 个月，对于那些有临床上有意义反应的人来说，以及总体上耐受性良好且安全的特征。”</p>
<p>Compass 现在正朝着提交申请的方向前进，与许多其他迷幻药公司不同，它拥有必要的现金来实现这一目标。到 2025 年底，Compass 报告称现金及现金等价物为 1.496 亿美元。</p>
<p>公司预计年现金消耗为 1.2 亿至 1.45 亿美元，或每月大约 1000 万至 1200 万美元。在最近的融资和认股权证行使后，管理层预计其现金状况将支持运营到 2028 年。</p>
<p>这并不简单，因为迷幻药领域的许多公司并没有那种多年的可见性。它们依赖未来的融资来继续运营。Compass 现在正在为其最后阶段的开发提供资金，而不是试图生存到达这一阶段。</p>
<h2>晚期执行</h2>
<p>在 2025 年，Compass 报告称研发费用为 1.184 亿美元，管理费用为 6060 万美元，支出主要与推进其晚期第三阶段项目和准备潜在商业化相关。</p>
<p>该公司还展示了对机构资本的持续获取，这帮助其迄今为止的进展。</p>
<p>在 2025 年初，Compass 通过一轮融资筹集了超过 1.4 亿美元，并通过认股权证行使获得了额外收益。在困难的生物技术环境中筹集资金的能力并非偶然。这反映了投资者对临床数据和潜在监管事件时间表的信心。这种信心在股东基础中是显而易见的。</p>
<p>可以肯定的是，Compass 不是一个由散户驱动的故事。机构投资者和对冲基金大约拥有 Compass Pathways 46% 的股份，包括 RTW Investments 和 Deep Track Capital 等专业生物技术基金，以及 <strong>Toronto-Dominion Bank</strong> 和 Ark Investment Management 等大型机构。<strong>UBS</strong> 和 Two Sigma 也持有股份。</p>
<h2>有资金完成</h2>
<p>在生物技术领域，公司很少因为缺乏科学进展而失败。它们失败是因为在达到监管决策之前耗尽了资金。Compass 已经为避免这种结果做好了准备。</p>
<p>当然，这并不意味着它没有风险。实际上，该公司仍然依赖于监管批准和最终商业化。但在迷幻药领域，晚期临床进展与能够支持该进展的资产负债表的结合，使得 Compass 成为最有可能首先达到 FDA 批准终点的公司之一。</p>
<p>你看，在新药申请（NDA）提交后，FDA 审查时间通常在六到十个月之间，这意味着根据审查的指定，决策可能在大约 12 个月内发生。尽管没有成功的保证。</p>
<p>Compass 计划在今年第四季度提交新药申请。这意味着 Compass 不再以年为单位计算，而是以季度为单位。终点线已经在望。</p>
<h2>你现在应该购买 Compass Pathways 的股票吗？</h2>
<p>在你购买 Compass Pathways 的股票之前，请考虑以下几点：</p>
<p>_Motley Fool Stock Advisor_分析团队刚刚确定了他们认为现在投资者应该购买的 <strong>10 只最佳股票</strong>……而 Compass Pathways 并不在其中。这 10 只股票有可能在未来几年内带来巨额回报。</p>
<p>考虑一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日进入这个名单时……如果你在我们推荐时投资了$1,000，<strong>你现在将拥有$502,837</strong>！* 或者 <strong>Nvidia</strong> 在 2005 年 4 月 15 日进入这个名单时……如果你在我们推荐时投资了$1,000，<strong>你现在将拥有$1,241,433</strong>！*</p>
<p>现在值得注意的是，_Stock Advisor_的总平均回报率为 977%——相比之下，标准普尔 500 指数的回报率为 200%，这是一种市场压倒性的表现。<strong>不要错过最新的前 10 名单，加入由个人投资者为个人投资者建立的投资社区，获取_Stock Advisor_的最新信息。</strong></p>
<p><strong>查看这 10 只股票 »</strong></p>
<p><em>*Stock Advisor 的回报截至 2026 年 4 月 23 日。</em></p>
<p><em>Jeff Siegel 在本文提到的股票中没有持仓。</em> <em>Motley Fool 在任何提到的股票中没有持仓。Motley Fool 有披露政策。</em></p>
<p>本文所表达的观点和意见仅代表作者的观点，并不一定反映 Nasdaq, Inc.的观点。</p>

CMPS

PSIL

<p>特朗普最近的行政命令旨在加快对迷幻疗法的审查，可能吸引机构投资。Compass Pathways 目前正在进行第三阶段测试，数据表现良好，在迷幻药领域中脱颖而出。该公司拥有 1.5 亿美元的现金，能够在不立即稀释股份的情况下，达到监管决策。其主要资产 COMP360 在治疗难治性抑郁症方面显示出显著的疗效。Compass 获得了强大的机构支持，持有其 46% 的股份，并有资金推进其后期开发，尽管仍面临与监管批准和商业化相关的风险</p>

<h2>Key Points</h2>
<div class="lb-trans"><h2>关键点</h2>
</div><ul>
<li>Trump’s executive order could shorten regulatory timelines and bring institutional capital into psychedelics faster than expected.</li>
<li>While most peers are early-stage, Compass Pathways is already in phase 3 testing with positive late-stage data.</li>
<li>With about $150 million in cash, Compass Pathways is funded to reach a regulatory decision without relying on near-term dilution.</li>
<li>10 stocks we like better than Compass Pathways ›</li>
</ul>
<div class="lb-trans"><ul>
<li>特朗普的行政命令可能缩短监管时间表，并比预期更快地将机构资本引入迷幻药领域。</li>
<li>尽管大多数同行仍处于早期阶段，Compass Pathways 已经进入第三阶段测试，并获得了积极的晚期数据。</li>
<li>Compass Pathways 拥有约 1.5 亿美元的现金，能够在不依赖近期稀释的情况下，达到监管决策的要求。</li>
<li>我们更看好的 10 只股票 ›</li>
</ul>
</div><p>Last weekend, President Donald Trump signed an executive order aimed at accelerating the review of psychedelic therapies for mental health conditions.</p>
<div class="lb-trans"><p>上周末，唐纳德·特朗普总统签署了一项行政命令，旨在加速对心理健康状况的迷幻疗法的审查。</p>
</div><p>At a high level, the order does three things. It shortens the timeline for clinical trials and regulatory review, it helps normalize these therapies in the eyes of both patients and providers, and it sends a clear signal of federal backing. That combination has real implications, particularly when it comes to how investors value psychedelics stocks.</p>
<div class="lb-trans"><p>从高层次来看，该命令有三个主要内容。它缩短了临床试验和监管审查的时间表，帮助在患者和提供者眼中使这些疗法正常化，并发出了明确的联邦支持信号。这种组合具有实际意义，特别是在投资者如何评估迷幻药股票方面。</p>
</div><p><em><strong>Will AI create the world's first trillionaire?</strong> Our team just released a report on the one little-known company, called an &#34;Indispensable Monopoly&#34; providing the critical technology Nvidia and Intel both need. <strong>Continue »</strong></em></p>
<div class="lb-trans"><p><em><strong>人工智能会创造出世界上第一个万亿富翁吗？</strong> 我们的团队刚刚发布了一份关于一家鲜为人知的公司报告，该公司被称为 “不可或缺的垄断”，提供 Nvidia 和 Intel 都需要的关键技术。<strong>继续 »</strong></em></p>
</div><p>Of course, the psychedelics sector is still quite small, and even with this latest executive order, risk remains. After all, at their core, most psychedelics stocks are biotech stocks, and their valuations depend on clinical trial outcomes, regulatory approval, and drug efficacy, not consumer demand or branding.</p>
<div class="lb-trans"><p>当然，迷幻药行业仍然相对较小，即使有了这项最新的行政命令，风险依然存在。毕竟，从本质上讲，大多数迷幻药股票都是生物技术股票，它们的估值取决于临床试验结果、监管批准和药物疗效，而不是消费者需求或品牌影响力。</p>
</div><p>Psychedelics companies follow the same FDA pathway as biotechs developing drugs, where outcomes are binary and data-driven. Ultimately, they are developing pharmaceutical therapies, which means their risk, timelines, and valuation models are identical to biotech.</p>
<div class="lb-trans"><p>迷幻药公司遵循与开发药物的生物技术公司相同的 FDA 路径，结果是二元的且以数据为驱动。最终，他们正在开发药物疗法，这意味着他们的风险、时间表和估值模型与生物技术公司是相同的。</p>
</div><p>Once you understand that, you understand the foundation for any sound analysis on psychedelics stocks. And when you look at the small basket of psychedelics companies that are currently publicly traded, one in particular stands out: <strong>Compass Pathways</strong>(NASDAQ: CMPS)</p>
<div class="lb-trans"><p>一旦你理解了这一点，你就理解了对迷幻药股票进行任何合理分析的基础。当你查看目前公开交易的少数迷幻药公司时，有一家公司特别突出：<strong>Compass Pathways</strong>（NASDAQ: CMPS）</p>
</div><h2>FDA submission is right around the corner</h2>
<div class="lb-trans"><h2>FDA 提交即将到来</h2>
</div><p>Most companies in the psychedelics space, aside from <strong>AtaiBeckley</strong>(NASDAQ: ATAI) and <strong>Definium Therapeutics</strong>(NASDAQ: DFTX), are still in early development. That is, phase 1 or early phase 2 trials, and years away from any meaningful regulatory outcome.</p>
<div class="lb-trans"><p>除了 <strong>AtaiBeckley</strong>（NASDAQ: ATAI）和 <strong>Definium Therapeutics</strong>（NASDAQ: DFTX）之外，迷幻药领域的大多数公司仍处于早期开发阶段。也就是说，处于第一阶段或早期第二阶段试验，距离任何有意义的监管结果还有几年。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg2NjkyMC9nZXR0eWltYWdlcy0yMjM2NzE4NTgxLTYwMXgzNDctZDc4NzY5NS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F866920%2Fgettyimages-2236718581-601x347-d787695.jpg&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>But Compass Pathways is already in late-stage development with its lead asset, COMP360, a synthetic psilocybin therapy for treatment-resistant depression. It's currently in pivotal phase 3 development, which is the final stage before a potential FDA submission.</p>
<div class="lb-trans"><p>但 Compass Pathways 已经在其主要资产 COMP360 的晚期开发中，这是用于治疗耐药性抑郁症的合成迷幻药疗法。它目前处于关键的第三阶段开发，这是潜在 FDA 提交之前的最后阶段。</p>
</div><p>Also worth noting: The company has already delivered positive late-stage data. The company said it had seen &#34;highly statistically significant and clinically meaningful data that demonstrates effects within one day and durability lasting at least through 6 months after just one or two doses for those who have a clinically meaningful response, as well as a generally well-tolerated and safe profile.&#34;</p>
<div class="lb-trans"><p>还值得注意的是：该公司已经提供了积极的晚期数据。公司表示，它已经看到 “高度统计显著且临床上有意义的数据，表明在一天内产生效果，并且在仅仅一到两剂后，持续时间至少达到 6 个月，对于那些有临床上有意义反应的人来说，以及总体上耐受性良好且安全的特征。”</p>
</div><p>Compass is now moving toward a filing , and, unlike a lot of other psychedelics companies, it has the necessary cash to get there. At the end of 2025, Compass reported $149.6 million in cash and cash equivalents.</p>
<div class="lb-trans"><p>Compass 现在正朝着提交申请的方向前进，与许多其他迷幻药公司不同，它拥有必要的现金来实现这一目标。到 2025 年底，Compass 报告称现金及现金等价物为 1.496 亿美元。</p>
</div><p>The company has guided to an annual cash burn of $120 million to $145 million, or roughly $10 million to $12 million per month. Following recent financings and warrant exercises, management expects its cash position to fund operations into 2028.</p>
<div class="lb-trans"><p>公司预计年现金消耗为 1.2 亿至 1.45 亿美元，或每月大约 1000 万至 1200 万美元。在最近的融资和认股权证行使后，管理层预计其现金状况将支持运营到 2028 年。</p>
</div><p>That's not trivial, as many companies in the psychedelics space do not have that kind of multiyear visibility. They are dependent on future financings to continue operations. Compass is funding its final stage of development now, not trying to survive long enough to reach it.</p>
<div class="lb-trans"><p>这并不简单，因为迷幻药领域的许多公司并没有那种多年的可见性。它们依赖未来的融资来继续运营。Compass 现在正在为其最后阶段的开发提供资金，而不是试图生存到达这一阶段。</p>
</div><h2>Late-stage execution</h2>
<div class="lb-trans"><h2>晚期执行</h2>
</div><p>In 2025, Compass reported $118.4 million in research and development expenses and $60.6 million in general and administrative costs, with spending primarily tied to advancing its late-stage phase 3 program and preparing for potential commercialization.</p>
<div class="lb-trans"><p>在 2025 年，Compass 报告称研发费用为 1.184 亿美元，管理费用为 6060 万美元，支出主要与推进其晚期第三阶段项目和准备潜在商业化相关。</p>
</div><p>The company has also demonstrated consistent access to institutional capital, which has helped enable its progress thus far.</p>
<div class="lb-trans"><p>该公司还展示了对机构资本的持续获取，这帮助其迄今为止的进展。</p>
</div><p>In early 2025, Compass raised more than $140 million through a financing round, supplemented by additional proceeds from warrant exercises. That ability to raise capital in a difficult biotech environment is not incidental. It reflects investor confidence in both the clinical data and the timeline to a potential regulatory event. And that confidence is visible in the shareholder base.</p>
<div class="lb-trans"><p>在 2025 年初，Compass 通过一轮融资筹集了超过 1.4 亿美元，并通过认股权证行使获得了额外收益。在困难的生物技术环境中筹集资金的能力并非偶然。这反映了投资者对临床数据和潜在监管事件时间表的信心。这种信心在股东基础中是显而易见的。</p>
</div><p>To be sure, Compass is not a retail-driven story. Institutional investors and hedge funds own roughly 46% of Compass Pathways' shares, including specialist biotech funds such as RTW Investments and Deep Track Capital, as well as larger institutions like <strong>Toronto-Dominion Bank</strong> and Ark Investment Management. <strong>UBS</strong> and Two Sigma also hold positions.</p>
<div class="lb-trans"><p>可以肯定的是，Compass 不是一个由散户驱动的故事。机构投资者和对冲基金大约拥有 Compass Pathways 46% 的股份，包括 RTW Investments 和 Deep Track Capital 等专业生物技术基金，以及 <strong>Toronto-Dominion Bank</strong> 和 Ark Investment Management 等大型机构。<strong>UBS</strong> 和 Two Sigma 也持有股份。</p>
</div><h2>Funded to finish</h2>
<div class="lb-trans"><h2>有资金完成</h2>
</div><p>In biotech, companies rarely fail because of a lack of scientific progress alone. They fail because they run out of capital before reaching a regulatory decision. Compass has positioned itself to avoid that outcome.</p>
<div class="lb-trans"><p>在生物技术领域，公司很少因为缺乏科学进展而失败。它们失败是因为在达到监管决策之前耗尽了资金。Compass 已经为避免这种结果做好了准备。</p>
</div><p>Of course, that doesn't make it risk-free. Indeed, the company remains dependent on regulatory approval and eventual commercialization. But within the psychedelics sector, the combination of late-stage clinical progress and a balance sheet capable of supporting that progress makes Compass one of the most likely to reach the FDA approval finish line first.</p>
<div class="lb-trans"><p>当然，这并不意味着它没有风险。实际上，该公司仍然依赖于监管批准和最终商业化。但在迷幻药领域，晚期临床进展与能够支持该进展的资产负债表的结合，使得 Compass 成为最有可能首先达到 FDA 批准终点的公司之一。</p>
</div><p>You see, following a New Drug Application (NDA) submission, FDA review timelines can typically range from six to 10 months, meaning a decision could occur within roughly 12 months depending on review designation. Though there's no guarantee of success.</p>
<div class="lb-trans"><p>你看，在新药申请（NDA）提交后，FDA 审查时间通常在六到十个月之间，这意味着根据审查的指定，决策可能在大约 12 个月内发生。尽管没有成功的保证。</p>
</div><p>Compass is targeting its NDA submission in the fourth quarter of this year. This means Compass is no longer counting in years, it's counting in quarters. The finish line <em>is</em> in sight.</p>
<div class="lb-trans"><p>Compass 计划在今年第四季度提交新药申请。这意味着 Compass 不再以年为单位计算，而是以季度为单位。终点线已经在望。</p>
</div><h2>Should you buy stock in Compass Pathways right now?</h2>
<div class="lb-trans"><h2>你现在应该购买 Compass Pathways 的股票吗？</h2>
</div><p>Before you buy stock in Compass Pathways, consider this:</p>
<div class="lb-trans"><p>在你购买 Compass Pathways 的股票之前，请考虑以下几点：</p>
</div><p>The <em>Motley Fool Stock Advisor</em> analyst team just identified what they believe are the <strong>10 best stocks</strong> for investors to buy now… and Compass Pathways wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.</p>
<div class="lb-trans"><p>_Motley Fool Stock Advisor_分析团队刚刚确定了他们认为现在投资者应该购买的 <strong>10 只最佳股票</strong>……而 Compass Pathways 并不在其中。这 10 只股票有可能在未来几年内带来巨额回报。</p>
</div><p>Consider when <strong>Netflix</strong> made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, <strong>you’d have $502,837</strong>!* Or when <strong>Nvidia</strong> made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, <strong>you’d have $1,241,433</strong>!*</p>
<div class="lb-trans"><p>考虑一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日进入这个名单时……如果你在我们推荐时投资了$1,000，<strong>你现在将拥有$502,837</strong>！* 或者 <strong>Nvidia</strong> 在 2005 年 4 月 15 日进入这个名单时……如果你在我们推荐时投资了$1,000，<strong>你现在将拥有$1,241,433</strong>！*</p>
</div><p>Now, it’s worth noting <em>Stock Advisor’s</em> total average return is 977% — a market-crushing outperformance compared to 200% for the S&amp;P 500. <strong>Don't miss the latest top 10 list, available with <em>Stock Advisor</em>, and join an investing community built by individual investors for individual investors.</strong></p>
<div class="lb-trans"><p>现在值得注意的是，_Stock Advisor_的总平均回报率为 977%——相比之下，标准普尔 500 指数的回报率为 200%，这是一种市场压倒性的表现。<strong>不要错过最新的前 10 名单，加入由个人投资者为个人投资者建立的投资社区，获取_Stock Advisor_的最新信息。</strong></p>
</div><p><strong>See the 10 stocks »</strong></p>
<div class="lb-trans"><p><strong>查看这 10 只股票 »</strong></p>
</div><p><em>*Stock Advisor returns as of April 23, 2026.</em></p>
<div class="lb-trans"><p><em>*Stock Advisor 的回报截至 2026 年 4 月 23 日。</em></p>
</div><p><em>Jeff Siegel holds no positions in the stocks mentioned in this article.</em> <em>The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.</em></p>
<div class="lb-trans"><p><em>Jeff Siegel 在本文提到的股票中没有持仓。</em> <em>Motley Fool 在任何提到的股票中没有持仓。Motley Fool 有披露政策。</em></p>
</div><p>The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.</p>
<div class="lb-trans"><p>本文所表达的观点和意见仅代表作者的观点，并不一定反映 Nasdaq, Inc.的观点。</p>
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