GH Research (GHRS): The Psychedelic Sleeper Wakes

Cheaper, Faster, and Cleaner

This will be a “best ideas only” bio substack providing actionable, highly digestible and high conviction value to investors focused on quality not quantity. Disclaimer: Nothing in this article (or substack) is considered investment advice and is solely the opinion of the author.

*Updated Note on GHRS pre-readout*

The COMPASS Pathways (CMPS) phase III data in TRD changed the calculus for the entire psychedelic space (I have written about CMPS before and you can find my 2026 psychedelics piece here). A placebo-controlled trial in the toughest-to-treat depression population produced statistically significant results, and the FDA’s draft guidance framework held (aka the regulatory pathway is real). The commercial infrastructure — anchored by 7,000+ Spravato centres operating at roughly 30% capacity — is now ready. The question now shifts from whether psychedelics will be approved to which ones, and when.