Compass Pathways names board member at pivotal moment for psychedelic industry

Compass Pathways has named biotech exec Daphne Karydas to its board. Karydas is the president and chief financial officer of Flare Therapeutics Inc., which is developing drug discovery programs targeting transcription factors for cancer and other diseases. Signs point to a potential FDA approval of psilocybin and MDMA under strict controls in the coming years, but the psychedelic therapy market has seen significant volatility in recent years. Since the company went public in September 2020, Compass has seen its valuation drop by more than two-thirds. Its stock, however, has shown some recent resilience rebounding by 17.49% year-to-date.

The volatility isn’t unique to Compass. Fellow psychedelic stock company ATAI Life Sciences NV (NASDAQ:ATAI) has seen its valuation plummet by 93% since its debut in mid-2021. The market fluctuations mirror the challenges of navigating the psychedelic therapy space, increasing the need for seasoned leadership.

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