Emerging Paradigm · Psychedelic Therapeutics · M31 Score: 4.6/5.0

The Fortress Siege

Psychedelic-assisted therapy is producing clinical results that dwarf conventional treatments for PTSD, depression, and addiction — using substances that indigenous cultures have used for millennia.

M31 Capital · February 2026
4.6
M31 Conviction Score
INVEST
M31 Verdict
Phase 3
Clinical Stage
HIGH
Suppression Signal

The fortress of psychiatric medicine — SSRIs, benzodiazepines, antipsychotics — is under siege from a class of medicines older than civilization. Psilocybin, MDMA, LSD, and ketamine are producing clinical trial results that the incumbent paradigm cannot explain away: single-dose protocols generating durable remission where decades of daily medication failed.

The Clinical Evidence

MDMA-assisted therapy for PTSD showed 71% of participants no longer meeting diagnostic criteria after three sessions — compared to 48% for therapy alone. Psilocybin for treatment-resistant depression demonstrated rapid, sustained response rates that SSRIs cannot match. The mechanisms are fundamentally different: neuroplasticity induction and default mode network disruption rather than chronic symptom suppression.

2026 is the inflection year. MindMed reports Phase 3 data for LSD in generalized anxiety disorder. Compass Pathways reports pivotal data for psilocybin in treatment-resistant depression. Helus reports Phase 3 for psilocybin in major depressive disorder. The Otsuka partnership — a major Japanese pharmaceutical company paying for psychedelic access — signals the credibility threshold has been crossed.

M31 Five Signals Framework
Suppression SignalStrong — Schedule I classification despite safety data
Scientific UnlockPhase 3 data imminent; mechanism well-characterized
AntifragilityFDA MDMA rejection strengthened state-level pathways
Pattern AlignmentFollows cannabis legalization template precisely
Convergence IndexNeuroscience + ancient wisdom + clinical data + cultural demand

The Investment Landscape

Live Player
MindMed (MNMD)
Phase 3 LSD for GAD. First-mover with large-scale data. Reporting 2026.
Live Player
Compass Pathways (CMPS)
Pivotal psilocybin trial for TRD. Largest psychedelic dataset globally.
Infrastructure
Clinic Networks
Field Trip, Nushama, Numinus building therapy delivery infrastructure.
Catalyst
State-Level Access
Oregon, Colorado operational. 15+ states considering. Regulatory arbitrage.
M31 Assessment

The Fortress Will Fall

Psychedelic medicine scores 4.6/5.0 — the highest conviction emerging paradigm. The suppression signal is strong, the science is overwhelming, and the 2026 catalyst calendar is loaded. INVEST with conviction.