The company has patented a synthetic version of psilopsybin; "the active ingredient in so-called magic mushrooms for use in treatment-resistant depression," according to Bloomberg.
The burgeoning use of psilocybin for medicinal purposes has shown significant promise in treating a number of mental disorders, not the least of which includes PTSD.
The company received "breakthrough therapy" status from the FDA back in 2018, speeding up its drug development process. It is currently in the midst of one Phase IIb trial. The company is looking at its products to help treat millions who have treatment resistant depression. Compass says the economic burden from TRD is $200 billion.
Cash raised from the IPO is going to be deployed toward research and clinical trials, in addition to developing digital technologies to pair with the company's therapies.