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Treatment Resistant Depression: 3 biotech companies with clinical-stage programmes

Neurology & PsychiatryConcentrated betData as of 2026-09-04

Competitors3in the clinic
Median market cap$1.8Buniverse median $1.20B
Allocated capital$3.8B$4.7B competing
Phase 3 or filed12 mid, 0 early
Pure plays2this indication only
Capital rank47/299crowding rank 60

Treatment Resistant Depression is a concentrated bet: only 3 US-listed developers are in the clinic, and the median one is worth $1.8B against a $1.20B universe median.

Scarcity is doing the work in that number. A thin field means an approval is shared with fewer rivals, and the market pays a premium for that position.

ATAI carries 58% of the $4.7B competing here, more than the other 2 companies combined.

$3.8B of allocated capital sits in Treatment Resistant Depression, 47th of 299 indications, and 2 of the 3 companies are pure plays that trade on this indication alone.

Companies developing drugs for Treatment Resistant Depression 3

TickerCompanyLead assetPhaseTrialsMarket capPure playIndicationsNext catalyst
CMPSCOMPASS PathwaysPsilocybinPhase 31$1.8BNo2 31 Dec 2026
ATAIAtaiBeckleyVLS-01-203 BUPhase 22$2.7BYes1 31 Dec 2026
NRXPNRX PharmaceuticalsNRX-101Phase 21$124MYes1 31 Dec 2027

Sorted by phase, then by market capitalisation. Ticker links open the company profile. ATAI holds 58% of the $4.7B competing in this indication.

Why Treatment Resistant Depression is a concentrated bet

Few competitors, each one large. The market pays a scarcity premium to compete here.

The map splits indications on two folds: six or more competitors counts as crowded, and a median company above $1.20B counts as richly priced. Treatment Resistant Depression has 3 competitors and a median of $1.8B.

Neurology & Psychiatry

Neurology & Psychiatry holds $120B of the map's capital, 17.9% of the total, spread across 46 indications and 58 companies. 19 of those indications have more than one company competing.

See every Neurology & Psychiatry indication on the map

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Treatment Resistant Depression pipeline questions

Which biotech companies are developing drugs for Treatment Resistant Depression?

COMPASS Pathways (CMPS, Psilocybin, Phase 3); AtaiBeckley (ATAI, VLS-01-203 BU, Phase 2); NRX Pharmaceuticals (NRXP, NRX-101, Phase 2). Those are the 3 US-listed developers in the $100M to $20B market cap band with a clinical-stage programme in Treatment Resistant Depression.

How advanced is the Treatment Resistant Depression pipeline?

Of the 3 clinical-stage programmes in Treatment Resistant Depression, 1 is in Phase 3 or filed, 2 are in mid-stage development and 0 are in early-stage development.

Which company leads the Treatment Resistant Depression field?

ATAI is the largest developer in Treatment Resistant Depression, holding 58% of the $4.7B of market capitalisation competing in the indication. The median competitor is worth $1.8B.

When is the next Treatment Resistant Depression catalyst?

The next dated catalyst in Treatment Resistant Depression is CMPS on 31 Dec 2026. 2 dated events across the field fall in the next 12 months.

How this page is built

  • Universe is US-listed drug developers with a $100M to $20B market capitalisation, identified by SEC SIC code 2833, 2834 or 2836 or by a pharmaceutical or biotechnology industry classification, less a reviewed exclusion list of contract research organisations, device and diagnostics makers and diversified generics manufacturers.
  • An asset attributed to three or more different companies is treated as shared standard of care rather than any one company’s programme and excluded. Pembrolizumab alone appears under 21 tickers in raw trial data.
  • A programme counts only where at least one industry-sponsored trial supports it, so investigator-initiated academic studies of third-party drugs are excluded.

Allocated capital divides each company’s market capitalisation evenly across the indications it is running clinical programmes in, so every dollar of the universe is counted exactly once. Total market capitalisation competing counts a company in each of its indications and therefore sums to more than the universe.

Third-party market size estimates are not used anywhere on this page. Approved incumbents are excluded from competitor counts, and companies above $20B are outside the universe by construction.

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