1. Compass Pathways is conducting pivotal trials to test the impact of psilocybin on treatment-resistant depression; 2. Developing therapies based on controlled substances poses unique risks that Compass Pathways is navigating; 3. The FDA is carefully evaluating psilocybin-based therapies, highlighting regulatory challenges; 4. This article updates the investment merits of Compass Pathways following the author's analysis in January 2023.