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.

1. Janux Therapeutics, a clinical-stage biotech company, has seen its stock rise significantly in 2024 due to buyout speculation and promising early-stage trial data. 2. The company focuses on developing oncology therapies using its proprietary Tumor Activated T Cell Engagers (TRACTr) and Tumor Activated Immunomodulators (TRACIr) platforms. 3. Despite a robust balance sheet and potential large markets, the company's pipeline is early-stage, and there has been significant insider selling.

1. Omeros has restructured its finances to extend debt maturities, alleviating immediate cash drain concerns. 2. Narsoplimab, its lead therapy, faces challenges in advancing past late-stage trials, with ongoing discussions with the FDA about resubmitting its BLA. 3. The company remains a high-risk investment with limited near-term catalysts and a reliance on FDA approval for its key asset.