In a world saturated with daily antidepressants and marginal gains, Doug Drysdale is betting on a radical reset. As CEO of Cybin, a clinical-stage psychedelic therapeutics company, Drysdale is leading one of the boldest pharmaceutical experiments in mental health: using modified psychedelic compounds to not just ease symptoms—but potentially cure depression.
“What we’re working on is a real paradigm shift in treating mental health,” Drysdale told me at the Milken Global Conference in Los Angeles. “We’ve been treating the symptoms of depression for the last 40 or 50 years. Now, for the first time, we think we have something that can actually change the course of disease.”
That “something” is CYB003, a synthetic analog of psilocybin—the active compound in magic mushrooms—engineered for clinical precision. Unlike traditional SSRIs, which patients must take daily for years, CYB003 is administered just twice, three weeks apart. “After just the second dose, 75% of patients were in remission from their depression,” Drysdale said. “Basically, their depression scores were normal. No longer met the criteria for depression. Which is remarkable.”
The treatment’s roots in psychedelics are, unsurprisingly, the most controversial part of Cybin’s approach. But Drysdale insists that the focus should be on science, not stigma. “This paradigm shift in care also requires a paradigm shift in thinking. Let’s not be close-minded,” he said. “Most things haven’t really worked in the past. So let’s be open to trying something new.”
To that end, Cybin has been chemically modifying classic psychedelics like psilocybin and DMT to optimize how they interact with the brain. That’s not just about enhancing efficacy—it’s also about making them more clinically viable, with predictable onset, dosage, and duration. It’s a long way from Woodstock.
Still, the road to regulatory approval is not without obstacles. Psychedelic compounds are currently classified as Schedule I substances by the DEA, which technically means they have “no accepted medical use.” But Drysdale is optimistic. “There are precedents,” he said, pointing to the approval of controversial compounds like GHB, cannabinoid-based Epidiolex, and even topical cocaine.
Cybin’s lead compound has already received Breakthrough Therapy designation from the FDA, which gives it fast-track benefits and a close consultative relationship with regulators. “Our relationship with FDA has been outstanding,” Drysdale said. “They’ve been incredibly supportive… they’re learning about these compounds as we are.”
The timing for broader access will depend on recruitment and trial completion. With 550 patients needed for two Phase 3 studies, the lift is substantial. “We expect to see readouts in 2026. I suspect we’ll be in a position to submit an application to the FDA in 2027,” Drysdale predicted.
If the data continues to hold, it could mark the beginning of a new era in mental health—where patients aren’t managed, but healed. For millions suffering from treatment-resistant depression, that’s not just a medical breakthrough. It’s a lifeline.
Watch my full interview below.
