Psilocybin Study Finds Long-Term Benefits for Cancer Depression

Depression, one of the most common types of mental distress, affects up to 25% of cancer patients. This disabling syndrome refers to the feelings of sadness, grief, or distress. 

In cancer patients, the most common types of depression that people have include Major Depression Disorder (MDD) and Persistent depressive disorder (PDD).

MDD, also known as clinical depression, involves intense symptoms of depression over shorter periods of time, while PDD, also known as dysthymia, tends to have less intense symptoms but for a longer time.

But what causes depression? Well, there isn’t just one thing behind it, but rather a combination of different factors. This can include stress, trauma, grief, hormones, genetics, brain changes, physical activity, sleep, nutrition, substance use disorders, medicines such as benzodiazepines and opioids, and other health conditions like anxiety and dementia.

Depression in those who have had cancer can happen at any stage of the cancer journey. It could start right after diagnosis or weeks or months after cancer treatment ends.

Now, some of the common symptoms of depression include poor appetite, sleeping too little or too much, being more angry or irritable than usual, feeling down or hopeless, withdrawing from friends and family, having little interest in doing things, trouble concentrating, and distorted thought patterns, among others. 

Having these symptoms almost every day for a couple of weeks or more might mean one is experiencing depression.

Depressive symptoms in people with cancer could be due to a number of reasons, such as uncontrolled pain, experience of loss or anticipated loss, metabolic abnormalities, and medications.

When it comes to managing depression, it is different for everyone, depending on the specific lifestyle, situation, and needs. 

Treatments could include psychotherapy (talk therapy) such as Cognitive behavioral therapy (CBT), Interpersonal therapy (IPT), Acceptance and commitment therapy (ACT), medicines including selective serotonin reuptake inhibitors (SSRIs) such as Prozac, Paxil, Zoloft, and Lexapro, serotonin norepinephrine reuptake inhibitors (SNRIs), and norepinephrine dopamine reuptake inhibitors (NDRIs).

Brain stimulation therapies, light therapy, mindfulness-based activities, and a combination of therapy and medication are usually used to improve symptoms of depression and enhance quality of life.

Despite a high prevalence of depression among cancer patients, which far exceeds the prevalence in the general population, most cancer patients do not receive effective treatments for their condition. In fact, only about 5% see a mental health professional.

That isn’t all, either. Antidepressants and psychotherapy have been found to have limited success in improving depression among them. Not to mention, antidepressants have side effects.

A study from a couple of years ago stated¹ “a potential beneficial effect of antidepressants against placebo (a pretend treatment) in depressed people with cancer,” but added that  “evidence is uncertain and it is difficult to draw clear conclusions.”

Click here to learn about PT neurons, which hold the key to psilocybin’s impact on mental health.

Psilocybin’s Emergence as a Key Alternative in Cancer-related Depression

One of the most common psychiatric disorders in patients with cancer, depression is associated with lower adherence to treatment, higher rates of mortality, and reduced quality of life.

Given the lack of high-quality trials² studying the benefits of treating depression in patients with cancer with antidepressants, which has been found to be rather limited in efficacy³, researchers have been turning their attention elsewhere.

Psilocybin has been seeing a growing use for the purpose of treating depression. A psychedelic compound found in certain mushrooms, psilocybin’s clinical use is centred around its antidepressant effects. It particularly affects 5-HT2A receptors, which become overactive in depression. 

Several Randomized Controlled Trials have shown that just a couple of psilocybin sessions can have significant and quick effects on reducing depression. The effect also lasts much longer compared to antidepressants, which are taken every day.

What’s particularly beneficial here is that psilocybin helps with existential crises. In patients with cancer, the fears about the meaning of life, identity, and dying are very common, which conventional medications simply don’t help with. In contrast, consuming certain mushrooms, which contain psilocybin, is known for leading to symptoms like euphoria, hallucinations, a change in perception, and sensory distortion.

The mystical experiences experienced with psilocybin can actually provide an enhanced sense of meaning and a reduced fear of death, something cancer patients are in grave need of.

On top of that, psilocybin not only boosts serotonin, the feel-good hormone, but also resets the neural networks and enhances neuroplasticity.

As a study from last year by researchers at Washington University School of Medicine in St. Louis reported, psilocybin temporarily scrambles brain areas that are involved in introspective thinking. The active compound in magic mushrooms mainly desynchronizes the default mode network.

According to the study’s first author, Joshua S. Siegel, MD, PhD, an instructor in psychiatry:

“The idea is that you’re taking this system that’s fundamental to the brain’s ability to think about the self in relation to the world, and you’re totally desynchronizing it temporarily.”

He added:

“In the short term, this creates a psychedelic experience. The longer-term consequence is that it makes the brain more flexible and potentially more able to come into a healthier state.”

Psilocybin treatment for MDD and treatment-resistant depression (TRD) has actually been awarded ‘breakthrough therapy’ status by the US Food and Drug Administration (FDA).

Now, psilocybin’s many benefits, along with the changing regulatory status, have researchers actively exploring the efficacy of psilocybin-assisted therapy in patients with cancer and major depressive disorder (MDD).

MDD is a recurring psychiatric disorder associated with high medical morbidity and diminished quality of life. This chronic disorder has a higher prevalence in individuals with a cancer diagnosis, with no clear evidence that existing psychological interventions are really effective in treating the distress associated with cancer. But psilocybin is.

A team of experts at NYU Langone Health reported⁴ late last year that one or two doses of psilocybin, when accompanied by psychotherapy, resulted in positive changes in personality in patients with cancer as well as alcohol use disorder.

This includes a significant reduction in depression, anxiety, obsessive thoughts, and anger toward others, along with physical symptoms related to psychological distress, while not causing any lasting phobia, paranoia, or psychosis. The improvements also lasted up to six months.

“Our findings suggest that the mental health benefits of psilocybin therapy for cancer patients may reach far beyond what we have previously understood.”

Lead author Petros D. Petridis, MD, a clinical assistant professor in the Department of Psychiatry at NYU Grossman School of Medicine

Study Shows Long-Term Efficacy of Psilocybin Therapy in Cancer Patients

Psilocybin is known for its mind-altering qualities, much like those of LSD and mescaline. It is a naturally occurring compound that is obtained from fungi.

When treated with psilocybin-assisted psychotherapy (PAP), people experience profound changes in emotions, perception, and sense of self. Such experiences are considered to be of great personal and spiritual significance. 

Given that patients with cancer often suffer from depression, anxiety, and other symptoms, psilocybin therapy has shown promise in treating mood and anxiety disorders here.

A new study published⁵ just this week by Wiley online in a peer-reviewed journal of the American Cancer Society looked into the long-term benefits of treating depressed patients with cancer with a single dose of psilocybin and found it to be really effective.

“One dose of psilocybin with psychological support to treat depression has a long-term positive impact on relieving depression for as much as 2 years for a substantial portion of patients with cancer, and we’re exploring whether repeating the treatment resolves depression for more than half of the patients. If randomized testing shows similar results, this could lead to greater use of psilocybin to treat depression in patients with cancer.”

– Lead author Manish Agrawal, MD, of Sunstone Therapies

For this, the researchers conducted a phase 2 trial that showcased the feasibility, efficacy, and safety of a single dose of psilocybin combined with psychological support in a community cancer setting.

The study included 30 patients with cancer and major depressive disorder, with efficacy outcomes reported for a two-year follow-up.

The study found that out of the 28 patients, just over half, i.e., 15, showed a significant reduction in depression as measured by the Montgomery Asberg Depression Rating Scale. Meanwhile, Fourteen had sustained a depression reduction.

Almost half of the patients, 13, experienced a significant drop in their anxiety as measured by the Hamilton Anxiety Rating Scale. Twelve had sustained anxiety reduction.

What these findings show is that a single 25 mg dose of psilocybin, along with psychotherapy, can provide robust antidepressive activity. This, the study noted, “suggests a potentially paradigm-changing alternative to traditional antidepressants.”

After finding significant improvements in psychological distress with the help of psilocybin compared to placebo, the team is now running a randomized, double-blind trial.

This one is assessing up to two doses of psilocybin (25 mg) compared to placebo for treating depression and anxiety in patients with cancer, which hasn’t been explored in this patient population. This builds on the single-dose study to bring a larger majority of the patients into remission of anxiety and depression (MDD).

Besides investigating the efficacy and tolerability of psilocybin in cancer patients diagnosed with MDD, the study also explores the efficacy of a second dose of psilocybin administered about eight weeks after the first dosing session. With this, the idea is to evaluate if a second dosing session improves remission rates and outcome durability.

Back in Dec. 2023, the same team had published a research paper⁶ that found psilocybin-assisted therapy to be safe, effective, and feasible in patients with cancer and depression. 

In that phase 2, open-label trial, researchers administered a single 25-mg dose of psilocybin to a group of 3-to-4 participants with therapeutic support before, during, and after psilocybin administration. 

The study reported no serious adverse events related to the psilocybin, though mild and expected effects in terms of nausea and headache were reported in relation to the treatment.  There were no laboratory or electrocardiogram abnormalities or any suicidality.

In fact, the use of psilocybin resulted in a robust drop (19.1 points) in the severity of depression scores by week 8. The majority (80%) of participants actually showed a sustained response to psilocybin treatment, with 50% demonstrating full remission of depressive symptoms at just week one, which remained for eight weeks.

The studies are conducted by Sunstone Therapies, a center for psychedelic-assisted therapy research and treatment, boasting a team of Clinical Research Coordinators with over three decades of combined clinical expertise and over five years of specialized experience in psychedelic research.

Sunstone is currently recruiting participants for a phase 3, randomized, and double-blind trial to assess the efficacy and safety of CYB003 (psilocybin) in adults with MDD and a Phase 2 pilot trial to evaluate the effectiveness of MDMA-assisted therapy for adjustment disorder (AD) in pairs of patients with cancer and a concerned significant other (CSO).

There are a total of 8 open trials addressing depression, postpartum depression, AD, cancer and depression, TRD, and PTSD. These trials make use of a variety of psychedelic compounds, including psilocybin, MDMA, and 5-MeO-DMT, among others.

They have also partnered with several pharmaceutical companies as well as academic and medical organizations.

Click here to learn how psilocybin is transforming mental health for addiction patients.

Investing in Psilocybin

The German-based clinical-stage biopharmaceutical company Atai Life Sciences is among the most prominent biotechs focused on psychedelic medicines. 

It treats various mental health disorders using an R-ketamine formulation PCN-101, GABA-B receptor modulator RL-007, ibogaine’s oral formulation DMX-1002, oral formulation of etifoxine’s deuterated version GRX-917, N-acetylcysteine’s novel intranasal formulation NN-101, N,N-dimethyltryptamine formulation VLS-01, and EMP-01, which is an oral formulation of a 3,4-methyl enedioxy methamphetamine.

ATAI Life Sciences NV (ATAI )

ATAI was co-founded in 2018 by Christian Angermayer, an advocate of using psychedelics like psilocybin to treat anxiety, depression, and substance use disorders. Angermayer has backed several other biotech companies, including Compass Pathways, which is studying investigational psilocybin therapy, along with Sensei Biotherapeutics and AbCellera Biologics.

Backed by billionaire investor Peter Thiel, ATAI went public in 2021 with its initial public offering (IPO) of $15. It sold 15 million shares in its upsized IPO, which helped it raise $225 million.

Today, with a market cap of $460.7 million, ATAI shares are currently trading at $2.30, up 71.38% YTD but nowhere near the double-digit peak it hit in 2021. Its EPS (TTM) is -0.91, and the P/E (TTM) is -2.54.

In May, ATAI reported its first quarter 2025 financial results, noting “meaningful progress” across its pipeline.

“The world is waking up to the scale and urgency of the mental health crisis, and atai remains at the forefront of developing innovative, science-driven solutions to meet this challenge. Our progress this year reinforces my conviction in our mission and the long-term value we’re building, which is why I’ve continued to personally increase my investment in atai.”

– Chairman Angermayer

As of March 31, 2025, the company had $108.2 million in cash, cash equivalents, restricted cash, and short-term securities, which it expects to fund its operations into 2027. Its cash position increased thanks to equity financings, which amount to $59.1 million, of which $17.8 million was used for operations and $5 million was invested in digital assets.

ATAI also reported repaying in full the outstanding indebtedness of $21.8 million, thus terminating all its obligations under the Hercules Loan Agreement. The early prepayment saved it $2.1 million of interest. 

ATAI’s R&D expenses during the period were $11.3 million, G&A expenses were $10.6 million, and net loss was $26.4 million.

Most recently, it announced its plans to merge with Beckley Psytech, a private psychedelic firm, in a $370 million deal that will allow it to add ‘smoking toad’ to its pursuit of developing psychedelic medicines. This points to Beckley’s main program, BPL-003, which is a formulation of 5-meo-dmt.

“The strategic combination marks a transformational moment, solidifying us as a leader in rapid-acting and accessible psychedelic treatments for mental health conditions with a pipeline of potential first-in-class and best-in-class assets.”

– CEO and co-founder Srinivas Rao, M.D., Ph.D.

The merger will give rise to Atai Beckley, with the shareholders of Beckley Psytech receiving 31% of shares in the entity.

According to the CEO and co-founder of Beckley, Cosmo Feilding Mellen:

“Clinical data has shown the rapid and durable effects of our compounds, as well as their potential to fit within the existing treatment paradigm established by SPRAVATO®. We believe that the unified business will be even better positioned to accelerate development, drive long-term value for shareholders, and – most importantly – deliver meaningful innovation for patients.” 

Latest ATAI Life Sciences NV (ATAI) Stock News and Developments

Final Thoughts: Psilocybin’s Role in Cancer Depression

Patients with cancer often struggle with depression, which is not only challenging to manage but also negatively impacts their quality of life. Here, psilocybin offers a promising solution for mitigating psychological distress related to life-threatening illnesses.

This can be seen with the Wiley-published trial, which shows that psilocybin-assisted therapy is poised to transform how we treat depression in cancer patients. With evidence of both safety and long-lasting relief, further research and regulatory advances could allow it to fill a critical gap left by traditional antidepressants and make this treatment a mainstream option for addressing one of the most debilitating parts of cancer care.

Click here for a list of the top five psychedelic stocks.

Studies Referenced:

1. Vita, G.; Compri, B.; Matcham, F.; Barbui, C.; Ostuzzi, G. Antidepressants for the Treatment of Depression in People with Cancer. Cochrane Database Syst. Rev. 2023, 2023 (3), CD011006. https://doi.org/10.1002/14651858.CD011006.pub4
2. Köhler-Forsberg, O.; Stiglbauer, V.; Brasanac, J.; Chae, W. R.; Wagener, F.; Zimbalski, K.; Jefsen, O. H.; Liu, S.; Seals, M. R.; Gamradt, S.; Correll, C. U.; Gold, S. M.; Otte, C. Efficacy and Safety of Antidepressants in Patients with Comorbid Depression and Medical Diseases: An Umbrella Systematic Review and Meta-Analysis. JAMA Psychiatry 2023, 80 (12), 1196–1207. https://doi.org/10.1001/jamapsychiatry.2023.2983
3. Serfaty, M.; King, M.; Nazareth, I.; Moorey, S.; Aspden, T.; Mannix, K.; Davis, S.; Wood, J.; Jones, L. Effectiveness of Cognitive-Behavioural Therapy for Depression in Advanced Cancer: CanTalk Randomised Controlled Trial. Br. J. Psychiatry 2020, 216 (4), 213–221. https://doi.org/10.1192/bjp.2019.207
4. Petridis, P. D.; Grinband, J.; Agin-Liebes, G.; et al. Psilocybin-Assisted Psychotherapy Improves Psychiatric Symptoms Across Multiple Dimensions in Patients with Cancer. Nat. Ment. Health 2024, 2, 1408–1414. https://doi.org/10.1038/s44220-024-00331-0
5. Agrawal, M.; Roddy, K.; Jenkins, B.; Leeks, C.; Emanuel, E. Long-Term Benefits of Single-Dose Psilocybin in Depressed Patients with Cancer. Cancer 2025. https://doi.org/10.1002/cncr.35889
6. Agrawal, M.; Richards, W.; Beaussant, Y.; Shnayder, S.; Ameli, R.; Roddy, K.; Stevens, N.; Richards, B.; et al. Psilocybin-Assisted Group Therapy in Patients with Cancer Diagnosed with Major Depressive Disorder. Cancer 2023. https://doi.org/10.1002/cncr.35010