Freedom to Heal Act of 2025

The Freedom to Heal Act of 2025 (HR6434) was introduced in the House of Representatives on December 4, 2025, and subsequently referred to the Committee on Energy and Commerce and the Committee on the Judiciary. This bill seeks to establish a special registration under the Controlled Substances Act for Schedule I eligible investigational drugs under the Federal Right to Try law, specifically allowing physicians to directly administer these drugs to eligible patients. The bill has a companion bill, S3346, in the Senate, which has been referred to the Committee on the Judiciary, indicating a coordinated legislative effort. This bill does not authorize or appropriate any specific funding amount. Instead, it creates a regulatory mechanism that could expand the market for investigational psychedelic drugs by streamlining access under Right to Try laws. The financial impact would stem from increased demand and utilization of these drugs, rather than direct government spending. Companies developing Schedule I investigational drugs for therapeutic use would be the primary beneficiaries, as the bill facilitates their administration to patients. Structural winners include companies focused on psychedelic therapy development, such as COMPASS Pathways plc ($CMPS), GH Research PLC ($GHRS), and AtaiBeckley Inc. ($ATAI). These companies stand to gain from a broader patient pool accessing their investigational treatments. The bill's passage would reduce regulatory hurdles for administering these drugs, potentially accelerating their path to market and increasing revenue streams. Conversely, there are no clear structural losers identified by this legislation. Recent market data for these companies shows varied performance. Over the past 7 days, $CMPS has seen a slight decrease of 0.9%, while $GHRS has increased by 3.84%, and $ATAI has shown a stronger gain of 5.65%. Over the past 30 days, $CMPS is down 16.72%, $GHRS is down 8.35%, and $ATAI is up 10.32%. This mixed performance suggests that while the legislative development is relevant, it is one of several factors influencing these stocks. The bill is in early legislative stages, requiring passage through committees in both chambers and then a full vote in the House and Senate before potentially being signed into law.