In the last two decades, psychedelics have re-emerged as promising novel agents for treatment of a broad range of mental health conditions including depression, PTSD, substance use disorders, end-of-life anxieties, eating disorders, and more. Our understanding of their putative mechanisms of action has significantly evolved as well. Several Phase II and III clinical trials of psychedelic-assisted therapy (PAT) using psilocybin and MDMA are either complete or nearing completion, with some of these therapies projected to receive FDA approval within the next couple of years. But are they ready for prime time? In this presentation, Marina Bayeva, MD, PhD, will review the growing evidence base for use of PAT in psychiatric disorders, outline their neurobiological effects, as well as highlight unanswered questions and areas of caution. We will conclude with a discussion of how psychedelics intersect with deep exploratory work of psychoanalysis and facilitate psychological change.