J&J's Spravato approval (2019)
The FDA approved Johnson & Johnson's Spravato, a nasal spray derived from the anesthetic ketamine, for treatment-resistant depression. It was the first genuinely new type of depression drug in decades and required patients to be dosed and monitored in certified clinics.
Uptake was slow at first as clinics and insurers adjusted to the supervised-dosing model.
Certified sites grew from about 2,800 in 2024 to over 7,000 by 2026, and quarterly sales topped $580 million.
Spravato proved the business model AtaiBeckley's drug would copy, and it is the exact product Lilly now wants to compete against.
