About a decade ago, many media outlets—including WIRED—zeroed in on a weird trend at the intersection of mental health, drug science, and Silicon Valley biohacking: microdosing, or the practice of taking a small amount of a psychedelic drug seeking not full-blown hallucinatory revels but gentler, more stable effects. Typically using psilocybin mushrooms or LSD, the archetypal microdoser sought less melting walls and open-eye kaleidoscopic visuals than boosts in mood and energy, like a gentle spring breeze blowing through the mind.

Anecdotal reports pitched microdosing as a kind of psychedelic Swiss Army knife, providing everything from increased focus to a spiked libido and (perhaps most promisingly) lowered reported levels of depression. It was a miracle for many. Others remained wary. Could 5 percent of a dose of acid really do all that? A new, wide-ranging study by an Australian biopharma company suggests that microdosing’s benefits may indeed be drastically overstated—at least when it comes to addressing symptoms of clinical depression.

A Phase 2B trial of 89 adult patients conducted by Melbourne-based MindBio Therapeutics, investigating the effects of microdosing LSD in the treatment of major depressive disorder, found that the psychedelic was actually outperformed by a placebo. Across an eight-week period, symptoms were gauged using the Montgomery-Åsberg Depression Rating Scale (MADRS), a widely recognized tool for the clinical evaluation of depression.