This bill, titled the "Veterans and Servicemembers PTSD Emerging Treatment Review Act of 2026," mandates the Assistant Secretary of Defense for Health Affairs to submit a comprehensive report to Congress within 180 days of its enactment. The report is to focus on emerging investigational treatment options for treatment-resistant post-traumatic stress disorder (PTSD) affecting veterans, members of the Armed Forces, and those transitioning to civilian life. A key provision requires the report to analyze data from a specific "covered clinical trial" – an open-label, Phase 1 study evaluating psilocybin-containing mushrooms for PTSD. The analysis must assess the safety, dosing, and adverse event data from this trial and its applicability to servicemembers, considering implications for force health protection, medical readiness, and suicide prevention strategies. Furthermore, the report must detail the legal and regulatory requirements for any potential expanded access pathway involving investigational Schedule I substances, including necessary coordination with the Food and Drug Administration (FDA) and the Drug Enforcement Administration (DEA). It also requires an assessment of the applicability of the Federal Right to Try Act and a recent Executive Order on accelerating medical treatments for serious mental illness. The bill emphasizes the need to evaluate considerations for ensuring continuity of care for servicemembers transitioning between military and VA healthcare systems. This includes examining eligibility, clinical oversight, informed consent, safety monitoring, and adverse event reporting. Finally, the report must assess the financial, workforce, and infrastructure requirements, along with a proposed timeline, for potential pilot activities or expanded clinical research starting in fiscal year 2027 and beyond.