The detection of unknown tryptamine derivatives in P. baeocystis has led to the isolation of two new compounds from submerged cultures of this fungus. The isolation procedure involved column chromatography of a methanol extract of the fungal tissue on powdered cellulose and on activated silicic acid. The structures of these compounds have been determined to be the monomethyl and demethyl analogs of psilocybin by TLC characteristics, color reactions, UV, IR, and mass spectral analyses. These compounds have been named baeocystin (monomethyl) and norbaeocystin (demethyl).