Lion's mane
Best evidence: Human trials, promising
Hericium erinaceus
Hericenones in the fruiting body and erinacines in the mycelium, both of which stimulate nerve growth factor in laboratory work.
Cognition and memory in older adults
Human trials, promising
A Japanese randomised trial in adults with mild cognitive impairment found improvement on a cognitive scale during supplementation, which faded after it stopped. It involved 30 people. Later trials have been similarly small, and it has not been replicated at a scale that would settle anything.
Mood and anxiety
Human trials, weak or mixed
A handful of very small studies, mostly in specific populations, with inconsistent results.
Nerve regeneration
Animal and cell studies only
The nerve growth factor effect is real in a dish and in rodents. Whether the relevant compounds cross the human blood-brain barrier in a capsule is not established.
The honest summary
The best case among the popular functional mushrooms and still a long way from proven. The honest position is that a small, unreplicated trial in 30 people is a reason to keep studying it, not a reason for the claims printed on the packaging.
Who should be careful
Generally well tolerated. Rare allergic and respiratory reactions have been reported.
What is actually in the jar
Insist on fruiting body. Lion's mane is one of the species most commonly sold as mycelium-on-grain, where the erinacines are in the mycelium but so is a great deal of grain starch. A supplement listing beta-glucan content, rather than vague polysaccharides, is telling you something real.
You can also just eat it. Which is a better argument than any capsule on this page. The lion's mane sheet