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Benzos directly hammer on GABA receptors while pregnanes use G coupled progesterone receptors to transduct signals to the GABA system.

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Benzos attach to the benzodiazepine subunits on GABA receptors, and according to this paper[1], neurosteroids like this one also attach to similar subunits on GABA receptors[2]. Both act as positive allosteric modulators when activating their respective subunits on GABA receptors.

This cited paper[3] also tested similar neurosteroids in progesterone receptor knockout mice and still found anxiolytic effects.

[1] https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3139029

[2] See Figure 3A in [1]

[3] https://pubmed.ncbi.nlm.nih.gov/15617723

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