Compass Pathways Announces First Quarter 2025 Financial Results and Business Highlights

Compass Pathways Announces First Quarter 2025 Financial Results and Business Highlights

 

  Highlights:  

 
  •   6-week top-line data from Part A of COMP005 phase 3 trial in treatment resistant depression on track for late June  
  •  
  •   Phase 3 COMP006 in TRD on track for 26-week data second half of 2026  
  •  
  •   Cash position of $260.1 million at March 31, 2025  
  •  
  •   Conference call on May 8 at 8:00 am ET (1:00 pm UK)  
  •  

 

 COMPASS Pathways Plc (Nasdaq: CMPS), a biotechnology company dedicated to accelerating patient access to evidence-based innovation in mental health, today reported its financial results for the first quarter 2025 and provided an update on recent progress across its business.

 

"We eagerly await the upcoming topline 6-week data readout, on track for late June, the first data from our pivotal phase 3 COMP360 program in treatment resistant depression." said Kabir Nath, Chief Executive Officer. "Our continued progress reinforces Compass' leadership in psychedelic therapy development, which we believe represents the next generation of mental health therapeutic options and can lead to significant value creation."

 

  Business Highlights  

 

   COMP360 psilocybin treatment in TRD (Treatment Resistant Depression)   

 
  • The pivotal phase 3 clinical program of COMP360 psilocybin treatment in TRD is the largest-to-date randomized, controlled, double-blind psilocybin treatment clinical program.
  •  
  • All participants have completed dosing in part A of the COMP005 phase 3 trial for TRD and top-line 6-week (primary endpoint) data are expected in late June.
  •  
  • 26-week COMP005 data is expected once all participants in the COMP006 trial have completed part A of the COMP006 trial.
  •  
  • COMP006 26-week data is expected in the second half of 2026.
  •  
  • Recent 52-week data from an observational follow-up study published on COMP360 demonstrated a durable treatment response and a median time to depressive event of 92 days (n=252) on a single 25mg administration and 189 days (n=58) for the 25mg subgroup that continued into the COMP004 long-term extension
  •  

   COMP360 psilocybin treatment in PTSD (Post Traumatic Stress Disorder)   

 
  • Company designing late-stage clinical trial program
  •  
  • Phase 2 open label 12-week safety and tolerability study (n=22) announced in May 2024, showed COMP360 was well tolerated and demonstrated both rapid and durable improvement in symptoms from baseline observed following a single administration.
  •  

  Financial highlights  

 
  • Net loss for the three months ended March 31, 2025, was $17.9 million, or $0.20 net loss per share: basic, $0.24 net loss per share: diluted, compared with $35.2 million, or $0.55 loss per share basic and diluted, during the same period in 2024. The decrease in net loss for the quarter was primarily driven by a $19.5 million non-cash gain on fair value adjustment related to our warrant liabilities. As the fair value of the warrants fluctuates with our share price and other market inputs, this adjustment can result in significant variability in our reported net loss.
  •  
  • Non-cash share-based compensation for the three months ended March 31, 2025 was $3.9 million compared with $5.1 million for the same period in 2024.
  •  
  • Research and development expenses were $30.9 million for the three months ended March 31, 2025, compared with $24.9 million during the same period in 2024. The increase was primarily attributable to development expenses associated with advancing our late-stage COMP360 phase 3 clinical trials partially offset by decreased personnel and non-cash share-based compensation expenses due to decreased staffing levels associated with the strategic reorganization that took place in the fourth quarter of 2024.
  •  
  • General and administrative expenses were $18.7 million for the three months ended March 31, 2025, compared with $13.7 million during the same period in 2024. The increase was primarily attributable to issuance costs related to the 2025 Financing as well as expenses associated with consulting, accounting and legal advice.
  •  
  • Gain on change in fair value of warrants for the three months ended March 31, 2025, was $19.5 million compared with $0.0 million during the same period in 2024.
  •  
  • Cash and cash equivalents were $260.1 million as of March 31, 2025, compared with $165.1 million as of December 31, 2024.
  •  
  • An additional $140.4 million net cash raised in the first quarter of 2025.
  •  

  Financial Guidance  

 

Full year 2025 net cash used in operating activities is expected to be in the range of $120 million to $145 million. The cash position at March 31, 2025 is expected to be sufficient to fund operating expenses and capital expenditure requirements at least through the planned 26-week data read-out from the COMP006 study, which is expected in the second half of 2026.

 

  Conference call  

 

The management team will host a conference call at 8:00 am ET (1:00 pm UK) on May 8, 2025. A live webcast of the call will be available on the Compass Pathways website at   First Quarter 2025 Financial Results   .

 

  About Compass Pathways  

 

 COMPASS Pathways Plc (Nasdaq: CMPS) is a biotechnology company dedicated to accelerating patient access to evidence-based innovation in mental health. We are motivated by the need to find better ways to help and empower people with serious mental health conditions who are not helped by existing treatments. We are pioneering a new paradigm for treating mental health conditions focused on rapid and durable responses through the development of our investigational COMP360 synthesized psilocybin treatment, potentially a first in class treatment. COMP360 has Breakthrough Therapy designation from the US Food and Drug Administration (FDA) and has received Innovative Licensing and Access Pathway (ILAP) designation in the UK for treatment-resistant depression (TRD).

 

Compass is headquartered in London, UK, with offices in New York and San Francisco in the US. We envision a world where mental health means not just the absence of illness but the ability to thrive.

 

  Forward-looking statements  

 

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. In some cases, forward-looking statements can be identified by terminology such as "may", "might", "will", "could", "would", "should", "expect", "intend", "plan", "objective", "anticipate", "believe", "contemplate", "estimate", "predict", "potential", "continue" and "ongoing," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements include express or implied statements relating to, among other things, statements regarding our expectations regarding our financial guidance; our business strategy and goals; our expectations and projections about the company's future cash needs and financial results; our plans and expectations regarding our phase 3 trials in TRD, including our expectations regarding the time periods during which the results of the two Phase 3 trials will become available; the potential for the pivotal phase 3 program in TRD, any future trials in PTSD, or other trials to support regulatory filings and approvals; our expectations regarding the safety or efficacy of our investigational COMP360 psilocybin treatment, including as a treatment for treatment of TRD, PTSD, and anorexia nervosa; our ability to obtain regulatory approval and adequate coverage and reimbursement; our ability to transition from a clinical-stage to a commercial-stage organization and effectively launch a commercial product, if regulatory approval is obtained; and our expectations regarding the benefits of our investigational COMP360 psilocybin treatment. The forward-looking statements in this press release are neither promises nor guarantees, and you should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, many of which are beyond Compass's control and which could cause actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by these forward-looking statements.

 

These risks, uncertainties, and other factors include, among others: uncertainties associated with risks related to clinical development which is a lengthy and expensive process with uncertain outcomes, and therefore our clinical trials may be delayed or terminated and may be more costly than expected; the results of early-stage clinical trials of our investigational COMP360 psilocybin treatment may not be predictive of the results of later stage clinical trials; our need for substantial additional funding to achieve our business goals and if we are unable to obtain this funding when needed and on acceptable terms, we could be forced to delay, limit or terminate our clinical trials; our efforts to obtain marketing approval from the applicable regulatory authorities in any jurisdiction for our investigational COMP360 psilocybin treatment may be unsuccessful; our efforts to commercialize and obtain coverage and reimbursement for our investigational COMP360 psilocybin treatment, if approved, may be unsuccessful; the risk that our strategic collaborations will not continue or will not be successful; and our ability to retain key personnel; and those risks and uncertainties described under the heading "Risk Factors" in Compass's most recent annual report on Form 10-K or quarterly report on Form 10-Q, the prospectus supplement related to the proposed public offering we plan to file and in other reports we have filed with the U.S. Securities and Exchange Commission ("SEC"), which are available on the SEC's website at www.sec.gov . Except as required by law, Compass disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this press release in the event of new information, future developments or otherwise. These forward-looking statements are based on Compass's current expectations and speak only as of the date hereof.

 
                                                                                                                                                                                                                                             
 
 

  COMPASS Pathways Plc  

 
 

  Condensed Consolidated Balance Sheets  

 
 

(unaudited)

 
 

(in thousands, except share and per share amounts)

 
 

(expressed in U.S. Dollars, unless otherwise stated)

 
 
 

 

 
 

  March 31,  

 
 

 

 
 

  December 31,  

 
 

 

 
 

 

 
 

  2025  

 
 

 

 
 

 

 
 

 

 
 

  2024  

 
 

 

 
 

  ASSETS  

 
 

 

 
 

 

 
 

 

 
 

CURRENT ASSETS:

 
 

 

 
 

 

 
 

 

 
 

Cash and cash equivalents

 
 

$

 
 

260,110

 
 

 

 
 

 

 
 

$

 
 

165,081

 
 

 

 
 

Restricted cash

 
 

 

 
 

379

 
 

 

 
 

 

 
 

 

 
 

389

 
 

 

 
 

Prepaid expenses and other current assets

 
 

 

 
 

44,979

 
 

 

 
 

 

 
 

 

 
 

35,821

 
 

 

 
 

Total current assets

 
 

 

 
 

305,468

 
 

 

 
 

 

 
 

 

 
 

201,291

 
 

 

 
 

NON-CURRENT ASSETS:

 
 

 

 
 

 

 
 

 

 
 

Operating lease right-of-use assets

 
 

 

 
 

1,463

 
 

 

 
 

 

 
 

 

 
 

2,006

 
 

 

 
 

Deferred tax assets

 
 

 

 
 

4,028

 
 

 

 
 

 

 
 

 

 
 

3,774

 
 

 

 
 

Long-term prepaid expenses and other assets

 
 

 

 
 

8,176

 
 

 

 
 

 

 
 

 

 
 

6,595

 
 

 

 
 

Total assets

 
 

$

 
 

319,135

 
 

 

 
 

 

 
 

$

 
 

213,666

 
 

 

 
 

  LIABILITIES AND SHAREHOLDERS' EQUITY  

 
 

 

 
 

 

 
 

 

 
 

CURRENT LIABILITIES:

 
 

 

 
 

 

 
 

 

 
 

Accounts payable

 
 

$

 
 

8,584

 
 

 

 
 

 

 
 

$

 
 

12,283

 
 

 

 
 

Accrued expenses and other liabilities

 
 

 

 
 

11,194

 
 

 

 
 

 

 
 

 

 
 

14,495

 
 

 

 
 

Debt, current portion

 
 

 

 
 

8,988

 
 

 

 
 

 

 
 

 

 
 

5,513

 
 

 

 
 

Operating lease liabilities - current

 
 

 

 
 

1,233

 
 

 

 
 

 

 
 

 

 
 

1,725

 
 

 

 
 

Total current liabilities

 
 

 

 
 

29,999

 
 

 

 
 

 

 
 

 

 
 

34,016

 
 

 

 
 

NON-CURRENT LIABILITIES

 
 

 

 
 

 

 
 

 

 
 

Debt, non-current portion

 
 

 

 
 

21,553

 
 

 

 
 

 

 
 

 

 
 

24,652

 
 

 

 
 

Operating lease liabilities - non-current

 
 

 

 
 

259

 
 

 

 
 

 

 
 

 

 
 

303

 
 

 

 
 

Warrant liabilities

 
 

 

 
 

71,857

 
 

 

 
 

 

 
 

 

 
 

 
 

 

 
 

Total liabilities

 
 

$

 
 

123,668

 
 

 

 
 

 

 
 

$

 
 

58,971

 
 

 

 
 

SHAREHOLDERS' EQUITY:

 
 

 

 
 

 

 
 

 

 
 

Ordinary shares, £0.008 par value; 92,848,326 and 68,552,215 shares authorized, issued and outstanding at March 31, 2025 and December 31, 2024, respectively

 
 

 

 
 

938

 
 

 

 
 

 

 
 

 

 
 

702

 
 

 

 
 

Additional paid-in capital

 
 

 

 
 

763,436

 
 

 

 
 

 

 
 

 

 
 

704,919

 
 

 

 
 

Accumulated other comprehensive loss

 
 

 

 
 

(16,311

 
 

)

 
 

 

 
 

 

 
 

(16,194

 
 

)

 
 

Accumulated deficit

 
 

 

 
 

(552,596

 
 

)

 
 

 

 
 

 

 
 

(534,732

 
 

)

 
 

Total shareholders' equity

 
 

 

 
 

195,467

 
 

 

 
 

 

 
 

 

 
 

154,695

 
 

 

 
 

Total liabilities and shareholders' equity

 
 

$

 
 

319,135

 
 

 

 
 

 

 
 

$

 
 

213,666

 
 

 

 
 
                                                                                                                                                                                                               
 
 

  COMPASS Pathways Plc  

 
 

  Condensed Consolidated Statements of Operations and Comprehensive Loss  

 
 

(unaudited)

 
 

(in thousands, except share and per share amounts)

 
 

(expressed in U.S. Dollars, unless otherwise stated)

 
 
 

 

 
 

  Three Months ended March 31,  

 
 

 

 
 

 

 
 

  2025  

 
 

 

 
 

 

 
 

 

 
 

  2024  

 
 

 

 
 

OPERATING EXPENSES:

 
 

 

 
 

 

 
 

 

 
 

Research and development

 
 

$

 
 

30,880

 
 

 

 
 

 

 
 

$

 
 

24,901

 
 

 

 
 

General and administrative

 
 

 

 
 

18,736

 
 

 

 
 

 

 
 

 

 
 

13,672

 
 

 

 
 

Total operating expenses

 
 

 

 
 

49,616

 
 

 

 
 

 

 
 

 

 
 

38,573

 
 

 

 
 

Loss from operations:

 
 

 

 
 

(49,616

 
 

)

 
 

 

 
 

 

 
 

(38,573

 
 

)

 
 

OTHER INCOME (EXPENSE), NET:

 
 

 

 
 

 

 
 

 

 
 

Fair value change of warrant liabilities

 
 

 

 
 

19,460

 
 

 

 
 

 

 
 

 

 
 

 
 

 

 
 

Benefit from R&D tax credit

 
 

 

 
 

8,448

 
 

 

 
 

 

 
 

 

 
 

3,101

 
 

 

 
 

Interest income

 
 

 

 
 

2,386

 
 

 

 
 

 

 
 

 

 
 

2,260

 
 

 

 
 

Foreign exchange gains (losses)

 
 

 

 
 

2,133

 
 

 

 
 

 

 
 

 

 
 

(783

 
 

)

 
 

Interest expense

 
 

 

 
 

(1,124

 
 

)

 
 

 

 
 

 

 
 

(1,098

 
 

)

 
 

Other income

 
 

 

 
 

803

 
 

 

 
 

 

 
 

 

 
 

128

 
 

 

 
 

Total other income, net

 
 

 

 
 

32,106

 
 

 

 
 

 

 
 

 

 
 

3,608

 
 

 

 
 

Loss before income taxes

 
 

 

 
 

(17,510

 
 

)

 
 

 

 
 

 

 
 

(34,965

 
 

)

 
 

Income tax expense

 
 

 

 
 

(354

 
 

)

 
 

 

 
 

 

 
 

(222

 
 

)

 
 

Net loss

 
 

$

 
 

(17,864

 
 

)

 
 

 

 
 

$

 
 

(35,187

 
 

)

 
 

 

 
 

 

 
 

 

 
 

 

 
 

Net loss per share attributable to ordinary shareholders: basic

 
 

$

 
 

(0.20

 
 

)

 
 

 

 
 

$

 
 

(0.55

 
 

)

 
 

Weighted average ordinary shares outstanding: basic

 
 

 

 
 

89,192,252

 
 

 

 
 

 

 
 

 

 
 

64,222,178

 
 

 

 
 

Net loss per share attributable to ordinary shareholders: diluted

 
 

$

 
 

(0.24

 
 

)

 
 

 

 
 

$

 
 

(0.55

 
 

)

 
 

Weighted average ordinary shares outstanding: diluted

 
 

 

 
 

98,641,624

 
 

 

 
 

 

 
 

 

 
 

64,222,178

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

Net loss

 
 

$

 
 

(17,864

 
 

)

 
 

 

 
 

$

 
 

(35,187

 
 

)

 
 

Other comprehensive loss:

 
 

 

 
 

 

 
 

 

 
 

Foreign exchange translation adjustment

 
 

 

 
 

(117

 
 

)

 
 

 

 
 

 

 
 

(36

 
 

)

 
 

Comprehensive loss

 
 

$

 
 

(17,981

 
 

)

 
 

 

 
 

$

 
 

(35,223

 
 

)

 
 

 

 

  

  

  Enquiries  
Media: Dana Sultan-Rothman, media@compasspathways.com , +1 484 432 0041
Investors: Stephen Schultz, stephen.schultz@compasspathways.com , +1 401 290 7324

 

News Provided by Business Wire via QuoteMedia

CMPS
The Conversation (0)
COMPASS Pathways Plc

COMPASS Pathways Plc

Compass Pathways PLC is a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health. The company is motivated by the need to find better ways to help and empower people suffering with mental health challenges who are not helped by existing therapies and are pioneering the development of a new model of psilocybin therapy, in which psilocybin is administered in conjunction with psychological support. Its focus is on treatment-resistant depression, or TRD, a subset of depressive disorder, or MDD, comprising patients who are inadequately served by the treatment paradigm. It has developed a proprietary, high-purity polymorphic crystalline formulation of psilocybin, COMP360.

Burley Minerals

Exploration License Granted over Cane Bore Iron Project

Burley Minerals Limited (ASX: BUR, “Burley” or “the Company”) is pleased to announce that Exploration License E08/3424 (the Cane Bore Iron Project) was granted by The Department of Energy, Mines, Industry Regulation and Safety (DEMIRS). Cane Bore is located within the world class Pilbara Province of the Western Australia and located less than 100 km by sealed road from the export Port of Onslow.

Keep reading...Show less
Aclara Announces the Closing of the Transaction with Cap and the Receipt of Initial Payment of Us$9.7M as Part of the US$29.1M Strategic Investment

Aclara Announces the Closing of the Transaction with Cap and the Receipt of Initial Payment of Us$9.7M as Part of the US$29.1M Strategic Investment

Aclara Resources Inc. ("Aclara" or the "Company") (TSX:ARA) is pleased to announce the closing of the acquisition by CAP S.A. ("CAP") of its 20% equity ownership interest in REE Uno SpA ("REE Uno"), the Company's Chilean subsidiary that owns the Penco Module project, and receipt by the Company of the initial payment of approximately US$9.7 million in connection with such acquisition. The acquisition is made pursuant to the terms of the previously announced investment agreement entered into between CAP and Aclara on March 13, 2024 (the "Investment Agreement"). Under the terms of the Investment Agreement, payments are to be made in three tranches, of which the remaining two tranches in the amounts of US$12.5 million and US$6.9 million are to be made in January of 2025 and 2026, respectively

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Burley Minerals

Burley’s Pilbara Iron Ore Assets Advancing

Burley Minerals Limited (ASX: BUR, “Burley” or “the Company”) advises that a heritage protection agreement has been signed with Yindjibarndi Aboriginal Corporation over the Broad Flat Well exploration license area. Heritage surveys are planned for late-April/early-May 2024.

Keep reading...Show less
Northern Dynasty: U.S. Army Corps Remand Highlights Serious Flaws in the Permitting Decision

Northern Dynasty: U.S. Army Corps Remand Highlights Serious Flaws in the Permitting Decision

Northern Dynasty Minerals Ltd. (TSX:NDM)(NYSE American:NAK) ("Northern Dynasty" or the "Company" or "NDM") announces that the April 25, 2023 action by the U.S. Army Corps of Engineers ("USACE") Pacific Ocean Division to remand the permit decision back to the USACE - Alaska District ("the District") is a strong win for the Pebble Project

"We have been saying that the record of decision ("ROD") process was not fairly conducted since 2020 and are pleased to see that the Review Officer has raised similar concerns on many substantive issues," said Ron Thiessen, President and CEO of Northern Dynasty. "The two major areas for the negative ROD decision, namely the deemed non-compliance of our comprehensive mitigation plan ("CMP") and the Public Interest Review ("PIR"), were highlighted by the Review Officer as areas where the District did not carry out the proper process in arriving at its decision. This remand decision is a ‘strong win' for the project because it brings these issues to light and directs the District to address them, potentially setting the stage for a much different outcome."

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Lithium Power International

LPI Commences Drilling At Greenbushes Lithium Project

Lithium Power International Limited (ASX: LPI) (“LPI” or the “Company”) is pleased to announce that the Company this week commenced a drilling program at its East Kirup lithium prospect, part of the Company’s Greenbushes Project in the south-west of Western Australia.
Keep reading...Show less
Glowing mushrooms with colorful graphs in the background on a dark surface.

US Policy Momentum, Clinical Progress Fueling Psychedelics Market in 2025

When the US Food and Drug Administration (FDA) rejected Lykos Therapeutics’ new drug application for MDMA-assisted therapy last August, the initial disappointment cast a shadow over the psychedelics industry.

However, the sector is seeing a resurgence of optimism in 2025 on the back of various US developments.

“The psychedelic industry in 2025 will likely see significant advancements in clinical applications, particularly in treating PTSD, depression, and addiction, as research continues to validate their therapeutic potential,” Dr. Markus Ploesser, chief innovation officer at Open Mind Health, told Microdose in January.

Keep reading...Show less
AVECHO BIOTECHNOLOGY

Avecho and Sandoz enter Exclusive License and Development Agreement to Commercialise CBD for Insomnia in Australia

Avecho Biotechnology Limited (ASX: AVE) (“Avecho” or the “Company”) today announced it has signed an exclusive ten-year development and licensing agreement with Sandoz Group AG (“Sandoz”) for the commercial rights to Avecho’s Phase III cannabidiol (“CBD”) capsule for insomnia in Australia. Avecho retains the rights to commercialise the product in all other territories, with Sandoz granted a first right of refusal for these markets. Avecho’s CBD capsule aims to be the first pharmaceutical CBD product registered with the Therapeutic Goods Administration (“TGA”) as an over-the-counter medicine, which market forecasts predict could generate sales surpassing US$125M per annum in Australia2.

Keep reading...Show less

Compass Pathways to announce fourth quarter and year-end financial results on February 27th, 2025

 

  Compass management will host a conference call at 8:00 am ET (1:00pm UK)  

 

News Provided by Business Wire via QuoteMedia

Keep reading...Show less
Emyria Limited

Emyria and UWA in Partnership to Commercialise Novel Serotonin-Releasing Agents for Mental Health and Neurology

Emyria Limited (ASX: EMD) (“Emyria”, or the “Company”) has signed an exclusive licence agreement with UWA, granting worldwide rights to a rapidly growing portfolio of selective serotonin-releasing agents. (See Appendix for Key Commercial Terms). These novel compounds, realised through a UWA–Emyria research partnership launched in 2021,2 include potential next-generation treatments for mental health and neurological conditions such as PTSD and Parkinson’s disease.

Keep reading...Show less
Quantum Biopharm (CSE: QNTM)

Quantum BioPharma Files a US Federal Lawsuit Against CIBC World Markets, RBC Dominion Securities and Others, Seeking Damages in Excess of $700,000,000 USD, for Possible Stock Price Manipulation/Spoofing

Christian Attar Law Firm and Freedman Normand Friedland LLP, in conjunction with forensic investigators, have uncovered evidence of a potential multi-year market manipulation scheme that has caused substantial damages to the Company and its shareholders


Keep reading...Show less

Latest Press Releases

Related News

×