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COMPASS Pathways(CMPS) - 2024 Q2 - Quarterly Results
CMPSCOMPASS Pathways(CMPS)2024-08-01 10:31

Financial Performance - Net loss for Q2 2024 was 38.1million,or38.1 million, or 0.56 loss per share, compared to 28.3million,or28.3 million, or 0.62 loss per share, in Q2 2023[7] - Net loss for the six months ended June 30, 2024, was 73.288million,comparedto73.288 million, compared to 52.543 million in the same period in 2023[21] - Net loss per share for the six months ended June 30, 2024, was 1.11,comparedto1.11, compared to 1.19 in 2023[20] - Comprehensive loss for the six months ended June 30, 2024, was 73.243million,comparedto73.243 million, compared to 52.404 million in 2023[21] Operating Expenses - Research and development expenses for Q2 2024 were 29.1million,upfrom29.1 million, up from 19.8 million in Q2 2023, primarily due to advancing COMP360 phase 3 clinical trials[7] - General and administrative expenses for Q2 2024 were 14.3million,upfrom14.3 million, up from 12.8 million in Q2 2023, primarily due to increased personnel expenses[7] - Total operating expenses for the six months ended June 30, 2024, increased to 81.895millionfrom81.895 million from 64.452 million in 2023[22] - Research and development expenses for the six months ended June 30, 2024, rose to 53.970millionfrom53.970 million from 38.853 million in 2023[22] - General and administrative expenses for the six months ended June 30, 2024, increased to 27.925millionfrom27.925 million from 25.599 million in 2023[22] Cash and Debt Position - Cash position of 228.6millionasofJune30,2024[1]−Long−termdebtasofJune30,2024,was228.6 million as of June 30, 2024[1] - Long-term debt as of June 30, 2024, was 29.4 million, compared to 28.8millionasofDecember31,2023[7]−Full−year2024netcashusedinoperatingactivitiesexpectedtobeintherangeof28.8 million as of December 31, 2023[7] - Full-year 2024 net cash used in operating activities expected to be in the range of 110 million to 130 million[8] Clinical Trials and Research - Top-line COMP005 data for COMP360 phase 3 pivotal program in treatment-resistant depression expected in Q4 2024[1] - COMP360 phase 2 study in post-traumatic stress disorder showed meaningful and sustained symptom improvement in 22 patients with no serious adverse events reported[4] Tax and Other Financial Items - Benefit from R&D tax credit for the six months ended June 30, 2024, was 6.810 million, slightly down from 6.836millionin2023[22]−InterestincomeforthesixmonthsendedJune30,2024,surgedto6.836 million in 2023[22] - Interest income for the six months ended June 30, 2024, surged to 4.668 million from 1.342millionin2023[22]−ForeignexchangelossesforthesixmonthsendedJune30,2024,were1.342 million in 2023[22] - Foreign exchange losses for the six months ended June 30, 2024, were 558,000, compared to gains of $4.061 million in 2023[22] Shareholder Information - Weighted average ordinary shares outstanding for the six months ended June 30, 2024, increased to 66,296,658 from 44,153,772 in 2023[20] Leadership Changes - Gino Santini to join Board of Directors as Chairman effective September 3, 2024[5] - Lori Englebert appointed as Chief Commercial Officer in July 2024[6]