COMPASS Pathways(CMPS) - 2024 Q2 - Quarterly Results

Q2 2024 Performance and Outlook Compass Pathways' Q2 2024 performance highlights clinical advancements, leadership changes, and financial results with forward-looking guidance Business Highlights The company is advancing its clinical programs, with top-line data for the COMP360 phase 3 pivotal trial in treatment-resistant depression (TRD) expected in Q4 2024, and positive phase 2 results for PTSD - Top-line data from the pivotal COMP005 trial for COMP360 in treatment-resistant depression is expected in Q4 2024, with data from the COMP006 trial expected in mid-2025[3] - A phase 2 study of COMP360 for post-traumatic stress disorder (PTSD) showed that a single 25mg dose was well-tolerated with no serious adverse events, observing meaningful and sustained symptom improvement with high rates of response and remission[4] Leadership Updates Compass Pathways strengthened its leadership with Gino Santini appointed Chairman and Lori Englebert as Chief Commercial Officer - Gino Santini will join the Board of Directors as Chairman, bringing over a decade of board leadership experience from companies like Collegium Pharmaceuticals and Eli Lilly[5] - Lori Englebert was appointed Chief Commercial Officer in July, having previously served as head of commercial and business development at Axsome Therapeutics[6] Financial Performance The company reported an increased net loss of $38.1 million in Q2 2024 due to higher R&D expenses, maintaining a strong cash position of $228.6 million Q2 2024 Financial Results Net loss increased to $38.1 million in Q2 2024, primarily driven by a 47.0% rise in R&D expenses to $29.1 million for late-stage clinical trials | Metric | Q2 2024 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | Net Loss ($M) | $38.1M | $28.3M | Increased Loss | | Loss Per Share ($) | $0.56 | $0.62 | Decreased Loss/Share | | R&D Expenses ($M) | $29.1M | $19.8M | +47.0% | | G&A Expenses ($M) | $14.3M | $12.8M | +11.7% | | Metric | H1 2024 | H1 2023 | Change | | :--- | :--- | :--- | :--- | | Net Loss ($M) | $73.3M | $52.5M | Increased Loss | | Loss Per Share ($) | $1.11 | $1.19 | Decreased Loss/Share | | R&D Expenses ($M) | $54.0M | $38.9M | +38.8% | | G&A Expenses ($M) | $27.9M | $25.6M | +9.0% | - The increase in R&D expenses was primarily attributable to development costs for advancing late-stage COMP360 phase 3 clinical trials and increased R&D headcount[7] Financial Position As of June 30, 2024, the company's cash and cash equivalents increased to $228.6 million, with total assets at $278.5 million and liabilities at $52.3 million | Metric | June 30, 2024 ($M) | Dec 31, 2023 ($M) | | :--- | :--- | :--- | | Cash and cash equivalents | $228.6M | $220.2M | | Total Assets | $278.5M | $276.0M | | Long-term debt | $29.4M | $28.8M | | Total Liabilities | $52.3M | $50.2M | | Total Shareholders' Equity | $226.3M | $225.7M | Financial Guidance The company projects Q3 2024 net cash used in operations between $32 million and $38 million, with full-year 2024 guidance of $110 million to $130 million, sufficient to fund operations into 2026 - Q3 2024 net cash used in operating activities is projected to be in the range of $32 million to $38 million[8] - Full-year 2024 net cash used in operating activities is expected to be between $110 million and $130 million[8] - The cash position as of June 30, 2024, is expected to be sufficient to fund operating expenses and capital expenditure requirements into 2026[8]