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COMPASS Pathways(CMPS) - 2024 Q3 - Quarterly Results

Clinical Trials and Data - Top-line data for the COMP005 trial in the COMP360 phase 3 program for treatment-resistant depression is now expected in Q2 2025[1] - The company will announce COMP006 data after the 26-week time point, expected in the second half of 2026[3] Financial Performance - The net loss for Q3 2024 was $38.5 million, or $0.56 loss per share, compared to a net loss of $33.4 million, or $0.67 loss per share in Q3 2023[5] - Comprehensive loss for Q3 2024 was $38,163, compared to $34,127 in Q3 2023, indicating a 8.9% increase in comprehensive losses[19] - Net loss for Q3 2024 was $38,502, compared to a net loss of $33,389 in Q3 2023, reflecting a 6.3% increase in losses[19] - Net loss per share attributable to ordinary shareholders was $0.56 in Q3 2024, an improvement from $0.67 in Q3 2023[19] Research and Development Expenses - Research and development expenses for Q3 2024 were $32.9 million, up from $21.5 million in Q3 2023, primarily due to late-stage trial advancements[5] - Research and development expenses rose to $32,928 in Q3 2024, up 52.9% from $21,526 in Q3 2023[19] - The benefit from R&D tax credit was $4,084 in Q3 2024, up from $2,685 in Q3 2023, marking a 52.1% increase[19] Cash and Assets - Cash and cash equivalents stood at $207 million as of September 30, 2024, down from $220.2 million at the end of 2023[5] - The total assets decreased to $247.3 million as of September 30, 2024, from $276.0 million at the end of 2023[17] - Full-year 2024 net cash used in operating activities is expected to be between $114 million and $120 million[6] Workforce and Strategic Focus - A strategic reorganization will reduce the workforce by approximately 30% to focus on the COMP360 program[4] - The company is exploring potential externalization for its digital health tools as part of its strategic focus[4] Operating Expenses - Total operating expenses for Q3 2024 were $47,896, a 40.5% increase from $34,062 in Q3 2023[19] Other Income and Gains - The company reported a total other income of $9,567 in Q3 2024, significantly higher than $735 in Q3 2023[19] - Interest income for Q3 2024 was $1,977, compared to $1,015 in Q3 2023, reflecting a 95.0% increase[19] - Foreign exchange gains for Q3 2024 were $4,452, a significant recovery from a loss of $1,997 in Q3 2023[19] Shareholder Information - The weighted average ordinary shares outstanding increased to 68,395,343 in Q3 2024 from 49,633,104 in Q3 2023[19]