COMPASS Pathways(CMPS) - 2025 Q1 - Quarterly Results

Overview and Business Highlights This section provides an overview of Compass Pathways' Q1 2025 performance, highlighting significant clinical advancements and financial stability Q1 2025 Highlights Compass Pathways reported significant progress in its pivotal phase 3 COMP360 program for treatment-resistant depression (TRD), with key 6-week data expected in late June 2025. The company ended the first quarter with a strong cash position of $260.1 million, bolstering its financial runway - CEO Kabir Nath emphasized the anticipation for the upcoming topline 6-week data from the pivotal phase 3 COMP360 program in treatment-resistant depression, expected in late June[2] Key Milestones and Financial Status | Metric | Status / Value | | :--- | :--- | | COMP005 Phase 3 (TRD) 6-week data | On track for late June | | COMP006 Phase 3 (TRD) 26-week data | Expected H2 2026 | | Cash Position (Mar 31, 2025) | $260.1 million | Clinical Program Updates The company is advancing its COMP360 psilocybin treatment programs for both Treatment-Resistant Depression (TRD) and Post-Traumatic Stress Disorder (PTSD). The TRD program is noted as the largest randomized, controlled, double-blind psilocybin clinical program to date, while the PTSD program is moving towards a late-stage trial design following positive phase 2 results COMP360 in Treatment-Resistant Depression (TRD) This section details the progress and key data expectations for the COMP360 pivotal phase 3 program in Treatment-Resistant Depression - The pivotal phase 3 program for COMP360 in TRD is the largest-to-date randomized, controlled, double-blind psilocybin treatment clinical program[5] - Key data readouts are scheduled, with top-line 6-week data from the COMP005 trial expected in late June and 26-week data from the COMP006 trial expected in the second half of 2026[5] - A recent 52-week observational follow-up study demonstrated a durable treatment response from a single 25mg administration of COMP360[5] COMP360 in Post-Traumatic Stress Disorder (PTSD) This section outlines the advancement of the COMP360 program for Post-Traumatic Stress Disorder, following promising phase 2 results - Following positive phase 2 results, the company is now designing a late-stage clinical trial program for COMP360 in PTSD[5] - A phase 2 open-label study (n=22) showed that a single administration of COMP360 was well-tolerated and resulted in rapid and durable improvement in PTSD symptoms[5] Financial Performance This section provides a comprehensive review of the company's financial results, position, and future guidance First Quarter 2025 Financial Results For Q1 2025, Compass Pathways reported a net loss of $17.9 million, a significant reduction from $35.2 million in Q1 2024. This improvement was primarily driven by a $19.5 million non-cash gain on the fair value of warrant liabilities. Operating expenses increased year-over-year, with R&D expenses rising to $30.9 million due to advancing phase 3 trials, and G&A expenses increasing to $18.7 million, partly due to costs from a recent financing Q1 2025 vs Q1 2024 Key Financials (in thousands) | Metric | Q1 2025 | Q1 2024 | Change Driver | | :--- | :--- | :--- | :--- | | Net Loss | $17,900 | $35,200 | $19,500 non-cash gain on warrant liabilities | | Net Loss Per Share (basic) | $0.20 | $0.55 | - | | R&D Expenses | $30,900 | $24,900 | Advancing Phase 3 trials | | G&A Expenses | $18,700 | $13,700 | 2025 Financing issuance costs | Financial Position and Cash Flow The company significantly strengthened its balance sheet, ending Q1 2025 with $260.1 million in cash and cash equivalents, a substantial increase from $165.1 million at the end of 2024. This was primarily due to raising an additional $140.4 million in net cash from financing activities during the quarter Cash Position Comparison (in thousands) | Date | Cash and Cash Equivalents | | :--- | :--- | | March 31, 2025 | $260,100 | | December 31, 2024 | $165,100 | - The company raised an additional $140.4 million in net cash during the first quarter of 2025[9] Financial Guidance Compass Pathways projects its full-year 2025 net cash used in operating activities to be between $120 million and $145 million. The company's cash position as of March 31, 2025, is expected to be sufficient to fund operations and capital expenditures at least through the second half of 2026, covering the period of the planned COMP006 study data readout - Full year 2025 net cash used in operating activities is projected to be in the range of $120 million to $145 million[6] - The current cash position is expected to provide a financial runway at least through the planned 26-week data readout from the COMP006 study in the second half of 2026[6] Consolidated Financial Statements This section presents the unaudited condensed consolidated financial statements, including the Balance Sheets as of March 31, 2025, and December 31, 2024, and the Statements of Operations for the three-month periods ending March 31, 2025, and 2024 Condensed Consolidated Balance Sheets This section provides a snapshot of the company's financial position through its condensed consolidated balance sheets Condensed Consolidated Balance Sheets (in thousands) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | ASSETS | | | | Cash and cash equivalents | $260,110 | $165,081 | | Total current assets | $305,468 | $201,291 | | Total assets | $319,135 | $213,666 | | LIABILITIES & EQUITY | | | | Total current liabilities | $29,999 | $34,016 | | Warrant liabilities | $71,857 | $0 | | Total liabilities | $123,668 | $58,971 | | Total shareholders' equity | $195,467 | $154,695 | Condensed Consolidated Statements of Operations This section details the company's financial performance over specific periods through its condensed consolidated statements of operations Condensed Consolidated Statements of Operations (in thousands) | | Three Months ended Mar 31, 2025 | Three Months ended Mar 31, 2024 | | :--- | :--- | :--- | | Research and development | $30,880 | $24,901 | | General and administrative | $18,736 | $13,672 | | Loss from operations | ($49,616) | ($38,573) | | Fair value change of warrant liabilities | $19,460 | $0 | | Net loss | ($17,864) | ($35,187) | | Net loss per share: basic | ($0.20) | ($0.55) |