COMPASS Pathways(CMPS) - 2024 Q1 - Quarterly Results

Financial Position - Cash position of $262.9 million as of March 31, 2024, compared to $220.2 million as of December 31, 2023, representing a 19% increase[10] - Long-term debt increased slightly to $29.1 million as of March 31, 2024, from $28.8 million as of December 31, 2023[10] - Total assets as of March 31, 2024, were $308.993 million, up from $275.987 million as of December 31, 2023[15] - Compass raised an additional $63.5 million in net cash during Q1 2024 through an ATM facility and warrant exercises[10] - The cash position as of March 31, 2024, is expected to be sufficient to fund operating expenses and capital expenditures into 2026[31] Operating Performance - Net loss for Q1 2024 was $35.2 million, or $0.55 loss per share, compared to a net loss of $24.2 million, or $0.57 loss per share in Q1 2023[4] - Total operating expenses for Q1 2024 were $38.6 million, up from $31.8 million in Q1 2023, reflecting a 21% increase[16] - Research and development expenses increased to $24.9 million in Q1 2024 from $19.0 million in Q1 2023, a rise of 31%[16] - Research and development expenses for Q1 2024 were $24.9 million, up from $19.0 million in Q1 2023, reflecting increased development activities[31] - The expected net cash used in operating activities for Q2 2024 is projected to be between $32 million and $38 million[31] - Full-year 2024 net cash used in operating activities is anticipated to be in the range of $110 million to $130 million, contingent on receiving the 2023 R&D tax credit in Q4 2024[31] Clinical Development - The COMP360 phase 3 pivotal program in treatment-resistant depression (TRD) is on track for top-line data from the first trial expected in Q4 2024[23] - Positive phase 2 data for COMP360 in post-traumatic stress disorder (PTSD) showed a 29.9 point reduction in CAPS-5 scores at week 4[24] - COMP360 has been designated as a Breakthrough Therapy by the FDA and received ILAP designation in the UK for treatment-resistant depression[27] - The company has initiated a phase 3 clinical program for COMP360 psilocybin treatment in treatment-resistant depression, marking the largest randomized, controlled, double-blind psilocybin treatment clinical program ever conducted[27] - A phase 2b study previously showed a statistically significant improvement in depressive symptom severity (p<0.001) after three weeks for patients receiving a single dose of COMP360[27] Strategic Initiatives - Compass is exploring additional commercial collaborations to develop delivery models for COMP360 psilocybin treatment[25] - The company is focused on establishing research facilities and innovation labs, which involves significant costs and resources[29] - There are risks associated with research collaborations and obtaining coverage and reimbursement for the investigational COMP360 treatment[29] - The company encourages stakeholders to review material information posted on its investor relations website and other communication channels regularly[28]