Compass Pathways announces second quarter 2024 financial results and business highlights

Core Insights - Compass Pathways plc is advancing its phase 3 clinical program for COMP360 psilocybin treatment in treatment-resistant depression, with top-line data expected in Q4 2024 [3][12] - The company has appointed Gino Santini as Chairman and Lori Englebert as Chief Commercial Officer, enhancing its leadership team [2][5][7] - The financial position shows a cash balance of $228.6 million as of June 30, 2024, with a net loss of$38.1 million for Q2 2024 [8][9] Business Highlights - The COMP360 psilocybin treatment program is the largest randomized, controlled, double-blind psilocybin treatment clinical program ever conducted [3] - Positive results were reported from a phase 2 study on post-traumatic stress disorder (PTSD), indicating safety and tolerability with significant symptom improvement [4][12] Leadership Updates - Gino Santini will join as Chairman effective September 3, 2024, bringing extensive board leadership experience [5] - Lori Englebert has joined as Chief Commercial Officer, previously serving at Axsome Therapeutics [7] Financial Highlights - For Q2 2024, the net loss was $38.1 million, compared to$28.3 million in Q2 2023, with R&D expenses increasing to $29.1 million [8][18] - Cash and cash equivalents increased to$228.6 million from $220.2 million at the end of 2023 [8][9] - The company expects to use$32 million to $38 million in operating activities for Q3 2024, with a full-year estimate of$110 million to $130 million [9] Conference Call - A conference call is scheduled for August 1, 2024, at 8:00 am ET to discuss the financial results and business updates [10]