COMPASS Pathways Posts Wider Net Loss In Q4, Gives Update On Psilocybin Research

COMPASS Pathways plc CMPS reported its financial results for the fourth quarter and full year 2021 and gave an update on recent progress across its business.

Q4 Financial Highlights

Net loss totaled $25.7 million, or $0.61 loss per share, compared with $18.8 million, or $0.52 loss per share, during the same period in 2020.

Research and development expenses were $13.6, compared with $4.5 million during the same period in 2020.

General and administrative expenses were $14.7 million, compared with $7.0 million during the same period in 2020.

2021 Financial Highlights

Net loss totaled 71.7 million, or $1.79 loss per share, compared with $60.3 million or $3.55 loss per share, during the same period in 2020.

Research and development expenses were $44 million compared with $23.4 million during the same period in 2020.

General and administrative expenses were $39.1 million, compared with $28 million during the same period in 2020.

Cash and cash equivalents were $273.2 million as of 31 December, compared with $190.3 million.

Business Highlights

COMP360 psilocybin therapy in treatment-resistant depression

• Positive results from groundbreaking phase IIb clinical trial with additional data showing patient improvements beyond reduction of depression symptoms.
• Positive results from open-label study of 25mg COMP360 psilocybin therapy as adjunct to SSRI antidepressants in TRD.
• End-of-phase II meeting scheduled with FDA for late April 2022.
• Phase III programme expected to begin in second half of 2022.

Additional COMP360 development programmes

• Phase II trial in post-traumatic stress disorder (PTSD) launched at King's College London.
• Positive results reported from two investigator-led clinical studies in major depressive disorder, one of which has been published in The New England Journal of Medicine.
• Additional investigator-initiated studies ongoing in multiple indications.

Pipeline development

• Development of new product candidates through exclusive research project with Dr Matthias Grill of MiHKAL GmbH, complementing work being done at COMPASS’s Discovery Center.

Commercial exclusivity and intellectual property

• 10 granted patents issued to date covering composition, formulation and method of use.
• Several additional patent filings completed.

Senior executive appointments

• New senior executives appointed, including Dr Guy Goodwin as chief medical officer, Mike Falvey as chief financial officer, and Matt Owens as general counsel and chief legal officer.

Photo: Courtesy of Karolina Grabowska from Pexels