Compass Pathways Reports Q1 Financial Results, With Increased R&D Expenses Compared To 2021

Compass Pathways (NASDAQ: CMPS) announced its financial results for the first quarter of 2022, which ended March 31.

Q1 Results

For the first three months of the year, net loss was $21.2 million, or $0.50 loss per share. For comparison, net loss in the same period of 2021 was $12.7 million or $0.35 loss per share. 

Research and development expenses were $15.4 million, compared with $6.9 million during the same period in 2021. $5.1 million of this increase was attributable to increased external development expenses for the COMP360 psilocybin therapy in TRD. A further $2.6 million was attributable to personnel expenses, while $1.0 million was directed to non-cash, share-based compensation due to increased headcount. According to the company, this was partially offset by a decrease of $0.2 million in other expenses.

General and administrative expenses were $10.1 million, compared with $6.7 million during the same period in 2021. Regarding R&D, Compass stated that the increase is also attributable to an increase of $1 million and $0.5 million in personnel expenses and non-cash share-based compensation respectively. There was a further increase of $1.4 million in legal and professional fees and $0.4 million in facilities and other expenditures.

Company highlights

The company partnered with California-based non-profit organization One Mind to sponsor three “2022 One Mind - COMPASS Rising Stars Awards.”

On May 9, Compass announced that it intends to undertake a study, named Psilaut, to evaluate psilocybin’s effects on autistic adults. The study will be co-sponsored by the Institute of Psychiatry, Psychology & Neuroscience at King’s College London and the South London and Maudsley NHS Foundation Trust.

Also with those two organizations, Compass launched the Centre for Mental Health Research and Innovation earlier this year with the goal of researching emerging psychedelic therapies.

Photo: Courtesy of micheile on Unsplash.