Compass Pathways Reports Q2 Financial Results, R&D Expenses Keep Growing

COMPASS Pathways plc CMPS released financial results for the second quarter 2022 and gave an update on recent progress across its business.

Q2 2022 Financial Highlights

• Net loss for the three months ended 30 June 2022 was $21.0 million, or $0.50 loss per share, compared with $17.5 million or $0.44 loss per share, during the same period in 2021.

• Research and development expenses were $15.9 million for the three months ended 30 June 2022, compared with $11.4 million during the same period in 2021.

• General and administrative expenses were $11.3 million for the three months ended 30 June 2022 compared with $8.2 million during the same period in 2021.

• Cash and cash equivalents were $207.2 million as of 30 June 2022, compared with $273.2 million as of 31 December 2021.

George Goldsmith, executive chairman of COMPASS Pathways, stated, “Our decision to appoint Kabir Nath as our new CEO comes at the ideal time as we enter the late stages of COMP360 development and plan for regulatory approval and commercialization. Kabir’s dedication to our mission, extensive experience in leading the commercialization of innovative therapies and track record of successful strategic growth are precisely what COMPASS needs to advance our goal to bring COMP360 psilocybin therapy to the large number of patients who are not currently served by existing treatments. I look forward to working closely with him as chairman.”

Goldsmith continued, “Following our end of phase II meeting with FDA, we have submitted our phase 3 protocols and they are under review. We are pleased with the progress and remain on track to start our phase III clinical program this year. We also continue to expand our clinical development of COMP360 therapy with the commencement of a phase II study in anorexia nervosa, a condition of significant unmet need for which there are no FDA approved pharmacological treatment options.”

Photo: Benzinga; Sources: courtesy of anaterate, sergeitokmakov via Pixabay

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