COMPASS Pathways Shares Q4 & Year-End 2022 Financials, Advances Phase 3 Psilocybin Trials

Mental healthcare biotech COMPASS Pathways CMPS reported its financial results for the fourth quarter and year-end 2022 and provided an update on recent pipeline and business progress.

Numbers show:

• Cash and cash equivalents of $143.2 million as of Dec. 31, 2022, compared to $273.2 million on Dec. 31, 2021.

• Yearly net loss of $91.5 million (or $2.16 loss per share) compared to $71.7 million (or $1.79 loss per share) in 2021.

• Net loss for the three months ended Dec. 31, 2022 was $30.9 million (or $0.73 loss per share) compared to $25.7 million (or $0.61 loss per share) in the same period in 2021.

• Yearly R&D expenses were $65.1 million compared to $44.0 million in 2021. 

• R&D expenses for the three months ended Dec. 31, 2022 were $19.8 million compared to $13.6 million in the same period in 2021. 

• Yearly General and Administrative (G&A) expenses totaled $45.4 million compared to $39.2 million in 2021.

• G&A expenses for the three months ended Dec. 31, 2022 were $12.4 million compared to $14.7 million in the same period in 2021. 

The company expects 2023’s first quarter net cash for operating activities will be between $24 million and $32 million, and the full-year 2023 to be in the range of $85 million to $110 million.

Pipeline & Business Updates

The company’s most notable advancement is COMP360 psilocybin therapy in Treatment-Resistant Depression (TRD), which is now undergoing its Phase 3 program stage, composed of two pivotal and concurrent trials. 

In view of the positive results obtained in its completed Phase 2b study on TRD, COMPASS is advancing its proprietary psilocybin treatment further on towards Phase 2 trials for anorexia nervosa and PTSD plus additional, investigator-initiated studies on indications such as bipolar disorder type II, anorexia nervosa, and Major Depressive Disorder (MDD) in adults.

“During this past quarter, we commenced our COMP360 phase 3 pivotal program in treatment-resistant depression, a significant milestone for our area of science as these are the first ever phase 3 trials of psilocybin," said CEO Kabir Nath. "We have also announced important updates to this program that accelerate the placebo-controlled trial pivotal data read out and streamline the long-term follow up as an integrated component of the pivotal trials. We are confident that this phase 3 program should generate the evidence to support a regulatory filing and to support broad patient access through integration into healthcare systems.”

Photo: Benzinga edit with photo by Thapana_Studio and ANCH on Shutterstock.