Compass Pathways Touts 'Significant Quarter' With $147M IPO

Mental-health company Compass Pathways plc CMPS, known for its workings on the creation of the innovative psilocybin therapy, disclosed Thursday its third-quarter financial results.

Its net loss for the quarter was $16.7 million or $1.30 loss per share, which compares with a net loss of $5.7 million (73 cents per share) in the corresponding period of 2019.

It also reported quarterly net expense of $3.1 million, versus a net income of $600,000 in the same period of the prior year.

Compass shared some important business milestones reached during or after the quarter ended such as finalizing its initial public offering (IPO) on NASDAQ. The company raised $146.6 million in gross proceeds. Others include:

•  Moving forward with the phase IIb clinical trial of its proprietary formulation of synthetic psilocybin, COMP360, for treatment-resistant depression. Launching a new trial site in Berlin, Germany, in that manner reaching 21 sites over 10 countries with this trial;
• Signing a sponsored research agreement with the University of the Sciences in Philadelphia to establish a Drug Discovery Center;
• Making changes to the leadership team, by bringing Linda McGoldrick as non-Executive Director, Stephen Schultz as Senior Vice President, Investor Relations, Greg Ryslik as Senior Vice President, Data Science, Machine Learning and Digital Health Research;
• Joining the Psychiatry Consortium;
• Being granted their second UK patent.

“This has been a significant quarter, with an IPO that gives us the funds needed to advance our mission and transform mental health care,” Compass chair and CEO George Goldsmith said. “Recent hires for the company build further important expertise within our strong leadership team, including in data science and digital health, which will be core to the future of mental health care. We remain fully focused on execution of our phase IIb trial investigating our COMP360 psilocybin therapy for treatment-resistant depression and, with scientific partners in our recently established Drug Discovery Center, are also evaluating the potential of early stage compounds to address mental health challenges.”

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