COMPASS Pathways Shares Q3 2022 Financial Results, Business News & Term's Highlights

Psychedelics mental healthcare firm COMPASS Pathways CMPS reported its financial outcomes for the third quarter ended 30 September 2022 and gave an update on its most recent pipeline and business developments.

Numbers on 30 September 2022 show:

  • Cash and cash equivalents totaled $173.1 million compared to $273.2 million as of 31 December 2021.

  • Net loss for the 2022 three months period was $18.4 million -a $0.43 loss per share- compared to $15.8 million -or a $0.38 loss per share- during the same period ended 30 September 2021.

  • Net loss for the 2022 nine months period was $60.6 million -a $1.43 loss per share- compared to $46.1 million -or a $1.17 loss per share- during the same period ended 30 September 2021.

  • R&D expenses totaled $14.0 million for the 2022 three months period compared to $12.2 million during the same period ending 30 September 2021. 

  • R&D expenses reached $45.3 million for the 2022 nine months period compared to $30.4 million during the same period ended 30 September 2021.

COMPASS executive chairman George Goldsmith said that the recent announcement of its Phase 3 COMP360 program design for treatment-resistant depression constitutes another important step closer to the company’s goal of bringing COMP360 psilocybin therapy to “the large number of patients who are not currently served by existing therapies and urgently need new treatment options.” 

Goldsmith also expressed delight in the face of the COMP360 Phase 2b trial’s results published in the New England Journal of Medicine, which he believes reinforces “the rigor and scale of this study.”

CEO Kabir Nath added: “The COMP360 Phase 3 pivotal program in treatment-resistant depression is designed to generate the evidence required for regulatory approval and to ensure commercial success through integration into healthcare systems. We are on track to start the Phase 3 program this year and we are making steady progress toward establishing the full global footprint for this program, which includes actively initiating new sites and training therapists.” 

Nath explained that the company is further advancing the commercial and digital elements directly related to COMP360 program, while also continuing to expand the clinical development of its proprietary psilocybin therapy with ongoing Phase 2 trials in anorexia nervosa and PTSD.

Specifically, the Phase 2 trials in anorexia nervosa are currently unfolding in four research institutes in the UK and US, namely the University of California San Diego School of Medicine, Sheppard Pratt, King’s College London and Columbia University Medical Center; while the Phase 2 trial in PTSD is ongoing at Mt. Sinai Hospital in New York City and King’s College London.

Interestingly, COMPASS is co-sponsoring an investigator-led study in adults with autism spectrum disorder (ASD) which constitutes the first-ever mechanistic study of psilocybin in autistic adults, together with the Institute of Psychiatry, Psychology & Neuroscience at King’s College London and South London and Maudsley NHS Foundation Trust.

Photo courtesy of geralt, sergeitokmakov on Pixabay.

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Posted In: CannabisEarningsNewsPsychedelicsGuidanceSmall CapManagementMarketsFinancial ReportingGeorge GoldsmithKabir NathPsychedelics Therapy
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