COMPASS Pathfinder Ltd.

COMPASS Pathways plc announces financial results and business highlights for the first quarter 2021

COMPASS Pathways plc announces financial results and business highlights for the first quarter 2021
  • New England Journal of Medicine publishes exploratory study showing signals of positive activity in COMP360 psilocybin compared with escitalopram for major depressive disorder

  • Two further US patents granted

  • Equity financing raises gross proceeds of $144 million

  • Phase IIb clinical trial of COMP360 psilocybin therapy for treatment-resistant depression (TRD) on track to report data by end of 2021

  • Wayne J Riley MD joins Board of Directors and Anne Benedict is appointed Chief People Officer

  • Conference call today at 1:00pm UK (8:00am ET)

LONDON, May 13, 2021 (GLOBE NEWSWIRE) -- COMPASS Pathways plc (Nasdaq: CMPS) (“COMPASS”), a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health, today reported its financial results for the first quarter 2021 and gave an update on recent progress across its business.

George Goldsmith, Chairman, CEO and Co-founder, COMPASS Pathways, said, “Our recent financing gives us additional resources to work even faster and to expand our efforts, grow our team, and focus on developing new indications, new compounds and new technologies, building on our leadership position in psilocybin therapy and mental health care. Far too many people are suffering with mental health challenges today. We are focused on developing evidence-based therapies that can make a difference and be accessible to as many patients as possible who might benefit. The COMP360 data published in the New England Journal of Medicine showed promising signals in a small investigator-initiated study. We are approaching the completion of our phase IIb trial of COMP360 psilocybin therapy for treatment-resistant depression, and on track to report data by the end of the year.”

Business highlights

Financial highlights

Conference call

COMPASS Pathways’ management team will host a conference call at 1.00pm UK (8.00am ET) on 13 May 2021. The call can be accessed by dialling (833) 665-0659 from the United States, +1 (914) 987-7313 internationally, and 0800 028 8438 from the UK, followed by the conference ID: 4498819.

The call will also be webcast on the investors section of the COMPASS Pathways website ( and archived for 30 days.

About COMPASS Pathways

COMPASS Pathways plc (Nasdaq: CMPS) is a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health. Our focus is on improving the lives of those who are suffering with mental health challenges and who are not helped by current treatments. We are pioneering the development of a new model of psilocybin therapy, in which our proprietary formulation of synthetic psilocybin, COMP360, is administered in conjunction with psychological support. COMP360 has been designated a Breakthrough Therapy by the US Food and Drug Administration (FDA), for treatment-resistant depression (TRD), and we are currently conducting a phase IIb clinical trial of psilocybin therapy for TRD, in 22 sites across Europe and North America. We are headquartered in London, UK, with offices in New York, US. Our vision is a world of mental wellbeing.      

Availability of other information about COMPASS Pathways

Investors and others should note that we communicate with our investors and the public using our website (, our investor relations website (, and on social media (LinkedIn), including but not limited to investor presentations and investor fact sheets, US Securities and Exchange Commission filings, press releases, public conference calls and webcasts. The information that we post on these channels and websites could be deemed to be material information. As a result, we encourage investors, the media, and others interested in us to review the information that is posted on these channels, including the investor relations website, on a regular basis. This list of channels may be updated from time to time on our investor relations website and may include additional social media channels. The contents of our website or these channels, or any other website that may be accessed from our website or these channels, shall not be deemed incorporated by reference in any filing under the Securities Act of 1933.        

Forward-looking statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. In some cases, forward-looking statements can be identified by terminology such as “may”, “might”, “will”, “could”, “would”, “should”, “expect”, “intend”, “plan”, “objective”, “anticipate”, “believe”, “contemplate”, “estimate”, “predict”, “potential”, “continue” and “ongoing,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements include express or implied statements relating to, among other things, COMPASS’s business strategy and goals, COMPASS’s expectations regarding its ongoing preclinical work and clinical trials, including the timing of the release of clinical data, COMPASS’s plans to expand the potential indications it may address and to develop new potential compounds or technologies, and COMPASS’s ability to hire, retain and develop personnel. The forward-looking statements in this press release are neither promises nor guarantees, and you should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, many of which are beyond COMPASS’s control and which could cause actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by these forward-looking statements.

These risks, uncertainties, and other factors include, among others: preclinical and clinical development is lengthy and uncertain, and therefore our preclinical studies and clinical trials may be delayed or terminated, or may never advance to or in the clinic; and those risks and uncertainties described under the heading “Risk Factors” in COMPASS’s annual report on Form 20-F filed with the US Securities and Exchange Commission (SEC) on 9 March 2021 and in subsequent filings made by COMPASS with the SEC, which are available on the SEC’s website at Except as required by law, COMPASS disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this press release in the event of new information, future developments or otherwise. These forward-looking statements are based on COMPASS’s current expectations and speak only as of the date hereof.


Media: Tracy Cheung, [email protected], +44 7966 309024
Investors: Stephen Schultz, [email protected], +1 401 290 7423

Consolidated Balance Sheets
(in thousands, except share and per share amounts)
(expressed in US Dollars, unless otherwise stated

  March 31,   December 31,
  2021   2020
Cash         $ 179,520      $ 190,327   
Restricted cash         29      29   
Prepaid expenses and other current assets         15,501      12,048   
Total current assets         195,050      202,404   
Investment         534      529   
Property and equipment, net         282      245   
Deferred tax assets         221      221   
Other assets         50      57   
Total assets $ 196,137      $ 203,456   
Accounts payable $ 5,293      $ 2,747   
Accrued expenses and other liabilities 2,346      4,148   
Total current liabilities 7,639      6,895   
Total liabilities 7,639      6,895   
Commitments and contingencies (Note 12)      
Ordinary shares, £0.008 par value; 36,743,886 and 35,930,331 shares authorized, issued and outstanding at  March 31, 2021 and December 31, 2020, respectively         376      367   
Deferred shares, £21,921.504 par value; one share authorized, issued and outstanding at March 31, 2021 and December 31, 2020 28      28   
Additional paid-in capital         282,135      279,480   
Accumulated other comprehensive income         16,573      14,585   
Accumulated deficit         (110,614)     (97,899)  
Total shareholders’ equity         188,498      196,561   
Total liabilities, convertible preferred shares and shareholders' equity         196,137      203,456   

Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except share and per share amounts)

  Three Months Ended March 31,
  2021   2020
OPERATING EXPENSES:                           
Research and development         $ 6,884      $ 5,223   
General and administrative         6,718      3,482   
Total operating expenses         13,602      8,705   
LOSS FROM OPERATIONS:         (13,602)     (8,705)  
Other income             15   
Foreign exchange (losses) gains         (643)     78   
Fair value change of convertible notes         —      (616)  
Fair value change of convertible notes - due to a related party         —      (432)  
Benefit from R&D tax credit         1,557      1,075   
Total other income (expense), net         915      120   
Loss before income taxes         (12,687)     (8,585)  
Income tax expense         (28)     —   
Net loss         (12,715)     (8,585)  
Other comprehensive income (loss):      
Foreign exchange translation adjustment         1,988   (348)  
Comprehensive loss         $ (10,727)     $ (8,933)  
Net loss per share attributable to ordinary shareholders—basic and diluted         $ (0.35)     $ (0.93)  
Weighted average ordinary shares outstanding—basic and diluted         36,569,290      9,190,556