Compass Pathways reported a second quarter net loss of $1.88 per share, significantly wider than the prior year, primarily due to a large non-cash fair value adjustment on warrant liabilities. As a clinical-stage company, it generated no revenue. The company confirmed its rolling New Drug Application (NDA) for COMP360 is on track for completion in the fourth quarter of 2026 and ended the period with a strong cash position of $433.3 million.
Key Highlights
- The second quarter net loss was $253.8 million, or $1.88 per share, which included a non-cash loss of $205.6 million related to the change in fair value of warrant liabilities.
- The company ended the quarter with $433.3 million in cash and cash equivalents, which management expects is sufficient to fund operations into 2028.
- Research and development expenses for the quarter were $29.2 million, a decrease from $30.3 million in the same period last year, as clinical trial costs for its Phase 3 program declined.
- General and administrative expenses increased to $23.2 million from $12.6 million year-over-year, driven by commercial preparedness activities for the potential launch of COMP360.