Compass Pathways Announces First Quarter 2024 Financial Results and Business Highlights
LONDON May 08 2024 GLOBE NEWSWIRE -- Compass Pathways plc (Nasdaq: CMPS) ("Compass" or "the Company"), a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health, today announced its financial results for the first quarter ended March 31, 2024, and provided a business update.
Financial Highlights
Cash position of £228.6 million as of March 31, 2024 Net loss for the first quarter of 2024 was £36.6 million, compared to a net loss of £25.1 million for the first quarter of 2023
Business Highlights
Compass announced positive top-line results from the Phase 2b COMP360 study of COMP360 psilocybin therapy for treatment-resistant depression (TRD) in March 2024. The study met its primary endpoint, demonstrating a statistically significant and clinically meaningful reduction in depressive symptoms compared to placebo at Week 6. Compass also announced plans to initiate a Phase 3 registration study of COMP360 for TRD in the second half of 2024.
In April 2024, Compass announced the closing of a £43.9 million equity financing to support the global development and commercialization of COMP360. The financing will provide Compass with additional resources to advance its clinical development programs, expand its manufacturing capabilities, and prepare for the commercial launch of COMP360.
"We are making significant progress in our mission to bring transformative mental health treatments to patients," said George Goldsmith, Chief Executive Officer of Compass Pathways. "The positive results from our Phase 2b COMP360 study and the closing of our recent equity financing are important milestones that strengthen our position as a leader in the development of psilocybin therapy. We look forward to continuing our clinical development program and preparing for the commercial launch of COMP360."
Conference Call
Compass will host a conference call to discuss its first quarter 2024 financial results and business highlights on August 1, 2024, at 8:00 a.m. ET (1:00 p.m. UK). To participate in the live conference call, please dial +1 (877) 407-0789 (domestic) or +1 (201) 389-0879 (international) and use conference ID 13732882. A live webcast of the conference call will also be available on the Company's website at www.compasspathways.com.
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