COMPASS Pathways Plc (NASDAQ:CMPS) reported first-quarter earnings on Wednesday before the market open. Here’s a rundown of the report.
- Compass shares are climbing with conviction. What’s behind CMPS gains?
CMPS Q1 Highlights
Compass reported a loss of 30 cents per share for the first quarter, beating the consensus estimate for a 34 cent-loss, according to Benzinga Pro.
Research and development expenses totaled $26.5 million in the quarter, down from $30.9 million in the prior-year period. The company said the decrease was primarily driven by lower development expenses related to its Phase 3 COMP360 psilocybin therapy program in treatment-resistant depression, as well as reduced discovery program expenses following the termination of certain programs tied to a 2024 reorganization.
Cash and cash equivalents totaled $466 million as of March 31, compared to $149.6 million at the end of 2025. Meanwhile, debt increased to $50.5 million from $31.6 million over the same period. Compass noted that successful financing and warrant exercises strengthened its cash position and extended its cash runway into 2028.
The FDA granted the company an NDA rolling submission and review request for COMP360 based on the strength of its Phase 3 data. The company also announced that CNPV was awarded for COMP360 in treatment-resistant depression.
Compass said 26-week Part B data from the COMP006 study is expected in early third quarter 2026, while the final NDA submission remains on track for the fourth quarter.
CEO Kabir Nath noted that the company is working toward completing the filing of a "robust clinical package" by the fourth quarter and securing approval for COMP360.
Compass Shares Rise
CMPS Price Action: At the time of writing, Compass shares are trading 12.59% higher at $10.55, according to data from Benzinga Pro.
This illustration was generated using artificial intelligence via Midjourney.
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