COMPASS Pathways plc (Nasdaq: CMPS), reported its financial results for the Q2 ending June 30th, 2021, today, and gave an update on recent progress across its business.

Q2 Financial Highlights

(Unless otherwise stated, the results are in American dollars - to convert to other currencies go here - and compared to the previous quarter.)

• R&D Expenses: increased by 65.2% to $11.4M
• G&A Expenses: increased by 22.4% to $8.2M
• Net Profit (Loss): loss increased by 37.8% to $(17.5)M
• Net Loss/Share: increased by 25.7% to $(0.44)
• Cash/Equiv. on Hand: increased by 76.2% to $316.4M

Q2 Operational Highlights

• The company's Phase IIb clinical trial (the world’s largest psilocybin therapy trial, taking place in 22 sites across 10 countries) comparing 25mg and 10mg of COMP360 psilocybin with 1mg, given in conjunction with psychological support from specially trained therapists, is on track to report top-line data by end of 2021.
• Continuing investment in the expansion of the COMPASS portfolio, exploring new indications through investigator-initiated studies (IISs) and new compounds.
• Developing partnership to accelerate psychedelic research and develop new models of mental health care in the UK in areas of unmet need such as depression, post-traumatic stress disorder (PTSD) and anorexia nervosa.
• Strengthened team with new hires in all functions, with significant expansion in R&D and Digital.
• Granted 8 patents covering COMPASS’s novel crystalline polymorphic psilocybin, psilocybin formulations, methods of manufacturing psilocybin, and use of psilocybin for the treatment of psychiatric and neurological indications
  • Numerous additional patent applications are under review including three Patent Cooperation Treaty (PCT) applications.

Management Commentary

George Goldsmith, Chairman, CEO and Co-founder, COMPASS Pathways, said:

• “We have completed psilocybin therapy administration in our COMP360 phase IIb trial...and...are well-positioned for recruitment to phase III, pending results from the phase IIb study, which are expected later this year.
• ...We expect to see data this year from the investigator-initiated study of COMP360 psilocybin therapy in cancer patients, currently underway...and plan to begin new studies in other indications over the next few months.”

Stock Performance

As the chart below illustrates, Compass Pathways' stock increased +1.2% over the 3-month Q2 period of April, May, and June but is down -19.5% since the end of June and is now -58.9% YTD.