COMPASS Pathways plc

COMPASS Pathways plc (CMPS), a clinical-stage biotech focused on mental health treatments, reported a net loss of $287.9 million for FY 2025, up from $155.1 million in FY 2024, driven by a $122.6 million non-cash fair value loss on warrant liabilities from the January 2025 financing. Total operating expenses remained stable at $179.0 million, with R&D at $118.4 million (down slightly from $119.0 million) and G&A at $60.6 million (up from $59.2 million). No revenue was generated, consistent with pre-commercial status. Key drivers included Phase 3 TRD trial progress, PTSD Phase 2b/3 initiation, and commercial preparations. Cash and equivalents stood at $149.6 million as of Dec 31, 2025, with total cash, equivalents, and restricted cash at $220.6 million. Post-period, February 2026 offering and warrant exercises added ~$343.7 million net proceeds, extending runway into 2028. Forward-looking, NDA submission targeted Q4 2026 post-26-week COMP006 data in Q3 2026; success hinges on regulatory approvals, rescheduling, and commercialization amid high R&D burn ($157.2 million ops cash use).

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