Compass Pathways plc reported its third‑quarter 2025 financial results, posting a net loss of $137.7 million, or $1.44 per share, compared with a $38.5 million loss ($0.56 per share) in the same quarter of 2024. The widened loss was largely driven by a $101.3 million non‑cash fair‑value adjustment of warrant liabilities.
Cash on hand at September 30, 2025 was $185.9 million, up from $165.1 million at the end of 2024. Management reiterated guidance that net cash used in operating activities for 2025 will be between $120 million and $145 million, and that the cash position is sufficient to fund operations and capital expenditures through 2027.
Compass Pathways accelerated the expected launch of its psilocybin‑based depression therapy, COMP360, by 9 to 12 months. The acceleration follows completion of enrollment in the COMP006 trial and a positive meeting with the U.S. Food and Drug Administration regarding NDA submission strategies. The company will disclose 9‑week data from COMP006 and 26‑week data from COMP005 in the first quarter of 2026, with full 26‑week data from COMP006 expected in early Q3 2026.
The company reported no revenue for the quarter, reflecting its focus on research and development. Consensus earnings‑per‑share estimates were $‑0.41, so the reported loss per share of $1.44 was below expectations. Management emphasized that the accelerated launch timeline is driven by encouraging clinical data and regulatory engagement.
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