COMPASS Pathways plc (NASDAQ:CMPS) reported its financial results for the fourth quarter and full year 2021 and gave an update on recent progress across its business.
Q4 Financial Highlights
Net loss totaled $25.7 million, or $0.61 loss per share, compared with $18.8 million, or $0.52 loss per share, during the same period in 2020.
Research and development expenses were $13.6, compared with $4.5 million during the same period in 2020.
General and administrative expenses were $14.7 million, compared with $7.0 million during the same period in 2020.
2021 Financial Highlights
Net loss totaled 71.7 million, or $1.79 loss per share, compared with $60.3 million or $3.55 loss per share, during the same period in 2020.
Research and development expenses were $44 million compared with $23.4 million during the same period in 2020.
General and administrative expenses were $39.1 million, compared with $28 million during the same period in 2020.
Cash and cash equivalents were $273.2 million as of 31 December, compared with $190.3 million.
Business Highlights
COMP360 psilocybin therapy in treatment-resistant depression
- Positive results from groundbreaking phase IIb clinical trial with additional data showing patient improvements beyond reduction of depression symptoms.
- Positive results from open-label study of 25mg COMP360 psilocybin therapy as adjunct to SSRI antidepressants in TRD.
- End-of-phase II meeting scheduled with FDA for late April 2022.
- Phase III programme expected to begin in second half of 2022.
Additional COMP360 development programmes
- Phase II trial in post-traumatic stress disorder (PTSD) launched at King's College London.
- Positive results reported from two investigator-led clinical studies in major depressive disorder, one of which has been published in The New England Journal of Medicine.
- Additional investigator-initiated studies ongoing in multiple indications.
Pipeline development
- Development of new product candidates through exclusive research project with Dr Matthias Grill of MiHKAL GmbH, complementing work being done at COMPASS’s Discovery Center.
Commercial exclusivity and intellectual property
- 10 granted patents issued to date covering composition, formulation and method of use.
- Several additional patent filings completed.
Senior executive appointments
- New senior executives appointed, including Dr Guy Goodwin as chief medical officer, Mike Falvey as chief financial officer, and Matt Owens as general counsel and chief legal officer.
Photo: Courtesy of Karolina Grabowska from Pexels
