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Compass Gives Updates on Psilocybin Research in Earnings Release

COMPASS Pathways plc (Nasdaq: CMPS)  reported its financial results for the fourth quarter and full-year 2021 ending in December and gave an update on…

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COMPASS Pathways plc (Nasdaq: CMPS)  reported its financial results for the fourth quarter and full-year 2021 ending in December and gave an update on recent progress across its business. At this time, Compass doesn’t have any meaningful revenue. However, it has been devoting most of its resources to research & development (R&D) where expenses were $44.0 million for the year versus $23.4 million during the same period in 2020.

The increase was attributable to an increase of $16.1 million, $6.0 million, and $0.4 million respectively in development expenses, personnel expenses and other expenses, partially offset by a reduction of $1.8 million in non-cash share-based compensation, as COMPASS progresses its COMP360 psilocybin therapy in TRD, and continues to explore additional indications and therapeutic approaches. The company is in a comfortable position to continue its research with cash and cash equivalents were $273.2 million as of December 2021 compared with $190.3 million at the end of 2020.

The net loss for the year was $71.7 million, or $1.79 loss per share (after including non-cash share-based compensation expense of $8.6 million) versus $60.3 million or $3.55 loss per share, during the same period in 2020 (after including non-cash-share-based compensation expense of $18.0 million). The net loss for the fourth quarter was $25.7 million, or $0.61 loss per share (after including non-cash share-based compensation expense of $2.8 million), compared with $18.8 million, or $0.52 loss per share, during the same period in 2020 (after including non-cash share-based compensation expense of $1.4 million)

George Goldsmith, Chairman, CEO and Co-founder, COMPASS Pathways, said, “With our end-of-phase II meeting now scheduled with the FDA, we will be finalising our phase III programme design for an expected start in the second half of the year. Moving into phase III is another important step towards providing a much-needed therapeutic option for patients suffering with treatment-resistant depression and extends our leadership in this area of science with the most extensive evidence package to date. At the same time, we continue to broaden our pipeline through a phase II trial in PTSD, ongoing investigator-initiated studies, and development of new compounds through our Discovery Center and our partnership with Dr Matthias Grill of MiHKAL GmbH.”

COMP360 psilocybin therapy in treatment-resistant depression (TRD)

  • Positive results from groundbreaking phase IIb clinical trial; additional data shows patient improvements beyond reduction of depression symptoms, including in positive affect and quality of life
  • 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

The post Compass Gives Updates on Psilocybin Research in Earnings Release appeared first on Green Market Report.

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