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Compass Names New CEO, On Track For Phase 3 Study

Psychedelic drug company Compass Pathways plc (Nasdaq: CMPS) reported its financial results for the second quarter 2022 and gave an update on recent progress…

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Psychedelic drug company Compass Pathways $CMPS reported its #earnings for the second quarter 2022 and gave an update on recent progress across its business. Compass delivered a net loss for the quarter of $21.0 million, or $0.50 loss per share (including non-cash share-based compensation expense of $3.2 million), compared with $17.5 million or $0.44 loss per share, during the same period in 2021 (including non-cash-share-based compensation expense of $1.9 million). The stock was trading higher in early trading rising by 3% to sell at roughly $16.65. George Goldsmith, Executive Chairman of COMPASS Pathways, said, “Our decision to appoint Kabir Nath as our new CEO comes at the ideal time as we enter the late stages of COMP360 development and plan for regulatory approval and commercialization. Kabir’s dedication to our mission, extensive experience in leading the commercialization of innovative therapies and track record of successful strategic growth are precisely what COMPASS needs to advance our goal to bring COMP360 psilocybin therapy to the large number of patients who are not currently served by existing treatments. I look forward to working closely with him as Chairman.” Compass reported that its research and development (R&D) expenses were $15.9 million for the quarter versus $11.4 million during the same period in 2021. The company said, “Of this increase, $0.2 million relates to an increase in external development expenses as we continue to investigate COMP360 psilocybin therapy in clinical and pre-clinical trials. A further $1.6 million and $0.9 million were attributable to personnel expenses and non-cash share-based compensation respectively, due to increased headcount. In addition, other expenses increased $1.9 million, which primarily related to an increase in external consulting expenses.” Goldsmith continued, “Following our end of phase II meeting with FDA, we have submitted our Phase 3 protocols and they are under review. We are pleased with the progress and remain on track to start our phase III clinical program this year. We also continue to expand our clinical development of COMP360 therapy with the commencement of a phase II study in anorexia nervosa, a condition of significant unmet need for which there are no FDA approved pharmacological treatment options.” Cash and cash equivalents were $207.2 million as of 30 June 2022, compared with $273.2 million as of 31 December 2021. The post Compass Names New CEO, On Track For Phase 3 Study appeared first on Green Market Report.

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