COMPASS Pathways Announces Second Quarter 2023 Financial Results and Business Highlights 

“This has been another quarter of steady, strong progress across the business, including the continued execution of our COMP360 phase 3 trials in treatment-resistant depression, important progress in laying the commercial groundwork for COMP360 with the recent acceptance by the American Medical Association of a CPT III code to describe the support services required during administration of psychedelic drugs, and the FDA’s recently issued guidance on psychedelic drug development that represents an important validation of our area of science. Further, the cash received from the draw down from our debt facility with Hercules and sales of equity through our ATM program lengthened our cash runway significantly and allows us to continue to invest in our COMP360 development programs at full speed.”

Kabir Nath, Chief Executive Officer

• Phase 3 program underway, composed of two pivotal trials with an integrated, long-term outcomes component
  • Pivotal trial 1 (COMP 005): single dose monotherapy, n=255, topline data expected summer 2024
  • Pivotal trial 2 (COMP 006): fixed repeat dose monotherapy, n=568, topline data expected mid-2025
  • Long-term follow up in each trial will generate data on duration of response and potential effect of retreatment
  • Both phase 3 trials ongoing and on track
• Current Procedural Terminology (CPT®) III code language for in-person support services during psychedelic therapy approved by the American Medical Association and aligns with expected COMP360 treatment support requirements.

• Phase 2 trials in anorexia nervosa and post-traumatic stress disorder (PTSD) ongoing
• Investigator-initiated study data in depression in cancer patients following single dose of COMP360 psilocybin presented at ASCO 2023
• Investigator-initiated study demonstrating the potential for COMP360 psilocybin treatment in female patients with anorexia nervosa published in Nature Medicine
• Opinion paper on the definition of “psychedelic-assisted psychotherapy” using psilocybin published in American Journal of Psychiatry
• Data from an open-label study that suggest that the use of selective serotonin reuptake inhibitor (SSRI) anti-depressants does not interfere with the potential therapeutic effect of COMP360 published in Neuropsychopharmacology

• Cash and cash equivalents were $148.2 million as of 30 June 2023, compared with $143.2 million as of 31 December 2022.
  • Runway lengthened through term loan facility and sales of shares under the At the Market (“ATM”) facility
• Long-term debt was $28.1 million as of 30 June 2023, compared with $0 million as of 31 December 2022.
• Received $26.9 million in net proceeds through our ATM facility in second quarter and entered into a term loan agreement with Hercules Capital, Inc. (NYSE: HTGC) in June 2023 for up to $50 million, with net proceeds after issuance costs of $28.8 million received in the second quarter. Total net cash provided by financing of $55.9 million in the second quarter.
• Net loss for the three months ended 30 June 2023 was $28.3 million, or $0.62 loss per share (including non-cash share-based compensation expense of $4.6 million), compared with $21.0 million, or $0.50 loss per share, during the same period in 2022 (including non-cash-share-based compensation expense of $3.2 million). 
• Net loss for the six months ended 30 June 2023 was $52.5 million, or $1.19 loss per share (including non-cash share-based compensation expense of $8.6 million), compared with $42.2 million, or $1.00 loss per share, during the same period in 2022 (including non-cash-share-based compensation expense of $6.3 million). 
• Research and development (R&D) expenses were $19.8 million for the three months ended 30 June 2023, compared with $15.9 million during the same period in 2022. Of this increase, $2.7 million related to an increase in external development expenses as we continue to investigate COMP360 psilocybin treatment in clinical and pre-clinical trials. A further $1.8 million and $0.4 million were attributable to personnel expenses and non-cash share-based compensation respectively, due to increased headcount.  Other expenses decreased by $1.0 million, which primarily related to a decrease in external consulting expenses. 
• R&D expenses were $38.9 million for the six months ended 30 June 2023, compared with $31.3 million during the same period in 2022. Of this increase, $4.1 million related to an increase in external development expenses as we continue to investigate COMP360 psilocybin treatment in clinical and pre-clinical trials. A further $3.0 million and $0.8 million were attributable to personnel expenses and non-cash share-based compensation respectively, due to increased headcount. Other expenses decreased by $0.3 million, which primarily related to a decrease in external consulting expenses. 
• General and administrative (G&A) expenses were $12.8 million for the three months ended 30 June 2023, compared with $11.3 million during the same period in 2022. The increase was attributable to an increase of $1.0 million and $0.5 million in non-cash share-based compensation and personnel expenses respectively, due to increased headcount. There was a further increase of less than $0.1 million in facilities and other expenses and a decrease of $0.1 million in legal and professional fees. 
• G&A expenses were $25.6 million for the six months ended 30 June 2023, compared with $21.4 million during the same period in 2022. The increase was attributable to an increase of $2.8 million and $1.5 million in personnel expenses and non-cash share-based compensation respectively, due to increased headcount. There was a further increase of $0.9 million in facilities and other expenses and a decrease of $1.0 million in legal and professional fees. 

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