COMPASS Pathways plc (Nasdaq: CMPS), a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health, today reported its financial results for the third quarter 2022 and gave an update on recent progress across its business.
“With the announcement of our pivotal Phase 3 COMP360 program design for treatment-resistant depression, we are another important step closer to our goal of bringing COMP360 psilocybin therapy to the large number of patients who are not currently served by existing therapies and urgently need new treatment options. We are also thrilled with the publication of the COMP360 Phase 2b trial in The New England Journal of Medicine, the world’s leading peer-reviewed medical publication, reinforcing the rigour and scale of this study.”George Goldsmith, Executive Chairman of COMPASS Pathways
Kabir Nath, Chief Executive Officer, added, “The COMP360 Phase 3 pivotal program in treatment-resistant depression is designed to generate the evidence required for regulatory approval and to ensure commercial success through integration into healthcare systems. We are on track to start the Phase 3 program this year and we are making steady progress toward establishing the full global footprint for this program, which includes actively initiating new sites and training therapists. We are also advancing the other important elements of our business that are tied to the COMP360 program, namely commercial and digital, which we featured in our recent Capital Markets Day presentation. Beyond this Phase 3 program, we continue to expand our clinical development of COMP360 psilocybin therapy with ongoing Phase 2 trials in anorexia nervosa and PTSD.”
COMP360 psilocybin therapy in treatment-resistant depression (TRD):
- Phase 3 program on track to commence in 2022
- Program composed of two pivotal trials and one long-term outcomes study
- Pivotal trial 1 (COMP 005): single dose monotherapy, n=378
- Top line data expected end 2024
- Pivotal trial 2 (COMP 006): fixed repeat dose monotherapy, n=568
- Top line data expected mid 2025
- Goal is to provide the evidence needed for FDA approval and payor reimbursement
- Several clinical sites have been initiated
- Phase 2b trial published in The New England Journal of Medicine
- Phase 2b long-term follow up study complete
- Results supportive of Phase 3 program design
Additional COMP360 development activities:
- Phase 2 trials in anorexia nervosa ongoing across four world-leading research institutes in the UK and US (University of California San Diego School of Medicine, Sheppard Pratt, King’s College London and Columbia University Medical Center)
- Phase 2 trial in post-traumatic stress disorder (PTSD) ongoing at Mt. Sinai Hospital in New York City and King’s College London
- Investigator-led study in adults with autism spectrum disorder (ASD) launched, the first ever mechanistic study of psilocybin in autistic adults, co-sponsored by Institute of Psychiatry, Psychology & Neuroscience (IoPPN) at King’s College London and South London and Maudsley NHS Foundation Trust
- 10 granted patents issued to date covering composition, formulation and method of use
- Investigator-initiated studies underway across numerous additional indications
- Net loss for the three months ended 30 September 2022 was $18.4 million, or $0.43 loss per share (including non-cash share-based compensation expense of $3.5 million), compared with $15.8 million or $0.38 loss per share, during the same period in 2021 (including non-cash-share-based compensation expense of $2.3 million).
- Net loss for the nine months ended 30 September 2022 was $60.6 million, or $1.43 loss per share (including non-cash share-based compensation expense of $9.8 million), compared with $46.1 million or $1.17 loss per share, during the same period in 2021 (including non-cash-share-based compensation expense of $5.9 million).
- Research and development (R&D) expenses were $14.0 million for the three months ended 30 September 2022, compared with $12.2 million during the same period in 2021. Of this increase, $1.1 million was attributable to an increase in other expenses, which primarily related to an increase in external consulting expenses. A further $0.8 million and $0.6 million were attributable to personnel expenses and non-cash share-based compensation respectively, due to increased headcount. External development expenses decreased by $0.8 million overall, primarily attributable to decreased clinical trial expenses which are expected to increase substantially in the near future as the Phase 3 program initiates.
- R&D expenses were $45.3 million for the nine months ended 30 September 2022, compared with $30.4 million during the same period in 2021. Of this increase, $5.1 million relates to an increase in personnel expenses, due to increased headcount. $4.5 million relates to an increase in external development expenses as the Company continues to investigate COMP360 psilocybin therapy in clinical and pre-clinical trials. A further $2.7 million was attributable to increased other expenses primarily related to an increase in external consulting expenses. In addition, non-cash share-based compensation increased by $2.5 million, due to increased headcount.
- General and administrative (G&A) expenses were $11.6 million for the three months ended 30 September 2022 compared with $9.6 million during the same period in 2021. The increase was attributable to an increase of $0.6 million in legal and professional fees. A further increase of $0.6 million and $0.4 million was attributable to non-cash share-based compensation and personnel expenses respectively, due to increased headcount. There was an additional increase of $0.4 million in facilities and other expenses.
- G&A expenses were $33.0 million for the nine months ended 30 September 2022 compared with $24.5 million during the same period in 2021. The increase was attributable to an increase of $3.7 million in legal and professional fees. A further $2.1 million and $1.4 million were attributable to personnel expenses and non-cash share-based compensation respectively, due to increased headcount. There was an additional increase of $1.2 million in facilities and other expenses.
- Cash and cash equivalents were $173.1 million as of 30 September 2022, compared with $273.2 million as of 31 December 2021.
The COMPASS Pathways management team will host a conference call at 8.00am ET (12.00pm UK) on 3 November 2022.
Please register in advance her
to access the call and obtain a local or toll-free phone number and personal pin.
A live webcast of the call will be available on COMPASS Pathway’s website at: Third Quarter 2022 Financial Results.
The webcast will also be available on the Investors section of the COMPASS Pathways website. The webcast will be archived for 30 days.
The call will also be webcast on the COMPASS Pathways website and archived for 30 days. For more information, please visit the COMPASS Pathways website (ir.compasspathways.com).
About COMPASS Pathways
COMPASS Pathways plc is a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health. Our focus is on improving the lives of those who are suffering with mental health challenges and who are not helped by current treatments. We are pioneering the development of a new model of psilocybin therapy, in which our proprietary formulation of synthetic psilocybin, COMP360, is administered in conjunction with psychological support. COMP360 has been designated a Breakthrough Therapy by the US Food and Drug Administration (FDA) and has received Innovative Licensing and Access Pathway (ILAP) designation in the UK, for treatment-resistant depression (TRD). We have completed a phase 2b clinical trial of psilocybin therapy for TRD, in 22 sites across Europe and North America and we are preparing to commence a phase 3 program by the end of 2022. This phase 2b trial was the largest randomised, controlled, double-blind psilocybin therapy clinical trial ever conducted, and our topline data showed a statistically significant (p<0.001) and clinically relevant improvement in depressive symptom severity after three weeks for patients who received a single high dose of COMP360 psilocybin with psychological support. We are also running phase 2 clinical trials of COMP360 psilocybin therapy for post-traumatic stress disorder (PTSD) and anorexia nervosa. COMPASS is headquartered in London, UK, with offices in New York and San Francisco in the US. Our vision is a world of mental wellbeing.