Key Highlights

  • Operating expenses were USD 56.4 million versus 40.5 million, with R&D at USD 23.5 million, SG&A at USD 33.0 million.
  • Net loss was USD 9.8 million versus 137.7 million, including a USD 40.8 million Fair Value gain on Warrant liabilities.
  • Basic loss per share was USD 0.07 versus USD 1.44, and diluted loss per share was USD 0.31.
  • Cash and cash equivalents were USD 444.0 million at September 30, 2026, compared with 149.6 million at December 31, 2025.

Financial Results

Compass Pathways plc (NASDAQ:CMPS), a clinical-stage biotechnology company developing COMP360 psilocybin treatment for treatment-resistant depression, or TRD, and post-traumatic stress disorder, or PTSD, filed its Quarterly Report for the period ended September 30, 2026. The company has not generated Revenue to date.

Research and development expense was USD 23,458 thousand versus USD 27,325 thousand, and selling, general and administrative expense was USD 32,979 thousand versus USD 13,211 thousand. Total operating expenses were USD 56,437 thousand versus USD 40,536 thousand, and the loss from operations was the same amount in the current quarter.

Other income, net, was USD 45,500 thousand, compared with other expense, net, of USD 97,411 thousand a year earlier. The fair value change of warrant liabilities was a gain of USD 40,782 thousand versus a loss of USD 101,318 thousand. The benefit from R&D tax Credit was USD 2,048 thousand versus USD 3,924 thousand.

The loss before income taxes was USD 10,937 thousand versus USD 137,947 thousand, and the net loss was USD 9,831 thousand versus USD 137,717 thousand. Basic net loss per share was USD 0.07 versus USD 1.44, and diluted net loss per share was USD 0.31 on 162,568,025 diluted weighted average shares.

Analyst estimates were EPS of negative USD 0.36 against reported EPS of negative USD 0.31.

Cash and Funding

Cash and cash equivalents were USD 443,979 thousand at September 30, 2026, compared with USD 149,608 thousand at December 31, 2025. The company funded operations through share and ADS sales and the Hercules Loan agreement. Under the at-the-market program, the company sold 1,903,373 ADSs through September 30, 2026 for net proceeds of USD 25.6 million. The Hercules loan agreement provides for up to USD 50.0 million of borrowings, of which USD 30.0 million was funded, and a third amendment on January 5, 2026 provides for five tranches of term loans of up to USD 150.0 million, including a USD 50.0 million term loan funded on that date.

Regulatory and Commercial Update

Chief Executive Officer Kabir Nath said the company expects to complete its rolling NDA submission within two weeks. He said the filing includes two Phase 3 studies and a Phase 2b study that together enrolled more than 1,000 patients, and that the company holds a National Priority Voucher, which sets a one-to-two-month review target for the FDA.

Mr. Nath said the company's priority is the 2027 launch of COMP360 in TRD and that its late-stage PTSD trial, designed to be registrational, is actively enrolling.

The Chief Commercial Officer said all planned non-field-based commercial roles are filled and hiring has shifted to the field force, and that the payer access team is engaging with regional, national and state-level plans. Mr. Nath said the company expects its cash of USD 444 million to cover the period through the launch and into 2028.

Items to Follow

Investors can follow the completion of the rolling NDA submission, the FDA review under the National Priority Voucher, and the enrollment progress of the PTSD trial.

Other items include selling, general and administrative expense, which was USD 32,979 thousand versus USD 13,211 thousand, the Hercules term loan tranches, and fair value changes in warrant liabilities, which moved from a loss to a gain between the two quarters.