COMPASS Pathways (CMPS) investor relations material

Key regulatory and policy developments

• Recent executive order directed the FDA to accelerate psychedelic drug approvals, with priority vouchers issued to three companies, expediting regulatory timelines.

• Companies are preparing for earlier-than-expected approvals and are aligning with agencies for rolling submissions and reviews.

• Ongoing engagement with the FDA's Division of Psychiatry has been constructive, but coordination with the DEA remains inconsistent, impacting trial amendments and scheduling.

• The scheduling process for these drugs is established but may benefit from parallel FDA/DEA review to reduce delays.

• Companies are proactively gathering data to support rescheduling and regulatory arguments.

Clinical development and trial design

• Multiple companies are advancing late-stage trials, with several phase III readouts expected this year in depression and anxiety disorders.

• Rigorous, large-scale studies are being conducted to meet the same standards as other psychiatric drugs, with robust endpoints and commercial readiness.

• Functional unblinding is acknowledged but considered a manageable issue, with trial designs using central raters and blinding strategies.

• Efficacy bars are set by statistical significance and clinically meaningful effect sizes, with a 3-point delta on MADRS often cited as a minimum.

• Transition from phase II to phase III is challenging due to increased variance and site numbers, requiring careful trial design to maintain efficacy signals.

Commercialization and market differentiation

• Infrastructure for interventional psychiatry has expanded rapidly, with thousands of centers now able to deliver these treatments.

• Differentiation will depend on factors like duration of effect, patient experience, and ease of administration, with short-duration compounds seen as advantageous.

• There is expected to be room for multiple products, as patient heterogeneity and treatment needs vary widely.

• Commercial success will hinge on demonstrating superior outcomes, durability, and practical advantages over existing treatments.