COMPASS Pathways (CMPS) Q4 2025 earnings summary

Executive summary

• COMP360 achieved highly statistically significant and clinically meaningful results in treatment-resistant depression (TRD) across three large trials, including two positive Phase 3 studies, with a well-tolerated safety profile.

• NDA submission for COMP360 is expected to be completed in Q4 2026, with commercial launch readiness targeted by year-end 2026.

• Phase 2b/3 trial for COMP360 in PTSD is initiating after FDA acceptance of the IND application.

• $150 million financing and $200 million in warrant exercises extend cash runway into 2028.

Financial highlights

• Research and development expenses were $29.9 million for Q4 2025 (down from $32.1 million in Q4 2024) and $118.4 million for the year (broadly stable year-over-year).

• General and administrative expenses were $16.0 million for Q4 2025 and $60.6 million for the year, with the annual increase mainly due to legal and professional fees.

• Net loss for Q4 2025 was $93.9 million ($1.00 per share), up from $43.3 million in Q4 2024, primarily due to a $38.2 million non-cash loss on warrant liabilities.

• Net loss for the year was $287.9 million ($3.08 per share), compared to $155.1 million in 2024, driven by a $122.6 million non-cash loss on warrant liabilities.

• Cash and cash equivalents were $149.6 million as of December 31, 2025; debt was $31.6 million.

Outlook and guidance

• NDA submission for COMP360 in TRD is expected in Q4 2026, with commercial launch readiness by year-end 2026.

• Cash position as of March 24, 2026, is expected to fund operations into 2028.

• Phase 2b/3 trial in PTSD is commencing, expanding the clinical pipeline.