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Jun 30, 2024
COMPASS Q2 2024 Earnings Report
Reported financial results for the second quarter 2024 and provided an update on recent business progress.
Key Takeaways
Compass Pathways reported a net loss of $38.1 million for the second quarter of 2024, with research and development expenses increasing to $29.1 million. The company's cash and cash equivalents totaled $228.6 million as of June 30, 2024.
Top-line COMP005 data for COMP360 phase 3 pivotal program in treatment-resistant depression expected in fourth quarter 2024.
Gino Santini to join Board of Directors as Chairman.
Lori Englebert named new Chief Commercial Officer.
Cash position of $228.6 million.
Forward Guidance
Third quarter 2024 net cash used in operating activities is expected to be in the range of $32 million to $38 million. The full-year 2024 net cash used in operating activities is expected to be in the range of $110 million to $130 million. The cash position at June 30, 2024, is expected to be sufficient to fund operating expenses and capital expenditure requirements into 2026.
Positive Outlook
- Cash position expected to fund operations into 2026.
- Advancing late-stage COMP360 phase 3 clinical trials.
- Positive results from phase 2 post-traumatic stress disorder study.
- Expanding experience across executive and leadership teams.
- R&D tax credit expected to be received this year.
Challenges Ahead
- Net cash used in operating activities expected to be between $32 million and $38 million for Q3 2024.
- Net cash used in operating activities expected to be between $110 million and $130 million for full-year 2024.
- Clinical development is lengthy and outcomes are uncertain.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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