The company expects top-line data for COMP360 next quarter following October’s restructuring and fresh financing last month.
Compass Pathways (NASDAQ: CMPS) deepened its financial losses to $155.1 million in 2024 as the company nears a big milestone for its experimental psilocybin therapy, with pivotal clinical trial results expected by midyear.
The drug maker reported Thursday that its losses widened from $118.5 million in 2023, though loss per share remained relatively stable at $2.30 versus $2.32 the previous year. The 2024 figure includes $19.5 million in non-cash compensation expenses.
“We are excited that the first data readout from our pivotal phase 3 COMP360 program in treatment resistant depression continues on track with top-line 6-week data expected next quarter,” CEO Kabir Nath said in a statement .
In October, Compass cut 30% of its workforce and halted early-stage research programs to focus resources on its lead psilocybin treatment. That restructuring, which included eliminating some senior management positions, came alongside delays in the company’s clinical timeline and followed leadership changes earlier in the year.
Research spending rose to $119 million for 2024, up from $87.5 million in 2023, primarily from costs for late-stage clinical trials and increased personnel expenses prior to the restructuring. Administrative expenses increased to $59.2 million from $49.4 million during 2023.
The company reported $165.1 million in cash at year-end, down from $220.2 million at the end of 2023, but it raised an additional $140.4 million in the first quarter of 2025.
Compass expects to spend between $120 million and $145 million on operations in the year ahead. The company thinks its current funds will last at least until the second half of 2026, when it expects results from its COMP006 clinical trial.
The company’s also expanding development plans for post-traumatic stress disorder, building on what Nath called “promising phase 2a data in PTSD and the resources now available from the January financing .”
Compass Pathways goes further in the red in 2024 as trial results loom
