COMPASS Pathways plc
CMPS evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for CMPS—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · CMPS
COMPASS Pathways plc is a late-stage clinical biotechnology company focused on developing COMP360, an investigational psilocybin treatment for treatment-resistant depression (TRD), with a completed Phase 3 program and plans for regulatory submission.
Key risk: No revenue and ongoing losses
BioSniper Score
Based on 5 of 6 signals
Market Cap
$1.90B
Cash Runway
33.2 moLead Asset
COMP360 (Phase 3)
Next Catalyst
Phase3_Topline · Dec 1, 2026Financial data as of Jun 30, 2026.
Tracking 2 pipeline candidates · 5 clinical trials · 2 catalysts for COMPASS Pathways plc.
COMPASS Pathways plc is a late-stage clinical biotechnology company focused on developing COMP360, an investigational psilocybin treatment for treatment-resistant depression (TRD), with a completed Phase 3 program and plans for regulatory submission.
- COMPASS Pathways is a late-stage clinical biotechnology company dedicated to evidence-based innovation in mental health, initially targeting treatment-resistant depression (TRD) [sec · filed 2026-04-15].
- The company completed enrollment for its Phase 3 clinical program in TRD, consisting of two pivotal trials, and achieved the primary endpoint in the first trial in June 2025 [sec · filed 2026-04-15].
- As of June 30, 2026, the company reported cash and equivalents of $433.7M, net income of -$253.8M, shareholders' equity of $162.6M, and total debt of $50.7M [sec].
- As of March 31, 2026, the company had an accumulated deficit of $731.4 million and expects to continue incurring significant losses for at least the next several years [sec_mda · as of 2026-05-13].
- The company has not generated any revenue to date and does not expect to generate revenue from product sales until it obtains regulatory approval and commercializes COMP360 or other candidates [sec_mda · as of 2026-05-13].
What works
- COMPASS Pathways has completed enrollment for its Phase 3 program in TRD, including two pivotal trials, and achieved the primary endpoint in the first trial, marking a key milestone in psilocybin development [sec · filed 2026-04-15].
- The company has a strong cash position of $433.7M as of June 30, 2026, which it believes will fund operations into 2028 based on current assumptions [sec_mda · as of 2026-05-13].
- The company has secured regulatory clearance for an IND for a Phase 2b/3 study in post-traumatic stress disorder (PTSD), expanding its pipeline beyond TRD [sec · filed 2026-04-15].
What to weigh
- COMPASS Pathways has an accumulated deficit of $731.4 million as of March 31, 2026, and expects to continue incurring significant losses for at least the next several years [sec_mda · as of 2026-05-13].
- The company has not generated any revenue to date and does not expect to generate revenue from product sales until it obtains regulatory approval and commercializes COMP360 or other candidates [sec_mda · as of 2026-05-13].
- The company faces risks from macroeconomic conditions, geopolitical events, and regulatory changes, including potential impacts of agency staffing cuts and policy changes on regulatory feedback and timing [sec_mda · as of 2026-05-13].
- The company's operating losses are expected to increase as it completes its Phase 3 program, prepares for NDA submission, and plans for commercial launch, with no guarantee of achieving profitability [sec_mda · as of 2026-08-05].
From the filings
Quoted directly from source documents.
The company completed enrollment for its Phase 3 program in TRD and achieved the primary endpoint in the first trial.
“In 2025, we completed enrollment for our Phase 3 clinical program in TRD, consisting of two pivotal trials, which were the first Phase 3 trials of a psilocybin agent. We successfully achieved the primary endpoint in the first of these two pivotal trials in June 2025.”
SEC filings · April 15, 2026
The company has an accumulated deficit of $731.4 million as of March 31, 2026.
“As of March 31, 2026, we had an accumulated deficit of $731.4 million.”
SEC MD&A · May 13, 2026
The company had cash and cash equivalents of $466.0 million as of March 31, 2026.
“As of March 31, 2026 , we had cash and cash equivalents of $466.0 million.”
SEC MD&A · May 13, 2026
The company has not generated any revenue to date.
“To date, we have not generated any revenue and do not expect to generate any revenue from the sale of the”
SEC MD&A · May 13, 2026
Catalyst timeline
- 2026-12-01 · Phase3_Topline — Phase 3 Topline: A Phase III, Multicentre, Randomised, Double-blind, Controlled Study to Investigate the Efficacy, Sa — Topline results from the second Phase 3 pivotal trial in TRD are expected, which will be a key determinant for regulatory submission and commercial viability.
- 2029-09-01 · Phase3_Topline — Phase 3 Topline: A Phase 2b/3, Multicentre, Randomised, Double-blind, Controlled Trial, With an Open Label Extension, — Topline results from the Phase 2b/3 trial in PTSD are expected, which will inform the company's pipeline expansion beyond TRD.
Risks & what to watch (4)›
Key risks
- No revenue and ongoing losses — The company has no revenue and expects significant losses for years, with an accumulated deficit of $731.4M as of March 31, 2026 [sec_mda · as of 2026-05-13].
- Regulatory and clinical uncertainty — Phase 3 data for the second pivotal trial is pending, and regulatory approval for COMP360 is not guaranteed, with risks from agency staffing cuts and policy changes [sec_mda · as of 2026-05-13].
- Dependence on capital markets — The company relies on equity and debt financing to fund operations, and failure to raise capital when needed could impact its business strategy [sec_mda · as of 2026-05-13].
- Commercialization challenges — Planned commercialization activities are subject to further Phase 3 data, and the company may never generate revenue from product sales [sec_mda · as of 2026-08-05].
What to watch
- Topline results from the second Phase 3 pivotal trial in TRD, expected around December 1, 2026 [catalyst_timeline].
- Progress on the rolling NDA submission for COMP360 in TRD, which is being prepared following the first Phase 3 trial success [sec · filed 2026-04-15].
- Initiation and data from the Phase 2b/3 study in PTSD, for which the FDA has cleared an IND [sec · filed 2026-04-15].
- Cash runway updates, as the company believes its $433.7M cash position as of June 30, 2026, will fund operations into 2028 [sec_mda · as of 2026-05-13].
Sources: SEC filings · SEC MD&A · Generated August 26, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
33.2 months
D/E 4.97 · 0% dilution
Lead: Phase 3
2 candidates
2 upcoming, next in ~93d
No insider transactions in the last 180 days
Runway
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
193
Total value held
$511.9M
| Holder | Shares | Value |
|---|---|---|
| deep track capital, lp | 12,161,496 | $67.3M |
| rtw investments, lp | 10,632,390 | $58.8M |
| marshall wace, llp | 4,038,335 | $22.3M |
| tang capital management llc | 4,002,200 | $22.1M |
| caption management, llc | 3,610,230 | $20.0M |
| susquehanna international group, llp | 3,387,888 | $18.7M |
| ark investment management llc | 3,301,050 | $18.3M |
| millennium management llc | 3,138,522 | $17.4M |
| two sigma investments, lp | 2,583,499 | $14.3M |
| dafna capital management llc | 2,418,882 | $13.4M |
Showing top 10 of 193 institutional holders of COMPASS Pathways plc. Open the full 13F history after sign-in.
Short Interest
as of May 20, 2026- % of float
- 7.3%
- Days to cover
- 2.0
- Shares short
- 9,766,544
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
CMPS short interestGovernance
Frequently asked questions
What is the AI investment thesis for COMPASS Pathways plc?
COMPASS Pathways plc is a late-stage clinical biotechnology company focused on developing COMP360, an investigational psilocybin treatment for treatment-resistant depression (TRD), with a completed Phase 3 program and plans for regulatory submission.
What is COMPASS Pathways plc's lead drug candidate?
COMPASS Pathways plc's most advanced tracked candidate is COMP360 (Phase 3) for PTSD - Post Traumatic Stress Disorder.
What is COMPASS Pathways plc's next catalyst?
COMPASS Pathways plc's next tracked catalyst is a Phase3_Topline event — "Phase 3 Topline: A Phase III, Multicentre, Randomised, Double-blind, Controlled Study to Investigate the Efficacy, Sa" — expected December 1, 2026.
Who is the CEO of COMPASS Pathways plc?
Mr. Kabir Kumar Nath M.A., M.B.A. is the chief executive officer of COMPASS Pathways plc (CMPS).
Where is COMPASS Pathways plc headquartered?
COMPASS Pathways plc (CMPS) is headquartered in London, United Kingdom.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.