Mental health biotech is pushing psilocybin therapy COMPASS Pathways plc CMPS announced its financial results for the first quarter of 2023 ended March 31, 2023 and updated with recent business and clinical advances.
In numbers:
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Cash and cash equivalents totaled $117.1 million as of March 31, 2023 compared to $143.2 million as of December 31, 2022.
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net loss was $24.2 million ($0.57 loss per share) compared to $21.2 million ($0.50 loss per share) in the first quarter of 2022.
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R&D expenses were $19.0 million compared to $15.4 million for the same period in 2022.
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G&A costs were $12.8 million compared to $10.1 million for the same period in 2022.
So far in the second quarter, COMPASS increased one an additional $26.9 million in net cash via ATMs to this day. The company also announced expected net cash from operations of $22 million to $30 million for the second quarter and a Annual operating expenses from $85 to $110 million.
CEO Kabir Nath says COMPASS’ two phase 3 psilocybin studies at multiple sites for the treatment of treatment-resistant depression (TRD) are currently underway and on track, “demonstrating that these sites, with the necessary permits and licenses, can now focus fully on training and recruitment.”
Specifically, in Study 1 (or COMP 005), approximately 255 participants will be administered single-dose monotherapy. The first data are expected in the summer of 2024. and Study 2 (or COMP 006) is a fixed repeat dose monotherapy studied in 568 subjects. Topline data on this is expected by mid-2025.
Nath also noted the company’s progress on the move commercial fundamentals for COMP360 up to AMA’s Approval of a CPT III Code Description of the support services required when administering psychedelics.
Additionally, COMPASS has continued to study COMP360 psilocybin therapy in preclinical and clinical studies, including at…
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