Mental Health Psychedelics Company COMPASS ways CMPS reported its financial results for the the third quarter ended on September 30, 2022 and gave an update on the latest pipeline and business developments.

Counting show on September 30th, 2022:

• Cash and cash equivalents totaled $173.1 million compared to $273.2 million as of December 31, 2021.

• net loss for the 2022 three-month period was $18.4 million – a loss of $0.43 per share – compared to $15.8 million – or a loss of $0.38 per share – in the same Period until September 30, 2021.

• net loss for the nine-month period 2022 was $60.6 million – a loss of $1.43 per share – compared to $46.1 million – or a loss of $1.17 per share – in the same Period until September 30, 2021.

• R&D expenditure totaled $14.0 million for the three months ended September 30, 2021 compared to $12.2 million for the same period ended September 30, 2021.

• R&D expenditure reached $45.3 million for the nine-month period 2022 compared to $30.4 million for the same period ended September 30, 2021.

COMPASS Executive Chairman George Goldsmith said that the recent announcement of his Phase 3 COMP360 program design for treatment-resistant depression represents another important step closer to the company’s goal of making COMP360 psilocybin therapy “available to the vast number of patients who are currently untreated with existing therapies and who are in urgent need of new treatment options.”

Goldschmied also expressed his delight at the COMP360 phase 2b studies results published in the New England Journal of Medicine, which he says reinforces “the rigor and scope of this study.”

Managing director Kabir Nath added: “The pivotal Phase 3 program COMP360 in treatment-resistant depression is designed to provide the evidence needed for regulatory approval and ensure commercial success through integration into healthcare systems. We are on track to launch the Phase 3 program this year and we are making steady progress towards establishing full…