Compass Pathways

Compass Pathways is a psychedelic biotechnology company founded in 2016 that researches the psychedelic compound psilocybin for treatment-resistant depression. It has offices in London and New York. 

The company’s proprietary formulation of synthetic psilocybin, COMP360, received Breakthrough Therapy status from the US Food and Drug Administration (FDA) in 2018. It has completed Phase 2 trials and plans to conduct Phase 3 trials in December 2022. It also claims to have conducted the world's largest psilocybin therapy trial with 216 patients. 

The company is backed by another psychedelic biotechnology company ATAI Life Sciences and has partnerships with various institutions, including The Aquilino Cancer Center, Depression, and Bipolar Support Alliance, The Grady Trauma Project, and the National Council of Behavioural Health. It has been granted 10 patents as of September 2022, with several others pending.  

Funding and financials

In September 2020, Compass Pathways became the first psychedelic company to be listed on the US NASDAQ exchange and raised USD 144 million via a public offering afterward, in April 2021. In August 2023 , executed a private investment agreement to raise approximately USD 285 million. The round was led by healthcare investors TCGX and Aisling Capital. The new funds were allocated towards advancing its Phase III clinical program in treatment-resistant depression, conducting Phase II trials in anorexia nervosa and post-traumatic stress disorder, developing digital technologies, and supporting general corporate purposes.

For FY2022 net losses widened by 27.6% YoY to USD 91.5 million. In terms of guidance for 2023, Compass Pathways expects net cash used in operating activities for Q3 2023 in the range of USD 2 million–18 million and full-year 2023 in the range of USD 80 million–90 million.