COMPASS Pathways plc (CMPS)

Price$13.27Cached quoteAs of 2026-09-06 02:14 UTC

AI: Fair-priced

Price checkThe market already prices in meaningful approval success, but not a fully mature blockbuster outcome.

COMPASS Pathways plc, Nasdaq Global Select Market ticker CMPS, is valued at about $2.1 billion in equity value. After subtracting June net cash, enterprise value—what investors effectively pay for the operating business—is roughly $1.7 billion. That is substantial for a company with no product revenue, yet two positive Phase 3 trials and a rolling FDA application materially reduce clinical risk. With the shares near their 52-week high, the valuation looks balanced rather than plainly cheap.

Big pictureCash durability is solid through the launch window, while accounting losses overstate the underlying cash burn.

At June 30, Compass held $433.3 million of cash and $50.7 million of debt, and management expects cash to fund operations into 2028. First-half operating cash use was $88.2 million. The reported first-half net loss was much larger because warrant fair-value changes are non-cash accounting adjustments: they remeasure warrant liabilities as the share price moves. This is not a normally cyclical business; value is driven mainly by clinical, regulatory, reimbursement, and launch milestones.

Business strengthPositive pivotal data and durable responses support COMP360, but commercialization still requires careful execution.

COMP360 has produced positive results in both pivotal Phase 3 treatment-resistant depression studies. The newest open-label follow-up showed additional benefit after redosing and no new safety signal through one year, strengthening the case for infrequent treatment. The FDA has allowed a rolling NDA, meaning application sections can be reviewed before the full package is complete, and awarded a priority voucher. The remaining commercial test is whether clinics, payers, physicians, and patients can support supervised multi-hour treatment at useful scale.

What could change the storyApproval and strong uptake could justify upside; delays, weak reimbursement, or dilution could pressure value.

Capital allocation now centers on finishing the NDA, preparing a launch, and advancing PTSD. First-half financing provided $370.0 million of net cash from equity, warrant exercises, and debt, but ordinary shares rose from 96.1 million at year-end to 135.7 million by June; 23.8 million pre-funded warrants also remained. Pre-funded warrants are nearly paid-up rights to shares, so they represent dilution. The bull case assumes timely approval, workable scheduling, reimbursement, and strong uptake; the bear case assumes delays, restrictive labeling, weak coverage, or slow clinic throughput.

AI: News

One-Year COMP005 DataOpen-label follow-up showed added benefit after redosing and no new safety findings through one year.

On September 9, Compass reported 52-week Part C data from Phase 3 COMP005. Participants originally assigned to COMP360 who received another open-label dose showed an average 13-point MADRS reduction from baseline at week 52. Across Part C recipients, response rates were 40% to 45% and remission was about 30% during the six weeks after dosing. Because Part C was open-label, it is supportive rather than a placebo-controlled one-year comparison.

Commercial Education PushCompass is beginning U.S. clinician education ahead of a possible COMP360 launch next year.

On September 8, Compass said it would debut a treatment-resistant depression education campaign for U.S. healthcare providers at Psych Congress and present seven posters, including health-economics work. The move is part of launch preparation rather than product promotion because COMP360 remains investigational. It matters for valuation because supervised psychedelic treatment depends on trained sites, clinician familiarity, patient identification, reimbursement planning, and practical treatment workflows, not only regulatory approval.

VA Study CollaborationA Veterans Affairs trial will test COMP360 in veterans with resistant depression, including concurrent PTSD.

On August 6, Compass announced work with the U.S. Department of Veterans Affairs on a multi-site randomized controlled study called PIVOT. The trial will evaluate COMP360 in veterans with treatment-resistant depression, including people who also have post-traumatic stress disorder. Compass will donate study drug. The collaboration broadens real-world institutional experience with the treatment and could support future evidence generation, but it does not itself establish approval, reimbursement, or commercial demand.

Second-Quarter ResultsQuarterly results showed strong liquidity, ongoing cash burn, rising commercial spending, and an advancing FDA filing.

On August 5, Compass reported $433.3 million in cash at quarter-end and said its runway extends into 2028. Second-quarter research and development expense was $29.2 million, while general and administrative expense rose as commercial preparation increased. Management said the rolling COMP360 NDA was underway, with final submission expected in the fourth quarter and a potential launch in the first half of 2027, subject to FDA approval and required scheduling steps.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$0	$0	$0	$0	—	—	—
Research & development	$118.4M	$119.0M	$87.5M	$65.1M	$44.0M	$23.4M	$12.6M
Operating expenses	$179.0M	$178.2M	$136.9M	$110.4M	$83.2M	$51.4M	$21.2M
Operating income	−$179.0M	−$178.2M	−$136.9M	−$110.4M	−$83.2M	−$51.4M	−$21.2M
EBITDA	−$178.8M	−$178.0M	−$136.7M	−$110.1M	−$83.0M	−$51.3M	−$21.1M
Net income	−$287.9M	−$155.1M	−$118.5M	−$91.5M	−$71.7M	−$60.3M	−$19.6M
Basic EPSper basic share	-$3.08	-$2.30	-$2.32	-$2.16	-$1.79	-$3.55	-$2.62
Diluted EPSper diluted share	-$3.08	-$2.30	-$2.32	-$2.16	-$1.79	-$3.55	-$2.62

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of CMPS
Holder	Shares held
Deep Track Capital, LP	12.16M
RTW INVESTMENTS, LP	10.7M
ATAI Life Sciences AG / ATAI Life Sciences N.V.	6.91M
BIT Capital GmbH	6.35M
Goldsmith George Jay	6.31M
Malievskaia Ekaterina	6.31M
TANG CAPITAL MANAGEMENT LLC	5M
TWO SIGMA INVESTMENTS, LP	4.47M
MARSHALL WACE, LLP	4.33M
ARK Investment Management LLC	3.45M
Point72 Asset Management, L.P.	2.62M
Logos Global Management LP	2.25M
Eagle Health Investments LP	2.06M
BANK OF AMERICA CORP /DE/	2.02M
DAFNA Capital Management LLC	2.01M
NEXTBio Capital Management LP	1.78M
Kalehua Capital Management LLC	1.64M
UBS Group AG	1.48M
Aisling Capital Management LP	1.43M
RENAISSANCE TECHNOLOGIES LLC	1.43M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)5$16.09M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Oct 24, 2024Form 4	Malievskaia EkaterinaTenPercentOwner	SellOrdinary Shares · indirect	776.6K	—	—	3.16M
Oct 24, 2024Form 4	Malievskaia EkaterinaTenPercentOwner	SellOrdinary Shares	776.6K	—	—	3.15M
Oct 24, 2024Form 4	Goldsmith George JayTenPercentOwner	SellOrdinary Shares · indirect	776.6K	—	—	3.15M
Oct 24, 2024Form 4	Goldsmith George JayTenPercentOwner	SellOrdinary Shares	776.6K	—	—	3.16M
Sep 26, 2024Form 4	ATAI Life Sciences AG +1TenPercentOwner	SellOrdinary Shares · indirect	2.66M	$6.05	$16.09M	6.91M

Review ownership filings at SEC.gov ↗

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COMPASS Pathways plc (CMPS)

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