Compass Pathways Reports Narrower Third-Quarter 2026 Loss as COMP360 NDA Filing Nears Completion

The Tip Desk · November 10, 2026 · 3 min read

Third-quarter 2026 R&D expenses fell to $23.5 million, while net loss narrowed to $9.8 million, primarily driven by non-cash warrant fair-value adjustments. Cash stood at $444.0 million as of September 30, 2026, and the company said that balance is expected to fund operations into 2028.

Compass Pathways plc (CMPS), a biotechnology company developing COMP360 psilocybin for treatment-resistant depression, reported third-quarter 2026 research and development expenses of $23.5 million, down from $27.3 million a year earlier. Net loss narrowed to $9.8 million from $137.7 million, primarily driven by non-cash warrant fair-value adjustments. The company said its rolling New Drug Application was nearing completion and that the final submission would be filed in the next two weeks, tightening the prior-quarter plan that had the package finished in the fourth quarter.

The company said launch readiness remained on track for an expected launch in the first half of 2027, subject to FDA approval. It pointed to a National Priority Voucher that could shorten review to one to two months and to a White House executive order directing the DEA to conduct a timely rescheduling review after successful Phase 3 data.

Chief Executive Officer Kabir Nath said the company was executing to launch the treatment in the first half of 2027 and that it was advancing a late-stage PTSD trial.

Clinical messaging shifted toward longer durability. The company highlighted 52-week open-label data from COMP005, including added benefit from an additional 25 mg dose that it said extended durability out to one year, alongside six-month data from COMP006. In the second-quarter release it had emphasized rapid onset and durability through at least six months from two Phase 3 trials.

It said COMP360 is expected to fit into more than 8,500 treatment centers already equipped for multi-hour treatments, up from more than 7,300 centers cited in the first-quarter release. A registration-enabling PTSD trial was underway, and the company said it was working with the U.S. Department of Veterans Affairs on a multi-site trial in veterans, including those with concurrent PTSD.

Research and development expenses were $23.5 million for the three months ended September 30, 2026, down from $27.3 million a year earlier. The company said the decline reflected lower clinical trial costs after completion of the COMP360 Phase 3 program in TRD and reduced discovery spend after 2024 reorganization-related program terminations, partly offset by higher facilities costs and external consulting.

Selling, general and administrative expenses were $33.0 million in the same three-month period, up from $13.2 million a year earlier. The company attributed the increase to commercial preparedness, including commercial infrastructure, market access and reimbursement, supply-chain readiness and other launch-preparation work.

Net loss narrowed to $9.8 million, or $0.07 a share basic and $0.31 a share diluted, from $137.7 million, or $1.44 a share, a year earlier. The company said the decrease was primarily driven by non-cash fair-value adjustments on warrants. The warrant fair-value change was a $40.8 million gain in the three months ended September 30, 2026, compared with a $101.3 million loss in the same period of 2025.

Cash and cash equivalents were $444.0 million as of September 30, 2026, compared with $149.6 million at December 31, 2025. Debt was $51.0 million. The company said the current cash position is expected to be sufficient to fund operating expenses and capital expenditure into 2028.