COMPASS Pathways plc

For the period ended Sep 30, 2024. Filed Oct 31, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2024 · Filed Oct 31, 2024

CMPS$9.18+6.6%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 1. Financial Statements (Unaudited)

ITEM 1. FINANCIAL STATEMENTS

Condensed Consolidated Balance Sheets

	September 30,	December 31,
	2024	2023
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$206,953	$220,198
Restricted cash	389	440
Prepaid expenses and other current assets	26,319	40,658
Total current assets	233,661	261,296
NON-CURRENT ASSETS:
Operating lease right-of-use assets	2,745	4,306
Deferred tax assets	4,414	3,336
Long-term prepaid expenses and other assets	6,518	7,049
Total assets	$247,338	$275,987
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$8,233	$5,892
Accrued expenses and other liabilities	13,522	11,301
Debt, current portion	2,156	—
Operating lease liabilities - current	2,300	2,411
Total current liabilities	26,211	19,604
NON-CURRENT LIABILITIES
Debt, non-current portion	27,638	28,757
Operating lease liabilities - non-current	459	1,882
Total liabilities	$54,308	$50,243
Commitments and contingencies (Note 8)
SHAREHOLDERS' EQUITY:
Ordinary shares, £0.008 par value; 68,409,068 and 61,943,471 shares authorized, issued and outstanding at September 30, 2024 and December 31, 2023, respectively	699	635
Additional paid-in capital	700,273	621,645
Accumulated other comprehensive loss	(16,542)	(16,926)
Accumulated deficit	(491,400)	(379,610)
Total shareholders' equity	193,030	225,744
Total liabilities and shareholders' equity	$247,338	$275,987

Condensed Consolidated Statements of Operations and Comprehensive Loss

	Three Months ended September 30,		Nine Months ended September 30,
	2024	2023	2024	2023
OPERATING EXPENSES:
Research and development	$32,928	$21,526	$86,898	$60,379
General and administrative	14,968	12,536	42,893	38,135
Total operating expenses	47,896	34,062	129,791	98,514
Loss from operations:	(47,896)	(34,062)	(129,791)	(98,514)
OTHER INCOME (EXPENSE), NET:
Benefit from R&D tax credit	4,084	2,685	10,894	9,521
Interest income	1,977	1,015	6,645	2,357
Interest expense	(1,137)	(1,080)	(3,347)	(1,080)
Foreign exchange gains (losses)	4,452	(1,997)	3,894	2,064
Other income	191	112	486	106
Total other income, net	9,567	735	18,572	12,968
Loss before income taxes	(38,329)	(33,327)	(111,219)	(85,546)
Income tax expense	(173)	(62)	(571)	(386)
Net loss	$(38,502)	$(33,389)	$(111,790)	$(85,932)
Net loss per share attributable to ordinary shareholders—basic and diluted	$(0.56)	$(0.67)	$(1.67)	$(1.81)
Weighted average ordinary shares outstanding—basic and diluted	68,395,343	49,633,104	67,001,326	47,355,992
Net loss	$(38,502)	$(33,389)	$(111,790)	$(85,932)
Other comprehensive gain (loss):
Foreign exchange translation adjustment	339	(738)	384	(599)
Comprehensive loss	$(38,163)	$(34,127)	$(111,406)	$(86,531)

Condensed Consolidated Statements of Shareholders’ Equity

ORDINARY SHARES £0.008 · DEFERRED SHARES · ADDITIONAL PAID-IN CAPITAL · ACCUMULATED OTHER COMPREHENSIVE (LOSS)/INCOME · ACCUMULATED DEFICIT · TOTAL SHAREHOLDERS' EQUITY
PAR VALUE · £21,921.504 PAR VALUE
	SHARES	AMOUNT	SHARES	AMOUNT	AMOUNT	AMOUNT	AMOUNT	AMOUNT
Balance at December 31, 2022	42,631,794	$440	1	$28	$458,825	$(16,867)	$(261,146)	$181,280
Exercise of share options	3,790	—	—	—	—	—	—	—
Issuance of ordinary shares under ATM facility, net of issuance costs	113,420	1	—	—	1,187	—	—	1,188
Issuance of ordinary shares to settle vested restricted stock units	30,481	1.00	—	—	(1)	—	—	—
Shares tendered for withholding taxes	—	—	—	—	(109)	—	—	(109)
Share-based compensation expense	—	—	—	—	4,071	—	—	4,071
Unrealized loss on foreign currency translation	—	—	—	—	—	(578)	—	(578)
Net loss	—	—	—	—	—	—	(24,208)	(24,208)
Balance at March 31, 2023	42,779,485	$442	1	$28	$463,973	$(17,445)	$(285,354)	$161,644
Exercise of share options	125,079	1	—	—	—	—	—	1
Issuance of ordinary shares under ATM facility, net of issuance costs	2,824,202	28	—	—	26,904	—	—	26,932
Issuance of ordinary shares under employee share purchase plan	23,843	—	—	—	189	—	—	189
Cancellation of deferred share	—	—	(1)	(28)	28	—	—	—
Issuance of warrants to purchase ordinary shares	—	—	—	—	687	—	—	687
Issuance of ordinary shares to settle vested restricted stock units	7,641	—	—	—	—	—	—	—
Share-based compensation expense	—	—	—	—	4,561	—	—	4,561
Unrealized gain on foreign currency translation	—	—	—	—	—	717	—	717
Net loss	—	—	—	—	—	—	(28,335)	(28,335)
Balance at June 30, 2023	45,760,250	$471	—	$—	$496,342	$(16,728)	$(313,689)	$166,396
Exercise of share options	33,691	—	—	—	—	—	—	—
Issuance of ordinary shares under PIPE offering, net of issuance costs	16,076,750	163	—	—	116,452	—	—	116,615
Issuance of ordinary shares to settle vested restricted stock units	14,094	—	—	—	—	—	—	—
Shares tendered for withholding taxes	—	—	—	—	(76)	—	—	(76)
Share-based compensation expense	—	—	—	—	4,447	—	—	4,447
Unrealized loss on foreign currency translation	—	—	—	—	—	(738)	—	(738)
Net loss	—	—	—	—	—	—	(33,389)	(33,389)
Balance at September 30, 2023	61,884,785	$634	—	$—	$617,165	$(17,466)	$(347,078)	$253,255

ORDINARY SHARES £0.008 · DEFERRED SHARES · ADDITIONAL PAID-IN CAPITAL · ACCUMULATED OTHER COMPREHENSIVE (LOSS)/INCOME · ACCUMULATED DEFICIT · TOTAL SHAREHOLDERS' EQUITY
PAR VALUE · £21,921.504 PAR VALUE
	SHARES	AMOUNT	SHARES	AMOUNT	AMOUNT	AMOUNT	AMOUNT	AMOUNT
Balance at December 31, 2023	61,943,471	$635	—	$—	$621,645	$(16,926)	$(379,610)	$225,744
Exercise of share options	86,510	1	—	—	219	—	—	220
Issuance of ordinary shares under ATM facility, net of issuance costs	2,509,798	25	—	—	26,194	—	—	26,219
Issuance of ordinary shares to settle vested restricted stock units	50,705	—	—	—	—	—	—	—
Issuance of ordinary shares to settle warrants exercised	3,752,050	38	—	—	37,220	—	—	37,258
Shares tendered for withholding taxes	—	—	—	—	(185)	—	—	(185)
Share-based compensation expense	—	—	—	—	5,129	—	—	5,129
Unrealized loss on foreign currency translation	—	—	—	—	—	(36)	—	(36)
Net loss	—	—	—	—	—	—	(35,187)	(35,187)
Balance at March 31, 2024	68,342,534	$699	—	$—	$690,222	$(16,962)	$(414,797)	$259,162
Exercise of share options	3,845	—	—	—	—	—	—	—
Issuance of ordinary shares to settle vested restricted stock units	4,438	—	—	—	—	—	—	—
Issuance of ordinary shares under employee share purchase plan	36,652	—	—	—	210	—	—	210
Share-based compensation expense	—	—	—	—	4,921	—	—	4,921
Unrealized gain on foreign currency translation	—	—	—	—	—	81	—	81
Net loss	—	—	—	—	—	—	(38,101)	(38,101)
Balance at June 30, 2024	68,387,469	$699	—	$—	$695,353	$(16,881)	$(452,898)	$226,273
Exercise of share options	13,083	—	—	—	—	—	—	—
Issuance of ordinary shares to settle vested restricted stock units	8,516	—	—	—	—	—	—	—
Shares tendered for withholding taxes	—	—	—	—	(53)	—	—	(53)
Share-based compensation expense	—	—	—	—	4,973	—	—	4,973
Unrealized gain on foreign currency translation	—	—	—	—	—	339	—	339
Net loss	—	—	—	—	—	—	(38,502)	(38,502)
Balance at September 30, 2024	68,409,068	$699	—	$—	$700,273	$(16,542)	$(491,400)	$193,030

Condensed Consolidated Statements of Cash Flows

(in thousands)

	Nine Months ended September 30,
	2024	2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$(111,790)	$(85,932)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	183	344
Non-cash interest	1,037	310
Loss on disposal of property and equipment	—	40
Non-cash (gain) on foreign currency remeasurement	(802)	(1,820)
Non-cash share-based compensation	15,023	13,079
Non-cash lease expenses	1,687	1,494
Changes in operating assets and liabilities
Prepaid expenses and other current assets	14,479	12,433
Deferred and prepaid tax assets	46	(1,035)
Long-term prepaid expenses and other assets	643	(5,825)
Operating lease liabilities	(1,659)	(1,428)
Accounts payable	1,947	(567)
Accrued expenses and other liabilities	1,777	(687)
Net cash used in operating activities	(77,429)	(69,594)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	—	(66)
Proceeds from disposal of property and equipment	—	2
Net cash used in investing activities	—	(64)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of ordinary shares, net of issuance costs	26,219	144,976
Proceeds from the exercise of warrants	37,258	—
Proceeds from issuance of shares under the employee share purchase plan	210	189
Payments of withholding tax on stock award	(238)	(185)
Net proceeds from issuance of long term debt	—	29,585
Payment of issuance cost of long term debt	—	(778)
Proceeds from exercise of share options	220	2
Net cash provided by financing activities	63,669	173,789
Effect of exchange rate changes on cash, cash equivalents and restricted cash	464	857
Net (decrease) increase in cash, cash equivalents and restricted cash	(13,296)	104,988
Cash, cash equivalents and restricted cash, beginning of the period	220,638	143,381
Cash, cash equivalents and restricted cash, end of the period	$207,342	$248,369

The following table provides a reconciliation of the cash, cash equivalents and restricted cash balances as of each of the periods, shown above:

	Nine Months ended September 30,
	2024	2023
Cash and cash equivalents	$206,953	$248,038
Restricted cash	389	331
Total cash, cash equivalents and restricted cash	$207,342	$248,369

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.