COMPASS Pathways plc
For the period ended Mar 31, 2025. Filed May 8, 2025.
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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.
Mar 31, 2025 · Filed May 8, 2025
CMPS$9.25+0.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. Financial Statements (Unaudited)
Condensed Consolidated Balance Sheets
| March 31, | December 31, | |
|---|---|---|
| 2025 | 2024 | |
| ASSETS | ||
| CURRENT ASSETS: | ||
| Cash and cash equivalents | $260,110 | $165,081 |
| Restricted cash | 379 | 389 |
| Prepaid expenses and other current assets | 44,979 | 35,821 |
| Total current assets | 305,468 | 201,291 |
| NON-CURRENT ASSETS: | ||
| Operating lease right-of-use assets | 1,463 | 2,006 |
| Deferred tax assets | 4,028 | 3,774 |
| Long-term prepaid expenses and other assets | 8,176 | 6,595 |
| Total assets | $319,135 | $213,666 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| CURRENT LIABILITIES: | ||
| Accounts payable | $8,584 | $12,283 |
| Accrued expenses and other liabilities | 11,194 | 14,495 |
| Debt, current portion | 8,988 | 5,513 |
| Operating lease liabilities - current | 1,233 | 1,725 |
| Total current liabilities | 29,999 | 34,016 |
| NON-CURRENT LIABILITIES | ||
| Debt, non-current portion | 21,553 | 24,652 |
| Operating lease liabilities - non-current | 259 | 303 |
| Warrant liabilities | 71,857 | — |
| Total liabilities | $123,668 | $58,971 |
| Commitments and contingencies (Note 9) | ||
| SHAREHOLDERS' EQUITY: | ||
| Ordinary shares, £0.008 par value; 92,848,326 and 68,552,215 shares authorized, issued and outstanding at March 31, 2025 and December 31, 2024, respectively | 938 | 702 |
| Additional paid-in capital | 763,436 | 704,919 |
| Accumulated other comprehensive loss | (16,311) | (16,194) |
| Accumulated deficit | (552,596) | (534,732) |
| Total shareholders' equity | 195,467 | 154,695 |
| Total liabilities and shareholders' equity | $319,135 | $213,666 |
Condensed Consolidated Statements of Operations and Comprehensive Loss
| Three Months ended March 31, | ||
|---|---|---|
| 2025 | 2024 | |
| OPERATING EXPENSES: | ||
| Research and development | $30,880 | $24,901 |
| General and administrative | 18,736 | 13,672 |
| Total operating expenses | 49,616 | 38,573 |
| Loss from operations: | (49,616) | (38,573) |
| OTHER INCOME (EXPENSE), NET: | ||
| Fair value change of warrant liabilities | 19,460 | — |
| Benefit from R&D tax credit | 8,448 | 3,101 |
| Interest income | 2,386 | 2,260 |
| Foreign exchange gains (losses) | 2,133 | (783) |
| Interest expense | (1,124) | (1,098) |
| Other income | 803 | 128 |
| Total other income, net | 32,106 | 3,608 |
| Loss before income taxes | (17,510) | (34,965) |
| Income tax expense | (354) | (222) |
| Net loss | $(17,864) | $(35,187) |
| Net loss per share attributable to ordinary shareholders: basic | $(0.20) | $(0.55) |
| Weighted average ordinary shares outstanding: basic | 89,192,252 | 64,222,178 |
| Net loss per share attributable to ordinary shareholders: diluted | $(0.24) | $(0.55) |
| Weighted average ordinary shares outstanding: diluted | 98,641,623 | 64,222,178 |
| Net loss | $(17,864) | $(35,187) |
| Other comprehensive loss: | ||
| Foreign exchange translation adjustment | (117) | (36) |
| Comprehensive loss | $(17,981) | $(35,223) |
Condensed Consolidated Statements of Shareholders’ Equity
| ORDINARY SHARES £0.008 · ADDITIONAL PAID-IN CAPITAL · ACCUMULATED OTHER COMPREHENSIVE LOSS · ACCUMULATED DEFICIT · TOTAL SHAREHOLDERS' EQUITY | ||||||
|---|---|---|---|---|---|---|
| PAR VALUE | ||||||
| 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, 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 |
| Balance at December 31, 2024 | 68,552,215 | $702 | $704,919 | $(16,194) | $(534,732) | $154,695 |
|---|---|---|---|---|---|---|
| Issuance of ordinary shares, net of issuance costs | 24,014,728 | 233 | 54,583 | — | — | 54,816 |
| Exercise of share options | 164,422 | 2 | — | — | — | 2 |
| Issuance of ordinary shares to settle vested restricted stock units | 116,961 | 1 | (1) | — | — | — |
| Share-based compensation expense | — | — | 3,935 | — | — | 3,935 |
| Unrealized loss on foreign currency translation | — | — | — | (117) | — | (117) |
| Net loss | — | — | — | — | (17,864) | (17,864) |
| Balance at March 31, 2025 | 92,848,326 | $938 | $763,436 | $(16,311) | $(552,596) | $195,467 |
Condensed Consolidated Statements of Cash Flows
(in thousands)
| Three Months ended March 31, | ||
|---|---|---|
| 2025 | 2024 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net loss | $(17,864) | $(35,187) |
| Adjustments to reconcile net loss to net cash used in operating activities | ||
| Depreciation | 37 | 61 |
| Non-cash interest | 376 | 333 |
| Non-cash (gain)/loss on foreign currency remeasurement | (1,411) | 230 |
| Non-cash share-based compensation | 3,935 | 5,129 |
| Non-cash lease expenses | 582 | 555 |
| Transaction costs allocated to warrants | 5,778 | — |
| Fair value change of warrant liabilities | (19,460) | — |
| Changes in operating assets and liabilities | ||
| Prepaid expenses and other current assets | (7,887) | 8,136 |
| Deferred and prepaid tax assets | (254) | (322) |
| Other assets | (1,402) | 837 |
| Operating lease liabilities | (575) | (545) |
| Accounts payable | (3,956) | 3,517 |
| Accrued expenses and other liabilities | (3,556) | (3,572) |
| Net cash used in operating activities | (45,657) | (20,828) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Proceeds from issuance of ordinary shares and Pre-funded Warrants, net of issuance costs | 140,357 | 26,219 |
| Proceeds from the exercise of warrants | — | 37,258 |
| Payments of withholding tax on stock award | — | (185) |
| Proceeds from exercise of options | 2 | 220 |
| Net cash provided by financing activities | 140,359 | 63,512 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 317 | (45) |
| Net increase in cash, cash equivalents and restricted cash | 95,019 | 42,639 |
| Cash, cash equivalents and restricted cash, beginning of the period | 165,470 | 220,638 |
| Cash, cash equivalents and restricted cash, end of the period | $260,489 | $263,277 |
The following table provides a reconciliation of the cash, cash equivalents and restricted cash balances as of each of the periods, shown above:
| Three Months ended March 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash and cash equivalents | $260,110 | $262,888 |
| Restricted cash | $379 | $389 |
| Total cash, cash equivalents and restricted cash | $260,489 | $263,277 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.