The following is a summary of the COMPASS Pathways Plc (CMPS) Q1 2024 Earnings Call Transcript:

Financial Performance:

• COMPASS Pathways had a net cash usage in operations of $20.8 million in Q1 2024 and expects net cash usage in operations to be $32 million to $38 million in Q2 2024.

• Full-year financial guidance anticipates cash usage in operations to be $110 million to $130 million.

• The company had cash, and cash equivalents amounting to $262.9 million at the end of Q1 2024, an increase from $220.2 million at the end of 2023.

• Long-term debt under the Hercules loan facility was $29.1 million at the end of Q1 2024.

Business Progress:

• COMPASS continues to execute Phase III COMP360 trials in treatment-resistant depression, with top-line data for some studies expected later this year and mid-2025.

• Partnerships with mental health care providers like Journey Clinical and Mindful Health Solutions have been expanded to deliver cost-effective delivery models for COMP360 psilocybin treatment.

• The company reported impressive phase II trial results shown for COMP360 in the treatment of PTSD.

• Dr. Mike Gold has been welcomed as the new Chief Research and Development Officer.

• COMPASS Pathways reports promising results from its study for treating Treatment-Resistant Depression (TRD) and Post Traumatic Stress Disorder (PTSD) with COMP360.

• The company is preparing for possible commercial rollout of COMP360 in TRD through collaborations with health care providers and plans to scale these templates to more health care settings pre-launch, assuming they file.

• COMPASS Pathways is considering expanding into other compounds as part of a broader strategy, following establishing credibility with COMP360.

More details: COMPASS Pathways IR

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