CMPSCOMPASS Pathways plc
Industry Biotech binary Updated 28 Sep 2026 Price 23 Oct 2026
If management hits its targets, one share in 12 months
Held at $11.18
Promises vs. what happened
13 claims · 6 decksEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
| Promise | Made in | What happened | |
|---|---|---|---|
| Cash runway into 2027 | Q3 '25 | kept — by raising $344M more, then 'into 2028' | Held |
| COMP006 26-week data in H2 '26 | Q1 '25 | 7 Jul '26, the start of the window | Held |
| …narrowed to early Q3 '26 | Q3 '25 | met, one week into Q3 | Held |
| COMP005 26-week data in Q1 '26 | Q3 '25 | 17 Feb '26; no statistical test after Week 6 | Held |
| COMP006 9-week data in Q1 '26 | Q3 '25 | 17 Feb '26: -3.8 MADRS at Week 6 | Held |
| Rolling NDA review | Q3 '25 | granted, plus a National Priority Voucher | Held |
| PTSD Phase 3 starts Q1 '26 | Q4 '25 | 'underway' by Aug; now Phase 2b/3, 300 patients | Late |
| No suicides or attempts in Phase 3 | Q1 '26 | 26-week table shows one suspected suicide and one attempt | Late |
| Anorexia as a third indication | Q1 '25 | gone from the decks after Aug '25 | Dropped |
| Spravato $3-3.5B by 2028 as the benchmark | Q3 '25 | shown once, Nov '25, then swapped | Dropped |
| NDA complete in Q4 '26 | Q1 '26 | unchanged in three statements; open | Open |
| US launch in H1 '27, if approved | Q2 '26 | open; needs approval and DEA rescheduling first | Open |
| Launch-ready by end '26 | Q1 '26 | 'on track' in Jul '26; open | Open |
What they’re pitching
the headline page, deck by deckThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'25Q2
'25Q3
'25Q4
'25Q1
'26Q2
'26
ReadoutsPage one since Q1 '25
Fast trackPage one since Q3 '25
LaunchPage one since Q2 '26
DurabilityOff page one Q2 '26
CashOff page one Q1 '26
PTSDPage one since Q2 '26
MarketPage one since Q2 '26
on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.
Phase 3 readout calendar
“Pivotal trial 2 (COMP006): 26-week data expected H2 2026”
Deck COMPASS Pathways investor presentation June 2025 · p. 3 ·
Phase 3 readout calendar
“Pivotal trial 2 (COMP006): 26-week data expected H2 2026”
Deck COMPASS Pathways investor presentation August 2025 · p. 3 ·
Phase 3 readout calendar
“9-week (Part A) data from COMP006 in Q1 2026”
Deck COMPASS Pathways investor presentation November 2025 · p. 3 ·
Phase 3 readout calendar
“Part B (26-week) COMP006 data expected in early Q3 2026.”
Deck COMPASS Pathways investor presentation January 2026 · p. 3 ·
Phase 3 readout calendar
“Two highly statistically significant positive Phase 3 trials of COMP360 in TRD at primary endpoint* at Week 6”
Deck COMP360 Phase 3 Program Topline Results COMP005 & COMP006 (17 Feb 2026) · p. 5 ·
Phase 3 readout calendar
“Consistent results across two highly statistically significant positive Phase 3 trials demonstrating rapid onset and durable clinical benefit through”
Deck Investor Presentation Q2 2026 (August 2026) · p. 4 ·
Accelerated regulatory path
“Positive discussions with FDA regarding potential acceleration scenarios, including rolling submission, for our NDA submission for COMP360 in TRD”
Deck COMPASS Pathways investor presentation November 2025 · p. 3 ·
Accelerated regulatory path
“FDA supportive of a rolling submission & review of planned”
Deck COMPASS Pathways investor presentation January 2026 · p. 3 ·
Accelerated regulatory path
“COMP360 has Breakthrough Therapy designation from the FDA and we are planning to meet as soon as possible with the FDA to discuss a rolling submission and review, and expect to complete an NDA submission in Q4”
Deck COMP360 Phase 3 Program Topline Results COMP005 & COMP006 (17 Feb 2026) · p. 6 ·
Accelerated regulatory path
“Rolling NDA submission and review underway with final submission expected in Q4 2026”
Deck Investor Presentation Q2 2026 (August 2026) · p. 4 ·
Launch readiness on existing Spravato infrastructure
“Potential launch of COMP360 will leverage a well-established infrastructure of interventional psychiatry treatment centers”
Deck COMPASS Pathways investor presentation June 2025 · p. 13 ·
Launch readiness on existing Spravato infrastructure
“Potential launch of COMP360 will leverage a well-established infrastructure of interventional psychiatry treatment centers”
Deck COMPASS Pathways investor presentation August 2025 · p. 13 ·
Launch readiness on existing Spravato infrastructure
“Company is accelerating commercialization launch readiness plans by 9-12 months”
Deck COMPASS Pathways investor presentation November 2025 · p. 3 ·
Launch readiness on existing Spravato infrastructure
“Accelerating aggressive commercialization launch readiness plans.”
Deck COMPASS Pathways investor presentation January 2026 · p. 3 ·
Launch readiness on existing Spravato infrastructure
“We are Planning To Be Launch Ready by the End of the Year”
Deck COMP360 Phase 3 Program Topline Results COMP005 & COMP006 (17 Feb 2026) · p. 31 ·
Launch readiness on existing Spravato infrastructure
“U.S. launch expected in H1 2027”
Deck Investor Presentation Q2 2026 (August 2026) · p. 4 ·
Durability after one or two doses
“COMP004: Long-term data shows average efficacy of a single dose of 25mg COMP360 at 92 days”
Deck COMPASS Pathways investor presentation June 2025 · p. 11 ·
Durability after one or two doses
“Phase 2b and Phase 3 COMP005 results in TRD demonstrated significant, rapid, and durable anti-depressant effects and tolerable safety profile.”
Deck COMPASS Pathways investor presentation January 2026 · p. 3 ·
Durability after one or two doses
“Deep and durable response achieved in significant number of participants”
Deck COMP360 Phase 3 Program Topline Results COMP005 & COMP006 (17 Feb 2026) · p. 5 ·
Durability after one or two doses
“Remarkable durability sustained through at least 6 months with only 1 or 2 additional doses after initial dose”
Deck Investor Presentation Q2 2026 (August 2026) · p. 5 ·
Cash position
“Cash position of $260.1 million at March 31, 2025”
Deck COMPASS Pathways investor presentation June 2025 · p. 3 ·
Cash position
“Cash position of $222 million at June 30, 2025”
Deck COMPASS Pathways investor presentation August 2025 · p. 3 ·
Cash position
“$185.9 million as of September 30, 2025”
Deck COMPASS Pathways investor presentation November 2025 · p. 3 ·
Cash position
“$186 million cash as of September 30, 2025.”
Deck COMPASS Pathways investor presentation January 2026 · p. 3 ·
PTSD as the second indication
“Phase 2 PTSD positive top-line data reported in Q2 2024, late-stage clinical study in development”
Deck COMPASS Pathways investor presentation June 2025 · p. 3 ·
PTSD as the second indication
“Phase 2 PTSD positive top-line data reported in Q2 2024, late-stage clinical study in development”
Deck COMPASS Pathways investor presentation August 2025 · p. 3 ·
PTSD as the second indication
“Phase 2 data of COMP360 showed a safe and differential profile in patients with PTSD”
Deck COMPASS Pathways investor presentation November 2025 · p. 3 ·
PTSD as the second indication
“Initiation of PTSD late-stage trial.”
Deck COMPASS Pathways investor presentation January 2026 · p. 3 ·
PTSD as the second indication
“13M U.S. patients with post-traumatic stress disorder”
Deck Investor Presentation Q2 2026 (August 2026) · p. 4 ·
Market size and the Spravato comparison
“~3M U.S. patients suffer from TRD, representing a large unmet need in psychiatry”
Deck COMPASS Pathways investor presentation November 2025 · p. 3 ·
Market size and the Spravato comparison
“TRD: ~4M in the U.S. suffer with”
Deck COMPASS Pathways investor presentation January 2026 · p. 3 ·
Market size and the Spravato comparison
“Potentially Highly Differentiated and Compelling COMP360 Clinical”
Deck COMP360 Phase 3 Program Topline Results COMP005 & COMP006 (17 Feb 2026) · p. 30 ·
Market size and the Spravato comparison
“Blockbuster”
Deck Investor Presentation Q2 2026 (August 2026) · p. 4 ·
What they keep talking about · 9
The themes that show up deck after deck, and the ones that disappear.
- Readouts
- On every headline slide; the COMP006 date tightened from H2 '26 to early Q3 '26 and was met. After February 2026 it becomes a results line.
- Fast track
- Absent until November 2025; by Q2 '26 the pitch adds rolling review and a National Priority Voucher.
- Launch
- From a back-half slide in 2025 to the headline from November 2025; the Spravato clinic count rises with it, ~6,000 to >8,100.
- Durability
- Becomes the main efficacy claim once 26-week data exist, on observed means with no test after Week 6 and on second or third doses.
- Cash
- On every headline slide until January 2026; missing from the February and August 2026 decks.
- PTSD
- A 'late-stage study' throughout; called Phase 3 in January 2026 and Phase 2b/3 in August, 234 patients then 300.
- Market
- US TRD patients restated from ~3M to ~4M; the Spravato benchmark went from J&J's $3-3.5B 2028 guide to $1.4-1.5B of 2025 revenue; 'Blockbuster' first appears in August 2026.
- New
- 2026: the National Priority Voucher, launch timing (H1 '27) and the word 'Blockbuster'.
- Quiet
- Cash and runway gone from the 2026 decks; anorexia nervosa gone after August 2025; the 'no suicides' sentence gone after the 26-week data.
Every quarterly report we’ve saved · 9
The press releases and shareholder letters behind this page.
- Q2 2026 release · filed copy 5 Aug 2026
- ? release · filed copy 7 Jul 2026
- Q1 2026 release · filed copy 13 May 2026
- Q4 2025 release · 8-K 24 Mar 2026
- Q3 2025 release · 8-K 4 Nov 2025
- Q2 2025 release · 8-K 31 Jul 2025
- Q1 2025 release · 8-K 8 May 2025
- Q4 2024 release · 8-K 27 Feb 2025
- Q3 2024 release · 8-K 31 Oct 2024
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
8 calls · Q2 24 – Q2 26The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|---|
| Demand & customers | · | 6% | · | · | · | · | 12% | 14% |
| Growth & sales | · | 6% | · | · | · | · | · | · |
| Pricing & margins | · | 6% | · | · | · | · | · | · |
| Guidance & outlook | · | · | · | · | · | 9% | · | 36% |
| Capacity & supply | · | · | · | · | · | · | 6% | · |
| Competition | · | · | 4% | · | · | · | 6% | 7% |
| Products & technology | · | 11% | 8% | 10% | · | 18% | 24% | 36% |
| Macro & regulation | · | 6% | 12% | 10% | 11% | 9% | · | 7% |
| Other | 100% | 72% | 85% | 80% | 89% | 73% | 71% | 36% |
| Questions | 1 | 18 | 26 | 10 | 9 | 11 | 17 | 14 |
| How much the CEO talked | 47% | 29% | 34% | 23% | 64% | 53% | 28% | 42% |
Who’s in charge, who’s selling
read from the filings · 7 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 1 · live
The launch is paid for in new shares, and the authority is already granted
$433.3M of cash lasts 'into 2028'; launch is guided for H1 '27; the Hercules minimum-cash covenant starts 1 Oct '27, and the 10-Q says keeping it will need new financing or deep cuts. The 2025 AGM authorised allotment of £1,114,200 nominal — about 139.3M shares at £0.008 — with pre-emption disapplied. A shelf was filed on 5 Aug '26 and the ATM is live.
Tier 2 · stable
Bonus paid in full on 'manage our cash runway' as the burn guide was missed
2025 corporate score 100%; Nath $388,367, Loxam $220,500, Goodwin $179,595. The $120-145M burn guide came in at $157.2M, was not repeated, and cash left the 2026 decks.
Tier 2 · stable
The two largest holders sit at a 9.99% cap with warrants behind it
RTW and Deep Track hold 9.99% each through ADSs and pre-funded warrants under exercise blockers; 23.8M pre-funded warrants carry a $337.5M liability whose remeasurement made $205.6M of the Q2 '26 loss.
Tier 3 · stable
Otsuka ties, and a classified board
The CEO and director McQuade come from Otsuka; the McQuade Center holds 1.2%. Directors serve staggered three-year terms. In 2025, 12.8% voted against Lönngren and 10.2% against pay; in 2026 nothing topped 0.8%.
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| Say on pay (advisory)Executive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one. | 4.5M | 0.5M | 0.8% |
| Directors' remuneration report (UK)Executive pay. | 4.5M | 0.4M | 0.7% |
| Daphne Karydas (audit chair)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | — | 0.2M | 0.3% |
| Allotment authority, ~139M sharesPermission to create more shares. The company may then sell new shares later, for deals or to raise cash. New shares dilute the existing ones, so each shareholder owns a smaller share of the company. A no says shareholders want that door kept narrower. | 3.9M | — | — |
| Thomas Lönngren (director)A board seat. | 5.7M | — | — |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| Form 4s, Oct '25-Oct '26 | Sold | Note |
|---|---|---|
| Nath, CEO | $264,502 | 35,274 shares withheld for tax on vesting; no market sale |
| Loxam, CFO | $43,629 | 6,248 shares withheld for tax on vesting; no market sale |
| Everyone else | $0 | no open-market purchase or sale by any insider in a year |