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COMPASS Pathways plc

For the period ended Mar 31, 2025. Filed May 8, 2025.

View on SEC.gov

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.

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.

See the whole filing, with its images and exhibits

Item 1. Financial Statements (Unaudited)

Condensed Consolidated Balance Sheets

March 31,December 31,
20252024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$260,110$165,081
Restricted cash379389
Prepaid expenses and other current assets44,97935,821
Total current assets305,468201,291
NON-CURRENT ASSETS:
Operating lease right-of-use assets1,4632,006
Deferred tax assets4,0283,774
Long-term prepaid expenses and other assets8,1766,595
Total assets$319,135$213,666
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable$8,584$12,283
Accrued expenses and other liabilities11,19414,495
Debt, current portion8,9885,513
Operating lease liabilities - current1,2331,725
Total current liabilities29,99934,016
NON-CURRENT LIABILITIES
Debt, non-current portion21,55324,652
Operating lease liabilities - non-current259303
Warrant liabilities71,857—
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, respectively938702
Additional paid-in capital763,436704,919
Accumulated other comprehensive loss(16,311)(16,194)
Accumulated deficit(552,596)(534,732)
Total shareholders' equity195,467154,695
Total liabilities and shareholders' equity$319,135$213,666

Condensed Consolidated Statements of Operations and Comprehensive Loss

Three Months ended March 31,
20252024
OPERATING EXPENSES:
Research and development$30,880$24,901
General and administrative18,73613,672
Total operating expenses49,61638,573
Loss from operations:(49,616)(38,573)
OTHER INCOME (EXPENSE), NET:
Fair value change of warrant liabilities19,460—
Benefit from R&D tax credit8,4483,101
Interest income2,3862,260
Foreign exchange gains (losses)2,133(783)
Interest expense(1,124)(1,098)
Other income803128
Total other income, net32,1063,608
Loss before income taxes(17,510)(34,965)
Income tax expense(354)(222)
Net loss$(17,864)$(35,187)
Net loss per share attributable to ordinary shareholders: basic$(0.20)$(0.55)
Weighted average ordinary shares outstanding: basic89,192,25264,222,178
Net loss per share attributable to ordinary shareholders: diluted$(0.24)$(0.55)
Weighted average ordinary shares outstanding: diluted98,641,62364,222,178
Net loss$(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
SHARESAMOUNTAMOUNTAMOUNTAMOUNTAMOUNT
Balance at December 31, 202361,943,471$635$621,645$(16,926)$(379,610)$225,744
Exercise of share options86,5101219——220
Issuance of ordinary shares, net of issuance costs2,509,7982526,194——26,219
Issuance of ordinary shares to settle vested restricted stock units50,705—————
Issuance of ordinary shares to settle warrants exercised3,752,0503837,220——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, 202468,342,534$699$690,222$(16,962)$(414,797)$259,162
Balance at December 31, 202468,552,215$702$704,919$(16,194)$(534,732)$154,695
Issuance of ordinary shares, net of issuance costs24,014,72823354,583——54,816
Exercise of share options164,4222———2
Issuance of ordinary shares to settle vested restricted stock units116,9611(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, 202592,848,326$938$763,436$(16,311)$(552,596)$195,467

Condensed Consolidated Statements of Cash Flows

(in thousands)

Three Months ended March 31,
20252024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss$(17,864)$(35,187)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation3761
Non-cash interest376333
Non-cash (gain)/loss on foreign currency remeasurement(1,411)230
Non-cash share-based compensation3,9355,129
Non-cash lease expenses582555
Transaction costs allocated to warrants5,778—
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 costs140,35726,219
Proceeds from the exercise of warrants—37,258
Payments of withholding tax on stock award—(185)
Proceeds from exercise of options2220
Net cash provided by financing activities140,35963,512
Effect of exchange rate changes on cash, cash equivalents and restricted cash317(45)
Net increase in cash, cash equivalents and restricted cash95,01942,639
Cash, cash equivalents and restricted cash, beginning of the period165,470220,638
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,
20252024
Cash and cash equivalents$260,110$262,888
Restricted cash$379$389
Total cash, cash equivalents and restricted cash$260,489$263,277
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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.