COMPASS Pathways plc

For the period ended Sep 30, 2025. Filed Nov 4, 2025.

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, 2025 · Filed Nov 4, 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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Contents

Item 1. Financial Statements (Unaudited)

Condensed Consolidated Balance Sheets

	September 30,	December 31,
	2025	2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$185,937	$165,081
Restricted cash	379	389
Prepaid expenses and other current assets	56,072	35,821
Total current assets	242,388	201,291
NON-CURRENT ASSETS:
Operating lease right-of-use assets	3,931	2,006
Deferred tax assets	4,527	3,774
Long-term prepaid expenses and other assets	4,761	6,595
Total assets	$255,607	$213,666
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$5,246	$12,283
Accrued expenses and other liabilities	12,023	14,495
Debt, current portion	12,669	5,513
Operating lease liabilities - current	1,949	1,725
Warrant liabilities	165,563	—
Total current liabilities	197,450	34,016
NON-CURRENT LIABILITIES:
Debt, non-current portion	18,600	24,652
Operating lease liabilities - non-current	1,966	303
Total liabilities	$218,016	$58,971
Commitments and contingencies (Note 9)
SHAREHOLDERS' EQUITY:
Ordinary shares, £0.008 par value; 96,002,044 and 68,552,215 shares authorized, issued and outstanding at September 30, 2025 and December 31, 2024, respectively	973	702
Additional paid-in capital	780,521	704,919
Accumulated other comprehensive loss	(15,187)	(16,194)
Accumulated deficit	(728,716)	(534,732)
Total shareholders' equity	37,591	154,695
Total liabilities and shareholders' equity	$255,607	$213,666

Condensed Consolidated Statements of Operations and Comprehensive Loss

	Three Months ended September 30,		Nine Months ended September 30,
	2025	2024	2025	2024
OPERATING EXPENSES:
Research and development	$27,325	$32,928	$88,530	$86,898
General and administrative	13,211	14,968	44,555	42,893
Total operating expenses	40,536	47,896	133,085	129,791
Loss from operations:	(40,536)	(47,896)	(133,085)	(129,791)
OTHER INCOME (EXPENSE), NET:
Fair value change of warrant liabilities	(101,318)	—	(84,398)	—
Benefit from R&D tax credit	3,924	4,084	16,659	10,894
Interest income	1,588	1,977	5,872	6,645
Foreign exchange (losses) gains	(883)	4,452	3,599	3,894
Interest expense	(1,105)	(1,137)	(3,380)	(3,347)
Other income	383	191	1,010	486
Total other income, net	(97,411)	9,567	(60,638)	18,572
Loss before income taxes	(137,947)	(38,329)	(193,723)	(111,219)
Income tax benefit (expense)	230	(173)	(261)	(571)
Net loss	$(137,717)	$(38,502)	$(193,984)	$(111,790)
Net loss per share attributable to ordinary shareholders: basic and diluted	$(1.44)	$(0.56)	$(2.09)	$(1.67)
Weighted average ordinary shares outstanding: basic and diluted	95,337,993	68,395,343	92,646,458	67,001,326
Net loss	$(137,717)	$(38,502)	$(193,984)	$(111,790)
Other comprehensive loss:
Foreign exchange translation adjustment	(605)	339	1,007	384
Comprehensive loss	$(138,322)	$(38,163)	$(192,977)	$(111,406)

Condensed Consolidated Statements of Shareholders’ Equity

ORDINARY SHARES £0.008 · ADDITIONAL PAID-IN CAPITAL · ACCUMULATED OTHER COMPREHENSIVE (LOSS)/INCOME · 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
Exercise of share options	3,845	—	—	—	—	—
Issuance of ordinary shares to settle vested restricted stock units	4,438	—	—	—	—	—
Vesting of equity awards under the employee 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

ORDINARY SHARES £0.008 · ADDITIONAL PAID-IN CAPITAL · ACCUMULATED OTHER COMPREHENSIVE (LOSS)/INCOME · ACCUMULATED DEFICIT · TOTAL SHAREHOLDERS' EQUITY
	PAR VALUE
SHARES · AMOUNT · AMOUNT · AMOUNT · AMOUNT · AMOUNT
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
Exercise of share options	682,682	7	2		—		—		9
Issuance of ordinary shares to settle vested restricted stock units	9,375	—	—		—		—		—
Issuance of ordinary shares under the employee share purchase plan	45,965	1	156		—		—		157
Share-based compensation expense	—	—	3,596		—		—		3,596
Unrealized gain on foreign currency translation	—	—	—		1,729		—		1,729
Net loss	—	—	—		—		(38,403)		(38,403)
Balance at June 30, 2025	93,586,348	$946	$767,190		$(14,582)		$(590,999)		$162,555
Exercise of share options	44,121	—	—		—		—		—
Issuance of ordinary shares to settle vested restricted stock units	26,909	—	—		—		—		—
Issuance of ordinary shares to settle warrant exercised	2,344,666	27	10,124		—		—		10,151
Share-based compensation expense	—	—	3,207		—		—		3,207
Unrealized loss on foreign currency translation	—	—	—		(605)		—		(605)
Net loss	—	—		—		(137,717)		(137,717)
Balance at September 30, 2025	96,002,044	$973	$780,521		$(15,187)		$(728,716)		$37,591

Condensed Consolidated Statements of Cash Flows

(in thousands)

	Nine months ended September 30,
	2025	2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$(193,984)	$(111,790)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	210	183
Non-cash interest	1,104	1,037
Non-cash loss on foreign currency remeasurement	(682)	(802)
Non-cash share-based compensation	10,738	15,023
Non-cash lease expenses	1,114	1,687
Transaction costs allocated to warrants	5,778	—
Fair value change of warrant liabilities	84,398	—
Changes in operating assets and liabilities
Prepaid expenses and other current assets	(17,364)	14,479
Deferred and prepaid tax assets	(753)	46
Other assets	2,035	643
Operating lease liabilities	(1,150)	(1,659)
Accounts payable	(7,719)	1,947
Accrued expenses and other liabilities	(3,177)	1,777
Net cash used in operating activities	(119,452)	(77,429)
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	—	(238)
Proceeds from issuance of shares under the employee share purchase plan	157	210
Proceeds from exercise of options	11	220
Net cash provided by financing activities	140,525	63,669
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(227)	464
Net increase in cash, cash equivalents and restricted cash	20,846	(13,296)
Cash, cash equivalents and restricted cash, beginning of the period	165,470	220,638
Cash, cash equivalents and restricted cash, end of the period	$186,316	$207,342

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,
	2025	2024
Cash and cash equivalents	$185,937	$206,953
Restricted cash	$379	$389
Total cash, cash equivalents and restricted cash	$186,316	$207,342

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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.