COMPASS Pathways Plc American Depository Shares - CMPS STOCK NEWS

COMPASS Pathways reports financial results for Q1 2023 and provides an update on its COMP360 psilocybin therapy program. Phase 3 trials for treatment-resistant depression are underway and on track. The American Medical Association has accepted a CPT III code for in-person support services during psychedelic therapy. Net loss for Q1 2023 was $24.2 million. Cash position at the end of Q1 2023 was $117.1 million.

The global psychedelic drugs market witnessed growth, expanding from $4.2 billion in 2022 to $4.83 billion in 2023, at a CAGR of 14.9%. This market is poised to reach $8.31 billion by 2027, with a CAGR of 14.5%. The report comprises essential market insights, detailing a variety of players including Johnson & Johnson, Pfizer, COMPASS Pathways PLC (CMPS), and others. Mental health conditions, particularly depression and PTSD, are major focus areas driving growth. Additionally, the introduction of innovative treatments such as nasal sprays is becoming a trend. The report also discusses the impact of global factors like COVID-19, inflation, and geopolitical issues on the market expansion.

COMPASS Pathways plc (Nasdaq: CMPS), a mental health care company, will present at the 22nd Annual Needham Virtual Healthcare Conference on April 19, 2023, at 9:30 am ET. The presentation will be accessible via a live audio webcast on the company’s website, with a replay available for 30 days afterward.

COMPASS focuses on accelerating patient access to innovative mental health solutions, particularly through its psilocybin therapy, COMP360, which has received Breakthrough Therapy designation from the FDA and ILAP designation in the UK for treatment-resistant depression (TRD). The company is conducting the largest-ever randomized, controlled, double-blind psilocybin therapy clinical program for TRD, following a successful phase 2b study that demonstrated significant improvements in depressive symptoms.

COMPASS Pathways plc (Nasdaq: CMPS), a mental health care company, announced management participation in three significant events. These include:

• Cowen 43rd Annual Health Care Conference on March 6, 2023, at 12:50 pm ET
• Oppenheimer 33rd Annual Healthcare Conference on March 13, 2023, at 10:00 am ET
• Loop Capital Conference on March 14, 2023

Live webcasts will be available on their investors’ page, with replays for 30 days post-event. COMPASS focuses on providing innovative treatment options, notably their psilocybin therapy COMP360, which has been designated as a Breakthrough Therapy by the FDA and targets treatment-resistant depression.

COMPASS Pathways plc (Nasdaq: CMPS) has made significant progress with its COMP360 psilocybin therapy. The Phase 3 pivotal program for treatment-resistant depression (TRD) includes two trials, with the first one (COMP 005) expecting data by summer 2024 and the second (COMP 006) by mid-2025. The company's cash position stands at $143.2 million as of December 31, 2022, despite a net loss of $91.5 million for the year. R&D expenses increased to $65.1 million for 2022, reflecting ongoing clinical investigations. Financial guidance for Q1 2023 indicates an operating cash outflow of $24-$32 million.

COMPASS Pathways (Nasdaq: CMPS) announced its plans to release financial results for Q4 and year-end 2022 on February 28, 2023. Alongside the financial results, the company will update investors on recent business developments. A conference call will be held at 8:00 AM ET (1:00 PM UK), where the management team will discuss these updates. The call can be accessed by pre-registering, and a live webcast will also be available on the company's website. COMPASS specializes in mental health innovation, focusing on psilocybin therapy with its proprietary formulation, COMP360, designated as a Breakthrough Therapy by the FDA.

COMPASS Pathways (Nasdaq: CMPS) announced promising results from a recent study on COMP360 psilocybin therapy. In an exploratory open-label study for type II bipolar disorder, 86% of participants achieved remission within three months after a single 25mg dose. Additionally, data from a phase 2b trial for treatment-resistant depression (TRD) was presented, highlighting the correlation between positive psychedelic experiences and reduced depression severity. The therapy has received FDA Breakthrough Therapy designation, signaling its potential in mental health treatment.

LONDON, Nov. 28, 2022 (GLOBE NEWSWIRE) -- COMPASS Pathways plc (Nasdaq: CMPS) will host a fireside chat at the Evercore ISI HealthCONx Conference at 9:15 am ET on November 30, 2022. A live audio webcast will be available on the COMPASS website's Events page, with a replay accessible for 30 days post-event. The company, focused on mental health innovation, is developing psilocybin therapy with its proprietary formulation, COMP360, which has received Breakthrough Therapy designation from the FDA for treatment-resistant depression. COMPASS also conducts trials for PTSD and anorexia nervosa.