Compass Pathways PLC: 1Q26 Results - Launch Readiness the Focus Post CNPV

Research evidence excerpt

Compass Pathways PLC: 1Q26 Results - Launch Readiness the Focus Post CNPV

UpdateM

RiskRisk RewardReward– Compass- CompassPathways PLCPathways(CMPS.O) PLC (CMPS.O)

Progress with COMP360 and Regulatory Outlook Drives Risk/Reward

PRICE TARGET $17.00 OVERWEIGHT THESIS

Our PT for CMPS is based on a DCF that uses a 12.5% discount and a 0% terminal growth ▪CMPS is developing COMP360 for mental

rate. health disorders. COMP360 is the

company's formulation of psilocybin, a $20.97

psychedelic agent being evaluated for its

Consensus Price Target Distribution $8.00 $70.00 therapeutic benefits for mental health

MS PT

conditions.Source: Refinitiv, Morgan Stanley Research Mean Morgan Stanley Estimates ▪Risk/reward appears skewed to the upside

with 6-week COMP005 data behind us and

a more robust potential catalyst path over

RISK REWARD CHART the coming 6-12 months than we had

appreciated.

Regulatory commentary at the highest USD ▪

$52.00$52.00(+454.96%)$52.00(+454.96%)(+454.96%) levels regarding prospects for psychedelic

drug development are difficult to ignore and

48 may represent a supportive regulatory

backdrop for COMP360

▪CMPS looks to be fully prepared to

36 capitalize upon the path toward

commercialization that has been paved by

Spravato (esketamine)

$17.00$17.00(+81.43%)$17.00(+81.43%)(+81.43%) Consensus Rating Distribution

$9.37$9.37$9.37 93% Overweight

7% Equal-weight

0 0% Underweight

MAY '25 NOV '25 MAY '26 MAY '27$1.00$1.00(-89.33%)$1.00(-89.33%)(-89.33%) MS Rating

Key: Historical Stock Performance Current Stock Price Price Target Source: Refinitiv, Morgan Stanley Research

Source: Refinitiv, Morgan Stanley Research

Risk Reward Themes

Disruption: Positive

View descriptions of Risk Rewards Themes here

BULL CASE $52.00 BASE CASE $17.00 BEAR CASE $1.00