1Q26: Repeat-Dose Trial '006 Pt B Data Due Early Q3; '360 NDA Submission In Q4

研报英文原文证据摘录

1Q26: Repeat-Dose Trial '006 Pt B Data Due Early Q3; '360 NDA Submission In Q4

Biotechnology

COMPASS Pathways

TD SECURITIES (USA) LLC EARNINGS UPDATE

May 13, 2026

Price: $9.37 (05/12/2026) 1Q26: Repeat-Dose Trial '006 Pt B Data Due

Price Target: $29.00 Early Q3; '360 NDA Submission In Q4

BUY (1)

ESG SCORE: 60/100

Ritu Baral THE TD COWEN INSIGHT

646 562 1379

1Q26: 26 wk Ph3 '006 TRD '360 data are due early Q3, w/ the ongoing rolling NDA to complete

ritu.baral@tdsecurities.com

Q4. The new CNPV enables further accelerated FDA review and parallel/expedited DEA

Athena Chin rescheduling, and we think approval could be as early as Q4, supporting a potential 1Q27

646 562 1468 launch. Sales leadership is in place, w/ sales rep buildout underway for YE26 launch readiness.

athena.chin@tdsecurities.com

Current cash gives runway into 2028.

Key Data

Symbol NASDAQ: CMPS 1Q26 Financials; Cash Runway To 2028

Beta: 2.40

1Q26 R&D was $26.5MM (-11% q/q) and G&A was $16.4MM (+2% q/q). 1Q26 net loss was

52-Week Range: $9.91-$2.35

$91.2MM; EPS was $0.71. End of 1Q26 cash was $466MM; cash is expected to provide runway

Market Cap: $1.3B

to 2028, including the anticipated commercial launch of '360 in TRD.

Net Debt (MM): $(115.0)

Cash/Share: $(1.69) COMP360 Rolling NDA Started, Expected To Complete In Q4 After 26-Week Ph3 COMP006

Dil. Shares Out (MM): 93.5 Data In Early Q3

Enterprise Value

$761.2 CMPS was recently granted rolling review for its COMP360 TRD NDA and awarded a(MM):

BV/Share: $(0.55) Commissioner’s National Priority Voucher (CNPV). The company has already submitted at

Dividend: $0.00 least one of three NDA modules and continues to expect NDA completion in 4Q26 after the

Yield: 0.0% Ph3 repeat-dose COMP006 26-week data readout in early 3Q26 (the final gating item to