Compass Pathways Plc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The balance sheet gives no cause for alarm: $433.3 million of cash as of June 30, 2026, positive shareholders' equity, no going-concern warning, and no loan principal due before 2029 — that is not a substance risk, so not red. Green is ruled out by the one large open question everything hangs on: the company has never earned a dollar, and whether it ever will is decided in sequence by the FDA, the Drug Enforcement Administration, the individual states and the payers. A business whose entire value rests on a single approval event, and whose shareholders buy the waiting time by doubling the share count, is demonstrably risky but not structurally impaired. That the stock looks expensive and the analyst consensus is uniformly positive deliberately plays no part in this rating — those are price arguments, not quality arguments. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Compass Pathways is the home-stretch trap in pure form. Two positive Phase 3 trials, an accelerated FDA review path and a launch announced for the first half of 2027 make the finish line look within reach. Alongside that, the SEC filings show a company with no revenue at all, a $985.2 million accumulated deficit, a share count that has more than doubled from 61.9 million to 138.5 million, and 23.8 million purchase rights at $0.0001 that appear in no share count. Four doors stand between the successful trial and the first milligram sold — approval, federal rescheduling, state rescheduling, reimbursement — and the company holds the key to none of them. Not investment advice.
Clinical data & regulatory path
Two pivotal Phase 3 trials with more than 800 participants dosed are positive: COMP005 met its primary endpoint in June 2025 (MADRS −3.6 versus placebo, p < 0.001), and COMP006 showed on July 7, 2026 that 39 percent of participants in the 25 mg arm sustained a clinically meaningful improvement through at least week 26. A rolling NDA submission since April 2026 plus a National Priority Voucher put this program further ahead regulatorily than almost any other psychedelics candidate.
Business model & earnings
Not a single dollar of revenue since inception in 2020, an accumulated deficit of $985.2 million as of June 30, 2026, and operating expenses of $95.3 million in the first half of 2026 alone. The entire value of the company rests on one product candidate in one principal indication.
Regulatory dependence
Even an FDA approval permits no sale: psilocybin sits on Schedule I, and the annual report for 2025 states that the DEA must reschedule it first; the states must then follow, and the reimbursement question comes after that. The company can open none of these doors itself, and none of them carries a binding date.
Dilution
The share count rose from 61,943,471 (December 31, 2023) to 138,476,822 (July 30, 2026), joined by 23,848,829 pre-funded warrants at $0.0001 that appear in no share count and 47,163,568 potentially dilutive securities in total as of June 30, 2026. The shelf registration filed August 5, 2026 makes further offerings possible at any time.
Balance sheet & liquidity
Solid for a company without revenue: $433.3 million of cash as of June 30, 2026 (December 31, 2025: $149.6 million), shareholders' equity of positive $84.5 million after negative $52.8 million at year-end, and runway into 2028 per the company against an operating cash outflow of $88.2 million in the first half. No going-concern warning, and the first loan principal payment is not due until 2029.
Earnings quality & reporting clarity
The reported result is useless as a metric: negative $253.8 million in the second quarter and positive $91.2 million in the first quarter of 2026, in both cases driven almost entirely by the remeasurement of warrants (warrant liability of $337.5 million as of June 30, 2026). The company explains the effect explicitly in its earnings release — transparently disclosed, but worthless for any ratio comparison.
Worth Noting
Compass Pathways reached our research list through the EDGAR event radar: on August 5, 2026 the quarterly report (10-Q) as of June 30, 2026, the earnings release (Form 8-K, Exhibit 99.1) and a shelf registration (Form S-3ASR) all arrived on the same day. Every filing dated on or after that day was reviewed for this analysis.
The reported net result is not a performance measure at this company: it tracks the valuation of warrants carried as liabilities, and therefore the company's own share price. The meaningful figures are the operating loss ($52.4 million in the second quarter of 2026) and the operating cash outflow ($88.2 million in the first half of 2026).
Valuation figures are dated and evergreen: the $11.25 price anchor comes from the company's own shelf registration and refers to August 3, 2026; market capitalization and analyst consensus carry the data date of August 7, 2026. Do not confuse the two: COMPASS Pathways plc (CMPS) is a different company from its former shareholder atai Life Sciences, now named AtaiBeckley Inc., which reduced its stake below the 5 percent threshold by January 21, 2026.
Stock Watch
This analysis is as of August 8, 2026. Stock Watch will tell you what's changed at CMPS since then.
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Price history
Chart
Interactive price chart (TradingView).
Last price: 13.54 $ (As of: August 8, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
No dividend data is available for this stock yet.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Medical Care Facilities
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Compass Pathways Plc CMPS | 1.8 | – | – | – | 0.0 | – | – |
| HCA Healthcare, Inc. HCA | 91.7 | 14.4 | 8.7 | 42.6 | 15.0 | 7.1 | 11.5 |
| Tenet Healthcare Corporation THC | 22.6 | 13.6 | 5.7 | 41.7 | 17.9 | 3.1 | 60.4 |
| Encompass Health Corp EHC | 12.4 | 21.5 | 9.4 | 43.5 | 19.0 | 10.5 | 8.3 |
| DaVita HealthCare Partners Inc DVA | 11.7 | 18.0 | 10.3 | 32.5 | 13.9 | 6.5 | 43.9 |
| The Ensign Group Inc ENSG | 10.7 | 29.4 | 19.8 | 16.6 | 9.0 | 18.7 | 15.1 |
| Universal Health Services Inc UHS | 10.5 | 7.3 | 5.4 | 44.6 | 11.2 | 9.7 | 3.1 |
| PACS Group, Inc. PACS | 7.5 | – | 23.4 | 16.8 | 8.5 | 29.3 | 336.8 |
| Chemed Corp CHE | 7.3 | 30.9 | 16.7 | 33.1 | 12.9 | 4.1 | 27.8 |
| Median of companies shown | 10.7 | 18.0 | 9.8 | 37.4 | 12.9 | 8.4 | 21.4 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -0.56 | 9.70 | 0 | – | – | -34 | -34 |
| 2024: Q3 | -0.56 | 16.40 | 0 | – | – | -22 | -22 |
| 2024: Q4 | -0.63 | -18.90 | 0 | -100.00 | – | -42 | -42 |
| 2025: Q1 | -0.42 | 23.60 | 0 | – | – | -46 | -46 |
| 2025: Q2 | -0.41 | 26.80 | 0 | – | – | -39 | -39 |
| 2025: Q3 | -0.38 | 32.10 | 0 | – | – | -35 | -35 |
| 2025: Q4 | -0.61 | 3.70 | 0 | – | – | -38 | -38 |
| 2026: Q1 | -0.30 | 28.60 | 0 | – | – | -48 | -48 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 5 of our scanner strategies — each hit links to the scanner.
Growth
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
No price target is available for this stock.
AI classification
AI Rating
COMPASS Pathways setzt laut dem Geschäftsbericht für 2024 (10-K, eingereicht 27.02.2025) intern KI und Sprachverarbeitung ein, um in den eigenen COMP360-Studien den Wirkmechanismus zu charakterisieren und die Behandlungstreue zu erfassen, betrieben von einem hauseigenen KI-Digitalteam mit proprietären Tools — ein Umsatz aus KI entsteht daraus nicht, im Gegenteil erwägt das Unternehmen, dieses Team samt Technologie in eine eigene, von den Mitgründern getragene Firma auszugliedern. Im aktuellsten Geschäftsbericht für 2025 (10-K, 24.03.2026) und in allen vier geprüften Quartalsberichten fehlt diese explizite KI-Formulierung; dort taucht KI nur noch in der branchenüblichen Cybersicherheits-Risikofloskel auf (Angreifer könnten KI zur Verstärkung von Cyberangriffen nutzen) — das zählt laut Kriterienkatalog nicht als Bedroht-Beleg. Einstufung Nutzt KI auf Basis der dokumentierten, inzwischen zurückgefahrenen operativen Nutzung.
View the full file — quotes, sources, reviewed filings
„We have built an in-house digital team with experience in digital technology, engineering and AI, which we refer to as augmented intelligence as well as artificial intelligence. This team has focused on researching and developing proprietary digital tools and technology to test evidence-based methods for assessing mental health treatments."
Wir haben ein hausinternes Digitalteam mit Erfahrung in Digitaltechnologie, Ingenieurwesen und KI aufgebaut, die wir sowohl als augmentierte als auch als künstliche Intelligenz bezeichnen. Dieses Team hat sich auf die Erforschung und Entwicklung firmeneigener digitaler Werkzeuge und Technologien konzentriert, um evidenzbasierte Methoden zur Beurteilung psychischer Behandlungen zu testen.
10-K · 2025-02-27 · View SEC filing
„Harnessing AI and natural language processing capabilities to potentially characterize the mechanism of change and assess fidelity to our treatment protocol for psychological support."
Nutzung von KI- und Sprachverarbeitungsfähigkeiten, um möglicherweise den Wirkmechanismus zu charakterisieren und die Treue zu unserem Behandlungsprotokoll für die psychologische Begleitung zu beurteilen.
10-K · 2025-02-27 · View SEC filing
„These types of incidents continue to be prevalent and pervasive across industries, including in our industry, and are being facilitated or enhanced by evolving technologies, including artificial intelligence, or AI."
Vorfälle dieser Art bleiben branchenübergreifend, auch in unserer Branche, verbreitet und werden durch sich weiterentwickelnde Technologien wie künstliche Intelligenz (KI) begünstigt oder verstärkt.
10-K · 2026-03-24 · View SEC filing
Filings Reviewed: 10-Q 2026-08-05 · 10-Q 2026-05-13 · 10-Q 2025-11-04 · 10-Q 2025-07-31 · 10-K 2026-03-24 · 10-K 2025-02-27
Rated on August 8, 2026 · How the Rating Is Built
The company
About the Company
COMPASS Pathways plc operates as a biotechnology company that focuses on mental health in the United Kingdom and the United States. The company develops COMP360, a psilocybin therapy, which is in Phase III clinical trial for the treatment of treatment-resistant depression; and is in Phase II clinical trial for treating post-traumatic stress disorder and anorexia nervosa. The company was formerly known as COMPASS Rx Limited and changed its name to COMPASS Pathways plc in August 2020. The company was incorporated in 2020 and is headquartered in London, the United Kingdom.
- IPO Year
- 2020
Data as of: August 8, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.