Runway Extended: Compass Banks $444M Into 2028 as Its Psilocybin NDA Nears the Finish Line
Compass Pathways closed the third quarter with $444.0 million in cash, up from $149.6 million at the end of 2025, and now says that is enough to fund operations into 2028. That carries the company past its targeted launch rather than leaving it racing to one. The quarter's books, under CFO Teri Loxam, also showed $51.0 million in debt and selling, general and administrative spending of $33.0 million, which the company says is rising as it builds out commercial launch preparation. A $40.8 million non-cash gain on its warrants shrank the headline quarterly loss to $9.8 million. Compass warned that this line will swing with the share price.
The bigger news was timing. On the Nov. 3 call, CEO Kabir Nath said, "We will complete our rolling NDA submission in the next two weeks," for COMP360 synthetic psilocybin in treatment-resistant depression, with launch prep aimed at the first half of 2027 if the FDA approves. The company's National Priority Voucher could shrink the review itself to one or two months. Asked by Stifel's Paul Matteis about a two-player psilocybin market, Nath declined to discuss Usona, which filed its own psilocybin NDA for major depression days earlier, saying only that Compass's indication is "TRD, and that is fundamental to the value." Psychedelic Alpha's Josh Hardman covered the call, and STAT's Elaine Chen is framing it as a straight race for the first psychedelic approval. Both programs' trial histories sit side by side on our trials tracker, and Compass's investor calendar continues at a Stifel fireside chat on Nov. 11.