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COMPASS Pathways

CMPS Lead: NDA Submitted 10 Biotech Distilled articles ↓ 40 filings & releases ↓ Cash $444M (Sep 30, 2026) ↓ 10 verdicts ↓ 2 timing quotes ↓
Neurology Small Molecule

Market cap $1.22B 141.7M shares (10-Q, Oct 28, 2026) × $8.61 close Nov 6, 2026

Most recent annual filing: 2025-02-15

Catalyst timeline

1 trackedQuarter catalyst calendar →
  1. COMP360 TRD NDA filingNov 2026COMP360 TRD NDA filing, Nov 2026, notable

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (3 active programs)

Capital (as filed)

Cash
$444M cash and cash equivalents · Sep 30, 2026 (10-Q)
Operating cash flow
−$50.8M quarter Jun 30, 2026 → Sep 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$444M cash, runway into 2028 per the update of Nov 3, 2026 — the company's own words as read there, not the filed figure

Offering documents (1)

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (10)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (10 calls)

Every verdict Biotech Distilled has published on COMPASS Pathways, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-01-15 Watch Compass Pathways (CMPS): Scientific Deep Dive for COMP360 and Pipeline Products Too binary to hold through the Q1 2026 data readout; wait for clean safety and durable efficacy before entering a position.
  2. 2026-02-21 Buy core UPDATE: Compass Pathways (CMPS) – The Coin Lands Heads, and the Bill Comes Due Phase 3 data showed clean safety and durable efficacy, retiring the binary clinical risk; balance sheet fortified with $150M raise; COMP360 is the frontrunner in interventional psychiatry.
  3. 2026-02-28 Buy core UPDATE: Compass Pathways (CMPS) – The $341 Million Dilution Double-Tap The 15% stock drop from warrant dilution reflects share-count math, not science; the fully-funded balance sheet with $341M in new capital makes the $6.90 entry even more attractive.
  4. 2026-03-28 Buy core UPDATE: Compass Pathways (CMPS) - The Accounting Trap Net Loss and the 7,300-Center Flex Clinical risk retired, balance sheet loaded into 2028, debt covenant neutralized, and commercial infrastructure strategy clarified via 7,300 existing multi-hour treatment centers.
  5. 2026-04-27 Buy core UPDATE: Compass Pathways (CMPS) - The Regulatory Anvil Just Got Lifted CNPV pilot compresses FDA review to 1-2 months, White House EO provides political tailwind on DEA rescheduling, and commercial infrastructure continues to build; thesis compounding not decaying.
  6. 2026-07-07 Buy core UPDATE: Compass Pathways (CMPS) - The Last Piece of Clinical Risk Just Got Retired COMP006 Part B 26-week data confirmed durable efficacy and clean safety, completing the clinical package needed for NDA; the binary is dead and only execution risk remains.
  7. 2026-08-06 Buy core UPDATE: Compass Pathways (CMPS) - The $253 Million Loss That Isn't Q2 operating burn is disciplined against a $433.3M cash fortress, rolling NDA modules are already under FDA review, and 90% of US patients live in states intending to reschedule within 30 days of DEA action.
  8. 2026-08-07 Buy core UPDATE: Compass Pathways (CMPS) - The VA Just Became a Customer Before It's a Customer The VA's federally-funded PIVOT trial pre-stages trained COMP360 providers inside the largest integrated health system before launch, strengthening commercial execution without adding burn.
  9. 2026-09-09 Buy core UPDATE: Compass Pathways (CMPS) - The Durability Story Goes to 52 Weeks COMP005 Part C open-label extension shows 13-point average MADRS reduction at 52 weeks with re-dosing, validating the few-treatments-per-year commercial model ahead of Q4 NDA completion.
  10. 2026-11-04 Buy core UPDATE: Compass Pathways (CMPS) - Two Weeks to the Filing, and a Rival With a Voucher Full NDA submission is weeks away with $444M cash and intact clinical package, though competitive risk has risen with Usona holding its own CNPV for psilocybin in the broader MDD indication.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (2 quotes from 2 filings)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (40)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from May 6, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

5 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)