The GAAP EPS miss is noise due to warrant accounting; the core catalyst is the NDA submission and potential approval of COMP360. Monitor for Part B data from COMP006 in early Q3 and final NDA submission in Q4, which are the key value drivers. The strong cash position removes near-term financing risk.
Price Chart
Executive Summary
Compass Pathways reported Q2 2026 results with a net loss of $1.88 per share, a wider loss vs $0.41 in Q2 2025, driven by non-cash warrant liability fair value adjustments. The core operational story remains on track: NDA rolling submission for COMP360 in TRD is underway with final submission expected in Q4, and commercial launch is targeted for H1 2027. The company holds $433M in cash, sufficient into 2028, but the GAAP loss miss vs consensus and the GAAP net loss widening are the headline financials for this pre-revenue biotech.
Key Financial Metrics
Key Facts
- Net loss of $253.8M ($1.88/share) for Q2 2026 vs $38.4M ($0.41/share) in Q2 2025, primarily due to a $205.6M non-cash loss from warrant liability fair value adjustments.
- Cash and cash equivalents of $433.3M as of June 30, 2026, compared to $149.6M at December 31, 2025.
- Rolling NDA submission for COMP360 in TRD is underway; final submission on track for Q4 2026.
- Commercial launch expected in first half of 2027, subject to FDA approval and DEA rescheduling.
- Operating expenses (R&D + G&A) were $52.4M in Q2 2026, up from $42.9M in Q2 2025, driven by increased commercial preparedness costs.
- EPS of -$1.88 missed the consensus estimate of -$0.34 by a wide margin, though this is a pre-revenue biotech where GAAP EPS is heavily influenced by non-cash warrant adjustments.
Financial Impact
GAAP net loss per share of -$1.88 vs consensus -$0.34, a significant miss driven by non-cash warrant revaluation. Cash burn from operations (not explicitly stated but implied by operating loss of $52.4M) is the core financial metric for this pre-revenue company.
Risk Factors
- FDA approval of COMP360 is not guaranteed; the NDA review could result in a Complete Response Letter (CRL).
- DEA rescheduling of psilocybin is required before commercialization and faces political and regulatory uncertainty.
- Commercial adoption of a novel psychedelic treatment paradigm is unproven and may be slower than anticipated.
- The company is pre-revenue and will continue to generate operating losses until a potential product launch.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001816590-26-000059 |
| Document: cmps-20260805.htm | 0001816590-26-000059 |
| Document: 0001816590-26-000059-index-headers.html | 0001816590-26-000059 |
| Document: 0001816590-26-000059-index.html | 0001816590-26-000059 |
| Document: 0001816590-26-000059.txt | 0001816590-26-000059 |
| 8-K Data (Synthetic) | 0001816590-26-000059 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 10, 2026 7w ago | 144 | $13.18 $14.04 | ▲ +6.53% | ▲ +7.44% | $11.93 (−9.48%) |
Aug 5, 2026 8w ago | 8-K | $13.58 $13.23 | ▼ −2.58% | ▼ −1.98% | $11.93 (−12.15%) |
Jul 7, 2026 12w ago | 8-K | $12.99 $11.25 | ▼ −13.39% | ▼ −14.73% | $11.93 (−8.16%) |
Jun 11, 2026 16w ago | Institutional Cluster | $11.41 $13.60 | ▲ +19.19% | ▲ +17.30% | $11.93 (+4.56%) |
US Market Status
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