CMPS - Earnings call transcript Q1 2022

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Operator

Good morning, and welcome to COMPASS Pathway’s First Quarter ‘22 Earnings Call.

During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, today's conference is being recorded. I would like to turn the conference over to Steven Schultz, VP, Investor Relations. sir. ahead, go Please

Steven Schultz

release you our Vice Officer; first Chief George on you call. Dr. joined quarter a COMPASS is relations the Officer. you've of results. will Today, covering today my of Again, We joining Investor by for Goldsmith, had name and conclusion Chairman the Mike Chief it press Officer; I'm review to the shortly website our XXXX is Schultz, Falvey, Goodwin, Guy chance earlier the call and call. Executive Financial all today, Chief The investor for these and Senior thank being Medical Pathways. and Steve after us of hope COMPASS issued recorded Pathways' President Welcome results available at conference be Relations

begin, today, call within Securities Before as of during remind forward-looking the meaning XXXX team me Litigation of we that statements be the Private making Act the everyone the let Reform will amended.

our place XX-Q and the not uncertainties report and these those COMPASS uncertainties the in from by events results implied undue on should Factors other with Commission as risks, result You including and filed Actual of Form SEC. by subsequent risks heading and Risk on with materially factors, in Exchange the described expressed Securities under quarterly U.S. or a various could filings those made forward-looking forward-looking or statements differ statements. any reliance

disclaim and to now call today or should as our Goldsmith. any statements. to representing hand Additionally, forward-looking We subsequent of George these our upon I'll any our relied over that, update forward-looking not views be as obligation statements Chairman the any only specifically and CEO, represent revise With views as of date.

George Goldsmith

crisis questions. high we with patients. current our that comments, FDA. in large quarter and support an protocols our the TRD update you, Mike, I'm care. in therapeutic from that with of with is substantially and and depression, The through burden programs healthcare Thank and to global tools prepared And progress our dramatically and II to a some meeting to will that standard the recently provide health of this with in provide to innovations therapists and progress. individuals report In I advance number by growing development will patients review. care. the suffer then today's patients COMPASS the face carries a COMPASS and underserved conditions begin novel business ask comments it to of mental completed mental on increasing these end level resistant medicines, mental on call COMPASS care stress Phase digital patient and financial for crisis, continues toward served I is one make of the cost way our to post-traumatic people to first treatment both are welcome, PTSD health addressing improve transforming everyone. call will a growing this the systems. pleased After evidence-based challenges Guy Steve disorder, significant populations. continue not many to who Too significant to we you will of goal health properly open this then,

us team therapy to area of experienced Our strong as continues our and safely bring track this cash to science, disciplines possible. position across on differentiate in quickly and patients as keeps COMPASS of experts to key also

integrated psychedelic and the of to get well, both science is clinical care medicine, help health care challenges treatment in payers. Our overall. approach psychological health research platforms, digital for patients, unique and stay support and psychedelic and our innovative novel in well integrates people mental valuable that providers pathways This data and propositions

conditions in leadership will personalized, patients with which are role believe this we in for survey psychiatrists that with one new predictive eager carrying preventative is mental therapists health health reflected has these doctor benefit much and innovation half mental it psilocybin that believe We broader survey, were therapy, of in and care. COMPASS in conducted therapy patients potential developing know a severe strategy Our propel year prescribe for last approaches treatment for was a late if psilocybin TRD. survey options. In would approved. This to

the treatment They in access aware to ways to that are alleviate with on of We understanding, these of partially conditions Phase depression. as have experience. for of of turn move a individuals. may opportunity the now addressing only we from is Guy? III life-changing who will his me a let With provide provides symptoms within new the planned breakthrough Guy, our a outcome depression better this emotional to drugs see to believe for individuals on next Based significant also that, thoughts program. number to-date, a non-invasive a these steps this desire that their of our results clinical in reach

Guy Goodwin

you, day, we we Indeed, had and the developed. meeting pleased how with FDA Thank the good George our discussion and with all. were

trial. striking This gaining COMPXXX and monotherapy to support. milligram individuals or between positive a of and less does the who XX-week and of relapse responded had it it's measurements from the and the control of X.XXX The arm in XX% in Moreover, those primary compared the is who lower a X.X showed opportunity self-reported of insight the durability dose in on not single patients clear trial psilocybin the of was IIb into XX-milligram life this thinking, therapy week doses COMP enter for a mood of clinical who XX% year in to for immediate the benefits. the treated full fraction COMPXXX current return Critically II adjunct time Individuals the reduction XX% We psychological for Phase The continue month were arm points number comparable contrast use rate and to because the over score with trial, with study. a the additional psilocybin believe results, our acceptable X the in the to of chose compared return patients, sustained in response any milligram patients COMPXXX look forward to standard that separation valued both of than of quality the to an And thoughts SSRI XXX very study antidepressant the reporting compelling the efficacy. to study of important those respond of of a point, Phase to these results this have We and that patient p-value XX% The duration did X-milligram of to follow-up of the population rapid-acting evidence and prove show an not share mattress differentiating which antidepressant a showed that depression healthy and the endpoint rates suicide durable participated either with to the three, in in of XX-milligram care. study both a response levels later patients an by of use in arms. that in a drug higher XX clinicians feature be same long-term of depression. XX a population. is important length resistant could true to rates alike. arm to treatment will patients to therapy response We be trial.

been the to official shared participated positive. we points forward key the There informal program strongly are receiving pivotal we look feedback follow-up the has moving the trial and with the these and next of Phase design forward. IIb in agency from from them in the who participate program. meeting of palpable and enthusiasm network So is to The phase finalizing investigators

are journals this and through of Phase IIb various also in peer-reviewed to more sharing We the medical forward meetings. looking results publication study in year details

also therapy current Beyond with program the are Phase PTSD in we is potential PTSD. high great. is treatment ineffective symptoms patient of the need a patients. the and moving approaches TRD, and are lasting TRD for and II program, The COMPXXX are often many we of believe clinical severe long Like forward

such It the with XX Psychiatry, with will psilocybin given Psychology Participants will primary dose interventions efficient XX% to by of Working whether studies The is study therapy. be treatment study enroll and as evaluate psychological of includes weeks. PTSD, of study recently not psychological sites. and multiple assess is in the and to safety appears of The of will is resulting powering first with will definitive as Such an call therapy as psilocybin treatment functionality participants. College expected of psilocybin, up with as people the for therapy the developed. followed London and King’s to focused effective and open-label XX-milligram this PTSD objective will life. a also PTSD quality a be a with conjunction PTSD COMPXXX about described tolerability protocol and designed Unfortunately, psilocybin in for efficacy. therapy current single in experience those safety study followed receive support behavior of from line to symptoms, improve measure the SSRIs. to adult. COMPXXX novel improve The COMPXXX trauma outcomes Neuroscience necessary cognitive is Institute Psychopharmacology First-line is phase interventions and XX The of designing suffer the treatment. trauma who crisis PTSD pharmacological trauma treatment of & approaches Group COMPXXX such It

findings from study. investigator-led COMPXXX We also continue encouraging to independent see

the at of Biological more showing Just Annual anorexia in last studies positive and posters nervosa week treatment presented in for Psychiatry USA, Society signals the open-label exploratory resistant were depression. two Meeting early severe

evaluating run announcement R&D on King’s week The suffering those options. Foundation well out additional this and studies London co-sponsored started who by of and in an be the will Trust. College South on IIS and will earlier Also, and have COMPASS’ unmet implications for need fits medical London our focus Autism are for autism. of these has support Maudsley study is NHS you that areas with We see of plans. an

now Let to over review. call financial Mike turn me the for

Mike Falvey

COMPASS our share This million preparation compensation, $X.X the XX, XXXX with with was the our three of per an $X XXXX. XXXX to non-cash legal recap or ended of XXXX. XXXX. ended personnel due per other support of the $X.XX equivalents R&D $XXX.X loss period year. loss in $X.X $X.X months expenses period of million The XXXX was results December in and XXXX in were cash million March expenses partially R&D at of increases was the the expenses. in second expenses, $XX.X now XX, was were $X.X period of facilities scheduled million professional million increase The for development $XX.X These external operations net primarily increase $XX.X and same million a The million will TRD for and in increases the primarily were March same XXXX with this for million expected in the to $X.X fees, position $X.X of financial compared cash non-cash and XX, in XX, in in an of III financial in compared to three during increase same three increase other $X.X operation million for March continues include ended expenses public expenses, during maintain activities non-cash million I share launch strong XX, or attributable expenses. half in in at for ended of XXXX. as organization trial share-based March and company. and $X.X compensation the in million quarter in Guy. the our March Thanks, million this compared compensation. to Phase million during attributable in a reduction with $X personnel This offset a million XXXX. by million months a with $X.X support growing in compared million million and $X.X G&A quarter share-based months and were $XXX.X $X.XX to XXXX. $XX.X months Net share-based three for million the XX, results

carefully to these we sheet value asset, XXXX. important advance as to I'll our will therapies, to manage we as fund potential shareholders. continue turn we promising balance view George. strategic creating With resources, expect And while We an our into invest strong able which to Thank our the call you. operations for be these to back

George Goldsmith

Mike. you, Thank

you is we'll program and We about know meeting FDA investors well. As process know from FDA's this program to the that Guy, all Phase III are with the interested went I heard it highly design. when our share more our respect you finalized.

confirmation. therapist information ahead to indications, goal addressing after host tuning clinical the additional treatment are suite and Phase recruiting explain the tools. the the final a Where sites, that therapist to of significant are share program. design in robust that. digitally to scaling expanding innovation. meantime, in detail ready preparing be certification onboarding III Our digital training our enabled actively programs further our TRD we our training we Fine will expansion and is R&D making our in enhancement more including of on includes PTSD and platform program will progress the data on review we work training In participate This of global of trial supporting Phase and materials, sites, and and our clinical III support care

the for in health and committed Let and development. partnership the system The and therapeutic we backing confirmation also models health quarter London to that mental Trust and health scale in believe unmet for new new health accelerate that to progress This direct therapy Innovation. significant Foundation for with to mental UK, partnership runner London Health public-private fore College launched an past is care COMPXXX models. highlight this NHS me system as a the broader important designed partnership psychedelic need is support long-term of the King’s research a and demonstrates establish payer with on a South in Mental to this develop We Research supporting we Centre Maudsley the

we We been marks will an outcome data which COMPXXX major journal payer ongoing innovative our expansion strengthening expect. peer-reviewed innovative Passport, and has TRD in a the progress an year be launch which accelerate and innovative to development follow-up also advancing awarded results more at program and The a milestones of COMPXXX Further The additional number which pathway, is Innovation in pleased one II access independent on clinical that facilitating Phase XX-month medical access designed medical clinical an results PTSD programs, is publication Medicines of partnerships. our of to in COMPASS TRD. of meetings. portfolio, and time-to-market IP of XXXX or beyond our the entry from focus active Clinical of UK's to in designation study COMPXXX investigator-led another patient the continuing further our into studies. and innovation licensing are announce therapies. and

and mental change to and for transforming the come. enable our leadership position a operational Our strong for which pace cash predictive Thank your model you has time continue for to better the differentiators toward for treatment to are preventative us of goal building at the of health, personalized, today. lives key generations potential and people's

We line will now open the for questions. Operator?

Operator

line Instructions] Please Thank go on you We'll Josh from Evercore. to very the our much. [Operator ahead. with question go Schimmer first

Josh Schimmer

for Great. Thanks taking the questions.

First, please are are that for a the of then, type for autism? trial? what to you. psilocybin advance use signal And also typically discuss of the Thank you Phase please rationale exploring PTSD? you registrational can of explain in And the for used you study measures to can enabling looking outcome in the treatment II

George Goldsmith

but appreciate to so really Hi, will those much. you question, this respond Josh. Thank Guy, questions.

Guy Goodwin

Yeah.

autism, designed interested very effect people of This we within measures establish The look medicine whether a are or level. symptoms insight really psilocybin at fundamental tapping the assumed and we to is an the this on get are or the mechanisms in that technical, fairly course, of because with have, convincing function I'm starting of are than underlying se, brain, into in not at are we see pathways rather of study, the the serotonin. to will problems but which autism different those people into can just experimental per is details doses the the really point, they to want designed So which go so sure Josh.

preclinical question. essentially So a at looking series of it's

about or in at mean, was question at I or a in change in it's to main symptom. second look conventional least Your change PTSD, single the traumatic

for well-being. mainly be quality And methodology to to preparing of purpose safety is would also think that where general essentially and a from looking at patients experience we the see of will group. around at I of to the this the life We different response, is general learning. clinical establish study and course, But look expect

will And to point. to points this into a a take really course we And study. is sense to get are and power randomized good calculation study controlled treatments. what get of outcome of this the obviously, then measures at sensitive a essentially the the relevant So feasibility is some

George Goldsmith

Josh of would those signals most that for achieved information activity that different based at add, variety very your on aware across through just in robust I the that the on we're program a everything preclinical pursue we've is very, looking preclinical that call we disorders. of a strong

exploring as evidence based are forward and this. we're we So this is moving

Josh Schimmer

you. Thank

Operator

our and to with ahead. Cantor line you our very Fitzgerald. Charles from much. We’ll go Duncan question the next Thank on it’s Go

Charles Duncan

able able morning. maybe -- to progress talk the recent you it taking Hey. Thanks Is the response, development really anticipate did your what meeting. not question steps to your but on is congrats for it, in IIb next going acknowledging the George are sense makes whether to what agency, SSRIs I meeting that arm? a not? this at speak taking definitively? guess, and it or in forward perspective TRD. then, regarding could you're months With Good respect or that and this agency's patients And who last, on my need consistent you could question that minutes control on an point, appropriate we six those or going with to characterize not in Phase pursue to COMPXXX the call I be but a in have about I lot not be

George Goldsmith

question. I and love you I be -- with the much recognizing to creativity able not will to Thank what Charles. your you of Hi, share for just so

-- theme, This be from I'm So important. We in to, want are discussion anticipate our much any for waiting is today. really very guess say the us. now sure I will the where is or second a to what right of response on they we way focusing think This don't FDA.

this the -- data data monotherapy, have in follow that most And general more perspective as we we which focused benefits suggested. the that obviously we go go we our have the that, through to that the are be think And of as obviously you is, receive in point, our adjunct so, to disclosing the robust on summer additional we're we going be at and we considering. data is kind will and have we're really and direction going and I

Charles Duncan

if pointed could ask pointed effect question able really XX-month seems or that's, going Guy durability won't follow-up really is see XX you maybe to but And a an gotten a follow, different the to demonstrate interesting you or thought in responses, a clinical I answer, when which but from Okay. over that weeks, that you've do of that's clinically be feedback effect is sufficient they leaders, pretty it XX how to likely meaningful is, be which week? like to response, way,

Guy Goodwin

recruited improvement We in take I the them but it some it that clinical doing is of speak. a significant that's them get promise almost way clinicians but is of to course, described the we can fairly them obviously think to Maybe a in that should the have the use a think really future they develop extremely all length, impression dramatic that striking study which the who've PIs pretty and life, not treatment. talked had all chance obviously kind from once, was to well. of I convinced this study, number of all in now. group same of durable you by virtually at of of the that then so is of what think the because blinded And a real they patients the trial, in And it's I've virtually because with that as I all patients important I it IIb

of that's essentially view. So encourages purely point us what from clinical a

George Goldsmith

And single absolutely this on other response. experience a weeks have XX that extraordinary later we medications it's also think no patients that after

new and So paradigm I birth think really deeply. the of this examining that is a really we're perhaps

Charles Duncan

a be or you at agree to considered with question, Josh's as question, that PTSD CAPS endpoint follow-on I study? over in will and X an least hopping (ph) quick to XXX%. Last exploratory

Guy Goodwin

We information. haven't released that

but We haven't course. published we the yet, protocols do will in due

Charles Duncan

the Look good. Very for my questions. Thanks taking to forward updates. Okay.

Operator

much. the with Thank get We'll from next very you Bitritto-Garg question Citi. line, is our Go Neena on ahead. to

Neena Bitritto-Garg

taking Hey, guys. question. my Thanks for

If Just last on presented I line that on was one posters following the the of PTSD of week. questioning,

who TRD may the as and PTSD? few didn't, did maybe that, a any guess, Phase at II for that was the Thanks. on why that how that think read well respond all to I severe who have were those in necessarily through patients study didn't PTSD there thoughts I as

Guy Goodwin

Well, I mean, it's a great question.

the King's the obviously, started about the Pratt it. will the out destroying what the why win, very ourselves at happened, study I the that it’s that it course, in about find London. moment, but we you're mean experience essentially and study, aware think in in Of absolutely to that but Sheppard information there I that and group. that are experience whether College we of At right there is he prepare into take three out study just we're we've PI design and this of working says from something limitations the we to we we and research. what those do it's patient those cases about spoken how is to were patients, looked running patients this the that need But highlight

Neena Bitritto-Garg

Got it. you. Thank

George Goldsmith

Nina. Thanks,

Operator

go Baral Thank ahead. our question We’ll Cowen. you from very much. with next Ritu Go line to on the

Ritu Baral

guys. morning, Good

guys ask more least least can III. a through that going Phase support face ask commercial the around was providing of of in topics at through to George what proposed potential I the and did sort clinicians I talked I'm does your were what I the for trying -- guess, you sessions, with Can and what final and more I you group way. you this ask psychological walk sort align guys know support. and about group monitoring specifically, also main don't psychological question And qualifications different streamlining the to proposed of the of feedback, have Guy, monitoring us but you FDA's plans? So, follow-up. FDA have and about those patient. Thanks. sorry, caregivers at then AV discussion those had I'm

George Goldsmith

you we this what that anticipating And we a And sorry regulators important perspective. is the want we that really you're with to meeting. to proposed but thing, be Ritu. Thank frustrate think exist into to for right to I'm won't them a you, come in able in I go purpose. their back us really

going aren't based and we of as said I enhance aspect at that important. around second guessing point we to your on beginning. really the have. This that is So and be do the at the a I data is looking this do that are really think support psychological we how we therapy, critical

So activities or recordings a language that of our in develop in picture activities we're of video as area, linking is have our leads preparation, we'll learning imagine. and that session. this a on during work integration the the whole something those start in learnings That's better on outcomes the and processing session area improved lot audio into Phase you unique take of that really and of IIb unique terms data the natural through deeper Phase we and we also afterwards. can diving each to what III are machine this can which we're and to doing really And support

Ritu Baral

in is II. My Phase of it. sort PTSD, follow-up focused the question is Got which but on same

the triggering program differences guess can is material I'm similar offered around the, very is to (ph) approach any hopefully part knowing you that PTSD. sort the psychological for to psychological you trauma instance it. focused can there support if about PTSD are the talk I mentioned the on support you program. as the that of next wondering, actual the of of the So just Guy, entity

wondering, protocol? your So I'm for is taking wrapping questions. PTSD element the Thanks there that of an around

Guy Goodwin

importance drug. is the kind as received a George explained of the extrapolate facilitates safe we this which think our patients so in the the what not is have works sessions do patients Imperial for essence learn clearly Group is in in lot in the that is adopt best program. essentially with what emotional also about from preparatory the patient looking a certainly to interested for the how endeavoring you to the as the similar and And the the terms breakthrough of safeguarding of think learning drug the on know, the the to who and looking and to very start a very worked and way in IIb for from the publications have from PTSD recording that emotional safest way radically obviously TRD. will protocols And essentially, Literature that ensure day be the patients we it's predicting preparation we at in the of TRD. General What the and to PTSD, We are that we in essentially patients. at in lies But again transcripts are How outcomes. plan in is that the comes particularly allowing And to effect way therapy being different protocol The detail with I with challenge. from we experience. a drug recently approach studies of effects obviously that patients to same in we learning to Phase

Ritu Baral

for Thanks it. taking Got the questions.

George Goldsmith

but pointed that to, one based to quick just it Guy bring on might thing what just here, out. I

patients. to their do one that that to in supported better looking things their outcomes. of and learning to think base And by therapists the empirical important machine of how we're at help be links doing really applying an work and is I that how

as really it's advance we whole this something, a So this field. important is

Operator

from line question Thank the you next very with Go Hazlett to ahead. Bert our on much. We'll go line the of BTIG.

Bert Hazlett

you ask Thank promise. study design, and about Phase your Thank for I I the you. III comments won't

George Goldsmith

Bert. you, Thank

Bert Hazlett

is for interest tolerability are you releases The XX% nervosa. month in of if you've your on setting the out to study if this I'd safety psychopathology as one months Well, rises program. in discussed additional I discussed additional of the to and [indiscernible] in be setting, of believe comment if investment reduction of COMPXXX comment Thank with love endpoints UCSD, could, at on of particular And of commented and anorexia to press the well. three that psilocybin reduction could level indications for you you recently, regard this to whether there at other in XX% that order interesting that you. some a or would and in

Guy Goodwin

So Kaye renowned The the extremely were. impressive. results really an interested from, which was experienced Walt several you was results thought the to obviously impression (ph), it, was very he patients researcher study, internationally receive I'm we an extremely of this an independent as for who were the of sure is

this is other story, the kind we've indications. Now had of in

encouraged obviously that. a defer further in have commitment lot But investments in we the about before to And area. we're not to that regard. since should we really have do I So role my Mike think I by this George to or

George Goldsmith

with data that Yeah. think unmet into we're that anything looking certainly high dig looking possible. And and obviously could need. I populations. patients that look the benefit what at we're And we be of at those at is as This might one

Bert Hazlett

study psilocybin brief safety or results. on comments in Any tolerability COMPXXX the of

Guy Goodwin

a encouraging metabolic cautious this be that's that as a can was that that's we the study. was of tell potentially the start. nevertheless, as There quite tolerated were with acceptable investigators finding there's interest detected no and and handful point, initially the it really as flags this patients can in -- And state of of way on of extremely patients. as of were really the therefore at But course, red in you well lot because far

Bert Hazlett

you you. We forward very Thank Thank look further to Great. updates. much.

Operator

our to question Thank with on Go go Francois from ahead. you. Oppenheimer. the line Brisebois We'll next

Francois Brisebois

question. the taking for Thanks Hi.

you use wondering, about physicians was would want I want was wondering, COMPXXX. or the data there just based physician year late mentioned devil's it? prescribe the play and not XX why to So I be XX% just might stratification last on to of any survey to here, or a advocate a on information use to the was just

Guy Goodwin

case the we to believe should group so. it want we and that's the know mean guess, when the that No. often interested Frank, it. the don't not are interested surveys indeed hi. we Guy, here. because to but say -- attend the certainly rather very but much I knowledge don't, in the to who public people usually essentially lack patients who did really I that they and you're be seem kind right clinicians don't about they that use general were attributed I of to that they of another

George Goldsmith

area And medical understand I this the so comprehensive and is forth think focus more really first education into to to this our foray is and and do simply much baseline our help this we other and educate you'll you'll about a more that as coming to move be but key hearing year. it's see prescribers us part key from in and more stakeholders, forward, our

Francois Brisebois

thoughts there's No, more was patients, been Okay. helpful. high process about on and just at psychotherapy your thoughts the standardization between wondering status I any wondering And process? some a level be the disease being obviously, but variation may standardized that's between lot was a of the And the of in terms just psychotherapy, then the just around therapy, of I discussion it.

George Goldsmith

based work, do greater links really that high really deliver in we're start a view Yeah. I'll key on I the about that and confronting is focus a issues moment, but actually more Guy that providing to evidence to psychotherapy to to can outcomes. and payers just a one in our turn it a to deliver training and connection think providers that all of over aiming how linkage between ensure of data the standardized approach to the and improve so And and is our is outcomes. level we

and So that Guy, on ambition. goal at that's our to all. build you want if

Guy Goodwin

Yeah.

psychoeducational do really that to used widely methods been effective check apply people, see and working with can successful. One digital people's we the shouldn't why don't in teaching can with certainly standardize any can preparation. One I on experience that's a platform. the indeed think, team and education of component the use preparation our the is of training moment. with reason has that at we what the this patients I

Francois Brisebois

recent wondering in Okay. specific meetings you of highlight here, more the year I'm be see to if mentioned you meetings. meetings that these medical Great. Nice any And it in could interesting? lastly medical that person there's again. are throughout just a want lot that to just

Guy Goodwin

in And of then, data much finally, -- year, mechanism. finally, the there. new where data the the U.S., that should Pharmacology be Psychiatric very end and in should in Meeting, is Clinical very and American biggest new And the in U.S. the presenting we in Europe, the obviously most the we ACNP which poster. there, the mean, Association present is the nearly October. ASCP very, we meeting December, on be a I ACNP the probably meeting again Yeah. for presenting expect influential to Meeting

Francois Brisebois

much. Great. Thank you very

Operator

next Thank ahead it you. the We on Berenberg. Esther with is Go Hong h line, from question got

Elaine Kim

on Hi. Esther. taking Elaine our for Kim questions. Thanks for is This

anorexia For versus a is, even follow-up terms question similar of treatment? to first security responding Our question. depressive we patients symptoms in have and how is example concerns

Guy Goodwin

very functional are of we in preoccupations have I anorexia part in weight lying conditions. particularly the the do rigid of very some tapping which that side human (ph) of both I network, potential different. as troubling that introspected domains. issue don't of similarities mean, in the kind and and mode look these persistent really really anorexia the TRD so the shape. same in experience think preoccupation groups neurobiology be to we both key really is patient the think nervosa is the see them with seems sense and There called understand and that we default being

that brain. we mechanistic up psilocybin parts that level rigidity of we're is believe of those to one the of that but the the functional which to the in course, way -- connections actually to different there which a in connectedness So is be there works and not may level greater of is ways offer and sense necessarily break a similarity symptom which the the

at the think terms presentation symptom link there we different course, of a of difficulties very mechanistic wise in is level, clinical So expressed, in but there of kind way.

Elaine Kim

Thank you. That makes lot a sound.

Our in reductions month concerns follow-up the in three. there same statistically were any question significant is, at study, [indiscernible]

support So small, although to this of effect? study durability is add psilocybin does the

Guy Goodwin

an I is study there label, are is open cautious and may that it’s we think, uncontrolled this obviously It do, no control group. comparison

skeptic skeptical, who actually the -- the in the in Kaye impression the was as because be are very clinician regarded the experienced numbers, intractable interested an in-tractability by we he describe and of interested So We're (ph) changes. the but very also the those Walt of condition. patients struck obviously of in but like traditionally

to is our planning that well. as thing So kind of important

Elaine Kim

Okay. Thank very much. you

Operator

our ahead. Thank Wainwright. next you. We’ll on go question the to Trucchio Go with line, is HC from Patrick

Patrick Trucchio

Thanks. afternoon. Good good morning and

Just around the is program. as just COMPXXX first the we the are looking question expansion of at

this we become? view those it, of discovery PTSD, now how development compounds can of next-generation can many factor and then just at you of [indiscernible] should then in do plans? just How the TRD and have program how it the think indications your we COMPASS kind How of into We terms potentially context kind anorexia. explore about efforts of in how broad autism and expanding realistically would

George Goldsmith

Hi, Patrick. will and additionally. probably start Thanks add color some so off much I'll Guy for commentary the question.

think current that what's Star So by we COMPASS I do how of important who is ways in are people our need, treatments. true large really areas simply, is to at unmet North failed North find are help

we we came a Obviously, those. conversations be continuing These of how unmet with go area proposition what to approach as and started looking actually we will is our programs a with and with be many start. investor second there providers up And focus was that's huge of I these to on. and to based that at need that on as a that. our strong -- we well. to we find is think of areas using are we're similar next focus how our so and if methodology and place apply address as we we'll going And are rationale we that really focus And to the there on and regulators that's as PTSD payers TRD

overarching the of perspective. kind that's So

to we on the entire as we and only but program side, make other that That not where possible. sure first and the mental our furthest the this quickly patients in our of we're for transformation get really TRD process to on we're as field that's foremost, means, health. ahead, Now focusing want development entire

our So we which will data, at are. is other areas we we these the what as that's And following be do. look where priorities

Patrick Trucchio

And just helpful. really the clarification That's on Yeah. PTSD one program.

move to pivotal intention trial you a run Phase III the following with need to So II be into or another Phase directly program this Phase II? would

Guy Goodwin

I it's early little Patrick. a say think frankly, to

I and mean days still we will I is find. we wait this early what with PTSD. see think

that out committed informative more. don't will obviously understand study we in. are before that I but say We be wait to more, in mean ways We're we understanding finding interested first yet we the and

Patrick Trucchio

Got it. Yeah.

Thank helpful. much. That's Okay. you so

George Goldsmith

to conference. you forward this you. soon seeing Look Thank

Operator

turn to you closing this no there call And Thank very further now any questions time. for much. back I are at management the remarks.

George Goldsmith

and today. your really We appreciate interest support

We continue at down do our path we of pace. as executing

the about this We be excited evolving next will year. are we steps,

different you. as a We are the forward sharing progress through and move we'll of making on lot dimensions Thank look that to year many we forward again.

Operator

Thank the disconnect you conference does Have lines. day We thank good today. your participation. and a for everyone. conclude you your Please That very much thank everyone. call you for

COMPASS Pathways (CMPS) 10 May 222022 Q1 Earnings call transcript