Earnings call transcript Q2 2023

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Operator

Good day, ladies and gentlemen, and welcome to the COMPASS Pathways Second Quarter 2023 Conference Call. At this time, all participants are in a listen-only mode.

As a reminder, this call is being recorded.

I would now like to introduce your host for today's conference, Stephen Schultz.

You may begin.

Stephen Schultz

and quarter for XXXX you, for us of second our results all thank joining you today Welcome conference call. is COMPASS name Investor my Steve Vice Senior Again, President Relations at Pathways. Schultz, of Kabir And today, Falvey, Chief Officer; Financial our Executive Dr. Officer; our Nath, and I'm Mike Chief by joined Guy Chief Officer. our Goodwin, Medical and be shortly of conclusion after on is COMPASS the call This will Pathways' being the the recorded available Investor website call. Relations

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

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

views to forward-looking any statement, views as subsequent change. assumptions represent even We any our as our any representing not only upon revise these Additionally, should of of today our disclaim specifically estimates or date. update be relied or statements obligation and as if forward

I'll now hand the call over to Kabir Nath.

Kabir Nath

us. Thank everyone, thank joining you, day, for Good Steve. you and

aspects of as I updates. COMPASS past trials quarter, commercial business. Pathways has across continued our this important strong cover During of as achieve the to will well our progress results

progress we our to talk will and regulatory the Guy financial excellent Mike extend about clinical news, made encouraging will runway. and have address

sites and in progressed have and for endpoint XXX line in are the with expectations, now treatment-resistant X/X XXX on and both some XXXX on Both mid-XXXX, with Comp to our Our Phase respectively. readouts and Part track track ongoing having studies. are COMP studies of for trials patients COMP in been remain depression, initiated. XXX primary summer III B

of or you conducted these any support Association accepted treatment We are terminology, or American drug, quarter psilocybin III submission FDA. the a psychedelic most the trials to the to the are that trials remind Medical largest, in robust first indeed code that has the designed ever NDA CPT an the I'll current use psychedelic to procedural evaluate for noted therapies. and

the day of quarter, the In on released. last code it actual language as second quarter, the happened was the

this other on support seek program, to work webinar to a As a development, we from our hope website indicated, for which is had chance you qualified archived the treatment both the Investors specifically delivering with have the communities. I provides and and reimbursement treatments. care which track on a experts in for psychedelic the include payer Section. We this delivery ultimately and watch in means language professionals hosted physicians health involved

Most that during to importantly, treatments. We believe toward for psilocybin psychedelic a the covers the to in treatments of with severe to new Without CPT FDA enabling requirements result tracking it's and which in step of the and reimbursed plans that language CMS crucial would the subject particularly therapies access codes, of it III equitable in-person approval. effective aligned support for key require reimbursement U.S. obtain and will by be support. to psychological challenging psychological COMPXXX, health provided limitation COMPXXX, administration access and towards CPT the a the for of the well code treatment like support code COMPXXX step CPT broad a a is

launch COMPXXX. is into This important plan CPT III the code recent development which we that landscape an supports commercial to

and with Spravato, sold half esketamine U.S. of for roughly quarter-over-quarter sales of the in over this the under saw has XX% the achieved name year also first million the XX%. growth brand now of year-over-year growth We that of quarter $XXX

believe in infrastructure growth interest of rapid This the which is We the psychiatry treatment facilities driven treatment increasing offer also this of unmet demonstrates interventional other by depression. scaling as of mechanisms, the the treatment-resistant centers. and level in effect need that as well

the we XXX treatment, believe Also deliver and crystalline types U.S. would psilocybin the that Intellectual this COMPXXX the are central were patents, commercial two areas facilities be protection These pleased A. outstanding property to therapeutic our is treatments key XXX what these medical which uphold marks key to Patent of polymorph element decisions COMPXXX developing reaffirm as in need. significant approved. this patents, decision the of able Trial Board a We Appeal of cover quarter, with and if the in to patents. conclusion it work to for overall been for challenges our COMPXXX of innovative unmet and had

I'll now Guy? hand on Guy to and update quarter. news to you the over clinical regulatory during

Guy Goodwin

this draft class Thank issued unique of FDA treatment. to you, of the Kabir. medicines In on quarter, guidance address the the past the of psychedelic features development

with trials. where appropriate of treatment interventions for may believe FDA the FDA the novel agency this psychedelic-based aligned COMPXXX supportive assessment design is an pleased that and and well the in is the development guidance many like with is use discussed guidance this validation particular note of the the program agency. that are the III important path is We of We have includes complicate guidance cautions robust points of COMPXXX. clinical a A Phase psychotherapy we that such

is designed primarily psychological I safeguarding which will on to psychotherapy patients. instead, support, not note focuses that but utilize COMPXXX treatment

psilocybin think fact, commonly to to it as occurs. psychedelic-assisted inappropriate we In as refer psychotherapy is treatment

efficacy. historically They generally evaluate regulated or candidates and based psychotherapy. Regulators investigational not safety drug approve evaluated quality, on have and

unambiguously approval, an applied approach is possible be psychological any to to clinical with effect needs drug in in trials, support which regulatory clear established way consistent itself. is achieve only alternative and is the treatment Our a is not

psilocybin American of treatment piece studies The effect psychological with support safeguarding about opinion into the after evidence Psychiatry seen published from administration. while itself, and important of for A that the colleagues leaves essential before, primarily us during is academic to of therapeutic date from treatment patients to detail the the drug we potential goes have comes more recent believe in Journal rigorous distinction. we psilocybin

independent not psychotherapy is simultaneous The are understood. incompatible associated states intense psychedelic with psilocybin evidence-based support commonly psychotherapy. with Psychological as

our the July, suggested effect Turning In open-label study of Neuropsychopharmacology interfere that selective therapeutic serotonin does the use with that an our clinical inhibitors of SSRI from Journal studies. not the published data potential to antidepressant of COMPXXX. reuptake or

eventual the finding, greater other treatment with because withdraw may As drugs have patients of remarked important from choice to previously, far COMPXXX, prove confirmed, we the it use they for could this potentially before implications offer how have real-world in future. COMPXXX in if

studies PTSD and nervosa anorexia expected data too study, much to continue II is year. still Phase now guidance our our well with the nervosa to anorexia early this progress a depression, for in treatment-resistant making readout better Beyond is protocol. after PTSD which progress amendment It provide to

timing future you will We regarding calls. on update

continue our study, investigator-initiated see emerge. we trial sponsored data Looking to beyond to encouraging

study year's For anorexia depression demonstrating COMPXXX psilocybin meeting, potential Nature cancer was COMPXXX who ASCO at and in psilocybin treatment dose published with presented with a nervosa example, a of study Medicine. single female this in patients was received a patients of the treatment for

preliminary options new the with research support finding better around COMPXXX Moreover, developing important and in can base an for our robust data conditions. patients difficult-to-treat is These this that COMPASS treatment. step knowledge be

financial Mike? I overview. will now hand for Mike the the call to

Mike Falvey

or million last quarter million results. financial to Guy. for of share-based quarter our including $XX.X Comparing loss highlights to of $X.X $X.XX was the I'll share, XXXX. including second loss $X.XX XXXX, for net recap compared now you, $XX $X.X year, share-based compensation year million per Thank of this quarter of the or non-cash share, second net non-cash million second compensation per

R&D expenses million $XX.X in compared second increased in quarter increased quarter XXXX. to $XX.X last million The in quarter compared the XXXX XXXX G&A $XX.X million quarter $XX.X in second of year. expenses to to million second second with

the our now results to first results. second current I'll to analysis turn quarter prior quarter of compared

our financial second in success progress quarter expectations, line our operations in provided advancing cash in runway. last the trial cash Phase Our our used middle current the In in guidance III treatment-resistant with quarter the encouraging and we was million continued $XX.X reflect our expanding of in depression quarter. range in results

or $XX.X mainly $X.XX program. were also million In or share expenses was increased. this These were the compensation at $XX.X the expenses to prior the quarter. share-based in prior compared million of expenses a quarter. was in due to loss million quarter $XX.X and this increase expenses million Phase $XX.X with our net million non-cash G&A in for loss R&D $X.XX this $X.X development of share million both quarter, III $XX million. Other include quarter. per quarters in with in per results consistent net compared The quarter related external prior $X.X

Earlier activities second June, a million. of generated million with facility. financing $XX.X by $XX.X costs. operating end $XX.X additional increased Cash debt our XXXX sheet. shares balance quarter, net activities under sale activity million the ATM we of the our Capital and $XX million offset financing million used quarter we the issuance in of in was raised of to net drew and $XX.X as At Hercules This down of in potential concluded facility the cash by million. from Turning $XX.X an

unusually the which we beyond. we to guidance, a will expect fourth create to expect conventional and level factors quarter in third quarter low for Regarding in cash an two more financial operations, used return range

$X be million in $XX and We net cash operating between expect positive used the million. third quarter to minus activities

our vendors, with the Phase design. reflecting III we completed final First, contracts have trial

will As reduce million. we our balance quarter cost, used to the which to the by prepaid operations able third will close our result, cash $XX a be in reduce of in

guidance XXXX Second, low receipt quarter. we our until QX, our the credit QX. million the top in end of $XX the of reflects are these funds tax to the third reflects guidance in and funds end UK, delayed expecting R&D of receive estimated being the The

full-year to financial guidance. Turning

cash We to used operations the narrowing $XX range are $XX million. be for million in and between

discipline year result full market as scale a our improved expected III in range narrowed of Phase have and costs and spending the of continued We around uncertainty. timing clarity continued light of

and position COMPASS strong cash at XX, continues cash XX, of million XXXX, million to financial June equivalents compared at $XXX.X December $XXX.X maintain a XXXX. with with

our long-term recognized the the as which quarter. balance sheet Capital, to in on the second of time Hercules for facility have we debt a result debt first We initiated

the these sheet to value as same to at an which We strong strategic plan we for potential carefully we treatment time as create our view manage balance our advance continuing asset, important to while invest to promising shareholders. continue

I'll call Kabir. Thank now the turn back to you, and

Kabir Nath

our and to importance be Mike. therapeutic believe ongoing of represents pleased next of treatments, development and responsibility the we the conscious of generation We're our of Thanks, options. continue which with leadership psychedelic in the progress mental health investigational

and expectations. our our with in Importantly, program is Phase line progressing on in depression III our is clear treatment-resistant track and focus

alignment supportive in through of moved treatment the that's Spravato, as we since clinical encouraged and network an the infrastructure As the rollout significantly launch. program commercial Spravato the we're increasingly developed observe by we

believe COMPXXX Officer. a infrastructure We this want of that stay, from paradigm care. Innovation one to who and relevant closing, expect Lars that Goldsmith our Malievskaia, in her to Ekaterina of role reflects well. COMPASS as Together a recently treatment to determined Dr. this thank Katya field Chief to much offer with heartfelt here health as co-founded I we innovation Pathways would George executive needed you XXXX, mental In to much co-founders, to stepped is down Wilde, the bring of and

Katya COMPASS today the commitment and well extends We're for field scientist to her influence a rigor patients, health That one she expect beyond the meaningful our care the physician. a of found. breakthroughs for to in patients psychedelic that one to mental company leaves precision care. on compassion work. an both would and medicine mark helped the to thanks indelible from closer expect and and from company reflects would

continue in for I her of experience COMPASS and that as we'll COMPASS her her vision, pleased team Directors. entire from know and she that speak on of the on leadership extraordinary benefit We're And encouragement. remains I to the insights Board behalf thanking

Thank to We'll you your participation call. turn for again now in once today's Q&A.

call this hand to the will I back So operator.

Operator

TD Baral Thank you. question first [Operator Our comes with Cowen. from Ritu Instructions]

is line open. Your

Unidentified Analyst

shares. on requested that And for the after color you To that today on registered that one. I off, you their ATAI request? Ritu. This have any Thanks. this provide Could a COMPASS Athena has issued in know I start follow-up is question X-K,

Kabir Nath

Athena. Thanks, It's Kabir.

checking, Just you me can hear clearly.

Unidentified Analyst

Yes.

Kabir Nath

for that matter a is corporate regular understanding is our of this housekeeping. So ATAI,

Unidentified Analyst

into? that? good Level there We it. how that reimburse next new that ketamine existing X CPT code. Got KOLs CPT maturing question And codes the to back a code the maybe they you a as are a use my Is often What for see what those? from exists some they comparison And goes to cover do administration. understand codes

Kabir Nath

Thank question. for you the

make history of or because the applied it if for codes case the but that to approved look prescribing more Janssen So specific have those, to codes codes. up we which they the And I the providers in for details ketamine once Spravato existing or yes, launched certainly, use, is that at you absolutely were had indeed give of esketamine, two specific can't with no future. detail happy in with follow we're

I we actually code. for that unique. think note support recognize hour approval is psilocybin, what's demanded do seek to eight The we that six what a as now we us, required important is received doing we are that for new have to

code would support, similar us And hourly approved therefore, the that required as as but to basis, of future for for provides for for you'll MDMA-assisted if for this an psychedelic confident III much therapy. extended the medications. very the require products potentially And be also be support MDMA, apply other aware, would that this such on CPT will that code we're tracking that's

though, for treatment are also existing They covered Important preparation and be that existing will also psilocybin sessions codes. by by COMPXXX the to integration that psychotherapy note, codes. be will covered required

Unidentified Analyst

you. I’ll in back Thank it. the hop queue. Got

Kabir Nath

Athena. Thanks,

Operator

Thank you.

Our Cantor. from Charles Duncan with next question comes

open. is line Your

Charles Duncan

questions taking order, quarter, I'll Kabir morning. can quickly, in XXX if and the quick congrats team. and I off rattle Hey. on COMP early, Thanks you them trials. XXX for had and our on you Good in basically ongoing the the question and want. take them just progress three

trials. of The use first are in off those terms seeing you terms of in in weaning rate it, any, enrollment call SSRI that is, and limiter

B I are Part for two gotten XX in third have patients The having patients Part quite far? the is you a Or aren't to enrolling any in question second probably progression, you lot patients, you B? for C for Part you C, seeing but through don't C? trials. in had option near retreatment know quickly you the it's enrolled there are of probably any probably thus early, differences Part And differences of Part between yet, is Thanks. week but have

Kabir Nath

Thanks, Charles.

add, to if start I'll to ask jump and I'll So Guy color any has in. him

So and III no, in monotherapy IIb trials. I that These our washout is in very are been clear Phase both required. it's mean, protocol,

IIb, that but as in saw any to that's far, it and consistent in Part for we and experience different and so Obviously, of remains is will So experience trials this these and prescreening trial it seeing saw far, monotherapy Part we're part significant not IIb. are in we III is the a see some again, the from very issue, from screening, what we the patients, last the fact our this one. that

at Part In stage. go on? Guy, just an in I where line to terms of on position add a those said, on C, with B we're numbers give our I'm are in you to not the and this would back answer group. to with track, what I expectations Part anything

Guy Goodwin

so... think don't I

Kabir Nath

Charles. Thanks, you. Thank Okay.

Charles Duncan

Thank you.

Operator

Thank you.

Our Trucchio question Wainwright. next from comes with Patrick H.C.

Your open. is line

Patrick Trucchio

the morning and on Thanks progress. all good and congrats

how if been all? and of have opinion I'm these or we and as could view investigators therapy, closer you interest specifically neuropsych progressing press talk readout leaders evolution year? clinical level get you if views trial wondering in about published studies changed, among do release, recently how to of psilocybin at today's the So that key have several next use III Phase acceptance this as noted in And

Kabir Nath

that pass will I to Patrick. Thanks, Guy.

Guy Goodwin

Thanks, Patrick.

I a consolidation than a think rather change. there's been

we our that's bit that's innovation emphasize clearer on data. one about no to And I I reliance our now pretty And also this we in patients We've I think can hard as and in getting people possibility kind think really of of of to want I forward-looking the respected. think progress. clinicians the that speed a are soon field there's get as of is required. emphasize clearly, actually treatment. and describing course, what's worked is our to that possible. terms mean this the the use what And ways that you immediate

but is most of there. for So hypothetical, it a the remains little them still interest

forward the clearly prevalence unmet think is evidence as greater there. move this TRD, we that I with the around And of need

the really highlighted anything, think increased year use underlines in And change that's or the influential that Spravato. of change. with last two really that been I just than quite have think that an reviews I important more

Patrick Trucchio

you to commentary and Can to decision bit little challenges like COMPXXX PTAB outstanding against about should decision. Specifically, know particularly IP, the how COMPXXX about the more PTAB think challenges following talk a I'd around the patents? potential we of durability the future

Kabir Nath

Yes.

it's are in clearly our lines significant From PTAB does these believed to arrive but all confidence the the day. we've extensive be or challenge able protection that the to mean, I perspective, our will review Patrick, we give is validity on So our that our what work of based does decision that us these patents. always remaining against commercial that be we patent are future robust clear, that it of the and uphold patents increase patents defend to final these the in robust world, did on exhausts

Patrick Trucchio

so you Thank Great. much.

Operator

you. Thank

from Francois Brisebois next comes Our with Oppenheimer. question

Your is line open.

Francois Brisebois

questions. Hi. taking Thanks for the

a monotherapy here. Just Or you something about trials talk fact that's with are I being last wondering, the can around in to – SSRS that the these the of start people order this just Is submit the based your washout? evolving? period you have to situation. was washout comfort and comfortable do potential trials with kind the just in

Kabir Nath

a quarter on background we we So a I'll but to of start. did diminution this a I on of effect. publish study, and psilocybin paper mean no did XX thing actually it's patients saw we One note, SSRIs, know, small during and of

it piece on which larger data, to Guy needs an important of noted, as scale. So a confirmed adds be

efficacy the What monotherapy we've in you demonstrating is COMPXXX, really and the way of C, have and to may of at subsequently look some real commented view who Part back of point and reflect who design of the be your though, past, on world. we question, also the right as that, from safety it. recognize the take is clear gone patients in will it's data B but Part that antidepressant COMPXXX, study the think happens of in there Guy? to what I

Guy Goodwin

Yes.

remembering I same an study, difficulties latter of is think that just the to people. that successful Phase was the question in II exactly on having rate. the earlier of had had withdraw the related poses the to worth and really that It it point approach, the view, study also particularly accelerating recruitment and part that

think the go theoretical way that's of demonstrate we background to of need comfortable without to in I drugs. the remain view other right So efficacy a

Francois Brisebois

– Do going here you when a the with context of to similar in monotherapy by TRD in definition, taken TRD MDD versus here? are do TRD difference approaches? see Or probably on that patients note, have failed multiple you this and MDD a is be approach terms for

Guy Goodwin

question our XXX the of trials often that already there the MDD. at treat. need our open. I mean an is answer to for good have issue answer. and MDD a moment the easier will treatments treatments with experience, don't think no people for is to obviously have TRD and think, that the unmet on really I difference need MDD the particularly The obvious essentially future harder will There for treatment, there TRD in The phases are be fact and where is of a and continuing two That's be it's exhausted third is treatments will differences which yet there we available. reflect treat based between The and whether condition an be in second the

Francois Brisebois

talked going here just us understand Spravato And – guys. about contrast, how for you take the touch your here, compare of kind Great. and approach off with the those just are can help correlation the just in Can versus here on you maybe with esketamine the things you and we and differences especially Okay. familiar less maybe Spravato.

Kabir Nath

psychological what is period the of is esketamine, require associated self-administration which Clearly, drug eight-hour So is we clearly, requirement a it a for during with drug, session. and support the for to of administration six the a monitoring the the somewhat psilocybin, drug. is after

mechanism that, growth the important esketamine, And and a reason getting this requires of it resources. or some important similarities rapidly patient the a point this does the of does However, demonstrating for it time for up place also the infrastructure from the require is refer It infrastructure to infrastructure and only very not require very dedicated as of that's to the the we that to be, a in us. an but also acceptance think acting I perspective, space the to a provider provider novel space.

leave would we where it that's think I now. for So

Guy Goodwin

the whereas for or the looking substantial I at think ketamine esketamine, just tapped visits the with course, COMPXXX. at two the of case really the we're of would of or in moment, I patient from one required visits treatment is add, one, we're trialing number

Francois Brisebois

helpful. very That’s Thank you.

Operator

Thank you.

question Our Elemer EFH. from next comes with Piros

is line Your open.

Elemer Piros

hear you Yes. good Good afternoon, me? morning. Can

Kabir Nath

Elemer. can we Yes,

Elemer Piros

Thank Yes. you.

Just about confirm Is couple to Kabir. dose single to patients? you PTSD wanted a this administer that a study, the things of

Kabir Nath

Yes, it is, Elemer.

Elemer Piros

similar study. support in Yes. is And TRD similarly provided psychological that is session and maybe a to your there administration preparation follow-up one the during

Kabir Nath

The design is to study. very similar TRD the

and the obviously is interested both it the to our patients intended in and are different course, safeguarding this as deal doesn't length, about very some and psychopathologies. different experience of pretty it but with support condition, explained and be is really We at safety generic we've essentially with of therapist psychological the

Elemer Piros

Yes.

no together I effect demonstrate therapeutic may used of psychotherapy and lumped term that if remember significant have support their do sort Guy, correctly, support the – component? benefit is "and", onus FDA that from the guidance an clinical in the effect, there there or you So is you think psychological they to draft on

Guy Goodwin

– observe I think demonstrate have primarily are I to we attributed under an think obligation the drug. effects we the to we're

is and those also that the monitoring comparison drug. key in psychological that we indeed that support It the And psychological that support, equivalent II to our I that by in which and in administration crucial which efficacy. that, course, present XXX. we delivering all we the in dosage to after two of we'll can be are think is think ensure demonstrate, cases, before, between is one do And both think the multiple we dose that are that is, of of regime, was consistent the for using Phase going we treatment. phases procedures during of the and another

I therapist. what academic various of the be factorial We that's and designs and difficult in asked be we when for think rather interest in has great wants FDA further variations difficult the sector to they take think will results if the that interested is and that suggesting the and up do. will

Elemer Piros

see was And accurate sites as U.S. III just studies. probably Yes. I snapshot and moment. current I roughly the Is how accurate is XX of wondering at is clinicaltrials.gov Phase there some XX the perhaps as two a markets are recruiting, between situation? this overlap the

Kabir Nath

you Certainly, XXX more trial. been have global as of U.S.-only sites than is trial. we and said, remind on now XXX a X/X I'd clearly initiated, is XXX, that a

running sites the up and have at yes. We moment, U.S.

Elemer Piros

step would rate to there? the engage what And be European limiting the sites

Kabir Nath

We're getting approvals.

that is expectation underway. do countries our that but so other exactly process recruitment already And is the it's with process again, the in well have well outside of underway. for And in We states, some line XXX. approvals

Elemer Piros

I much so my see. Thank taking questions. for you

Kabir Nath

Thanks, Elemer.

Operator

Thank you.

next with question Tom Shrader BTIG. comes Our from

open. is line Your

Thomas Shrader

depressed of PTSD. follow Thanks And Are questions. is for and – kind getting the I'm where be you large lot I have approach at opportunity? into depression? is, appropriate? is was going mostly this the to a do of VA military to Or system, here Who indication? as get hope was do would this diagnosis approach of separate patients subset the patients? they be attractive [indiscernible] the – are where this what them also taking where And an the Thanks. option. on see of the particularly might it and a a patients a How

Guy Goodwin

Yes.

to simple new the feasible. mean the this And will the of take us is future. the to studies it's I interest moment, So know, not currently, in after these of great that experience, we obviously can At we're this interested system. a study, – whether in I orientated if obviously, indication. is we VA And doing specifically it that. feasibility the in completed

two it see in ways. can you think I

it fact, an a also potentially In indication it's separate important is but comorbidity.

from We comorbidity IIS, which be there of an depression, will reporting which patients California, deal a with the be in have recruited system, from PTSD will soon treatment-resistant with VA anticipate we great that group. has

to what which, your we're relevant in to both So PTSD in TRD answer London and of both conditions, which we're New interested the and in course, VA is population. we're studying is independently, PTSD question, with interested York comorbid highly

Thomas Shrader

it. you. Got Thank

Operator

you. Thank

from Our question comes Genuity. Canaccord Qian with Kyle next

is Your line open.

Kyle Qian

treatment. Kulkarni, This in for from speaking might and get more for way potential How the zuranolone be as later Sage's close pave that week? you Sumant of therapeutics episodic versus for there use some two approval chronic is for could Kyle asking depression are could the the psychedelic Biogen this to relevance us. because watching the We're approved treatments depression an there

Kabir Nath

Thanks, Kyle.

that a likely that what is. relapse, positioning mean on paradigm lot absolutely up see interest to – of So we with acceptance retreatment the sort in community for would how observing zuranolone, stage completely be it it end with demand with you. yes, here. that how of have, episodic I Absolutely. acting on I an agree as rapid If in were of know there's a around interesting it fact, approved MDD. is And debate I

are we aware that. yes, of well So

Kyle Qian

competitive? you Phase give confidence proceed ongoing to Phase III? see be the you what side COMPXXX Okay. might to your several might that the that need Great. And more. would for and then need more And into What results to programs. that the for differences COMPXXX that of PTSD one knowledge II MDMA on types have cap are in respective in to achieve Will the COMPXXX

Guy Goodwin

point [Caps Well, our is endpoints in one X] end of or our that study.

I way relative study. efficacy power long Clearly, comparison, is the best So we'll from have we're and to a a some any establishing of suspect. idea subsequent how doing head-to-head that,

trying to just remain So it's as with I very have comes. think, think take – MAPS. a premature would the compare little it to interested will in to we we indication, but how it simply We

made. highly So there's be the difference time to comparison a is demands important patient if two an also and time in the so the between therapists gets when pragmatic for approaches, going quite it for and indeed

Kyle Qian

Great. Okay.

Operator

you. Thank

question from Jason comes next with Group. Our Maxim McCarthy

open. Your line is

Michael Okunewitch

This taking for my is the questions, today. you on Thank line Michael for McCarthy. Jason Okunewitch

I'd Is this to I'd tracks see just could infrastructure guess the you some off, see reimbursement stronger I greater of that. owing or to seeing like bit on of like I terms the if we're largely So to to you commentary maturing on think why can if a in start just provide environment? Spravato? delivery maturing approaches, get your interventional take acceptance of

Kabir Nath

three, a answer. And frankly will think I things. all of think I be the couple

acceptance think, are by those of psychiatrists other as, favorable as increasing infrastructure, what for well I of is relevant. a landscape Spravato. All reimbursement Growth providers care broadly and health

I the think the driven acceptance that that were in they element clinical seeing to perhaps be typically is is results though than people results trial. seem fact that actually the are the and by stronger other

So and in was the the into factor, as results marginal real translated trial world I would actually additional what add. in that's greater better has seen efficacy stickiness the

Guy Goodwin

think uptake their striking joy get capture a is I certainly That of I the And see of to to very, that one patients think that's the the these past you and you it. That's just it. And be I you is clinical recovery response. really response the of sense symptoms. the impact. live, clinicians. very scene, of I fast-acting their [Indiscernible] relieved special, very the and forget experience drives the don't with their When really had the drugs. completeness esketamine think in that don't speed and of

Michael Okunewitch

could just back your more in one a remind you for question, kind see of like And remains on and just right. I'd queue. us much how All the that. if you ATM? to hop housekeeping I'll Yes. then Thank

Mike Falvey

Sure.

about And So $XX million. since the raised inception, million. ATM full was $XXX we

So that $XXX would remaining. be about

Michael Okunewitch

this Thank And quarter. progress congratulations on that. right. All for the you

Kabir Nath

Mike. Thanks,

Mike Falvey

Thank you.

Operator

questions. I'd further back over no remarks. like any are call to to closing There management the for you. turn Thank

Kabir Nath

very Thanks much.

participation thank today's on your for you, So everyone, call.

extend and question, data As terms new Hercules. trials came underway, interesting Excellent significant you the published. a heard and the for the clinical facility in both has ATM made we this with through strong being the amount of quarter fair being a through debt use have the moves been financial progress signing Also, the to us. our Phase runway of of III

balance in strong a continued position going strong a the to sheet, with progress to on look you and in quarter. next we're forward reporting we'll So forward back

time your for all much today. very Thanks

Operator

does conclude your great a Thank now you day. may you disconnect. for have participation. the program, and This Everyone,

COMPASS Pathways (CMPS) 3 Aug 232023 Q2 Earnings call transcript