COMPASS Pathways earnings date
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COMPASS Pathways (CMPS) Q3 2026 Earnings Report
CMPS Q3 2026 EPS Results
- Actual EPS
- -$0.31
- Consensus EPS
- -$0.36
- Beat/Miss
- Beat by +$0.05
- One Year Ago EPS
- -$1.44
CMPS Q3 2026 Revenue Results
- Actual Revenue
- $0
- Expected Revenue
- $0
- Beat/Miss
- Met expectations
- YoY Revenue Growth
- ―
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/03/2026
- Time
- Before Open
- Conference Call
- Tuesday, November 3, 2026
COMPASS Pathways's next earnings date is estimated for March 4, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call had a strongly positive tone, driven by progress toward completing the NDA, the potential for a 30-to-60-day FDA review, compelling rapid-onset and durable clinical data, strong prescriber interest, extensive commercial preparations, a large TRD opportunity, and plans for PTSD and other label expansions. The main challenges were that approval and rescheduling remain outstanding, state-level scheduling and reimbursement processes could delay access, CPT Category I transition may take 12-18 months, and the REMS is complex, resource-intensive, and expensive. Highlights significantly outweighed the lowlights.
Compass expects to complete its rolling NDA submission in the next two weeks, with the National Priority Voucher providing a one-to-two-month review target, a reasonably wide distribution around a median of around 60 days, and the potential for a complete approval within that 30-60-day timeline; the company is preparing to launch COMP360 in the first half of 2027 and expects $444 million of cash on hand as of September 30th to carry it well through the launch and into 2028. More than 93% of the U.S. population lives in states that have stated that they intend to reschedule within 30 days after federal DEA rescheduling, which is subject to the 90-day statutory timeline, while CPT Category III codes are anticipated to take 12-18 months to transition to Category I; REMS training is expected to take one to two hours, monitoring is expected to involve one primary monitor and two total healthcare providers, and repeat dosing would be targeted after one or two initial administrations with episodic dosing per physician decision. The company expects COMP360 to involve just a few treatments a year, compared with 36-54 required per the SPRAVATO label, and expects buy-and-bill volume to ramp from not being huge out of the gate to something very similar to SPRAVATO’s 30%-40% range of volume, potentially even surpassing it; planned 2027 launch metrics include REMS certifications, prescriptions, prescribers, and payer access.
- NDA Submission on TrackCompass expects to complete its rolling NDA submission for COMP360 in the next two weeks. The submission includes two highly statistically significant Phase III studies and a positive Phase II-B study, together enrolling more than 1,000 patients.
- Potentially Accelerated FDA ReviewThe National Priority Voucher provides a one-to-two-month FDA review target. Management said the limited precedents show a median of around 60 days and that complete approval within a 30-to-60-day timeline is possible, although timing remains subject to FDA review.
- COMP360 Clinical ProfileCOMP360 demonstrated a rapid onset of effects within 24 hours, potential durability out to 12 months with just a few treatments, and a generally well-tolerated safety profile.
- Large Treatment-Resistant Depression OpportunityManagement estimates that approximately 4 million people in the U.S. are affected by treatment-resistant depression, while fewer than 3% currently receive the only approved and marketed treatment, SPRAVATO.
- Strong Prescriber InterestApproximately 90% of interventional psychiatrists surveyed said they would prescribe COMP360 within the first year of availability, which management described as the highest willingness-to-prescribe percentage it had seen in pre-launch market research.
- Commercial Organization Built for LaunchThe commercial leadership team has collectively led more than 65 product launches at companies including J&J, Gilead, Otsuka, Axsome, and Intra-Cellular. All planned non-field-based commercial roles are filled, and recruiting for field-based roles is progressing with an incredibly high level of interest.
- Launch Preparation ProgressMarketing and launch strategy work remains on track. Medical science liaisons are educating clinicians, the payer access team is engaging regional and national accounts and state-level plans, and Compass expects to be launch-ready at the earliest possible time point.
- Established Treatment-Center InfrastructureThere are more than 8,500 interventional psychiatry treatment centers across the U.S. These centers already have staff, operational know-how, and existing capacity to support multi-hour treatments requiring monitoring, and Compass is working with providers to support COMP360 integration.
- Payer Engagement and Reimbursement StrategyPayer discussions are active and going well. COMP360 is planned to be available through both specialty pharmacy and buy-and-bill, with the drug reimbursed through the pharmacy benefit. Compass will also provide specialists to help clinics manage reimbursement logistics for the drug and monitoring time.
- Potentially Broad Label ExpansionThe late-stage, registrationally designed PTSD trial is actively enrolling. Management identified PTSD as an important label-expansion opportunity affecting more than 13 million U.S. adults and said the opportunity may be even larger than TRD. Other areas under consideration include substance use disorder, alcohol use, bipolar II, and OCD.
- Financial Capacity Through LaunchCompass reported $444 million of cash on hand as of September 30 and expects its balance sheet to carry the company through the launch and into 2028.
- Patent Portfolio ConfidenceManagement said it is very confident in the strength of its polymorph patent family, which covers a number of polymorphs and has previously withstood challenges and appeals. The patent protection extends to 2038 before patent-term restoration.
- Positive TRD Data for PayersManagement emphasized that the clinical program includes more than 1,000 patients, consistent results across two Phase III trials and a robust Phase II-B study, and 52-week data from COMP005. Trial patients had been in their current depressive episode for an average of three to four years, while some saw relief within 24 hours of dosing.
- Potentially Lower Treatment BurdenCOMP360 is expected to require just a few treatments per year, compared with 36 to 54 treatments required per the SPRAVATO label. Management said less frequent dosing could reduce time burdens for patients and caregivers and expand the geographic radius from which patients are willing to travel to treatment centers.
- Training and Site Support ProgramsCompass expects the REMS training content for healthcare providers to take approximately one to two hours to review and is also supporting additional education through company resources, grants to training organizations, and other workforce-training initiatives.
- Flexible Buy-and-Bill OpportunityManagement estimates that SPRAVATO buy-and-bill represents approximately 30%-40% of volume. Compass does not expect buy-and-bill to be large for COMP360 at launch but expects it to ramp toward a similar level to SPRAVATO, potentially surpassing it.
- Monitoring Model Designed to Leverage Existing PracticeThe expected monitoring model includes one primary monitor supported by CCTV, with two total healthcare providers involved. Management said the anticipated requirements should be no more stringent than those used in clinical trials and should match current staffing models at interventional psychiatry clinics delivering SPRAVATO.
- Preparation for First-Half 2027 LaunchCompass expects to prepare for a COMP360 TRD launch in the first half of 2027, subject to approval and rescheduling. Management said the organization is focused on execution and is preparing for the earliest possible launch.
- Planned Launch Performance MetricsCompass expects to provide launch updates throughout 2027 using metrics such as REMS certifications, prescriptions, prescriber numbers, and payer access.
CMPS Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 04, 2027 | 2026 (Q4) | -0.40- | -1 | ― | ― |
| Nov 03, 2026 | 2026 (Q3) | -0.36-0.31 | -1.44 | 78.47% (+1.13) | |
| Aug 05, 2026 | 2026 (Q2) | -0.39-1.88 | -0.41 | -358.54% (-1.47) | |
| May 13, 2026 | 2026 (Q1) | -0.440.71 | -0.24 | 395.83% (+0.95) | |
| Mar 24, 2026 | 2025 (Q4) | -0.40-1.00 | -0.63 | -58.73% (-0.37) | |
| Nov 04, 2025 | 2025 (Q3) | -0.40-1.44 | -0.56 | -157.14% (-0.88) | |
| Jul 31, 2025 | 2025 (Q2) | -0.43-0.41 | -0.56 | 26.79% (+0.15) | |
| May 08, 2025 | 2025 (Q1) | -0.47-0.24 | -0.55 | 56.36% (+0.31) | |
| Feb 27, 2025 | 2024 (Q4) | -0.63-0.63 | -0.53 | -18.87% (-0.10) | |
| Oct 31, 2024 | 2024 (Q3) | -0.57-0.56 | -0.67 | 16.42% (+0.11) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
