COMPASS Pathways
CMPS on Nasdaq. Compass Pathways develops and plans to sell psilocybin treatment to patients with treatment-resistant depression. Market value $1.6bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -315 cents a year. Above 10 is good.
Quality score: 20 of 100. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.
$11.56 a share, 137% above its 1-year low
Over the past year the price has ranged from $4.88 to $15.87.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | n/a | n/a | n/a | n/a |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | 0.00 | 0.13 | 0.19 | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.04bn | 0.06bn | 0.07bn | 0.10bn | 0.14bn |
Health checks
- Free cash flow positive0 of 4 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 225% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- A loss of $254 million, compared with a loss of $38 million a year ago.
- 45% more shares than a year ago. Each share owns a bit less of the company.
- It has $383 million more cash than debt, up from $191 million a year ago.
| Quarter to | Amount |
|---|---|
| September 2024 | -$39m |
| December 2024 | -$43m |
| March 2025 | -$18m |
| June 2025 | -$38m |
| September 2025 | -$138m |
| December 2025 | -$94m |
| March 2026 | $91m |
| June 2026 | -$254m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 24 March 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 223 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $4m | <0.1% | Cut |
Largest holders overall
- Deep Track Capital, LP$172m
- RTW Investments, LP$151m
- BIT Capital GmbH$90mAdded
- Tang Capital Management$71mAdded
- TWO Sigma Investments, LP$63mAdded
- Marshall Wace, LLP$61mAdded
- ARK Investment Management$49mAdded
- Point72 Asset Management, L.P.$37mNew
- Logos Global Management LP$32mNew
- Eagle Health Investments LP$29m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
10 investors own more than 5%.
- Deep Track Capital, LPPassive investorat least 10.0%(filed with 2 related holders)Since 10 January 2025
- RTW Investments, LPPassive investorat least 9.9%0.0 pts(filed with 1 related holder)Since 31 March 2026
- Roderick Wong, M.D.Passive investor8.3%Since 31 March 2025
- ATAI Life Sciences AG7.5%Since 5 March 2025
- ATAI Life Sciences N.V.at least 6.0%−1.5 pts(filed with 1 related holder)Since 27 October 2025
- Chen YuPassive investorat least 3.9%(filed with 4 related holders)Since 30 June 2025
- Nantahala Capital Management, LLCPassive investorat least 3.6%−2.7 pts(filed with 2 related holders)Since 30 September 2025
- Vivo Opportunity Fund Holdings, L.P.Passive investorat least 3.2%−3.4 pts(filed with 3 related holders)Since 30 September 2025
- Millennium Management LLCPassive investorat least 3.0%−0.7 pts(filed with 3 related holders)Since 31 March 2025
- Kenneth GriffinPassive investorat least 1.7%(filed with 6 related holders)Since 31 December 2024
- AtaiBeckley Inc.Passive investorSold down below 5%Since 21 January 2026
- George Jay GoldsmithPassive investorSold down below 5%Since 31 March 2025
| Holder | Stake | Since | |
|---|---|---|---|
Deep Track Capital, LP Passive investor | at least 10.0% (filed with 2 related holders) | 10 January 2025 | |
RTW Investments, LP Passive investor | at least 9.9%0.0 pts (filed with 1 related holder) | 31 March 2026 | |
Roderick Wong, M.D. Passive investor | 8.3% | 31 March 2025 | |
ATAI Life Sciences AG | 7.5% | 5 March 2025 | |
ATAI Life Sciences N.V. | at least 6.0%−1.5 pts (filed with 1 related holder) | 27 October 2025 | |
Chen Yu Passive investor | at least 3.9% (filed with 4 related holders) | 30 June 2025 | |
Nantahala Capital Management, LLC Passive investor | at least 3.6%−2.7 pts (filed with 2 related holders) | 30 September 2025 | |
Vivo Opportunity Fund Holdings, L.P. Passive investor | at least 3.2%−3.4 pts (filed with 3 related holders) | 30 September 2025 | |
Millennium Management LLC Passive investor | at least 3.0%−0.7 pts (filed with 3 related holders) | 31 March 2025 | |
Kenneth Griffin Passive investor | at least 1.7% (filed with 6 related holders) | 31 December 2024 | |
AtaiBeckley Inc. Passive investor | Sold down below 5% | 21 January 2026 | |
George Jay Goldsmith Passive investor | Sold down below 5% | 31 March 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 24 Mar 2026, plus the 10-Q filed 5 Aug 2026 and 4 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.