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Transforming Mental Health Care Investor Presentation January 2026
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2 | © Compass Pathways Cautionary Note Regarding Forward-Looking Statements This presentation includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. In some cases, you can identify forward-looking statements by terms such as “believe,” “continue,” “could,” “estimate,” “expect,” “may,” “might,” “plan,” “potential,” “project,” “target,” “will,” “would,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. These forward-looking statements include express or implied statements relating to our strategic plans or objectives; our plans and expectations regarding our clinical trials, including our Phase 3 trials in TRD and our planned Phase 2b/3 trial in PTSD; our expectations regarding the time periods for the release of data from the COMP005 and COMP006 Phase 3 trials for TRD; our expectations regarding discussions with the FDA regarding potential NDA acceleration strategies, including potential for rolling NDA submission for COMP360 psilocybin treatment in TRD; our expectations regarding potential commercial launch timelines; the potential for the pivotal Phase 3 program in TRD to support regulatory filings and approvals on an accelerated basis or at all; our expectations regarding the safety or efficacy of our investigational COMP360 psilocybin treatment, including as a treatment for TRD and PTSD; any implication that past results will be predictive of future results; our expectations regarding the benefits of our investigational COMP360 psilocybin treatment; our ability to obtain adequate coverage and reimbursement for our investigational COMP360 psilocybin treatment and related time and services to administer the treatment, if approved; our ability to transition from a clinical-stage to a commercial-stage organization and effectively launch a commercial product, if regulatory approval is obtained, or on an accelerated timeline or at all and our plans, expectations and ability to achieve our goals related to our strategic collaboration agreements. By their nature, these statements are subject to numerous risk and uncertainties, including the our need for substantial additional funding to achieve our business goals, including to repay the amended term loan facility, and if we are unable to obtain this funding when needed and on acceptable terms or at all, we could be forced to delay, limit or terminate our clinical development efforts; clinical development is lengthy and outcomes are uncertain, and therefore our Phase 3 clinical trials in TRD and our other clinical trials may be delayed or terminated; the full results and safety data from the Phase 3 COMP005 trial or the results and safety data from the Phase 3 COMP006 trial may not be consistent with the preliminary results to date; our acceleration strategies for our NDA submission may not be successful; FDA may ultimately disagree with our proposal for a rolling NDA submission and may not permit us to utilize the rolling review process; our efforts to obtain marketing approval from FDA or regulatory authorities in any other jurisdiction for our investigational COMP360 psilocybin treatment may be unsuccessful; the risk that our strategic collaborations will not continue or will not be successful; our efforts to obtain coverage and reimbursement for our investigational COMP360 psilocybin treatment, if approved, may be unsuccessful; our dependence on third parties in connection with our clinical trials; negative general economic and market conditions; unfavorable geopolitical conditions; changes in policy or resources of U.S. governmental agencies; and other factors beyond our control, that could cause our actual results, performance or achievements to differ materially and adversely from those anticipated or implied in our statements. For additional disclosure regarding these and other risks we may face, see the disclosure contained under the heading "Risk Factors" and elsewhere in the Company’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and subsequent public filings with the US Securities and Exchange Commission (the “SEC”). You should not rely upon forward-looking statements as predictions of future events. Although our management believes that the expectations reflected in our statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances described in the forward-looking statements will be achieved or occur. Moreover, neither we, nor any other person, assumes responsibility for the accuracy and completeness of these statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date such statements are made and should not be construed as statements of fact. Except as required by applicable law, we undertake no obligation to update these forward-looking statements to reflect any new information, events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements. Market & Industry Data Market & industry data projections, estimates, industry data and information contained in this presentation, including our general expectations about our market position and market opportunity, are based on information from third-party sources, publicly available information, our knowledge of our industry and assumptions based on such information and knowledge. Although we believe that our third party-sources are reliable, we cannot guarantee the accuracy or completeness of our sources. All of the projections, estimates, market data and industry information used in this presentation involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such information. In addition, projections, estimates and assumptions relating to our and our industry’s future performance are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including, but not limited to, those described above, that could cause future performance to differ materially from our expressed projections, estimates and assumptions or those provided by third parties. Disclaimer
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3 | © Compass Pathways Part A (9-week) data from COMP006 in Q1 2026. Part A (6-week) and Part B (26- week) data from COMP005 in Q1 2026. Part B (26-week) COMP006 data expected in early Q3 2026. Accelerating aggressive commercialization launch readiness plans. Initiation of PTSD late-stage trial. COMP360: Proprietary synthetic formulation of psilocybin. Ongoing pivotal program is the largest of a classic psychedelic and first to report Phase 3 data. Phase 2b and Phase 3 COMP005 results in TRD demonstrated significant, rapid, and durable anti-depressant effects and tolerable safety profile. FDA supportive of a rolling submission & review of planned NDA filing for COMP360 in TRD. Phase 2 data of COMP360 showed a safe and differentiated profile in patients with PTSD. TRD: ~4M in the U.S. suffer with TRD with limited treatment options available. Only 2 medicines ever approved with <2% of TRD patients receiving TRD indicated medicine. PTSD: ~13M in the U.S. suffer with PTSD with limited treatment options available. Only 2 medicines ever approved for PTSD, both over 25 years ago. $186 million cash as of September 30, 2025. Sufficient cash runway into 2027, well beyond key catalysts. Treatment-resistant depression (TRD), Post-traumatic stress disorder (PTSD) Investment Highlights Significant Unmet Medical Need with Large Target Markets Late-stage Development Near-term Value Drivers Strong Cash Position
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4 | © Compass Pathways Treatment Landscape and Unmet Need for TRD
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5 | © Compass Pathways ~23M ~4M ~12M The definition of TRD adopted by the US Food and Drug Administration (FDA) is failure to respond to two or more antidepressant regimens despite adequate dose and duration and adherence to treatment3TRD 1., 2. Data on file. 3. US Food and Drug Administration. Major Depressive Disorder: Developing Drugs for Treatment. Guidance for Industry. June 2018. https://www.fda.gov/media/113988/download. Accessed May 21, 2025. Over 55 medicines approved for MDD Only 2 medicines approved for TRD and only one that is regularly used, Spravato® Prevalence of U.S. adults experiencing major depression each year 1 Treatment-Resistant Depression (TRD) Affects Millions in the U.S. Adult patients who are drug treated for MDD in the past year2 MDD patients failed by ≥2 antidepressants and considered TRD 2
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6 | © Compass Pathways 1. Wu B, et al. PLoS One. 2019;14(8):e0220763. 2. Amos TB, et al. J Clin Psychiatry. 2018;79(2):17m11725. 3. Gustafsson TT, et al. J Affect Disord. 2025;368:136-142. TRD Patients are Disproportionately Impacted vs. MDD Patients with TRD have longer depressive episodes1 17-30% increased risk of all-cause mortality3 70% greater work time loss2 51% increased risk of mortality due to suicide3 1st MDD episode 1st TRD episode 571 6005004003002001000 Days 200 Compared to patients with non-TRD MDD, those with TRD experience: lighter color = MDD darker color = TRD
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7 | © Compass Pathways COMP360 Clinical Data
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8 | © Compass Pathways Published in The NEW ENGLAND JOURNAL of MEDICINE* Clinical Effect: statistically significant and clinically meaningful reduction in depression (25mg vs 1 mg) Rapid onset of action: The effect occurred the day after the administration. Safety: 90% of TEAEs were mild and moderate and 77% of them resolved on the same or next day. most frequent TEAEs across the 10mg and 25mg doses were headaches, nausea, fatigue, insomnia and anxiety. NOTE: **Least square mean change from baseline in MADRS total score; MADRS = Montgomery-Åsberg Depression Rating Scale; the above analysis is from the NEJM Supplement and does not include the imputation for use of anti-depressants (see appendix for the trial protocol analysis) *N Engl J Med 2022;387:1637-48. DOI: 10.1056/NEJMoa2206443 In a randomized, controlled, double-blind trial, three groups of participants were given a single dose (either 1mg, 10mg or 25 mg) of COMP360 psilocybin Results were measured as a change on the MADRS* depression scale from baseline (a day prior to administration) over 12 weeks. The primary endpoint of this study was the change from baseline in MADRS total score at week 3 (25mg vs 1mg). Phase 2b Trial Results Demonstrated the Potential for a Rapid, Sustained Response in TRD Secondary Efficacy Assessment 3 Weeks Post Dose Follow-up Period 6-12 Weeks Post-Dose 25mg vs 1mg: p<0.001 10mg vs 1mg: p = 0.162
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10 | © Compass Pathways Note: The COMP005 trial is ongoing, the results are preliminary and have not been reviewed by FDA Statement on file from the DSMB Chair, dated June 19, 2025. COMP005 Phase 3 Trial Achieved Primary Efficacy Endpoint Single administration of COMP360 demonstrated a highly statistically significant and clinically meaningful reduction in symptom severity as measured by MADRS with a mean difference of -3.6 comparing 25 mg to placebo (p<0.001) Independent Data Safety Monitoring Board (DSMB) reviewed safety data for COMP360 and found no unexpected safety findings Ongoing pivotal Phase 3 COMP 360 program is the largest study of an investigational, synthetic psilocybin, and the first classic psychedelic to report Phase 3 efficacy data COMP005 Part A & B, 26-week readout expected in Q1 2026. COMP006 enrollment completed (n=585). COMP006 Part A, 9-week data expected in Q1 2026 and Part B, 26-week data in early Q3 2026.
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11 | © Compass Pathways Commercial Strategy & Launch Readiness
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12 | © Compass Pathways Clinical care teams KOLs/HCPs Federal and State policy makers Patient advocacy organizations Payers DEA rescheduling (Federal & State) Product distribution Pricing & Reimbursement Formulary access Patient Support Commercial team build-out Product positioning Site of care training Field force strategy Omni-channel marketing Our Commercial Planning Efforts are Focused on Ensuring Appropriate TRD Patients Can Access COMP360, if Approved NOTE: KOL = key opinion leaders; HCP = healthcare professional Enable Awareness & Access Enable Patient AccessLaunch ReadinessEducate & Learn
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13 | © Compass Pathways Potential Launch of COMP360 Will Leverage a Well-established Infrastructure of Interventional Psychiatry Treatment Centers ~6,800 Spravato treatment clinics in US1 1. www.spravatohcp.com/find-treatment-center – data pulled 12/29/2025 Dedicated rooms/areas for treatments that require multi-hour monitoring Knowledge of and operational know-how of: • Scheduling a team-based workforce • Payer reimbursement requirements • Risk Evaluation and Mitigation Strategy (REMS) requirements Scaling to meet patient demand Established Practice Patterns 6 578 Centers
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14 | © Compass Pathways If Approved, COMP360 Prescribing, Dosing, and Reimbursement is Expected to Integrate within Current Clinical Practice 1. Based on draft guidance by the FDA for psychedelic drug development (June 2023), credentials for a qualified HCP are stated as: PhD, PsyD, MD, DO, MSW, LCPC, LMFT, NP 2. Coding and reimbursement for COMP360 have not yet been established and are subject to change from current thinking 3. CPT stands for Current Procedural Terminology. It's a system of codes created by the American Medical Association (AMA) to describe medical procedures and services. These codes are used for billing purposes and are part of the national coding system under the Health Information Portability and Accountability Act (HIPAA) Note: CPT III codes accepted, and language released by AMA for Psychedelic Drug Monitoring Services; published in the CPT Manual and effective on January 1, 2024 COMP360 expected to be available through specialty pharmacy and buy-and-bill – drug reimbursed through pharmacy benefit. Evaluation and Monitoring (E/M) CPTIII codes specifically for psychedelics- billed by the hour through medical benefit Prescribed by an HCP licensed to prescribe medication to patients Patient self-administers oral capsule and is monitored by a licensed HCP1 during session Dosing and monitoring to take place at a certified treatment center Prescribing Dose administration Reimbursement2
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15 | © Compass Pathways Gathering Insights Through Our Strategic Collaborations >175 SITES Collaborator Hackensack Meridian Health Neuronetics (Greenbrook) Mindful Health Solutions Reliant Medical Group Journey Clinical Healthport Radial Health Examples of Learnings Patient care pathways Provider perspectives on Spravato implementation Support staff training feedback Provider economics for multi-hour treatments RWE initiatives Treatment model development
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16 | © Compass Pathways MDD Indicated with limited efficacy and tolerability challenges First multi-hour medicine indicated for TRD Differentiated clinical profile in a TRD market with a high unmet need in a large patient population Delayed onset of efficacy versus rapid onset Over 55 pharmacotherapies approved for MDD Side effects can be burdensome for patients including GI disruption, sexual dysfunction, weight gain, etc. Approximately 1/3 of MDD patients do not respond to first line of pharmacotherapies Rapid onset of treatment effect Initial treatment effect requires 8-10 visits over a 6-week period for clinical response consistent with COMP360 single dose (mean difference -4 MADRS)* Requires approximately ~25-35 visits to treatment centers per year to maintain treatment effect Treating 1 <2% of patients, expected over $1.4 billion annualized revenue in US in 2025 Monitoring reimbursement suboptimal COMP360 Rapid onset of treatment effect Statistically significant and clinical responses consistent with Spravato on single dose (mean difference -3.6 MADRS) Significant reduction in treatment burden for both patient and caregiver as patients must be driven to/from administration visit Reimbursement code designed specifically for psychedelic monitoring SSRIs / SNRIs / Antipsychotics COMP360 Differentiated Emerging Profile * Based on Spravato Phase 3 data from NDA; 12024 IQVIA
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17 | © Compass Pathways Post-traumatic Stress Disorder (PTSD)
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18 | © Compass Pathways Chronic and debilitating psychiatric condition affecting ~13 million adults annually in the U.S.; lifetime prevalence ~6–8% Characterized by intrusive memories, avoidance, negative mood/cognition, and hyperarousal Evidence-based psychotherapies are first line, but difficult to adhere to and access is limited Existing treatments (SSRIs such as sertraline and paroxetine) yield limited efficacy — ~60% of patients fail to achieve remission Lack of innovation and patient options as last medical therapeutics were approved over 25 years ago No approved therapies directly targeting the underlying neurobiological circuits of fear memory and emotional regulation High comorbidity with TRD and overlapping neurobiology (dysregulated amygdala-prefrontal connectivity, impaired fear extinction) and patients treated in the same settings of care as TRD Post-Traumatic Stress Disorder (PTSD)
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19 | © Compass Pathways Note: CAPS-5 = clinician administered PTSD scale Phase 2a PTSD Study: Meaningful and Sustained Symptom Improvement Summary of change from baseline in CAPS-5 score N=22, multi-center open-label, single administration of 25mg COMP360 (mean baseline of 47.5 CAPS-5 total score, which is considered severe) Early onset and sustained change from baseline in CAPS-5 observed at week 4 and week 12 COMP360 was generally well tolerated with no treatment emergent serious adverse events reported; no participants re- started SSRI’s or antidepressants after COMP360 administration in study. Most frequent TEAES (>10%) were headache, nausea, crying, fatigue, hallucination, muscle tightness, paraesthesia, visual impairment. Response in CAPS-5: 81.8% at week 4, 77.3% at week 12 Remission in CAPS-5: 63.6% at week 4, 54.5% at week 12 Summary of change from baseline in SDS score Phase 3 trial expected to commence in Q1 2026.
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20 | © Compass Pathways Notes: In both Part A and Part B COMP360 may be administered adjunctively to a single permitted oral antidepressant. 10mg arm included to help prevent unblinding. In Part B, eligible participants will receive a single open-label treatment with COMP360 25 mg. PTSD Late-Stage Phase 2b/3 Trial Design Design: Multicenter, randomized, double-blind, controlled study, with an open label extension, to investigate the efficacy, safety, and tolerability of COMP360 in 234 participants Primary Objective: To determine if two administrations of COMP360 at a dose of 25 mg compared to two administrations of 1 mg lead to improvement of PTSD symptoms (CAPS-5) at Week 8 Part A: blinded fixed repeat dose Part B: open label, long term follow up Day 1 Week 4 Week 8 primary endpoint Week 12 Week 52 COMP360 25 mg N = 100 COMP360 1 mg N = 100 COMP360 25 mg COMP360 1 mg COMP360 10 mg N = 34 COMP360 25 mg one dose for Part A non-responders or responders who later deteriorate COMP360 10 mg Treatment 1 Treatment 2
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21 | © Compass Pathways Kabir Nath, Chief Executive Officer: Kabir has ~30 years of biopharmaceutical and medical device experience. Prior to Compass, he was Senior Managing Director of Global Pharmaceuticals at Otsuka and President & CEO of Otsuka’s North America Pharmaceutical Business, leading development of therapies and digital solutions for mental health. He previously held senior leadership roles at Bristol Myers Squibb. Kabir holds an MA from the University of Cambridge and an MBA from INSEAD. Dr Guy Goodwin, Chief Medical Officer: Guy trained in medicine, physiology, and psychiatry at the University of Oxford and spent 10 years as a Clinical Scientist at the MRC Brain Metabolism Unit. He later served as Head of Psychiatry at Oxford and is a Fellow of the American College of Neuropsychopharmacology and a Thomson Reuters Highly Cited Researcher. His work focuses on mood disorders and psychedelic therapies, and he contributed to the design of Compass Pathways’ Phase IIb trial. Lori Englebert, Chief Commercial Officer: Lori brings deep commercial launch experience, including most recently nearly five years at Axsome Therapeutics as EVP of Commercial and Business Development, where she led the company’s transition to commercial-stage and first product launch, in mental health. She previously held senior roles at Amgen and has launched multiple CNS assets across the U.S., Japan, and Europe. Dr Michael Gold, Chief Research and Development Officer: Michael has over 25 years of experience in neuroscience drug development and previously led the Neuroscience Therapeutic Area at AbbVie, including the Allergan integration. He has broad expertise across neurological and psychiatric disorders and multiple therapeutic modalities and has served as an industry representative to the FDA’s Office of Neuroscience. Dr Steve Levine, Chief Patient Officer: Steve is a board-certified psychiatrist and healthcare innovator. He previously founded and led Actify Neurotherapies, developing new care-delivery models for interventional psychiatry, and trained at New York-Presbyterian/Weill Cornell and Memorial Sloan Kettering. Teri Loxam, Chief Financial Officer: Teri brings deep financial and strategic leadership experience across biopharma. She previously served as CFO of Gameto, CFO/COO of Kira Pharmaceuticals, and CFO of SQZ Biotech, where she led a successful IPO and raised over $200 million. She has also held senior IR roles at Merck, Bristol Myers Squibb, and IMAX and currently serves on the boards of Vaxcyte and Cardiol Therapeutics. Seasoned Management Team with Proven Record of Delivering Visionary Innovation
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22 | © Compass Pathways Part A (9-week) data from COMP006 in Q1 2026. Part A (6-week) and Part B (26- week) data from COMP005 in Q1 2026. Part B (26-week) COMP006 data expected in early Q3 2026. Accelerating aggressive commercialization launch readiness plans. Initiation of PTSD late-stage trial. COMP360: Proprietary synthetic formulation of psilocybin. Ongoing pivotal program is the largest of a classic psychedelic and first to report Phase 3 data. Phase 2b and Phase 3 COMP005 results in TRD demonstrated significant, rapid, and durable anti-depressant effects and tolerable safety profile. FDA supportive of a rolling submission & review of planned NDA filing for COMP360 in TRD. Phase 2 data of COMP360 showed a safe and differentiated profile in patients with PTSD. TRD: ~4M in the U.S. suffer with TRD with limited treatment options available. Only 2 medicines ever approved with <2% of TRD patients receiving TRD indicated medicine. PTSD: ~13M in the U.S. suffer with PTSD with limited treatment options available. Only 2 medicines ever approved for PTSD, both over 25 years ago. $186 million cash as of September 30, 2025. Sufficient cash runway into 2027, well beyond key catalysts. Treatment-resistant depression (TRD), Post-traumatic stress disorder (PTSD) Investment Highlights Significant Unmet Medical Need with Large Target Markets Late-stage Development Near-term Value Drivers Strong Cash Position
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We're a biotechnology company… …dedicated to accelerating patient access to evidence-based innovation in mental health. Stephen Schultz, SVP, Investor Relations stephen.schultz@compasspathways.com +1 401-290-7324