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Every journey needs a Compass Investor Presentation Q2 2026 compass
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2 | © Compass Pathways Disclaimer 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 "are convinced" 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 business strategy and goals; our expectations and projections about the company’s future cash needs and financial results; our expectations regarding the safety or efficacy or benefits of our investigational COMP360 psilocybin treatment, including as a treatment of TRD or PTSD; our plans and expectations regarding our clinical trials; any implication that preliminary results will be predictive of full safety and efficacy data from our phase 3 program; our expectations regarding the timing of our rolling submission of a new drug application, or NDA, for COMP360 psilocybin treatment in TRD and the timing of the review by the Food and Drug Administration, or FDA, of such NDA, including potential acceleration due to the grant of rolling review and award of a National Priority Voucher for COMP360 psilocybin treatment in TRD; the potential for the pivotal phase 3 program in TRD to support regulatory filings and approvals on an accelerated basis or at all; our expected timing of our commercial launch for COMP360 psilocybin treatment in TRD, if approved by the FDA, including the timing and substance of decisions by the U.S. Drug Enforcement Administration, or the DEA, and states to reschedule COMP360 psilocybin treatment, if approved by FDA; our efforts and our ability to obtain adequate coverage and reimbursement; our ability to grow our organization and transition from a clinical-stage to a commercial-stage organization and effectively launch a commercial product, if regulatory approval is obtained; and our expectations regarding market adoption and commercial potential for COMP360. By their nature, these statements are subject to numerous risk and uncertainties, including the risks related to clinical development which is a lengthy and expensive process with uncertain outcomes, and therefore our clinical trials may be delayed or terminated and may be more costly than expected; the full results and safety data from our Phase 3 clinical trials in TRD may not be consistent with the preliminary results to date; our need for additional funding to achieve our business goals and if we are unable to obtain this funding when needed and on acceptable terms, we could be forced to delay, limit or terminate our clinical trials; the rolling review process and/or the National Priority Voucher pilot program may not actually lead to a faster FDA review or approval process; our efforts to obtain FDA approval for our investigational COMP360 psilocybin treatment on an accelerated basis, or at all, may be unsuccessful; the timing and substance of decisions by the Drug Enforcement Administration and states to reschedule COMP360 psilocybin treatment, if approved by FDA; our efforts to commercialize and obtain coverage and reimbursement for our investigational COMP360 psilocybin treatment, if approved, may be unsuccessful; even if approved, our COMP360 psilocybin treatment may not achieve an adequate level of acceptance by payors, health technology assessment bodies, healthcare professionals, patients and the medical community at large and market adoption may be limited; the risk that our strategic collaborations will not continue or will not be successful; and our ability to retain key personnel; 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.
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3 | © Compass Pathways Preparing for the World's First Approval and Launch of a Classic Psychedelic Compass is leading the way in developing a new clinical standard for mental health care COMP360 is an investigational, proprietary synthetic formulation of psilocybin for the treatment of mental health conditions with the potential to become the first FDA-approved classic psychedelic treatment We believe COMP360 has the potential to transform mental health care by moving beyond daily or frequent administration toward just a few treatments per year “We are convinced COMP360 will lead to a profound shift in mental health care – moving beyond daily or frequent administration – toward an option potentially involving just a few treatments in a year that could be life changing for patients” Kabir Nath Compass CEO
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4 | © Compass Pathways Blockbuster Opportunity1 Consistent results across two highly statistically significant positive Phase 3 trials demonstrating rapid onset and durable clinical benefit through ≥ 26 weeks Generally well-tolerated and safe profile Infrequent dosing Compelling Clinical Profile Rolling NDA submission and review underway with final submission expected in Q4 2026 National Priority Review Voucher awarded in TRD Fits within existing site of care infrastructure Commercial organization established U.S. launch expected in H1 2027 Accelerated Path to Market Target indications address large underserved markets • 4M U.S. patients with treatment-resistant depression (TRD)2 • 13M U.S. patients with post- traumatic stress disorder (PTSD)3 Positioned to Establish the Field of Psychedelic Treatments 1. Expectation based on Compass estimates and current market conditions. 2. Wing V, et al. Poster S97 Contemporary Estimate of the National Prevalence of Treatment -Resistant Depression in the United States. J Mood Anxiety Disord. Presented at ADAA 2026. 3. https://www.va.gov/columbia-south-carolina-health-care/stories/hope-and-healing-initiatives-for-ptsd-awareness-and-veteran-support/ (accessed July 6, 2026)
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5 | © Compass Pathways Potential for COMP360 to Revolutionize how Mental Health is Treated Largest Late-stage Clinical Program in Psychedelics >1000 participants across two Ph3 programs and a Ph2b * Durability data across the two phase 3 programs (COMP005 and COMP006) Based on preliminary clinical data that are subject to change as data collection, validation, and analysis continue.; Label has not been determined as COMP360 is not yet approved by the FDA Durability with Infrequent Dosing* Remarkable durability sustained through at least 6 months with only 1 or 2 additional doses after initial dose Remarkable Consistency Clinically meaningful efficacy in a patient population with limited treatment options Rapid Onset of Action Deep and dramatic reduction in depressive symptoms as quickly as the day following dosing Well-Tolerated & Safe Profile Generally well-tolerated and safe profile, potentially making it easy for patients and clinicians to try
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Unmet Need in Treatment-Resistant Depression (TRD) 6 | © Compass Pathways
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7 | © Compass Pathways 1. Wing V, et al. Poster S97 Contemporary Estimate of the National Prevalence of Treatment-Resistant Depression in the United States. J Mood Anxiety Disord. Presented at ADAA 2026.. 2. US Food and Drug Administration. Major Depressive Disorder (MDD): Developing Drugs for Treatment. Guidance for Industry. June 2018.https://www.fda.gov/media/113988/download. Accessed March 26, 2026. TRD Patients Urgently in Need of New Treatment Options 12M MDD patients drug-treated in the past year1 23M Americans experience major depressive disorder (MDD) each year 1 4M MDD patients fail ≥2 antidepressants and considered TRD 1 WHY TREATMENT RESISTANCE MATTERS Only 1 FDA-approved medicine for TRD (Spravato®) ~1 in 3 Treated patients fail ≥2 antidepressants2 55+ Antidepressants approved for MDD2
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8 | © Compass Pathways 1. Wu B, et al. PLoS One. 2019;14(8):e0220763. 2..Rush AJ, et al. Am J Psychiatry. 2006;163(11):1905-17 3. Pappa S, et al. BJPsych Open. 2024;10(1):e32.. 4. Compass Pathways data on file. 5. Kubitz N, et al. PLoS One. 2013;8(10):e76882. 6. Amos TB, et al. J Clin Psychiatry. 2018;79(2):17m11725. 7. Gustafsson TT, et al. J Affect Disord. 2025;368:136-142 . TRD Places Higher Burden on Patients, Communities and Healthcare Systems Compared to MDD TRD depressive episodes average 571 days and are 2X longer than MDD 70% greater work time loss Caregivers spend ~23 hours per week on care 17-30% increased risk of all-cause mortality Increased relapse rate and decreased remission rate after at least 2 antidepressants Higher comorbidities with 61% experiencing pain, 50% anxiety, 35% suffering from migraines Prolonged Disease Course1 Increased Clinical Risk 2,3,4,5 Decreased Productivity 4,6 Increased Mortality 7 51% increased risk of mortality due to suicide
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COMP360 Phase 3 Data in TRD 9 | © Compass Pathways
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10 | © Compass Pathways Rigorously Designed Phase 3 Program 1. Primary endpoint = change from baseline in Montgomery-Åsberg Depression Rating Scale (MADRS) total score at Week 6. *Re-dosing for non-remitters from Part A or Part B could occur several weeks after transition to Part B or Part C, respectively, due to scheduling requirements. Participants were permitted to take protocol-allowed antidepressant treatments in Part B and C of the study. COMP005 (1 dose in Part A) N=258 COMP360 25mg N=171 Option for retreatment* (same dose as Part A) COMP360 25mg treatment (one dose only after relapse or for non-remitters from Part B) Part A (blinded) 6 weeks Part B (blinded) 20 weeks Part C (open label) 26 weeks Placebo N=87 Week 6 Primary endpoint achieved1 P<0.001 COMP006 (2 doses in Part A) N=581 COMP360 25mg N=296 COMP360 1mg N=143 COMP360 25mg COMP360 1mg COMP360 10mg N=142 COMP360 10mg Week 3 Option for retreatment* (same dose as Part A) COMP360 25mg treatment (one dose only after relapse or for non-remitters from Part B) Part A (blinded) 9 weeks Part B (blinded) 17 weeks Part C (open label) 26 weeks Week 6 Primary endpoint achieved1 P<0.001 Week 9 Key secondary endpoint
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11 | © Compass Pathways Positive Primary Endpoints Achieved for COMP005 & COMP006 in Highly Chronic* TRD Population Consistent improvement in magnitude of MADRS total score between two Phase 3 studies *Cross-trial comparisons should be interpreted with caution. Differences between trials, including but not limited to study designs, protocols, and timing of assessments. Note: CI = Confidence Interval; LSM = Least Squares Mean; MADRS = Montgomery–Åsberg Depression Rating Scale Note that the two phase 3 studies have different but complementary protocols. *Participants in COMP006 had current depressive episodes lasting on average over three years and an average of more than six lifetime depressive episodes 2nd administration at Week 3 shows potential for a deeper treatment effect -14 -12 -10 -8 -6 -4 -2 0 2 COMP360 25 mg (COMP 006) (N=296) COMP360 1 mg (COMP 006) (N=143) COMP360 25 mg (COMP 005) (N=171) Placebo (Comp 005) (N=87) Baseline (Day -1) Day 2 Week 1 Week 3 Day 24 Week 4 Week 6 Least square mean (± 95% CIs) change from Baseline 3.6 3.8 2nd dose in 006 trial Highly Chronic TRD Population: Current depressive episodes lasted on average over three years
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12 | © Compass Pathways Remarkable Durability Through 6 Months* Across Ph3 Trials *Cross-trial comparisons should be interpreted with caution. Differences between trials, including but not limited to study designs, protocols, and timing of assessments. number or timing of doses and participant populations can meaningfully influence outcomes and limit the validity of any comparison. COMP 005 Part B (post Week 6) and COMP 006 Part B (post Week 9) results are based on observed data only (CFB Mean ± 95% CI). retreatment in Part B based on pre-specified criteria and receive either what they were randomized into or antidepressant - CI = Confidence Interval; LSM = Least Squares Mean; MADRS = Montgomery–Åsberg Depression Rating Scale Consistent separation between 25mg and control arms maintained over 26 weeks in both studies Confirms validity, consistency and durability of efficacy signal over 26 weeks Clear benefit of additional dose, either as fixed dose after 3 weeks (006) or later in 10-14 week timeframe (005) -14 -12 -10 -8 -6 -4 -2 0 2 COMP360 25 mg (COMP 006) (N=296) COMP360 1 mg (COMP 006) (N=143) COMP360 25 mg (COMP 005) (N=171) Placebo (COMP 005) (N=87) Baseline (Day -1) Week 6 Week 10 Week 14 Week 18 Week 26 Change from baseline (Least square mean in Part A, Observed mean in Part B) +95% CIs Week 22 Week 9
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>25% reduction in MADRS -32 -28 -24 -20 -16 -12 -8 -4 0 Remitters (N=48) Responders & Partial Responders (N=68) Non-Responders (N=153) Week 18 Week 22 Mean (± 95% CIs) change from Baseline Baseline (Day -1) Week 6 Week 14 Week 26 Day 2 Week 9 Day 24 Week 4 Week 1 Week 3 13 | © Compass Pathways COMP006: Rapid and Durable Response– Unique in TRD Definitions (n at Week 6): Remitters (n=48) = MADRS ≤12 and no single item ≥4; Responders and Partial Responders (n=68) = % CFB in MADRS ≥ 25% and do not meet remission criterion; Non-Responder (n=153) = % CFB in MADRS ≤ 25% *Clinically meaningful reduction in MADRS defined as a ≥25% reduction from baseline in MADRS total score at Week 6. This graph is a post hoc analysis. Total n at 6 weeks = 269 (based on ITT) CI = Confidence Interval; CFB = change from baseline; MADRS = Montgomery–Åsberg Depression Rating Scale 39% of participants in 25mg arm achieved clinically meaningful reduction in MADRS* at Week 6 and on average maintained response at least through Week 26 28% of those who achieved clinically meaningful reduction in MADRS but had not remitted by 6 weeks went into remission after additional dose in Part B
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14 | © Compass Pathways COMP005: Rapid and Durable Response– Unique in TRD *Clinically meaningful reduction in MADRS defined as a >25% reduction from baseline in MADRS total score at Week 6. This graph is a post hoc analysis. Total n at 6 weeks = 157 (based on ITT) CI = Confidence Interval; CFB = change from baseline; MADRS = Montgomery–Åsberg Depression Rating Scale Definitions (n at Week 6): Remitters (n=11) = MADRS ≤12 and no single item ≥4; Responders and Partial Responders (n=31) = % CFB in MADRS ≥ 25% and do not meet remission criterion; Non-Responder (n=115) = % CFB in MADRS ≤ 25% 25% of participants in 25mg arm achieved clinically meaningful reduction in MADRS* at Week 6 and on average maintained response at least through Week 26 Over 40% of those who achieved clinically meaningful reduction in MADRS but had not remitted by 6 weeks went into remission after additional dose in Part B -32 -28 -24 -20 -16 -12 -8 -4 0 Remitters (N=11) Responders (Non-Remitters) and Partial Responders (N=31) Non-Responders (N=115) Week 18 Week 22 Mean (± 95% CIs) change from Baseline Baseline (Day -1) Week 10 Week 6 Week 14 Week 26 >25% reduction in MADRS
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15 | © Compass Pathways Safety data consistent with known profile of COMP360 psilocybin with no new safety signals identified SAEs were low overall across both trials Majority of AEs transient, occurring on the day of administration COMP360 Generally Well-Tolerated with a Safe Profile
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Commercial Readiness 16 | © Compass Pathways
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17 | © Compass Pathways Breakthrough Therapy designation granted by the FDA FDA rolling review and National Priority Voucher granted Anticipated completion of rolling NDA submission Anticipated launch, if FDA approved October 2018 April 2026 Q4 2026 H1 2027 On Track for COMP360 Launch in H1 2027, if FDA Approved Advanced commercial launch prep work underway including payer discussions, enabling product distribution, setting up patient support mechanisms, preparing for field force execution and ongoing stakeholder education
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18 | © Compass Pathways Established Practice Patterns Dedicated rooms/areas for treatments that require multi-hour monitoring Operational and scheduling capabilities with team-based workforce Scaling to meet patient demand 1. www.spravatohcp.com/find-treatment-center – data pulled 07/31/2026 Well-established Infrastructure of Interventional Psychiatry Treatment Centers in Place and Preparing to Offer COMP360 >8,100 Spravato® treatment clinics in US1 6 578 Centers At approval, our top priority is site and patient experience: Training & education REMS certification Reimbursement assistance Patient support hub
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19 | © Compass Pathways Prescribed by an HCP licensed to prescribe medication to patients Prescribing, Dosing and Reimbursement Expected to Easily Integrate within Current Clinical Practice Patient self-administers oral capsule, monitored by a licensed HCP during session Dosing and monitoring to take place at a certified treatment center 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 1. Coding and reimbursement for COMP360 have not yet been established and are subject to change from current thinking Note: 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). 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 Prescribing Dose Administration Reimbursement2
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20 | © Compass Pathways Patient care pathways Provider perspectives on Spravato implementation Support staff training feedback Provider economics for multi-hour treatments RWE initiatives Treatment model development Hackensack Meridian Health Neuronetics (Greenbrook) Mindful Health Solutions Reliant Medical Group Journey Clinical Healthport Radial Health Osmind Launch Strategy Informed by Strategic Collaborators, Representing a Spectrum of Provider Archetypes Insights Gained>1,000 Sites Represented
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Expanding the Potential of COMP360: Post-Traumatic Stress Disorder 21 | © Compass Pathways
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• Chronic and debilitating psychiatric condition • Characterized by intrusive memories, avoidance, negative mood/cognition, and hyperarousal 22 | © Compass Pathways PTSD: High Unmet Need with Opportunity to Leverage TRD Foundation Significant unmet need Lack of innovation over the past 25+ years Existing treatment paradigm limited by adherence, access and efficacy challenges Strong strategic fit PTSD has high overlap with TRD population Opportunity to leverage established clinical and commercial capabilities Existing interventional psychiatry infrastructure supports PTSD treatment PTSD affects ~13M U.S. adults
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23 | © Compass Pathways Positive Phase 2a Results: Meaningful and Durable Improvements in PTSD -50 -45 -40 -35 -30 -25 -20 -15 -10 -5 0 COMP360 25 mg (N=22) Baseline (Day -1) Week 4 Week 12 Mean (±SD) change from Baseline Visit Baseline mean (SD): 25mg (N=22) = 47.5 (9.78) -29.9 (14.06) -29.5 (15.43) -30 -25 -20 -15 -10 -5 0 COMP360 25 mg (N=22) Baseline (Day -1) Week 4 Week 12 Mean (±SD) change from Baseline Visit Baseline mean (SD): 25mg (N=22) = 22.7 (5.38) -11.7 (8.41) -14.4 (8.21) Summary of change from baseline in CAPS-5 score Summary of change from baseline in SDS score Safety Profile Consistent with TRD Studies • Generally safe and well-tolerated with no treatment emergent serious adverse events reported; no participants re-started SSRI’s or antidepressants after COMP360 administration. • Most frequent TEAES (>10%) were headache, nausea, crying, fatigue, hallucination, muscle tightness, paraesthesia, visual impairment Meaningful Improvements Observed Across PTSD Measures • Early onset and sustained change from baseline in CAPS-5 observed at week 4 and week 12 Sustained Benefit • 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 N=22, multi-center open-label, single administration of 25mg COMP360 (mean baseline of 47.5 CAPS-5 total score considered severe) Phase 2b/3 trial underway
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24 | © Compass Pathways PTSD Phase 2b/3 Trial Design Multicenter, randomized, double-blind, controlled trial, with an open label extension, to investigate the efficacy, safety, and tolerability of COMP360 in 300 adult participants with PTSD Primary Endpoint: To determine if two administrations of COMP360 at a dose of 25mg compared to two administrations of 1 mg lead to improvement of PTSD symptoms (CAPS-5) at Week 8 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 and examine efficacy of this dose as a secondary outcome. In Part B, participants will receive a single open-label treatment with COMP360 25 mg if deemed clinically suitable. Part A (blinded through 12 weeks): two doses Part B (Open Label 12-52 weeks): 1 additional dose available Day 1 Week 4 Week 8 Week 12 Week 52 COMP360 25mg N = 100 COMP360 1mg N = 100 COMP360 25mg COMP360 1mg COMP360 10mg N = 100 COMP360 25mg Participants completing Part A of the trial will be offered a single open-label dose in Part B at approx. Week 16 COMP360 10mg Dose 1 Dose 2 Primary Endpoint End of Part A Week 16 Part B Dosing
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Robust Patent Portfolio Supporting COMP360 Exclusivity 25 | © Compass Pathways • Crystalline drug substance • Pharmaceutical-grade purity • Long-term stability • Reproducibility • Identified from first reported large scale synthesis of psilocybin DS patents challenged at US patent office and upheld. Drug Substance (DS) • Orally administered formulation • Target product profile (potency, stability, content uniformity) • Identified after extensive screening and failure of prior formulations to meet FDA requirements Drug Product (DP) • Coverage of priority indications: TRD and PTSD • Dosing regimens to achieve remission • Adjunctive treatment with standard of care (SSRI) Method of Treatment (MoT) • DS, DP, and MoT patents are listed on the FDA’s “orange book” • Provides exclusivity beyond FDA New Chemical Exclusivity (NCE) • Generics must address all “orange book” patents before market entry Orange Book Patent Exclusivity – Expected >2038 COMP360 • 9 Issued and 7 pending patents Future Indications • 5 issued and 5 pending patents Large Orange Book Patent Portfolio Composition Patents Method Patents
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26 | © Compass Pathways Multidisciplinary Executive Team with Deep Experience Bringing Innovative CNS Therapies to Patients Kabir Nath Chief Executive Officer Dr Guy Goodwin, Chief Medical Officer Lori Englebert, Chief Commercial Officer Dr Michael Gold, Chief R&D Officer Dr Steve Levine, Chief Patient Officer Teri Loxam, Chief Financial Officer Combines nearly three decades of global biopharmaceutical leadership with a deeply personal commitment to mental health, leading our mission while fostering a culture of openness, purpose, and innovation. Leading psychiatrist and neuroscience researcher whose expertise in mood disorders and psychedelic treatments drives the company’s commitment to rigorous, evidence-based innovation in mental health treatment. Brings extensive launch experience and a track record of tackling complex healthcare challenges, leading our commercial strategy with a focus on maximizing patient impact and commercial success. Highly respected neuroscience R&D leader with 30 years of industry experience, dedicated to advancing rigorous, patient-centered research and accelerating access to innovation Board-certified psychiatrist and pioneer in interventional psychiatry who brings more than 20 years of clinical experience to advancing equitable access to innovative, patient-centered mental health treatments. Leverages decades of multidisciplinary experience leading organizations through pivotal moments, building the financial and operational foundation needed to deliver innovative treatments to patients Collectively, our executive team brings more than 165+ years of clinical and biopharmaceutical experience spanning neuroscience R&D, commercialization and public company leadership.
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For More Information: Stephen Schultz, SVP Investor Relations +1 401 290 7324 | Stephen.Schultz@compasspathways.com | IR@compasspathways.com
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Appendix 28 | © Compass Pathways
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Phase 3 Program in TRD 29 | © Compass Pathways
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Phase 3 Program in TRD: Trial Designs 1. Primary endpoint = change from baseline in Montgomery-Åsberg Depression Rating Scale (MADRS) total score at Week 6. *Retreatment for non-remitters from Part A or Part B could occur several weeks after transition to Part B or Part C, respectively, due to scheduling requirements. Participants were permitted to take protocol-allowed antidepressant treatments in Part B and C of the study. 30 | © Compass Pathways COMP005 (1 dose in Part A) N=258 COMP360 25mg N=171 Option for retreatment* (same dose as Part A) COMP360 25mg treatment (one dose only after relapse or for non-remitters from Part B) Part A (blinded) 6 weeks Part B (blinded) 20 weeks Part C (open label) 26 weeks Placebo N=87 Week 6 Primary endpoint achieved1 P<0.001 COMP006 (2 doses in Part A) N=581 COMP360 25mg N=296 COMP360 1mg N=143 COMP360 25mg COMP360 1mg COMP360 10mg N=142 COMP360 10mg Week 3 Option for retreatment* (same dose as Part A) COMP360 25mg treatment (one dose only after relapse or for non-remitters from Part B) Part A (blinded) 9 weeks Part B (blinded) 17 weeks Part C (open label) 26 weeks Week 6 Primary endpoint achieved1 P<0.001 Week 9 Key secondary endpoint
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31 | © Compass Pathways COMP005 & COMP006 – Participant Baseline Demographics In Line with Known TRD Epidemiology *planned limit was 15% BMI = Body Mass Index; n=number of observed participants; SD = standard deviation COMP005 COMP360 25 mg (N=171) Placebo (N=87) Female, n (%) 93 (54.4) 47 (54.0) Race, n (%) White 149 (87.1) 78 (89.7) Asian 11 (6.4) 4 (4.6) Black or African American 6 (3.5) 2 (2.3) American Indian or Alaska Native 0 1 (1.1) Other 5 (2.9) 2 (2.3) Age, years, mean (SD) 45.9 (13.4) 45.3 (14.4) Min, Max 19, 77 22, 72 Age ≥65 years old 15 (8.8) 11 (12.6) Prior psilocybin experience, n (%) 5 (2.9) 5 (5.7) Prior psychedelic experience including psilocybin, n (%)* 8 (4.7) 6 (6.9) BMI kg/m2 , mean (SD) 28.4 (6.2) 27.7 (6.1) COMP006 COMP360 25 mg (N=296) COMP360 10 mg (N=142) COMP360 1 mg (N=143) Female, n (%) 160 (54.1) 68 (47.9) 69 (48.3) Race, n (%) White 255 (86.1) 123 (86.6) 129 (90.2) Asian 14 (4.7) 6 (4.2) 6 (4.2) Black or African American 8 (2.7) 3 (2.1) 4 (2.8) American Indian or Alaska Native 0 0 1 (0.7) Other/not reported 19 (6.4) 10 (7.0) 3 (2.1) Age, years, mean (SD) 46.2 (13.7) 42.9 (12.8) 45.5 (13.1) Min, Max 18, 79 19, 73 20, 75 Age ≥65 years old 29 (9.8) 9 (6.3) 13 (9.1) Prior psilocybin experience, n (%) 12 (4.1) 5 (3.5) 5 (3.5) Prior psychedelic experience including psilocybin, n (%) 20 (6.8) 8 (5.6) 9 (6.3) BMI kg/m 2 , mean (SD) 28.0 (6.2) 28.4 (6.4) 28.0 (6.5)
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32 | © Compass Pathways COMP005 & COMP006 – Participant Characteristics Treatment History and Baseline MADRS MADRS = Montgomery-Åsberg Depression Rating Scale; n=number of observed participants; SD = standard deviation. COMP005 COMP360 25 mg (N=171) Placebo (N=87) Number of failed treatments in the current depressive episode, n (%) 1 2 (1.2) 1 (1.1) 2 114 (66.7) 62 (71.3) 3 45 (26.3) 19 (21.8) 4 10 (5.8) 4 (4.6) 5 0 1 (1.1) Number of treatments withdrawn from the screening period, n (%) 0 58 (33.9) 26 (29.9) 1 38 (22.2) 32 (36.8) 2 50 (29.2) 21 (24.1) >2 25 (14.6) 8 (9.2) MADRS total score at baseline, mean (SD) 31.5 (5.5) 31.5 (5.9) MADRS total score severity at baseline, n (%) Mild (11-19) 1 (0.6) 2 (2.3) Moderate (20-30) 73 (42.7) 33 (37.9) Severe (≥31) 97 (56.7) 52 (59.8) COMP006 COMP360 25 mg (N=296) COMP360 10 mg (N=142) COMP360 1 mg (N=143) Number of failed treatments in current depressive episode, n (%) 1 1 (0.3) 1 (0.7) 0 2 190 (64.2) 105 (73.9) 98 (68.5) 3 74 (25.0) 32 (22.5) 34 (23.8) 4 29 (9.8) 4 (2.8) 11 (7.7) 5 2 (0.7) 0 0 Number of treatments withdrawn from the screening period, n (%) 0 68 (23.0) 30 (21.1) 36 (25.2) 1 127 (42.9) 62 (43.7) 62 (43.4) 2 68 (23.0) 34 (23.9) 31 (21.7) >2 33 (11.1) 16 (11.3) 14 (9.8) MADRS total score at baseline, mean (SD) 32.0 (5.8) 32.1 (5.8) 32.5 (5.4) MADRS total score severity at baseline, n (%) Subthreshold ≤10 2 (0.7) 0 0 Mild (11-19) 0 0 0 Moderate (20-30) 115 (38.9) 54 (38.0) 49 (34.3) Severe (≥31) 179 (60.5) 88 (62.0) 94 (65.7)
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33 | © Compass Pathways COMP005 & COMP006 – Participant Characteristics Depression Diagnosis History n=number of observed participants; SD = standard deviation COMP005 COMP360 25 mg (N=171) Placebo (N=87) Length of current depressive episode Mean Months (SD) 34.1 (29.1) 38.6 (33.0) < 1 year 30 (17.5) 20 (23.0) 1-2 years 52 (30.4) 19 (21.8) >2 years 89 (52.0) 48 (55.2) Number of lifetime depressive episodes Mean (SD) 7.7 (10.9) 7.2 (7.6) 2-5 107 (62.6) 54 (62.1) 6-10 40 (23.4) 21 (24.1) >10 23 (13.5) 12 (13.8) COMP006 COMP360 25 mg (N=296) COMP360 10 mg (N=142) COMP360 1 mg (N=143) Length of current depressive episode Mean Months (SD) 45.5 (42.7) 37.7 (38.8) 38.4 (45.0) < 1 year 53 (17.9) 37 (26.1) 30 (21.0) 1-2 years 73 (24.7) 35 (24.6) 41 (28.7) >2 years 170 (57.4) 70 (49.3) 72 (50.3) Number of lifetime depressive episodes Mean (SD) 6.3 (7.4) 5.4 (6.6) 7.0 (12.5) 1 1 (0.3) 0 0 2-5 199 (67.2) 109 (76.8) 99 (69.2) 6-10 61 (20.6) 21 (14.8) 30 (21.0) >10 29 (9.8) 10 (7.0) 10 (7.0)
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34 | © Compass Pathways Duration of Current Episode Strongest Predictor of Non- Response in TRD Source: European Neuropsychopharmacology. Volume 98, September 2025, Pages 26-34 (https://www.sciencedirect.com/science/article/pii/S0924977X25001294)
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COMP006 – Phase 3 Data 35 | © Compass Pathways
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36 | © Compass Pathways COMP006 - Primary Endpoint Met – Change in MADRS at Week 6 *Clinically meaningful reduction in MADRS defined as a >25% reduction from baseline in MADRS total score at Week 6 CI = Confidence Interval; LSM = Least Squares Mean; MADRS = Montgomery–Åsberg Depression Rating Scale Visit 25mg vs 1 mg LS Mean Difference (95% CI) P-value 10mg vs 1 mg LS Mean Difference (95% CI) P-value Day 2 -2.9 (-4.6, -1.2) <0.001 -3.0 (-5.0, -1.0) 0.002 Week 1 -5.0 (-7.0, -3.0) <0.001 -3.5 (-5.9, -1.2) 0.001 Week 3 -4.4 (-6.3, -2.5) <0.001 -3.4 (-5.6, -1.2) 0.001 Day 24 -5.0 (-7.1, -2.9) <0.001 -4.9 (-7.4, -2.5) <0.001 Week 4 -4.8 (-6.9, -2.7) <0.001 -4.9 (-7.3, -2.5) <0.001 Week 6 (Primary) -3.8 (-5.8, -1.8) <0.001 -2.5 (-4.8, -0.2) 0.017 Statistically significant difference of -3.8 MADRS between 25mg vs 1mg at Week 6 (p<0.001) Statistically significant treatment differences in 25mg vs 1mg and 10mg vs 1 mg found at all timepoints post administration Rapid onset of action with the effect occurring the day after the administration (Day 2) 39% of participants in 25mg arm achieved a clinically meaningful reduction in MADRS at Week 6*
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37 | © Compass Pathways COMP006 – Rapid Onset and Sustained Durability to Week 26 *retreatment based on pre-specified criteria and receive either what they were randomized into or antidepressant COMP 006 Part B results (post Week 9) are based on observed data only (CFB Mean ± 95% CI) CI = Confidence Interval; LSM = Least Squares Mean; MADRS = Montgomery–Åsberg Depression Rating Scale Rapid effect from 25mg evident from day after administration: apparent after both first and second fixed doses in Part A Persistent treatment effect of 25mg arm over full 26 weeks 58% of patients in 25mg arm received retreatment after Week 9 -14 -12 -10 -8 -6 -4 -2 0 2 COMP360 25 mg (N=269) COMP360 10 mg (N=142) COMP360 1 mg (N=143) Baseline (Day -1) Day 2 Week 1 Week 3 Week 6 Change from baseline (Least square mean in Part A, Observed mean in Part B) +95% CIs Week 9 Week 14 Week 18 Week 22 Week 26 Day 24 Week 4
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>25% reduction in MADRS -32 -28 -24 -20 -16 -12 -8 -4 0 Remitters (N=48) Responders & Partial Responders (N=68) Non-Responders (N=153) Week 18 Week 22 Mean (± 95% CIs) change from Baseline Baseline (Day -1) Week 6 Week 14 Week 26 Day 2 Week 9 Day 24 Week 4 Week 1 Week 3 38 | © Compass Pathways COMP006 - COMP360 Response Can Be Rapid and Durable – Unique in TRD Definitions (n at Week 6): Remitters (n=48) = MADRS ≤12 and no single item ≥4; Responders and Partial Responders (n=68) = % CFB in MADRS ≥ 25% and do not meet remission criterion; Non-Responder (n=153) = % CFB in MADRS ≤ 25% *Clinically meaningful reduction in MADRS defined as a ≥25% reduction from baseline in MADRS total score at Week 6. This graph is a post hoc analysis. Total n at 6 weeks = 269 (based on ITT) CI = Confidence Interval; CFB = change from baseline; MADRS = Montgomery–Åsberg Depression Rating Scale 39% of participants in 25mg arm achieved clinically meaningful reduction in MADRS* at Week 6 and on average maintained response at least through Week 26 28% of those who achieved clinically meaningful reduction in MADRS but had not remitted by 6 weeks went into remission after additional dose in Part B
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39 | © Compass Pathways COMP006 – Adverse Events through 26 weeks MedDRA = Medical Dictionary for Regulatory Activities; N=number of participants in the treatment group in the Safety Analysis Set by administration; n = number of participants. *Illusion and Perceptual Disturbance categories have been combined in this presentation due to some recent changes in MedDRA classification COMP006 Through 26 Weeks COMP360 25 mg COMP360 10 mg COMP360 1 mg N=296 N=142 N=143 n (%) n (%) n (%) Any TEAE up to Week 26 280 (94.6) 132 (93.0) 124 (86.7) Any Serious TEAE up to Week 26 17 (5.7) 5 (3.5) 9 (6.3) Any TEAE with onset on day of dosing 265 (89.5) 119 (83.8) 88 (61.5) Resolved ≤ 1 Day 255 (86.1) 113 (79.6) 78 (54.5) Resolved > 1 and ≤ 2 Days 60 (20.3) 22 (15.5) 12 (8.4) Resolved > 2 Days 80 (27.0) 32 (22.5) 21 (14.7) COMP006 Through 26 Weeks (>10% Incidence in 25mg) MedDRA TEAE Preferred Term COMP360 25 mg COMP360 10 mg COMP360 1 mg N=296 N=142 N=143 n (%) n (%) n (%) Any TEAE 280 (94.6) 132 (93.0) 124 (86.7) Nausea 133 (44.9) 50 (35.2) 18 (12.6) Headache 118 (39.9) 53 (37.3) 49 (34.3) Anxiety 83 (28.0) 38 (26.8) 29 (20.3) Hallucination, visual 51 (17.2) 27 (19.0) 5 (3.5) Fatigue 49 (16.6) 26 (18.3) 19 (13.3) Illusion or Perceptual Disturbance* 48 (16.2) 19 (13.4) 4 (2.8) Dizziness 47 (15.9) 25 (17.6) 9 (6.3) Crying 41 (13.9) 15 (10.6) 6 (4.2) Blood pressure increased 35 (11.8) 10 (7.0) 4 (2.8)
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40 | © Compass Pathways COMP006 – SAEs Similar in 25mg and 1mg Arms and Low in Number Overall *Suspected Suicide determined by the investigator as not related to the treatment, based on the specific circumstances and timing MedDRA = Medical Dictionary for Regulatory Activities; N=number of participants in the treatment group in the Safety Analysis Set by administration; n = number of participants. MedDRA TEAE Preferred Term COMP360 25 mg COMP360 10 mg COMP360 1 mg N=296 N=142 N=143 n (%) n (%) n (%) Any TESAE 17 (5.7) 5 (3.5) 9 (6.3) Suicidal ideation 4 (1.4) 2 (1.4) 4 (2.8) Suicidal behaviour 0 0 1 (0.7) Suspected suicide* 1 (0.3) 0 0 Suicide attempt 0 0 1 (0.7) Syncope 1 (0.3) 0 1 (0.7) Major depression 1 (0.3) 0 0 Anxiety 1 (0.3) 0 0 Flashback 1 (0.3) 0 0 Cervical spinal stenosis 1 (0.3) 0 0 Renal neoplasm 0 0 1 (0.7) Pelvic pain 1 (0.3) 0 0 Adjustment disorder with mixed disturbance of emotion and conduct 1 (0.3) 0 0 MedDRA TEAE Preferred Term COMP360 25 mg COMP360 10 mg COMP360 1 mg N=296 N=142 N=143 n (%) n (%) n (%) Pneumonia 0 1 (0.7) 0 Radius fracture 1 ( 0.3) 1 (0.7) 0 Road traffic accident 1 ( 0.3) 0 0 Tibia fracture 1 ( 0.3) 0 0 Ulna fracture 1 ( 0.3) 0 0 Alanine aminotransferase increased 1 ( 0.3) 0 0 Aspartate aminotransferase increased 1 ( 0.3) 0 0 Brain neoplasm 1 (0.3) 0 0 Thyroid neoplasm 1 (0.3) 0 0 Cerebrovascular accident 0 0 1 (0.7) Toxic encephalopathy 0 1 (0.7) 0 Tremor 1 (0.3) 0 0
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COMP005 – Phase 3 Data 41 | © Compass Pathways
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42 | © Compass Pathways COMP005 - Primary Endpoint Achieved – Change in MADRS at Week 6 CI = Confidence Interval; LSM = Least Squares Mean; MADRS = Montgomery–Åsberg Depression Rating Scale; SD=standard deviation. Visit LS Mean Difference (95% CI) P-value Day 2 -4.7 (-7.0, -2.3), p<0.001 Week 1 -7.2 (-9.6, -4.8), p<0.001 Week 3 -5.2 (-7.4, -2.9), p<0.001 Week 6 (Primary) -3.6 (-5.7, -1.5), p<0.001 Baseline mean (SD): 25 mg (n=171) = 31.5 (5.5) Placebo (n=87) = 31.5 (5.9) Highly statistically significant difference of -3.6 MADRS between 25mg vs placebo at Week 6 (p<0.001) Statistical significance at all timepoints beginning the day after administration (Day 2) demonstrates rapid onset of action
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43 | © Compass Pathways COMP005 – Sustained Durability to Week 26 *2nd administration based on pre-specified criteria and receive either what they were randomized into or antidepressant CI = Confidence Interval; LSM = Least Squares Mean; MADRS = Montgomery–Åsberg Depression Rating Scale Option for 2nd administration* of COMP360 after Week 6 during blinded long-term follow- up (Part B) 70% of patients in 25mg arm and 53% in placebo arm received a 2nd administration after Week 6 Consistent separation from placebo through randomized and blinded part B up to Week 26 -14 -12 -10 -8 -6 -4 -2 0 2 Baseline (Day -1) Day 2 Week 1 Week 3 Week 6 Change from baseline (Least square mean in Part A, Observed mean in Part B) +95% CIs Week 10 Week 14 Primary Endpoint at Week 6 No statistical analyses performed after the primary analysis at Week 6 Week 18 Week 22 Week 26 2nd administration option during blinded long- term follow-up through Week 26 (Part B)
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44 | © Compass Pathways COMP005 - COMP360 Response Can Be Immediate and Durable – Unique in TRD *Clinically meaningful reduction in MADRS defined as a >25% reduction from baseline in MADRS total score at Week 6. This graph is a post hoc analysis. Total n at 6 weeks = 157 (based on ITT) CI = Confidence Interval; CFB = change from baseline; MADRS = Montgomery–Åsberg Depression Rating Scale Definitions (n at Week 6): Remitters (n=11) = MADRS ≤12 and no single item ≥4; Responders and Partial Responders (n=31) = % CFB in MADRS ≥ 25% and do not meet remission criterion; Non-Responder (n=115) = % CFB in MADRS ≤ 25% 25% of participants in 25mg arm achieved clinically meaningful reduction in MADRS* at Week 6 and on average maintained response at least through Week 26 Over 40% of those who achieved clinically meaningful reduction in MADRS but had not remitted by 6 weeks went into remission after additional dose in Part B -32 -28 -24 -20 -16 -12 -8 -4 0 Remitters (N=11) Responders (Non-Remitters) and Partial Responders (N=31) Non-Responders (N=115) Week 18 Week 22 Mean (± 95% CIs) change from Baseline Baseline (Day -1) Week 10 Week 6 Week 14 Week 26 >25% reduction in MADRS
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45 | © Compass Pathways COMP005 – Adverse Events through 26 weeks N=number of participants in the treatment group in the Safety Analysis Set by administration; n = number of participants; TEAE = treatment emergent adverse event COMP005 Through 26 weeks COMP360 25 mg Placebo N=171 N=87 n (%) n (%) Any TEAE up to Week 26 145 (84.8) 52 (59.8) Any Serious TEAE up to Week 26 8 (4.7) 2 (2.3) Any TEAE time of onset day of dosing 121 (70.8 25 (28.7) Resolved ≤ 1 Day 115 (67.3) 24 (27.6) Resolved > 1 and ≤ 2 Days 16 (9.4) 2 (2.3) Resolved > 2 Days 22 (12.9) 5 (5.7) COMP005 Through 26 Weeks (>10% Incidence in 25mg) MedDRA TEAE Preferred Term COMP360 25 mg Placebo N=171 N=87 n (%) n (%) Any TEAE 145 (84.8) 52 (59.8) Headache 61 (35.7) 16 (18.4) Nausea 44 (25.7) 5 (5.7) Hallucination, visual 27 (15.8) 0 Anxiety 22 (12.9) 3 (3.4)
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46 | © Compass Pathways COMP005 – SAEs Through Week 26 MedDRA = Medical Dictionary for Regulatory Activities; N=number of participants in the treatment group in the Safety Analysis Set by administration; n = number of participants. MedDRA TEAE Preferred Term COMP360 25 mg Placebo N=171 N=87 n (%) n (%) Any TESAE 8 (4.7) 2 (2.3) Suicidal ideation 4 (2.3) 0 Depression suicidal 1 (0.6) 0 Major depression 0 1 (1.1) Cellulitis 1 (0.6) 0 Diverticulitis 1 (0.6) 0 Urinary tract infection bacterial 0 1 (1.1) Clavicle fracture 1 (0.6) 0 Rib fracture 1 (0.6) 0 Pneumothorax 1 (0.6) 0 Anaphylactic reaction 1 (0.6) 0
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COMP001 – Phase 2b 47 | © Compass Pathways
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48 | © Compass Pathways Phase 2b Trial Results Demonstrated the Potential for a Rapid, Sustained Response in TRD 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). 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 Published in The NEW ENGLAND JOURNAL of MEDICINE* 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 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
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For More Information: Stephen Schultz, SVP Investor Relations +1 401 290 7324 | Stephen.Schultz@compasspathways.com | IR@compasspathways.com Thank You