Compass Pathways at TD Cowen Conference: Strategic Insights on Mental Health

On Tuesday, 04 March 2025, Compass Pathways (NASDAQ: CMPS) presented at the TD Cowen 45th Annual Healthcare Conference. CEO Kabir Nath highlighted the company’s clinical advancements and financial health, focusing on their psilocybin formulation, COMP360, aimed at treatment-resistant depression (TRD) and post-traumatic stress disorder (PTSD). While the company is optimistic about its Phase 3 trials, challenges such as placebo effects and market access remain.

Key Takeaways

• Compass Pathways is conducting Phase 3 trials for COMP360 in TRD, with results from the first trial expected next quarter.
• The company has secured $150 million in funding, extending its financial runway through 2026.
• Efforts are underway to differentiate COMP360 from traditional psychotherapy, emphasizing its potential in addressing TRD and PTSD.
• The company is preparing for commercial launch, including state-level rescheduling to facilitate market access.

Financial Results

• Cash position at the end of last year: $165 million.
• Raised an additional $150 million in gross proceeds.
• Financial runway is secured through the O O six trial readout in the second half of 2026.

Operational Updates

• Phase 3 trials for COMP360 in TRD are ongoing, with top-line data for trial O O five expected next quarter.
• Trial O O six data is anticipated in the second half of 2026.
• The company is designing a late-stage PTSD program following a Phase 2 open-label study.
• Active work on state-level rescheduling to ensure market access.

Future Outlook

• Limited disclosure of top-line data for the six-week data of the O O five trial.
• Standardization of psychological support distinct from traditional psychotherapy.
• Expansion of research collaboration network and commercial preparation efforts.
• Continued design of PTSD program studies to address unmet needs.

Q&A Highlights

• The company will not discuss secondary endpoints with top-line data but will share safety details.
• No significant signal on suicidality was observed.
• Measures to minimize placebo effects include using experience from Phase II and medical history validation.
• Functional unblinding is minimized by setting clear expectations with patients.

Readers are encouraged to refer to the full transcript for more detailed insights.

Full transcript - TD Cowen 45th Annual Healthcare Conference:

Ritu Baral, Covering Analyst, TD Cowan: Thank you for joining us, for the corporate presentation and guided q and a session for Compass Pathways here at the forty fifth annual TD Cowan Healthcare Conference. I’m covering analyst, Ritu Baral. And joining us for the presentation, we have CEO Kabir Nath. Kabir, I’ll have you come up to the mic for the presentation, then we’ll do q and a. And if you could, introduce your colleagues at

Kabir Nath, CEO, Compass Pathways: Of course.

Ritu Baral, Covering Analyst, TD Cowan: At the beginning of the q and a.

Kabir Nath, CEO, Compass Pathways: Thanks very much indeed. Thanks, Rita. Thanks for the invitation to be here. So I’m just gonna spend a few minutes giving a high level overview of Compass before we get into q and a. Here are our disclosures.

Just draw your attention to those. So who are we? Compass Pathways is a company devoted to generating robust clinical evidence for innovative treatments in mental health. Our lead candidate is COMP360, our proprietary synthetic formulation of psilocybin, and we are studying that in treatment resistant depression. The phase two b study was published in the New England Journal in 2022, and that showed a robust signal of efficacy in treatment resistant depression with roughly a quarter of patients in remission after a single dose at twelve weeks.

We are now very much in the midst of our phase three program with two pivotal trials. O o five, our first trial, we are expecting top line six week primary endpoint data next quarter. And for our second pivotal trial, o o six, the twenty six week data is expected in the second half of twenty twenty six. And last week on our annual earnings, we reconfirm those timelines. We also published data from a small open label study in Phase two in PTSD in quarter two of last year, and we are now in the process of designing a late stage PTSD program to capitalize on that.

Again, a very significant unmet need in PTSD. At the end of last year, our cash position was $165,000,000 At the beginning of this year, we have raised an additional $150,000,000 in gross proceeds, and that gives us cash runway through that o o six, twenty six week readout in the second half of next year. Why are we choosing to study treatment resistant depression? So treatment resistant depression is a huge unmet need. The prevalence of MDD in The States is around twenty one million people.

Around ten million of those are drug treated, and at least a third of those treated for MDD ultimately failed two or more antidepressants sequentially. And that is the population that has a regulatory definition of treatment resistant depression. It’s not actually a DSM definition, but it’s something that physicians clearly recognize. There are only two drugs approved in TRD. One is an extremely old combination that is not prescribed, and the other is esketamine.

And I’m sure we’ll come on to talk a little bit more about esketamine and what that means for this market. Very significant market, huge unmet need. Encompass’ decision, originally seven years to go to go into this, was first recognizing that unmet need. At the time, esketamine was not approved, so there was literally one old generic drug approved in TRD, but also a recognition that if we could show significant benefit in that population, as is typical in many other therapeutic areas, you can move up line into easier to treat populations. The current treatment pathway, as you can see, is typically first line pharmacotherapy, traditional antidepressants.

Second line, you either switch, add, maybe switch to yet another one. And then from third line onwards, you can see a range of possibilities. But again, as I said, most of those switching, augmentation, and so on leave the vast majority of people unsatisfied. You see now esketamine as an approved drug in here and also now increasingly somatic therapy as well. And again, we can talk more about that and what that means for the rise of interventional psychiatry as a discipline.

Here then is just a schema of the two phase three trials that are currently underway. O o five, as I said, is reading out next quarter, the primary endpoint at six weeks, and that is twenty five milligrams, the active dose against true placebo, randomized two to one. And the reason for that is, as we came to debate with the agency the design of a full phase three program, while they very much applauded and understand the design of our second phase three, which replicates the design of the three arms of our Phase 2b, they were also adamant on getting a true safety baseline through a placebo controlled study. So the first study, as I say, is what’s reading out next quarter. The second study then takes the same three doses that we employed in Phase 2b, which we saw as an effective way to mask from a patient perspective what dose they were on, so an effective way of blinding in this otherwise hard to blind population.

And what we have done is added a second fixed dose at three weeks. The hypothesis there coming from the Phase 2b is that that second dose could potentially improve response rates, both in terms of who actually goes into response or remission, but but also potential durability. Both studies, as you see, run blinded for a full twenty six weeks, which is almost unprecedented in depression trials. In the second part, there is an opportunity for retreatment for patients who either have not responded or who have remitted and then relapsed, and that’s an option for retreatment with the same dose as their original assignment. And then at week twenty six weeks, there then is the option of a dose of COMF three sixty in open label for every subject.

And that was designed as a way to really incentivize people, particularly in the inactive arms, to stay on what is a long study through that time. And that, based on what we’re seeing, has been effective in actually maintaining a significant level of patients through interpart c. Full fifty two weeks of safety, therefore, we will have, which, again, when you look at the FDA’s draft guidance for the development of psychedelic drugs that they put out in June 23, they look for both a design like this of two complementary studies. They’re looking for durability. Actually, they mentioned twelve weeks.

And then you see we run blinded to twenty six weeks, and they are also looking for fifty two weeks of safety. And this program actually addresses all of those requirements from the agency. Finally then, in terms of what we will see, in a few weeks’ time, recognizing, as I’ve just said, that the studies do run blinded through twenty six weeks, we have made the decision for a very limited disclosure of top line data with the six week data. So what we will see is the primary endpoint, which is the MADRIS effect difference trained from baseline between the twenty five milligrams and the placebo arms, the p value and confidence intervals that are associated with that, and then a high level safety assessment from the DSMB, which is seeing unblinded safety data on a regular basis. And with that, Ritu, that was all I wanted to present, and so happy to get into q and a.

As we do so, I’m joined by doctor Guy Goodwin, our chief medical officer, and doctor Steve Levine, our chief patient officer.

Ritu Baral, Covering Analyst, TD Cowan: Great. Thank you, Kabir. So, can we talk about so you will not, with the top line, talk about secondary endpoints, but you will talk about some safety detail. Can you speak to the qualitative, well, can you speak to the breadth of the safety date data that you will disclose with top line given that that is the FDA focus essentially of this study?

Kabir Nath, CEO, Compass Pathways: Yeah. So it will be a very limited disclosure. It will be a summary statement from the DSMB around safety, but it will specifically, if there is any clinically concerning imbalance around suicidality to be called out

Guy Goodwin, Chief Medical Officer, Compass Pathways: Mhmm.

Kabir Nath, CEO, Compass Pathways: It would call that out.

Ritu Baral, Covering Analyst, TD Cowan: Is this a case where no news is good news if there is no statement on suicidality, either ideation or activity, the assumption should be that no signal was seen or no separation was seen?

Kabir Nath, CEO, Compass Pathways: Correct. Okay.

Ritu Baral, Covering Analyst, TD Cowan: Well, this is the this is the fun question. Why has everything been failing in depression recently? Across mechanisms in many, you know, MDD, TRD, what’s happening with trials, conduct? You know, the the we talk about the issue of professional patients and these professional sites. And could you address that and maybe what you’ve been doing in your trials to prevent that?

Kabir Nath, CEO, Compass Pathways: Let me start, and then clearly Guy can add to that. But first, I’m not sure this is a new phenomenon, unfortunately. So, yes, we seem to have some recent cases, but this is not exactly new news. I will actually hand to Guy to talk specifically about trial con and so on. The one thing I would say, of course, is placebo in this context is very different from placebo in the traditional context of a daily oral.

So somebody who is taking a pill every day for six weeks, and I agree we have seen some very confounding placebo responses around that.

Unidentified speaker: Mhmm.

Kabir Nath, CEO, Compass Pathways: This is gonna be a single administration, very limited interaction with the site or with physicians between then and the six week primary endpoint. But I’ll hand to Guy to talk a little more about site selection and some of the other things we’re doing.

Guy Goodwin, Chief Medical Officer, Compass Pathways: Yes. I mean, site selection is basically we’ve included people with experience from the Phase II. That’s an important quality marker because we know that these people delivered. We’ve been careful not to recruit too many sites into certainly the five study, which is the placebo controlled study. And of course, our criteria for entry for patients is very exacting in that they have to have failed two approved antidepressant treatments at an adequate duration with proof of failure of effect.

And that, in a sense, is partially a guarantee against this professional patient issue because these people have to have a validated medical history, which is in some ways the most exacting criteria.

Ritu Baral, Covering Analyst, TD Cowan: So you can go into that medical history and look for red flags, that indicate a professional patient. Other clinical trials, other clinical trial screenings, that sort of thing.

Guy Goodwin, Chief Medical Officer, Compass Pathways: That that that’s that’s correct. Yes.

Kabir Nath, CEO, Compass Pathways: The other important thing, given we’re talking about a psychedelic, it was to exclude psychedelic seekers. So as a reminder, in the phase two b

Ritu Baral, Covering Analyst, TD Cowan: How do you do that?

Kabir Nath, CEO, Compass Pathways: Well, in the phase two b, we capped prior experience to ten percent. We actually had six percent. In the phase three, we’re capping it to fifteen percent, and that’s a a stratification criteria, so across the arms. Clearly, there’s an element of self report in that. We have to acknowledge that.

But I think, nonetheless, with that discipline, with the work we’ve done with sites, with the PIs, and so on, we’ve been keen to ensure that we do exclude that kind of psychedelic seeking.

Ritu Baral, Covering Analyst, TD Cowan: Is there anything in a patient’s record that could that could, I guess, inform whether they are truly psychedelic seeking or not?

Guy Goodwin, Chief Medical Officer, Compass Pathways: Well, only a record of them having taken the drugs. So I think perhaps for example

Ritu Baral, Covering Analyst, TD Cowan: to be self reported.

Guy Goodwin, Chief Medical Officer, Compass Pathways: Yeah. Or or or, you know, they may be documented hospital visit because of adverse effects in a recreational setting. Right. You know, you could have that kind of thing.

Ritu Baral, Covering Analyst, TD Cowan: In which case yeah.

Steve Levine, Chief Patient Officer, Compass Pathways: But probably more important than anything is that through medical record and pharmacy records, demonstration that this patient truly needs criteria for treatment resistant depression.

Ritu Baral, Covering Analyst, TD Cowan: Oh, pharmacy records as well. Okay. Got it. What do you expect from your placebo? You you won’t report it with top line.

We understand that, that you will only give the delta as well as no. Not the effect size. Just the difference.

Kabir Nath, CEO, Compass Pathways: Just the difference. Correct.

Ritu Baral, Covering Analyst, TD Cowan: Expectation for what that will ultimately show once you, open the book up completely on the dataset? And is there a potential for a nocebo effect, essentially?

Kabir Nath, CEO, Compass Pathways: So there is always the potential for an o placebo effect. But I think what we’d say, and this is, as you recall, when we designed the study and spent some time talking about the size and the powering, There are a few datasets you can look at here. So USONA, the VonRod study in Zurich. USONA was using niacin, but effectively, that’s a placebo. The VonRod study in Zurich used a true placebo.

And as we discussed at the time, where we looked at the one milligram arm from r two b and looked at those patients who did not report a subjective experience and looked at that as a proxy for something more like a placebo, What you see is modest drops on Madras, certainly significantly smaller than what we saw with the one milligram overall in the Phase 2b. So that’s kind of what we would expect.

Guy Goodwin, Chief Medical Officer, Compass Pathways: Yeah. I think I don’t know. We haven’t really got much to add to that. We would expect we don’t see as valid a placebo response as you would expect to see in a conventional trial, but we get over that, I think, by having the one milligram arm in the six.

Ritu Baral, Covering Analyst, TD Cowan: Are you what are you doing or even able to do, to minimize functional unblinding with this, with this therapy? There is the, you know, very well documented psychoactive side effects seen in this treatment window. In the preparatory session, are there are there tools and tactics that you can use with patients to help minimize functional unblinding?

Guy Goodwin, Chief Medical Officer, Compass Pathways: Well, I think it’s partly about expectation. So we’re very clear with the therapist that they need to address with equanimity and with equipoise the probability of treatment success and also the probability of experiencing a psychedelic intense psychedelic experience. That we think works very well when there is no drug placebo contrast in the consent form. So when you have that, it’s difficult because the expectation of the patient’s very binary. In six, and indeed in the phase two, and the reason we did the phase two, the patients all know they will get a dose of the drug.

They do not know, of course, what dose it will be.

Ritu Baral, Covering Analyst, TD Cowan: So everybody’s getting the warning of the severe psycho so everybody has been talked to about a severe effect.

Guy Goodwin, Chief Medical Officer, Compass Pathways: They’ve been told yeah. They have. So they have that expectation, but they’ve also been told that it’s very unpredictable and that they wouldn’t we’d not be able to deduce from the intensity of the experience what dose they have.

Ritu Baral, Covering Analyst, TD Cowan: So really, it’s six that has peak protection against functionalities.

Guy Goodwin, Chief Medical Officer, Compass Pathways: Peak validity. And I think and we have to accept that if you put in an inert placebo, you are not going to see the usual kind of response associated with placebo, and it’s going to be an unblinded study.

Ritu Baral, Covering Analyst, TD Cowan: Okay.

Kabir Nath, CEO, Compass Pathways: It’s

Guy Goodwin, Chief Medical Officer, Compass Pathways: not to say that if you don’t see an effect on twenty five milligrams, which is sustained, I would still argue that that’s a pretty useful clinical effect because, bear in mind, all clinical practice is unblinded.

Ritu Baral, Covering Analyst, TD Cowan: Understood. So this is supposed to be a guided q and a, not a monopolized q and a. So if anybody has questions, please please feel free to raise your hand, and I’ll I’ll pass the mic. But also I can keep going. Another key concern that emerged from the LICO SATCOM, is the impact of psychotherapy on the treatment response.

What do you need to provide to the FDA so that they can clarify that, at least within the Comp three sixty, application?

Kabir Nath, CEO, Compass Pathways: Yeah. So I’ll I’ll start, and then Steve and I can build on that. I mean, first, to be clear, I mean, Lycos were putting forward psychotherapy. So, you know, unfortunately for them, it was truly a drug therapy accommodation. We are not.

We are gonna be seeking approval for a drug. And with that context on what we are are doing by way of working with the patient, I’ll hand to, I don’t know, who wants to lead and who wants to build on it.

Guy Goodwin, Chief Medical Officer, Compass Pathways: Okay. Well, I mean, you know, essentially, what we’ve said is that we’re preparing patients, we’re supporting them, and we’re following them up. Those are the elements of the contact they have with someone who is a psychotherapist required by the FDA in The U. S, but someone who has been trained under clinical trial discipline not to intervene, not to behave like a therapist. And indeed, the nature of the experience is in our favor from that point of view because there’s very little interaction with a patient undergoing a psychedelic experience unlike the empathic experience they get with, with with the MDMA.

That said, we think we have to justify that choice of words and that choice of approach by documenting exactly what does happen and to prove, if you like, that our training was successful in making these people behave in a very consistent way in all three arms of the of the zero zero six and in both arms of zero zero five.

Ritu Baral, Covering Analyst, TD Cowan: I mean, in zero zero five, essentially, everybody’s getting some sort of therapy. Correct? Like, they’re well, they’re getting the support. They’re getting the wraparound support the day before the they’re getting the consolidation session.

Guy Goodwin, Chief Medical Officer, Compass Pathways: Yes. And we try as far as possible to standardize exactly what that support looks like through all the three phases. And then, of course, we think we’re simplifying the choice, the decision for the FDA to the difference between the two, which is accounted for by the drug. That’s the way we’re thinking about it.

Steve Levine, Chief Patient Officer, Compass Pathways: And to be clear, you know, as part of that standardization, it is the reason why we characterize psychological support. But the use of that term is really primarily to differentiate it from psychotherapy. The reality is that what’s happening in the preparation of patients supporting them during and then following them up is quite similar to what you would do to support a patient receiving any treatment.

Ritu Baral, Covering Analyst, TD Cowan: So so it you’re saying that the psychological support is like a therapy session, or does it it it

Steve Levine, Chief Patient Officer, Compass Pathways: The opposite.

Ritu Baral, Covering Analyst, TD Cowan: It’s the opposite. So so what is can you walk us through what a psychological support or, like, the consolidation session entails?

Steve Levine, Chief Patient Officer, Compass Pathways: Sure. So in the in the meetings prior to the drug administration, the primary aims there are to build some trust and rapport between the participant and the person supporting them to provide psychoeducation. So that is to inform them of the range of possible, outcomes and expectations associated with participating in the trial. And so again, quite similar to what you would do in studying or delivering in the real world, any treatment. You’re always going to have that discussion with the patient, provide that education, and build some therapeutic rapport.

On these on the administration day, they are primarily there just to safeguard the patient. Again, these are largely silent sessions. They’re aiming to help maintain the participants’ attention to the experience itself and to be that safe, supportive presence. And then in following them up, it’s an open ended opportunity for them to just talk about their experience.

Ritu Baral, Covering Analyst, TD Cowan: Is it is it guided? Is it prompted?

Steve Levine, Chief Patient Officer, Compass Pathways: It is not prompted or guided. It is nondirected.

Ritu Baral, Covering Analyst, TD Cowan: The con the consolidation session. It’s really the It

Kabir Nath, CEO, Compass Pathways: it it’s a follow-up. It’s a follow-up. It’s a it’s a safety led follow-up.

Steve Levine, Chief Patient Officer, Compass Pathways: And, again, just as you would with

Ritu Baral, Covering Analyst, TD Cowan: entry guiding or, you know, I think many investors have this impression that it’s like, you know, cognitive behavioral therapy where somebody’s going, no.

Steve Levine, Chief Patient Officer, Compass Pathways: I’m glad we’re correcting the Okay. The record.

Kabir Nath, CEO, Compass Pathways: It’s it’s a safety follow-up. It’s it’s to allow the patient to talk about what happened and truly to ensure that nothing they’re not planning something dramatic or different, but it is not guided. It’s not prompted.

Ritu Baral, Covering Analyst, TD Cowan: There’s no therapeutic exercises or psych yeah. Okay. Absolutely not. That’s actually that’s very helpful. Let’s switch gears to commercial prep.

Can you discuss your current state of commercial, commercial prep, commercial access prep? Should we expect, more network partnerships this year for you guys to figure out, yeah, care outlets? I mean, you talked about the somatic therapies and interventional psychiatric units as part of your prep prep.

Kabir Nath, CEO, Compass Pathways: So in a moment, I’ll information. Yeah. In a moment, I’ll hand to Steve to talk to all about that just to add one thing that we include in commercial because it clearly is about market preparation, which is rescheduling. So we have a very active stream of work on state level rescheduling because as many will be aware, if the drug is approved, the DEA is required to reschedule federally within ninety days, but that does not mean it’s automatic at state level. So we have set ourselves the objective of ensuring that there are legislation or whatever is needed in place in every state for rescheduling as quickly as possible.

That work is on a long lead time. So that’s one piece within commercial.

Ritu Baral, Covering Analyst, TD Cowan: And how long will that take, Kabir, like, to roll out over the major market states?

Kabir Nath, CEO, Compass Pathways: Well, by starting in I mean, to get it ready for two years’ time, it can take more than two years, which is why we’re doing

Ritu Baral, Covering Analyst, TD Cowan: the full time. Start now. You don’t need to do the DEA scheduling for

Kabir Nath, CEO, Compass Pathways: that approval. We’ve already started. We’ve already started with sponsoring legislation and so on to do that. And that’s been picked up, which is as we would expect. So that’s one piece that we we put into commercial.

I’ll turn to Steve to talk about the network side.

Steve Levine, Chief Patient Officer, Compass Pathways: Yeah. In terms of traditional market access activities, that will begin in earnest with Phase three data in hand. For the moment, although we’re not investing directly heavily in commercial, as you alluded to, as you’re aware, we have been engaged in deep work in bilateral information exchange with our network of research collaborations. You asked the question if we will grow that network this year. You know, part of the the intention behind the representation within this network is, number one, to represent prototypical sites where Spervato is being delivered today, which are primarily the interventional psychiatry networks.

And so there are two collaborations within our network that would very much be considered interventional psychiatry networks. But we also include hospital systems, integrated delivery networks, decentralized models. And so in terms of future consideration of adding others to that network, it’ll be an ongoing assessment of of whether we have optimal coverage of the treatment delivery landscape that we think best reflects delivery at launch and then a period beyond launch when we scale.

Ritu Baral, Covering Analyst, TD Cowan: Do you have an estimate right now of snapshot in time two years before approval, how many feasible outlets there will be either now or two years then?

Steve Levine, Chief Patient Officer, Compass Pathways: Yeah. We do. You know, already within our collaborations, although it’s a handful of organizations that represents hundreds of sites. Mhmm. Looking at Spervato, which, of course

Ritu Baral, Covering Analyst, TD Cowan: it, like, close to it, like, north of 500 or like a couple hundred?

Steve Levine, Chief Patient Officer, Compass Pathways: It’s a few hundred. Few hundred. Yeah.

Ritu Baral, Covering Analyst, TD Cowan: Okay.

Steve Levine, Chief Patient Officer, Compass Pathways: If we look at SPRAVADA, which is not a one to one analogy in the market, but is that is the closest analogy currently in the market, That is currently being delivered in more than 5,000 sites by more than 4,000 prescribers. That is probably concentrated. The majority of that clustered within six to 800 sites. And with engagements that we’ve had with sites learning from them beyond our research collaboration, it also includes a significant portion of them.

Ritu Baral, Covering Analyst, TD Cowan: And these SPRAVATO sites, are they also treatment settings that can be renovated, augmented, etcetera for COM three sixty?

Steve Levine, Chief Patient Officer, Compass Pathways: They are. They’re really built to be platforms to treat patients with treatment resistant depression, not to specialize in delivering one treatment. So they typically also will deliver somatic treatments like TMS, maybe ECT, and already have the physical infrastructure and and current planning to be able to deliver psychedelic treatments.

Ritu Baral, Covering Analyst, TD Cowan: Got it. We have about three minutes left. I wanted to be sure to talk about next steps in the TRD program after your really, really encouraging phase two data.

Kabir Nath, CEO, Compass Pathways: Do you mean PTSD?

Ritu Baral, Covering Analyst, TD Cowan: I’m sorry. PTSD. Sorry.

Kabir Nath, CEO, Compass Pathways: So we are as we’ve said, we are in the process of designing the next studies for PTSD. You know, just as a reminder, the the scale of the unmet need here, something like a prevalence of thirteen million. No drugs have been approved for more than twenty five years. Two old generic drugs are all that is approved in that. So, yes, the the trade offs here are it is a very tough population to study with multiple comorbidities.

You clearly need to be in the VA at least partially for those studies. But we’re right now kind of actively designing what those could look like, Guy.

Guy Goodwin, Chief Medical Officer, Compass Pathways: Yeah. I mean, I think we were impressed by the data, and we’re impressed by the accounts the patients themselves gave. It’s very interesting that patients describe

Ritu Baral, Covering Analyst, TD Cowan: What sort of accounts can

Guy Goodwin, Chief Medical Officer, Compass Pathways: you We interviewed all the patients post hoc just to get the sense of their total experience of the treatment itself and also the contrast with treatments they’ve previously had, both psychologicals like psychotherapies and also drugs. And there was a dramatic sense of difference in the latter case. And also the description of finding an autonomous way of getting through the issues that they’d had through the experience of the drug with the drug that didn’t require the same kind of revisiting the trauma, which is kind of the assumed model for some people. Exposure model, right. Exposure, yes.

So that didn’t occur in about fifty percent of the cases in the patients. But they still felt they’d somehow gained a perspective on the symptoms and a freedom from, particularly from the most crippling of the symptoms.

Ritu Baral, Covering Analyst, TD Cowan: Without revisiting the original trauma.

Guy Goodwin, Chief Medical Officer, Compass Pathways: Which is very interesting because that’s one of the reasons why it’s quite hard sometimes to engage patients in psychotherapy.

Ritu Baral, Covering Analyst, TD Cowan: Got it. And from a patient perspective, how do you view the the the draw of COP three sixty as a PTSD drug versus, TRD drug? Like, if, you know, it’s hard to compare and contrast across indications, obviously. And but, you know, how how motivated are PTSD patients versus TRD patients, to seek treatment and to undergo sort of a three day process?

Kabir Nath, CEO, Compass Pathways: PTSD is such a heterogeneous patient population. I’m sure sure we can give an answer that characterizes all but there are certainly plenty of PTSD patients who are desperately seeking another treatment option just as there are plenty of TRD patients.

Guy Goodwin, Chief Medical Officer, Compass Pathways: Yes. I mean, bear in mind, it’s a condition that tends to be very chronic. The average length of the symptoms is eight years from the trauma in our adult population. And furthermore, there is a tendency for the dysfunction to get worse over time. And so there’s a sense in which people come to one street treatment through time rather than very close to the traumatic event.

And I’ll just add that

Steve Levine, Chief Patient Officer, Compass Pathways: the conditions often tend to be highly comorbid. They tend to be treated in the same settings of care.

Ritu Baral, Covering Analyst, TD Cowan: PTSD and depression. And and TRD, yes. And,

Steve Levine, Chief Patient Officer, Compass Pathways: you know, unlike some other conditions, perhaps like psychotic disorders or some eating disorders, where there is less insight into the condition, less of a subjective sense of distress and desiring treatment, like in TRD, patients with PTSD tend to be acutely suffering and interested in treatment.

Ritu Baral, Covering Analyst, TD Cowan: As self aware, there’s insight into the problem. Great. Any questions from the audience? The last minute? Great.

Unidentified speaker: And the and the Good. The two b trial, what what was the experience folks redosing?

Ritu Baral, Covering Analyst, TD Cowan: In the 2b trial, what was the experience for redosing for the

Kabir Nath, CEO, Compass Pathways: There was no redosing in the 2b So this will be the first retreatment? That we, COMPASS, have conducted. Yes. There is, yeah, there is the Imperial study from four years ago, five years ago that has a second dose, as Barrick

Ritu Baral, Covering Analyst, TD Cowan: Carhart Harris? Yes. He’s yeah.

Kabir Nath, CEO, Compass Pathways: Yeah. And there are a couple of more recent small datasets, but this will be the first really large robust trial of repeat treatment.

Unidentified speaker: And and how did how did they how can a patient decide to be good? What do they have to meet?

Guy Goodwin, Chief Medical Officer, Compass Pathways: They have to meet a threshold on the MADRS.

Unidentified speaker: And then they’re eligible for the cost. Yes. And then when they get the Part C, if they’ve shown no benefit, they can get a third, the dose because Correct.

Guy Goodwin, Chief Medical Officer, Compass Pathways: Yes. Or a fourth in the case of the six potentially.

Steve Levine, Chief Patient Officer, Compass Pathways: Or if they’ve previously responded in the remittance. Yes.

Ritu Baral, Covering Analyst, TD Cowan: Great.

Unidentified speaker: All right.

Ritu Baral, Covering Analyst, TD Cowan: Thank you, everyone. Thank you, gentlemen.

Kabir Nath, CEO, Compass Pathways: Thank you, Richard. Thank you, Richard.

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