As Psilocybin Trials Face Delays, Compass Pathways (CMPS) Cuts Workforce To Conserve Cash
Compass Pathways (NASDAQ:CMPS) has announced delays for two key Phase 3 clinical trials involving its psilocybin program, widely seen as a leader in the psychedelic drug development space. As Endpoint News reported, the unexpected timeline shifts, unveiled in the company’s third-quarter earnings report, have led to a 30% reduction in workforce, affecting 55 positions, including some senior management roles.
Extended Timelines For Key Trials
Compass originally anticipated releasing data for its COMP005 Phase 3 trial by the fourth quarter of this year; however, this has now been postponed to the second quarter of 2025. COMP006, a second Phase 3 trial examining fixed psilocybin doses, has also been delayed by about a year, now targeting the second half of 2026 for data readouts.
CEO Kabir Nath acknowledged the delays stemmed from unexpected complexities in trial logistics, notably arranging therapist participation and scheduling multiple dosing sessions for patients. “We just underestimated…the complexity and the time it would take to get it done,” Nath admitted. R&D chief Mike Gold has been working on site at various COMP005 trial locations to …