COMPASS Pathways plc (CMPS) Cash Flow Statement

The reported net income figures, including a $253.8M loss in 2026Q2 and a $91.2M profit in 2026Q1, do not track operating cash flow, which stayed within roughly -$35M to -$88M per quarter. This divergence suggests that non-cash or non-operating items, such as fair value movements or financing-related charges, are driving reported earnings, warranting further investigation before either figure is treated as indicative of underlying performance. The negative OCF/NI ratios in 2026Q1 and the erratic positive ratios elsewhere reflect this disconnect rather than any conversion quality.

With no reported revenue across the ten quarters, FCF margin is undefined and the analysis must rely on absolute burn rates. The most recent quarter at -$50.8M and the peak at -$88.2M indicate a cash requirement that is material relative to a company without commercial sales. Investors should monitor how long existing liquidity can fund this burn, as the data does not disclose cash balances or financing access.

The alternating working capital movements, including a $13.9M inflow in 2025Q4 and a $17.6M outflow in 2025Q1, appear to reflect timing of payables and accrued liabilities rather than a structural shift. These swings are large relative to the underlying operating burn, so quarterly OCF figures should be read with caution. The absence of revenue limits interpretation of collection efficiency, and inventory dynamics are not meaningful for a pre-commercial profile.

The absence of capex and the negligible D&A suggest the company is not investing in physical productive assets during the reported window, consistent with a development-stage biotechnology profile. Cash consumption is therefore driven almost entirely by operating expenses rather than asset build, which means the burn reflects R&D and administrative spending. Whether future clinical or manufacturing scale-up will require capital investment remains outside what the supplied data can establish.