Reported revenue is absent in every quarter while R&D of $23.5M to $32.9M and SG&A of up to $33.0M drive operating losses of $40M to $56M per quarter, so margin analysis is not meaningful and cost discipline remains the key monitoring point.
COMPASS Pathways plc (CMPS) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 112.87K | 63K | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | -112.87K | -63K | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | 100% | -79.16% | - | - |
| Operating Expenses | 197.66M | 179.04M | 178.21M | 136.92M | 110.4M | 83.22M | 51.68M | 21.18M | 12.5M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 88.65M | 60.6M | 59.17M | 49.4M | 45.35M | 39.19M | 28.03M | 8.62M | 3.59M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - |
| Research & Development | 109.02M | 118.44M | 119.04M | 87.52M | 65.05M | 44.03M | 23.37M | 12.56M | 8.92M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 286.91K | 0 | 0 |
| Operating Income | -197.66M | -179.04M | -178.21M | -136.92M | -110.4M | -83.22M | -51.79M | -21.18M | -12.5M |
| Operating Margin % | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -0.47% | -30.15% | -24.02% | -32.66% | -60.68% | -144.55% | -69.39% | - |
| EBITDA | -350.21M | -178.82M | -177.97M | -136.68M | -110.07M | -83.05M | -51.68M | -21.12M | -12.48M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -93.23% | -0.48% | -30.21% | -24.17% | -32.54% | -60.69% | -144.75% | -69.19% | - |
| D&A (Non-Cash Add-back) | 60K | 216K | 233K | 242K | 330K | 175K | 112K | 63K | 22K |
| EBIT | -264.23M | -285.82M | -149.05M | -115.48M | -91.1M | -71.54M | -65.05M | -22.33M | -10.54M |
| Net Interest Income | 5.48M | 2.67M | 3.79M | 2.42M | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 11.06M | 7.18M | 8.27M | 4.62M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 5.59M | 4.52M | 4.48M | 2.2M | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -72.16M | -111.3M | 24.68M | 19.23M | 19.31M | 11.68M | -13.26M | 1.58M | -716K |
| Pretax Income | -269.82M | -290.33M | -153.53M | -117.68M | -91.1M | -71.54M | -65.05M | -19.6M | -13.22M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - |
| Income Tax | -3.52M | -2.47M | 1.59M | 780K | 408K | 199K | -4.25M | 15K | 0 |
| Effective Tax Rate % | 1.3% | 0.85% | -1.04% | -0.66% | -0.45% | -0.28% | 6.53% | -0.08% | 0% |
| Net Income | -266.3M | -287.86M | -155.12M | -118.46M | -91.5M | -71.74M | -60.8M | -19.61M | -13.22M |
| Net Margin % | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -12.21% | -85.57% | -30.94% | -29.46% | -27.55% | -17.99% | -210.03% | -48.36% | - |
| Net Income (Continuing) | -266.3M | -287.86M | -155.12M | -118.46M | -91.5M | -71.74M | -60.8M | -19.61M | -13.22M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.64 | -3.08 | -2.30 | -2.32 | -2.16 | -1.79 | -1.68 | -0.90 | -2.35 |
| EPS Growth % | -63.24% | -33.91% | 0.86% | -7.41% | -20.67% | -6.55% | -86.67% | 61.7% | - |
| EPS (Basic) | - | -3.08 | -2.30 | -2.32 | -2.16 | -1.79 | -1.68 | -0.90 | -2.35 |
| Diluted Shares Outstanding | 162.57M | 93.5M | 67.48M | 51.03M | 42.44M | 40M | 35.93M | 21.72M | 5.62M |
| Basic Shares Outstanding | 138.72M | 93.5M | 67.48M | 51.03M | 42.44M | 40M | 35.93M | 21.72M | 5.62M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CMPS stock.
For fiscal year 2025, COMPASS Pathways plc (CMPS) reported total revenue of $0.0M.
COMPASS Pathways plc (CMPS) reported a net loss of $287.9M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Sustained operating losses persist
Metrics are mathematically derived from official filings.
Revenue Absent, Losses Persistent
Based on reported figures, COMPASS Pathways shows no revenue across the ten reported quarters, with operating losses ranging between roughly $40M and $56M per quarter, indicating a pre-commercial profile dependent on development progress rather than sales growth.
The income statement contains no reported revenue or cost of goods sold, so growth rates cannot be meaningfully computed and the reported revenue growth fields should be treated as data unavailable. Quarterly operating losses have remained broadly stable in magnitude, which suggests the cost base is largely fixed in the near term rather than scaling with commercial activity. Investors should monitor whether any future revenue inflection emerges and whether it can offset a cost base that has not shown meaningful contraction.
R&D Drives Cost Base Volatility
According to reported quarterly results, research and development expense ranged from about $23.5M to $32.9M while SG&A ranged from $12.6M to $33.0M, with the latest quarter showing SG&A exceeding R&D for the first time in the period.
R&D appears to be the dominant and most variable development cost, and its fluctuation across quarters may reflect trial timing rather than a structural shift in spending. The rise in SG&A to $33.0M in the most recent quarter, up from $13.2M a year earlier, warrants investigation because it may signal pre-commercial infrastructure build-out or one-time items, though the filings alone do not confirm the cause. Stock-based compensation of roughly $2.9M to $6.9M per quarter represents a modest but recurring non-cash component of this cost base.
Net Income Swings Distort Underlying Losses
Based on reported figures, net income swung from a $253.8M loss in 2026Q2 to a $91.2M profit in 2026Q1, while operating losses remained within a narrow band, suggesting non-operating items are driving much of the reported volatility.
The gap between operating loss and net income in several quarters, including a positive net result in 2026Q1 despite an operating loss of $42.9M, suggests material non-operating gains or losses such as fair value remeasurements or financing items. The data does not disclose the composition of these items, so their nature should be treated as unverified and warrants further investigation. EPS volatility, ranging from -2.71 to -0.24 per share, therefore appears to reflect below-the-line effects more than changes in core operating performance.
Operating Losses Lack Commercial Offset
As reported in the financial statements, COMPASS Pathways has recorded negative operating income in every one of the ten quarters shown, with no revenue offsetting cost, raising the question of how long current spending levels can be sustained without external capital.
The strongest bear argument is that a consistent multi-quarter operating deficit with no revenue line leaves the equity story dependent on clinical or regulatory outcomes that the income statement cannot itself validate. The absence of any gross profit means there is no evidence yet of unit economics or pricing power, so margin-based valuation frameworks are not applicable. Investors should monitor cash runway and dilution risk, as the income statement alone does not indicate how the cost base would be funded if development timelines extend.