Compass Pathways Reports Q1 Cash And Cash Equivalents Of $262.9M
Portfolio Pulse from Benzinga Newsdesk
Compass Pathways announced its Q1 cash and cash equivalents totaling $262.9M. The company forecasts Q2 2024 net cash used in operating activities to be between $32M and $38M, with the full-year 2024 projection ranging from $110M to $130M, contingent on receiving the 2023 R&D tax credit in Q4 2024.
May 08, 2024 | 10:54 am
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NEUTRAL IMPACT
Compass Pathways reported a strong cash position in Q1 with $262.9M and provided guidance on its expected cash usage for Q2 and the full year of 2024, which is dependent on receiving the 2023 R&D tax credit.
The announcement of Compass Pathways' cash position and future cash usage expectations provides a clear financial outlook for the company. The dependence on the R&D tax credit for 2024's cash flow projections introduces a level of uncertainty, which might lead to a neutral short-term impact on the stock price. Investors may adopt a wait-and-see approach until the tax credit situation is resolved, hence the neutral score.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100