Compass Pathways Series-B

This is the Compass Pathways pitch deck to raise a $80m series-b round in 2020.

About

Compass Pathways is a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health. It is conducting a large-scale psilocybin therapy clinical trial, in 20 sites across nine countries in Europe and North America. It was founded in 2016 and is based in Altrincham, Cheshire.

Today, psychedelics giant Compass Pathways has a market value of $1.5 billion.

But back in 2019, it was a small startup raising cash to turn psilocybin, the psychoactive compound found in magic mushrooms, into a treatment for treatment-resistant depression, or depression that doesn’t get better with other medications and remedies.

Insider got ahold of the company’s pitch deck from 2019, which Compass used to raise an $80 million Series B round from investors such as pharma giant Otsuka’s McQuade Center for Strategic Research and Development and Founders Fund, the venture-capital firm of which Peter Thiel is a co-founder.

In the fall of 2018, Compass closed a 25 million pound Series A round (around $33 million). Soon after, the company began to fundraise for its Series B, which closed in April 2020.

Compass was the first psychedelics company to get backing from institutional healthcare investors such as Otsuka. Mike Novogratz and Thiel’s venture firm Thiel Capital invested in Series A, the presentation shows.

“Our goal remains the same: to bring evidence-based innovation to patients for whom existing treatments don’t work, in a way that is accessible and affordable,” said Tracy Cheung, a spokesperson for Compass. She said the company has made significant progress toward this goal since 2019.

Other investors in Series B included Atai Life Sciences, which started out as a funding vehicle for the psychedelics space; Able Partners; Camden Partners Nexus; Perceptive Advisors; Skyviews Life Science; and Soleus Capital.

The presentation details Compass’ strategy and its timeline for getting treatments approved by the US Food and Drug Administration.

The growth the company has undergone since then has been immense. After the Series B, Compass became the first psychedelics company to list on the Nasdaq. It raised $312 million through its IPO and a 2021 follow-on offering. Last month it announced that it had finished mid-stage clinical trials, and it plans to publish results by year’s end.

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