Compass Pathways Loses Chief Financial Officer

Mary-Rose Hughes will fill the role on an interim basis.

Compass Pathways plc (Nasdaq: CMPS) announced that Mike Falvey, chief financial officer, will leave the company on Nov. 3 to pursue other opportunities. Mary-Rose Hughes, the current vice president of finance, will assume the role of interim CFO effective today.

Compass said it has begun a search to select a permanent CFO.

“On behalf of the board and the company, we thank Mike for his leadership and the many contributions he made during his tenure at Compass,” CEO Kabir Nath said. “He played a vital role in our recently completed private placement, which both extended the company’s cash runway beyond expected key phase 3 top-line clinical data readouts and brought leading biotech investors into our shareholder base.”

Hughes joined Compass as its second finance team employee in May 2020. The company said in a statement that she has deep knowledge of Compass’ business and has led the creation and operation of the company’s financial operations, treasury, tax, financial planning and analysis, and external reporting. She played a key role in Compass’s IPO, follow-on public equity offering, term loan facility, and private placement financing.

Compass also told investors that it will release financial results for the third quarter of 2023 and provide an update on recent business developments on Nov. 2.

Debra Borchardt

Debra Borchardt is the Co-Founder, and Executive Editor of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Master's degree in Business Journalism from New York University.

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