UPDATE: Compass Pathways (CMPS) - The Regulatory Anvil Just Got Lifted

A National Priority Voucher, a Rolling NDA, and an Executive Order Walk Into a Bar.

Executive Summary

When I last wrote about Compass on March 27, I told you the clinical risk was substantially retired, the balance sheet was loaded, the debt trap was neutralized, and the only question left was execution.

The market did not sit on its hands.

CMPS closed at $5.37 on March 27. It closed at $9.58 on April 24 — a +78.4% rip in roughly four weeks. The catalyst wasn’t a data readout. It was something arguably more valuable: the regulatory clock just got compressed in three different ways at once.

Bottom Line: The two biggest remaining bear pillars in my original deep dive — the slow grind of FDA review and the Therapist Tax + DEA rescheduling logistical anvil — both took direct hits this month. The thesis is not just intact. It got better.