Time-resolved (TR) near-infrared spectroscopy (NIRS) is a promising technique for neuromonitoring, but there are currently very few TR-NIRS devices with the spectral range and resolution needed for accurate monitoring of cerebral blood oxygenation (S t O 2 ) and metabolism (cytochrome-c-oxidase; oxCCO). Here we present a hyperspectral TR compressive sensing spectrometer with a wide spectral range, high spectral resolution, and no afterpulsing. A homogeneous blood-yeast phantom experiment was performed to evaluate the spectrometer's ability to monitor S t O 2 and oxCCO with and without compression. The effect of using a 90% compression rate on the recovered changes in deoxyhemoglobin (Hb), oxyhemoglobin (HbO), and oxCCO concentrations was investigated. No meaningful differences were found between concentration changes recovered from uncompressed and compressed data, with mean differences of 0.16 ± 0.20 µM , -0.25 ± 0.21 µM , and -0.04 ± 0.10 µM for Hb, HbO, and oxCCO, respectively. The results show that changes in oxCCO and S t O 2 can be reliably monitored with a high compression rate. Future work will compare the performance of the TR spectrometer with that of a continuous-wave spectrometer to assess accuracy and will investigate the sensitivity of the device to oxCCO and S t O 2 changes in the bottom compartment of a 2-layer tissue-mimicking phantom.