Compass Therapeutics Reports 2025 Financial Results and Provides Corporate Update
Rhea-AI Summary
Compass Therapeutics (Nasdaq: CMPX) reported 2025 results and a corporate update on March 5, 2026. Key clinical milestones include tovecimig meeting the primary ORR endpoint in COMPANION-002 and planned PFS/OS analyses in April 2026. CTX-8371 expansion cohorts for TNBC and NSCLC are open; an HL cohort will be added. The IND for CTX-10726 was cleared and Phase 1 will open in Q1 2026. Leadership changes include promotion of Bing Gong to CSO and new CMO/CCO hires. Cash and marketable securities were $209 million at year-end 2025, with runway into 2028.
Positive
- Tovecimig met primary ORR endpoint in COMPANION-002
- PFS/OS analyses for tovecimig expected in April 2026
- CTX-10726 IND cleared; Phase 1 to open in Q1 2026
- CTX-8371 expansion cohorts open for TNBC and NSCLC
- $209M cash provides runway into 2028
Negative
- Net loss of $66.5M in 2025 (up ~34% YoY)
- R&D expenses rose 32% to $56.0M driven by manufacturing
Key Figures
Market Reality Check
Peers on Argus
CMPX is up 2.89% while momentum-screened peers like XNCR and ANAB are down 1.49% and 2.39%, respectively, indicating a stock-specific reaction rather than a sector-wide move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 05 | Q3 2025 earnings | Positive | +0.8% | Q3 2025 results, $220M cash and met tovecimig primary endpoint with 2026 data timing. |
| Aug 11 | Q2 2025 earnings | Positive | +23.7% | Q2 2025 results with promising tovecimig survival data and strong CTX-8371 responses. |
| May 08 | Q1 2025 earnings | Positive | +1.1% | Q1 2025 update where tovecimig met BTC primary endpoint and pipeline advanced. |
| Feb 27 | 2024 results | Neutral | -1.7% | 2024 results with higher net loss but solid cash of $127M and BTC trial progress. |
| Nov 12 | Q3 2024 earnings | Positive | -5.8% | Q3 2024 results highlighting strong cash, BTC enrollment and CTX-471/8371 progress. |
Earnings updates with clinical and cash runway progress have often coincided with modestly positive moves, but reactions have been mixed, with occasional sharp gains and some selloffs.
Across recent earnings releases from Nov 2024 through Nov 2025, Compass emphasized tovecimig’s BTC program, CTX-8371 and CTX-10726 advancement, and consistently extended cash runway, from $135M and funding into Q1 2027 to $220M and runway into 2028. Price reactions ranged from a 23.7% gain after strong Q2 2025 data to declines following some 2024–2025 updates. Today’s full-year 2025 results and pipeline progress fit this pattern of data-rich earnings with variable market responses.
Historical Comparison
Past earnings and corporate updates led to an average move of 3.63%. Today’s 2.89% gain on 2025 results and pipeline progress sits within that historical range.
Earnings updates have traced a steady progression: from building cash to $127M in 2024 with BTC top-line guidance, to Q1–Q3 2025 where tovecimig met its primary endpoint, CTX-8371 and CTX-10726 advanced into and through Phase 1 planning, and cash grew to $220M with runway into 2028. The current 2025 results continue this theme with further clinical milestones and reinforced balance sheet strength.
Market Pulse Summary
This announcement combines full-year 2025 financials with substantial clinical progress, including imminent PFS/OS readouts for tovecimig and new Phase 1 activity for CTX‑10726. The company reported a $66.5M net loss but ended 2025 with $209M in cash and marketable securities and runway into 2028, supported by a $129M offering. Investors may focus on upcoming BTC survival data, CTX‑8371 expansion results, and how rising R&D and G&A spending shapes future updates.
Key Terms
bispecific antibody medical
overall survival medical
progression-free survival medical
triple-negative breast cancer medical
non-small cell lung cancer medical
ind application regulatory
underwritten public offering financial
AI-generated analysis. Not financial advice.
- In the Phase 2/3 COMPANION-002 study of tovecimig (DLL4 x VEGF-A bispecific antibody) in patients with biliary tract cancer, the prespecified event threshold of
80% overall survival (OS) events was reached in Q1 2026; as a result, the analyses of progression-free survival (PFS) and OS are expected to be reported in April. - Based on previously reported responses in patients with triple-negative breast cancer (TNBC) and non-small cell lung cancer (NSCLC) in the Phase 1 study of CTX-8371 (PD-1 x PD-L1 bispecific antibody), expansion cohorts are now open and enrolling patients with these tumor types; based on an additional response in a patient with Hodgkin lymphoma, a further expansion cohort of patients with Hodgkin lymphoma will begin shortly.
- The IND application for CTX-10726 (PD-1 x VEGF-A bispecific antibody) received FDA clearance and the Phase 1 study will be open for enrollment in Q1.
- Bing Gong, PhD has been promoted to Chief Scientific Officer. Dr. Gong joined Compass in 2015 and has been instrumental in the expansion and advancement of the Compass discovery and development pipeline.
$209 million in cash and marketable securities at year end 2025, which is expected to fund operations into 2028.
BOSTON, March 05, 2026 (GLOBE NEWSWIRE) -- Compass Therapeutics, Inc. (Nasdaq: CMPX), a clinical-stage, oncology-focused biopharmaceutical company developing proprietary antibody-based therapeutics to treat multiple human diseases, today reported full 2025 financial results and provided a business update.
“2025 marked a year of significant progress for Compass, highlighted by our lead asset tovecimig successfully meeting the primary endpoint of overall response rate in the COMPANION-002 Phase 2/3 study in patients with biliary tract cancer. We are excited to report the results of the key secondary endpoints next month,” said Thomas Schuetz, MD, PhD, Chief Executive Officer and Vice Chairman of the Board of Directors. “The upcoming tovecimig PFS/OS data release could be transformational for the company, and we are looking forward to the new option it would bring for patients with biliary tract cancer.”
“Our novel PD-1 x PD-L1 checkpoint inhibitor, CTX-8371, also demonstrated strong clinical activity this past year, with three robust responses in patients with both solid tumors and hematologic malignancies, all observed in heavily pre-treated patients who received prior checkpoint inhibitor therapies. We also continued to advance our other clinical-stage assets, CTX-471 and CTX-10726.”
”2026 is poised to be a defining year for Compass,” Dr. Schuetz continued, “and we move forward with an expanded leadership team, welcoming Cyndi Sirard as CMO and Arjun Prasad as CCO, and promoting Bing Gong to CSO. Finally, our progress is bolstered by our strong financial position with
2025 Accomplishments and 2026 Pipeline Updates:
Tovecimig (DLL4 and VEGF-A bispecific antibody)
- The analyses of key secondary endpoints from the COMPANION-002 Phase 2/3 randomized study, including PFS and OS, are expected in April.
- The Phase 2 study of tovecimig in a broader set of patients with DLL4+ tumor types is expected to initiate mid-2026 following a comprehensive analysis of the complete data set from the COMPANION-002 trial.
- The investigator sponsored trial (IST) of tovecimig in combination with the current first-line, standard-of-care regimen of gemcitabine, cisplatin, and durvalumab in patients with BTC (NCT05506943) is ongoing.
CTX-8371 (PD-1 x PD-L1 bispecific antibody)
- Cohort expansions for CTX-8371 are open for enrollment in patients with TNBC (n=28) and NSCLC (n=28) in the post-checkpoint inhibitor setting. TNBC and NSCLC were selected based on the deep and durable responses previously observed in these indications in the dose escalation portion of the study. Half of the patients with each tumor type will be dosed at 3.0 mg/kg and half will be dosed at 10.0 mg/kg. Initial data from these cohort expansions, as well as available data from the Phase 1 dose-escalation portion of the study, are expected to be presented at a major medical conference in the second quarter of 2026.
- Based on a previously reported response in a patient with Hodgkin lymphoma (HL), a third cohort (n=12) will be added to the expansion study in patients with HL, also at the 3.0 mg/kg and 10.0 mg/kg dose levels.
CTX-10726 (PD-1 x VEGF-A bispecific antibody)
- The FDA cleared the IND submission for CTX-10726 in early 2026 and the Phase 1 study will be open for enrollment in Q1 with clinical data in the second half of the year.
- The Phase 1 multiple ascending dose-escalation study will include four doses (0.3, 1.0, 3.0, and 10.0 mg/kg) in a 3+3 format. The multi-center study will enroll patients with a prioritized set of solid tumor indications, including patients with locally advanced, unresectable or metastatic renal cell carcinoma, gastroesophageal cancer, hepatocellular carcinoma, and endometrial cancer, in whom standard of care therapies have failed.
- CTX-10726 is a tetravalent PD-1 x VEGF-A bispecific antibody discovered and engineered at Compass. CTX-10726 exhibits more potent PD-1 blockade compared with data reported for other drugs in the class and Compass believes it has a unique understanding of aspects of its mechanism of action that will guide development.
CTX-471 (CD137 or 4-1BB agonist antibody)
- Initiation of the Phase 2 trial of CTX-471 in patients with tumors expressing NCAM (CD56) is expected in mid-2026.
Financial Results
Net loss for the year ended December 31, 2025, was
Research and Development (R&D) Expenses
R&D expenses were
General and Administrative (G&A) Expenses
G&A expenses were
Cash Position
As of December 31, 2025, cash and marketable securities were
About Compass Therapeutics
Compass Therapeutics, Inc. is a clinical-stage oncology-focused biopharmaceutical company developing proprietary antibody-based therapeutics to treat multiple human diseases. The company’s scientific focus is on the relationship between angiogenesis, the immune system, and tumor growth. Compass has built a robust pipeline of novel product candidates designed to target multiple critical biological pathways required for an effective anti-tumor response. These pathways include modulation of the microvasculature via angiogenesis-targeted agents, induction of a potent immune response via activators on effector cells in the tumor microenvironment, and alleviation of immunosuppressive mechanisms used by tumors to evade immune surveillance. The company plans to advance its product candidates through clinical development as both standalone therapies and in combination with proprietary pipeline antibodies based on supportive clinical and nonclinical data. The Company was founded in 2014 and is headquartered in Boston, Massachusetts. For more information, visit the Compass Therapeutics website at https://www.compasstherapeutics.com
Forward-Looking Statements
This press release contains forward-looking statements. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, references to Compass’s financial position to continue advancing its product candidates, expectations about cash runway, business and development plans, and statements regarding Compass’s product candidates, including their development and clinical trial milestones such as the expected trial design, timing of enrollment, patient dosing and data readouts, regulatory plans with respect to Compass’s product candidates and the therapeutic potential thereof. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, Compass’s ability to raise the additional funding it will need to continue to pursue its business and product development plans, the inherent uncertainties associated with developing product candidates and operating as a development stage company, Compass’s ability to identify additional product candidates for development, Compass’s ability to develop, complete clinical trials for, obtain approvals for and commercialize any of its product candidates, competition in the industry in which Compass operates and market conditions. These forward-looking statements are made as of the date of this press release, and Compass assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents Compass files with the U.S. Securities and Exchange Commission (SEC) available at www.sec.gov, including without limitation Compass’s latest Annual Report on Form 10-K, Quarterly Report on Form 10-Q and subsequent filings with the SEC.
Investor Contact
ir@compasstherapeutics.com
Media Contact
Anna Gifford, Chief of Staff
media@compasstherapeutics.com
617-500-8099
| Compass Therapeutics, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (In thousands, except per share data) | |||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| (unaudited) | |||||||||||||||
| License revenue | $ | — | $ | — | $ | — | $ | 850 | |||||||
| Operating expenses: | |||||||||||||||
| Research and development | 13,674 | 13,034 | 55,969 | 42,342 | |||||||||||
| General and administrative | 4,316 | 3,537 | 16,870 | 15,133 | |||||||||||
| Total operating loss | (17,990 | ) | (16,571 | ) | (72,839 | ) | (56,625 | ) | |||||||
| Other income | 2,274 | 1,540 | 6,350 | 7,250 | |||||||||||
| Net loss | $ | (15,716 | ) | $ | (15,031 | ) | $ | (66,489 | ) | $ | (49,375 | ) | |||
| Net loss per share - basic and diluted | $ | (0.09 | ) | $ | (0.11 | ) | $ | (0.42 | ) | $ | (0.36 | ) | |||
| Weighted average shares outstanding | 184,844 | 137,742 | 157,695 | 137,384 | |||||||||||
| Compass Therapeutics, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (In thousands, except par value) | ||||||||
| December 31, | ||||||||
| 2025 | 2024 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 30,643 | $ | 43,483 | ||||
| Marketable securities | 178,263 | 83,239 | ||||||
| Prepaid expenses and other current assets | 913 | 6,029 | ||||||
| Total current assets | 209,819 | 132,751 | ||||||
| Property and equipment, net | 102 | 353 | ||||||
| Operating lease, right-of-use ("ROU") asset | 9,099 | 6,731 | ||||||
| Restricted cash | 568 | 568 | ||||||
| Total assets | $ | 219,588 | $ | 140,403 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,585 | $ | 2,249 | ||||
| Accrued expenses | 11,383 | 6,287 | ||||||
| Operating lease obligations, current portion | 1,000 | 338 | ||||||
| Total current liabilities | 13,968 | 8,874 | ||||||
| Operating lease obligations, net of current portion | 8,829 | 6,296 | ||||||
| Total liabilities | 22,797 | 15,170 | ||||||
| Total stockholders' equity | 196,791 | 125,233 | ||||||
| Total liabilities and stockholders' equity | $ | 219,588 | $ | 140,403 | ||||
FAQ
When will Compass (CMPX) report tovecimig PFS and OS results?
What does Compass's $209 million cash position mean for CMPX operations?
What are the enrollment details for CTX-8371 expansion cohorts at CMPX?
Has the IND for CTX-10726 (CMPX) been cleared and when will Phase 1 start?
What did Compass report in its 2025 financial results for CMPX?
