Compass Therapeutics Reports 2026 First Quarter Financial Results and Provides Corporate Update
Rhea-AI Summary
Compass Therapeutics (Nasdaq: CMPX) reported Q1 2026 results and a corporate update on May 5, 2026. Key clinical highlights include positive Phase 2/3 data for tovecimig (ORR 17.1% vs 5.3%, PFS 4.7 vs 2.6 months, HR=0.44, p<0.0001) and FDA Orphan Drug designation; company plans a pre-BLA meeting and a BLA later this year. CTX-8371 cohort expansions and an ASCO 2026 poster were announced; CTX-10726 Phase 1 initiated with initial data expected in Q4 2026. Financials: net loss $18.3M; cash and marketable securities $195M, runway into 2028.
AI-generated analysis. Not financial advice.
Positive
- ORR 17.1% for tovecimig combination (n=111)
- PFS 4.7 vs 2.6 months (HR=0.44, p<0.0001) for tovecimig
- $195M cash and marketable securities; runway into 2028
Negative
- Net loss of $18.3M in Q1 2026
- G&A expenses increased by 41% to $6.9M
- Cash decreased by $14M since December 31, 2025
News Market Reaction – CMPX
On the day this news was published, CMPX gained 0.52%, reflecting a mild positive market reaction. Our momentum scanner triggered 5 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $2M to the company's valuation, bringing the market cap to $335.86M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
CMPX was down about 1.0% while peers showed mixed action: some scanner names like ORKA and BCAX were down around 2–3%, while XNCR was up roughly 4.8%. Broader biotech dynamics appear to be in play rather than a purely isolated move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 05 | Full-year results | Positive | -2.8% | 2025 results with tovecimig success, CTX-10726 IND clearance, strong cash runway. |
| Nov 05 | Quarterly results | Positive | +0.8% | Q3 2025 results, strong cash of $220M, advancing tovecimig and CTX programs. |
| Aug 11 | Quarterly results | Positive | +23.7% | Q2 2025 loss but promising tovecimig survival data and CTX-8371 responses. |
| May 08 | Quarterly results | Positive | +1.1% | Q1 2025 update with tovecimig meeting primary endpoint and solid cash. |
| Feb 27 | Full-year results | Neutral | -1.7% | 2024 results showing higher losses but clear pipeline advancement and cash runway. |
Earnings and corporate updates have typically produced modest single‑digit moves, with one standout positive reaction when clinical data were especially strong.
Over the past year, CMPX earnings and financial updates have consistently paired detailed pipeline progress with disclosures on cash runway into 2027–2028. Prior reports highlighted tovecimig advancing through Phase 2/3, CTX-8371 generating deep responses, and CTX-10726 moving into the clinic, while losses and R&D spending rose as programs matured. Market reactions were usually modest, with one notably strong gain on encouraging clinical data. Today’s Q1 2026 update extends this pattern, emphasizing updated tovecimig efficacy, multiple active trials, and a cash balance of $195 million funding operations into 2028.
Historical Comparison
Past earnings and financial updates for CMPX have led to average moves of about 4.23%, usually tied to how strongly new clinical progress or runway extensions were emphasized.
Across recent earnings cycles, Compass has steadily advanced tovecimig from key endpoint achievements toward registrational planning while bringing CTX-8371 and CTX-10726 into and through Phase 1, repeatedly reaffirming cash runway extending into 2027–2028.
Market Pulse Summary
This announcement combines Q1 2026 financials with substantial pipeline updates, including positive Phase 2/3 data for tovecimig, new Orphan Drug Designation, and plans for a BLA submission. Cash and marketable securities of $195 million are expected to fund operations into 2028, while multiple early‑stage programs progress through Phase 1. Investors may focus on sustainability of spending, future regulatory interactions, and upcoming data from CTX-8371 and CTX-10726 as key markers of execution.
Key Terms
progression-free survival medical
overall response rate medical
orphan drug designation regulatory
biologics license application regulatory
dose-escalation medical
3+3 dose-escalation design medical
standard-of-care medical
tetravalent medical
AI-generated analysis. Not financial advice.
- As recently announced, tovecimig (DLL4 x VEGF-A bispecific antibody) in combination with paclitaxel demonstrated a highly statistically significant improvement in progression-free survival (PFS) versus paclitaxel alone as well as clear signals of a survival benefit in a Phase 2/3 study of patients with biliary tract cancer (BTC); tovecimig previously met the primary endpoint of overall response rate (ORR).
- Tovecimig received Orphan Drug Designation in April and the Company intends to meet with the FDA in advance of its planned BLA submission later this year.
- The Phase 1 dose-escalation study of CTX-8371 (PD-1 x PD-L1 bispecific antibody) has been selected for a poster presentation at the American Society of Clinical Oncology (ASCO) 2026 Annual Meeting, highlighting three deep responses (TNBC, NSCLC, HL) in patients treated in the post-checkpoint inhibitor setting; cohort expansions in these indications have been initiated.
- The Phase 1 study for CTX-10726 (PD-1 x VEGF-A bispecific antibody) has also been initiated in the post-checkpoint inhibitor setting, with initial data expected [Q4 2026].
$195 million in cash and marketable securities at Q1 2026, which is expected to fund operations into 2028.
BOSTON, May 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 first quarter 2026 financial results and provided a business update.
“We recently announced positive data from our Phase 2/3 study of tovecimig and look forward to meeting with the FDA before filing a BLA later this year. Most patients with BTC have no approved therapeutic option in the second line setting. Tovecimig, with its strong response rate, striking progression benefit and impact on overall survival would be a compelling treatment alternative for these patients,” said Thomas Schuetz, MD, PhD, Chief Executive Officer and Vice Chairman of the Board of Directors.”
“In the post-checkpoint inhibitor setting where treatment alternatives are also critically needed, we have ongoing studies with very two promising candidates. Our novel PD-1 x PD-L1 checkpoint inhibitor CTX-8371 continues to demonstrate strong and durable clinical activity and we look forward to presenting dose-escalation and early expansion cohort data at ASCO. CTX-10726, our differentiated PD-1 x VEGF-A bispecific antibody, is also in a Phase 1 study and we expect to share initial data later this year.”
Pipeline Updates:
Tovecimig (DLL4 and VEGF-A bispecific antibody)
In April 2026, the Company announced data from its Phase 2/3 study of tovecimig, which it plans to include in a BLA submission, to treat patients with biliary tract cancer in the second line setting:
- Overall Response Rate (primary endpoint):
17.1% for tovecimig combination (n=111), including one complete response, compared to5.3% for paclitaxel alone (n=57)(p=0.031). - Progression-Free Survival (secondary endpoint): 4.7 months for tovecimig combination compared to 2.6 months for paclitaxel alone (HR=0.44, p<0.0001).
- Overall Survival (secondary endpoint): Analysis was confounded by high crossover from the control arm (n=31) and markedly prolonged survival of these crossover patients after receiving tovecimig. The OS of the patients randomized to the tovecimig combination arm (n=111), which does not include the OS of these crossover patients later treated with tovecimig, was a median of 8.9 months.
- PFS Before / After Crossover (secondary endpoint): Patients treated with tovecimig after crossing from the control arm progressed after a median 3.5 months (PFS2) in the third line setting. These same 31 patients, when initially randomized to paclitaxel alone (PFS1), had progressed more quickly, with a median of 1.9 months in the second line setting (HR=0.36, p=0.0016).
- OS Crossover vs. Non-Crossover (post hoc subset analysis): In an analysis of OS in all patients initially randomized to the paclitaxel control arm (n=57), crossover patients who subsequently received tovecimig demonstrated a statistically significant improvement in median OS of 12.8 months compared to 6.1 months for non-crossover patients who received only paclitaxel (n=26)(HR=0.54, p=0.04).
- Pooled OS of All Patients Treated with Tovecimig (post hoc subset analysis): For all patients treated with tovecimig, including both crossover patients and patients initially randomized to the tovecimig combination arm (n=142), the pooled median OS was 9.8 months. The median OS for patients randomized to the paclitaxel alone who did not crossover (n=26) was 6.1 months.
- Safety: Tovecimig was generally well tolerated and the safety profile was consistent with prior studies, with no new safety signals identified.
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. The Company is evaluating multiple additional studies for tovecimig in other indications, including both ISTs and Company-sponsored studies.
CTX-8371 (PD-1 x PD-L1 bispecific antibody)
- Cohort expansions for CTX-8371 have been initiated in patients with triple-negative breast cancer (TNBC, n=28), non-small cell lung cancer (NSCLC, n=28), and Hodgkin lymphoma (HL, n=12) in the post-checkpoint inhibitor setting. These indications were selected based on the deep and durable responses 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, will be presented at ASCO 2026. Additional data from the cohort expansions are expected in the fourth quarter of 2026.
CTX-10726 (PD-1 x VEGF-A bispecific antibody)
- The Phase 1 study has been initiated with clinical data expected in the fourth quarter of 2026.
- 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 dose-escalation design. 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 by the Company. CTX-10726 exhibits more potent PD-1 blockade compared with data reported for other drugs in the class and the Company 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 the second half of 2026.
Financial Results
Net loss for the quarter ended March 31, 2026, 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 March 31, 2026, 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 | ||||||||
| Consolidated Statement of Operations (unaudited) | ||||||||
| (In thousands, except per share data) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| (unaudited) | ||||||||
| Operating expenses: | ||||||||
| Research and development | $ | 13,390 | $ | 13,054 | ||||
| General and administrative | 6,909 | 4,912 | ||||||
| Loss from operations | (20,299 | ) | (17,966 | ) | ||||
| Interest income | 1,982 | 1,333 | ||||||
| Net loss | $ | (18,317 | ) | $ | (16,633 | ) | ||
| Net loss per share - basic and diluted | $ | (0.10 | ) | $ | (0.12 | ) | ||
| Basic and diluted weighted average shares outstanding | 186,400 | 138,236 | ||||||
| Compass Therapeutics, Inc. and Subsidiaries | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (In thousands, except par value) | ||||||||
| March 31, 2026 | December 31, 2025 | |||||||
| (unaudited) | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 55,168 | $ | 30,643 | ||||
| Marketable securities | 139,519 | 178,263 | ||||||
| Prepaid expenses and other current assets | 1,000 | 913 | ||||||
| Total current assets | 195,687 | 209,819 | ||||||
| Property and equipment, net | 169 | 102 | ||||||
| Operating lease, right-of-use ("ROU") asset | 8,746 | 9,099 | ||||||
| Other assets | 568 | 568 | ||||||
| Total assets | $ | 205,170 | $ | 219,588 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 906 | $ | 1,585 | ||||
| Accrued expenses | 8,000 | 11,383 | ||||||
| Operating lease obligations, current portion | 1,373 | 1,000 | ||||||
| Total current liabilities | 10,279 | 13,968 | ||||||
| Operating lease obligations, long-term portion | 8,418 | 8,829 | ||||||
| Total liabilities | 18,697 | 22,797 | ||||||
| Total stockholders' equity | 186,473 | 196,791 | ||||||
| Total liabilities and stockholders' equity | $ | 205,170 | $ | 219,588 | ||||
