Compass Therapeutics Reports 2026 Second Quarter Financial Results and Provides Corporate Update
Rhea-AI Summary
Compass Therapeutics (Nasdaq: CMPX) reported 2026 Q2 results and a corporate update, highlighting progress across its oncology pipeline and liquidity of $180 million in cash and marketable securities as of June 30, 2026, which the company expects will fund operations into 2028.
For biliary tract cancer, final Phase 2/3 data for tovecimig showed an ORR of 18.0% (20/111) in the combination arm versus 5.3% for paclitaxel alone, with a p-value of 0.0228; FDA feedback on these data is expected in Q3 ahead of a potential BLA filing later in 2026, and the dataset will be presented orally at ESMO. CTX-8371 Phase 1 cohort expansions in multiple tumors are enrolling, with additional data expected in Q4 2026, CTX-10726 first-in-human dosing has begun with initial data also expected in Q4, and a Phase 2 study of CTX-471 in NCAM(CD56)-positive tumors is planned to start in Q3.
Net loss was $25.2 million for Q2 2026 versus $19.9 million a year earlier, driven by higher R&D and pre-commercialization G&A expenses.
Positive
- Tovecimig Phase 2/3 efficacy ORR 18.0% vs 5.3% control; p=0.0228
- Regulatory path FDA feedback on tovecimig data expected Q3 2026 before potential 2026 BLA
- Pipeline breadth Active enrollment in CTX-8371 and CTX-10726 studies; CTX-471 Phase 2 starting Q3 2026
- Cash and securities $180 million at June 30, 2026; runway expected into 2028
- Interest income $1.8 million in Q2 2026, up from $1.2 million in Q2 2025
Negative
- Net loss Q2 2026 loss $25.2 million vs $19.9 million in Q2 2025
- R&D expenses Q2 2026 R&D $19.6 million, up 19% year over year
- G&A expenses Q2 2026 G&A $7.4 million, up 59% year over year
- Cash decrease Cash and marketable securities fell to $180 million from $209 million at year-end 2025
- Operating cash use $32 million net cash used in operating activities in first half of 2026
News Explained
The completed second-quarter report states that operating activities used
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 05 | Q1 earnings report | Positive | +0.5% | Positive tovecimig data, FDA designation, pipeline updates, and cash runway into 2028 |
| Mar 05 | Annual earnings report | Positive | -2.8% | Primary endpoint achievement, pipeline progress, leadership changes, and runway into 2028 |
| Nov 05 | Q3 earnings report | Positive | +0.8% | Tovecimig endpoint achievement, pipeline enrollment, and cash runway into 2028 |
| Aug 11 | Q2 earnings report | Positive | +23.7% | Tovecimig survival data, CTX-8371 responses, and expanded clinical pipeline |
| May 08 | Q1 earnings report | Positive | +1.1% | Tovecimig primary endpoint achievement and cash runway into 2027 |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings events produced positive 24-hour reactions in 4 of 5 cases, with one negative reaction.
Key Terms
bla filing regulatory
overall response rate medical
p-value medical
blinded independent central review medical
3+3 dose-escalation design technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
- The Company expects feedback from the FDA this quarter regarding the COMPANION-002 Phase 2/3 data for tovecimig (DLL4 x VEGF-A bispecific antibody) in patients with biliary tract cancer (BTC), prior to a potential BLA filing later this year.
- Tovecimig data from this study has also been selected for an oral presentation at the 2026 European Society for Medical Oncology (ESMO) Congress in October.
- CTX-8371 (PD-1 x PD-L1 bispecific antibody) Phase 1 cohort expansions are actively enrolling patients with triple-negative breast cancer, Hodgkin lymphoma and non-small cell lung cancer based on earlier responses in these indications. Data from the dose-escalation portion of this study were presented at the ASCO 2026 Annual Meeting in June.
- The first patients in the Phase 1 study for CTX-10726 (PD-1 x VEGF-A bispecific antibody) have been dosed and the study is actively enrolling, with initial data expected in Q4.
- The Phase 2 study of CTX-471 (CD137 agonist antibody) in patients with tumors expressing NCAM (CD56) will be initiated in Q3.
$180 million in cash and marketable securities at the end of Q2 2026, which is expected to fund operations into 2028.
BOSTON, Aug. 06, 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 second quarter 2026 financial results and provided a business update.
“We are increasingly encouraged by the strength and consistency of the tovecimig data as we deepen our analyses ahead of engaging FDA later this month, and we are pleased the full dataset has been selected for an oral presentation at ESMO in October. This enthusiasm is echoed in feedback we’ve received from leading BTC clinicians, which reinforces our belief that tovecimig will be an important treatment option for so many patients with BTC. In the coming weeks, we will be focused on engaging constructively with the FDA and incorporating any feedback as we advance towards a potential BLA filing,” said Thomas Schuetz, MD, PhD, Chief Executive Officer and Vice Chairman of the Board of Directors.
“Building on our progress with tovecimig, we continued to advance our broader clinical pipeline this quarter. CTX-8371, our novel PD-1 x PD-L1 checkpoint inhibitor, continues to generate strong and durable clinical activity, some of which was presented at ASCO, and we are well underway with cohort expansions. We also continue to enroll patients in the Phase 1 study of CTX-10726, our differentiated PD-1 x VEGF-A bispecific antibody. We look forward to sharing a series of meaningful updates in the remainder of 2026, including FDA feedback shortly, that demonstrate our continued execution across the portfolio and our ability to translate novel science into differentiated clinical products.”
Pipeline Updates:
Tovecimig (DLL4 x VEGF-A bispecific antibody)
- In April 2026, the Company announced positive data from its Phase 2/3 study of tovecimig, which it plans to include in a BLA submission later this year. The company expects to receive feedback from the FDA on these data in Q3 2026.
- In the final data analysis, the overall response rate (ORR), the primary endpoint in the study, improved to
18.0% (20/111 patients) in the tovecimig combination arm from a previously reported17.1% . One patient initially characterized as “Non-CR / Non-PD” due to target lesion characteristics was ultimately adjudicated by blinded independent central review (BICR) to be a partial response. With this change, the p-value improved to 0.0228 compared to paclitaxel alone (ORR of5.3% in the paclitaxel arm). - 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 (NCT06548412) is ongoing with expansion to additional sites expected.
- Additional ISTs of tovecimig have been initiated, including a study of tovecimig plus FOLFIRI in patients with colorectal cancer in the second line setting (NCT07662031); and a novel-novel combination study of tovecimig plus CTX-471 in patients with glioblastoma in the second line setting (NCT07392957). The Company is evaluating 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 are actively enrolling patients with triple-negative breast cancer (n=28), non-small cell lung cancer (n=28), and Hodgkin lymphoma (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.
- Phase 1 data from the dose-escalation portion of the study was presented at ASCO 2026. Additional data from the cohort expansions are expected in Q4 2026.
CTX-10726 (PD-1 x VEGF-A bispecific antibody)
- The first patients have been dosed in the Phase 1 study, and the study is actively enrolling, with initial clinical data expected in Q4 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.
CTX-471 (CD137 or 4-1BB agonist antibody)
- The Phase 2 trial of CTX-471 in patients with tumors expressing NCAM (CD56) will be initiated in Q3 2026.
Financial Results
Net loss for the quarter ended June 30, 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 June 30, 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, interactions, and potential pathways 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 | ||||||||||||||||
| (In thousands, except per share data) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 19,576 | $ | 16,415 | $ | 32,968 | $ | 29,476 | ||||||||
| General and administrative | 7,403 | 4,651 | 14,310 | 9,556 | ||||||||||||
| Loss from operations | (26,979 | ) | (21,066 | ) | (47,278 | ) | (39,032 | ) | ||||||||
| Interest income | 1,825 | 1,185 | 3,807 | 2,518 | ||||||||||||
| Net loss | $ | (25,154 | ) | $ | (19,881 | ) | $ | (43,471 | ) | $ | (36,514 | ) | ||||
| Net loss per share - basic and diluted | $ | (0.13 | ) | $ | (0.14 | ) | $ | (0.23 | ) | $ | (0.26 | ) | ||||
| Basic and diluted weighted average shares outstanding | 186,798 | 138,282 | 186,600 | 138,259 | ||||||||||||
| Compass Therapeutics, Inc. and Subsidiaries | |||||||
| Condensed Consolidated Balance Sheets | |||||||
| (In thousands) | |||||||
| June 30, 2026 | December 31, 2025 | ||||||
| (unaudited) | |||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 35,453 | $ | 30,643 | |||
| Marketable securities | 144,426 | 178,263 | |||||
| Prepaid expenses and other current assets | 1,011 | 913 | |||||
| Total current assets | 180,890 | 209,819 | |||||
| Property and equipment, net | 324 | 102 | |||||
| Operating lease, right-of-use ("ROU") asset | 8,391 | 9,099 | |||||
| Other assets | 568 | 568 | |||||
| Total assets | $ | 190,173 | $ | 219,588 | |||
| Liabilities and Stockholders' Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 2,906 | $ | 1,585 | |||
| Accrued expenses | 11,585 | 11,383 | |||||
| Operating lease obligations, current portion | 1,637 | 1,000 | |||||
| Total current liabilities | 16,128 | 13,968 | |||||
| Operating lease obligations, long-term portion | 7,996 | 8,829 | |||||
| Total liabilities | 24,124 | 22,797 | |||||
| Total stockholders' equity | 166,049 | 196,791 | |||||
| Total liabilities and stockholders' equity | $ | 190,173 | $ | 219,588 | |||
