CMPX Schedule 13D/A: Ownership Falls Below 5% to 4.5% (7.79M Shares)

Rhea-AI Filing Summary

Amendment No. 1 to the Schedule 13D reports that a group of related reporting persons collectively beneficially own 7,788,150 shares of Compass Therapeutics common stock, representing 4.5% of the outstanding shares based on 171,572,498 shares outstanding as of the issuer's prospectus. The amendment states the ownership percentage declined due to a decrease in the issuer's outstanding shares, and as a result the reporting entities "ceased to exceed 5%" and are no longer subject to Section 13 reporting. The filing also confirms no transactions in the common stock by the reporting entities in the past 60 days and identifies the reporting persons and their shared voting and dispositive power over the disclosed shares.

Positive

• Reporting entities continue to disclose holdings of 7,788,150 shares providing transparency to the market
• Beneficial ownership fell below 5% (to 4.5%), relieving the group of ongoing Section 13 reporting obligations

Negative

• No transactions in the common stock in the past 60 days, indicating no recent accumulation or disposition activity to signal change in intent
• Shared voting power without sole control means limited ability to drive corporate action at current ownership levels

Insights

Securities Analyst

TL;DR The reporting group now holds 4.5% and has fallen below the 5% reporting threshold, so disclosure obligations end.

The amendment restates that Commander Aggregator, LP, Enavate Sciences, LP and affiliated entities share voting and dispositive power over 7,788,150 shares, equal to 4.5% of the issuer's 171,572,498 outstanding shares as reported in the prospectus. No purchases or sales were reported in the prior 60 days, and the drop in percentage ownership is explicitly attributed to a decrease in outstanding shares rather than active dispositions. For investors, this is a technical change in reporting status rather than evidence of new strategic actions by the holders.

Corporate Governance Expert

TL;DR Ownership decline below 5% removes Section 13 obligations; governance influence from these holders is limited at 4.5%.

The filing clarifies governance positioning: the reporting persons hold shared voting and dispositive power but do not control a majority stake and now fall below the regulatory threshold that triggers ongoing disclosure. The amendment provides transparency on beneficial ownership and confirms no recent trading activity by the group, suggesting no immediate push for governance changes. The change appears driven by a change in the issuer's share count rather than a meaningful shift in the holders' intent.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

Compass Therapeutics, Inc.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

20454B104

(CUSIP Number)

Commander Aggregator, LP
c/o The Corporation Trust Company, Corporation Trust Cntr, 1209 Orange St.
Wilmington, New Castle, DE, 19801
(302) 658-7581

Sophia Hudson, P.C.
601 Lexington Avenue,
New York, NY, 10022
(212) 446-4800

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

08/14/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 20454B104

1

Name of reporting person

Commander Aggregator, LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 7,788,150.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 7,788,150.00

11

Aggregate amount beneficially owned by each reporting person

7,788,150.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.5 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Percentage of ownership is based upon 171,572,498 shares of common stock, par value $0.0001 per share ("Common Stock"), issued and outstanding, effective as of August 14, 2025, as set forth in the Issuer's Prospectus filed pursuant to Rule 424(b)(5) ("Prospectus") with the Securities and Exchange Commission ("SEC") on August 13, 2025.

SCHEDULE 13D

CUSIP No. 20454B104

1

Name of reporting person

Enavate Sciences, LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 7,788,150.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 7,788,150.00

11

Aggregate amount beneficially owned by each reporting person

7,788,150.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.5 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Percentage of ownership is based upon 171,572,498 shares of Common Stock issued and outstanding, effective as of August 14, 2025, as set forth in the Issuer's Prospectus filed with the SEC on August 13, 2025.

SCHEDULE 13D

CUSIP No. 20454B104

1

Name of reporting person

Enavate Sciences GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 7,788,150.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 7,788,150.00

11

Aggregate amount beneficially owned by each reporting person

7,788,150.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.5 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Percentage of ownership is based upon 171,572,498 shares of Common Stock issued and outstanding, effective as of August 14, 2025, as set forth in the Issuer's Prospectus filed with the SEC on August 13, 2025.

SCHEDULE 13D

CUSIP No. 20454B104

1

Name of reporting person

Enavate Sciences Holdings, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 7,788,150.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 7,788,150.00

11

Aggregate amount beneficially owned by each reporting person

7,788,150.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.5 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Percentage of ownership is based upon 171,572,498 shares of Common Stock issued and outstanding, effective as of August 14, 2025, as set forth in the Issuer's Prospectus filed with the SEC on August 13, 2025.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.0001 per share
(b)	Name of Issuer: Compass Therapeutics, Inc.
(c)	Address of Issuer's Principal Executive Offices: 80 Guest St., Suite 601, Boston, MASSACHUSETTS , 02135.
Item 1 Comment: This Amendment No. 1 ("Amendment No. 1") to Schedule 13D amends and supplements the initial Schedule 13D filed on November 14, 2022 (as so amended, the "Schedule 13D"). Capitalized terms used but not defined in this Amendment No. 1 shall have the same meanings ascribed to them in the Schedule 13D as amended from time to time.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) of this Statement is hereby amended and restated in its entirety as follows: The information set forth in rows (11) and (13) of the cover pages of this Statement is incorporated by reference into this Item 5.
(b)	Item 5(b) of this Statement is hereby amended and restated in its entirety as follows: The information set forth in rows (11) and (13) of the cover pages of this Statement is incorporated by reference into this Item 5.
(c)	None of the Reporting Entities has effected any transactions in the Common Stock in the past 60 days.
(d)	Not Applicable
(e)	As a result of the decrease in the outstanding shares, effective as of August 14, 2025, as reported by the Issuer in the Prospectus filed on August 13, 2025, the Reporting Entities' beneficial ownership ceased to exceed 5% on such date and the Reporting Entities are no longer subject to Section 13 reporting.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Commander Aggregator, LP

Signature:	/s/ James P. Boylan
Name/Title:	James P. Boylan / Chief Executive Officer
Date:	08/18/2025

Enavate Sciences, LP

Signature:	/s/ James P. Boylan
Name/Title:	James P. Boylan / Chief Executive Officer
Date:	08/18/2025

Enavate Sciences GP, LLC

Signature:	/s/ James P. Boylan
Name/Title:	James P. Boylan / Chief Executive Officer
Date:	08/18/2025

Enavate Sciences Holdings, LLC

Signature:	/s/ James P. Boylan
Name/Title:	James P. Boylan / Chief Executive Officer
Date:	08/18/2025

Comments accompanying signature:

Enavate Sciences, LP By: Enavate Sciences GP, LLC Its: General Partner, Enavate Sciences GP, LLC By: Enavate Sciences Holdings, LLC Its: Sole Member

FAQ

What stake does Commander Aggregator, LP and affiliates hold in Compass Therapeutics (CMPX)?

They beneficially own 7,788,150 shares, representing 4.5% of the issuer's 171,572,498 shares outstanding as reported in the prospectus.

Why did the reporting entities cease to be subject to Section 13 reporting for CMPX?

The amendment states that due to a decrease in the issuer's outstanding shares effective as reported, the group's ownership percentage fell below the 5% threshold and they "ceased to exceed 5%."

Did the reporting persons trade CMPX shares recently?

No; the filing discloses that none of the reporting entities effected any transactions in the Common Stock in the past 60 days.

What voting and dispositive power do the reporting persons have over the disclosed shares?

The reporting persons report 0 sole voting and dispositive power and 7,788,150 shared voting and dispositive power over the disclosed shares.

Which entities signed the amendment reporting CMPX ownership?

The statement is filed on behalf of Commander Aggregator, LP, Enavate Sciences, LP, Enavate Sciences GP, LLC and Enavate Sciences Holdings, LLC and signed by James P. Boylan as Chief Executive Officer for each reporting entity.