[SCHEDULE 13G/A] Compass Therapeutics, Inc. SEC Filing

Rhea-AI Filing Summary

Compass Therapeutics (CMPX) Schedule 13G/A: Tang Capital affiliates and Kevin Tang report shared beneficial ownership of 13,496,208 shares of Compass Therapeutics common stock, representing 9.8% of the outstanding class based on 138,282,498 shares outstanding as of April 28, 2025. The filing states no sole voting or dispositive power; all 13,496,208 shares are held with shared voting and shared dispositive power among Tang Capital Management, LLC; Tang Capital Partners, LP; Tang Capital Partners International, LP; Tang Capital Partners III, Inc.; Tang Capital Partners IV, Inc.; and Kevin Tang. The filing certifies the holdings were not acquired to change or influence control of the issuer.

Positive

• Material disclosure of a 9.8% position (13,496,208 shares) provides transparency to the market
• Clear identification of all reporting persons and their shared voting and dispositive powers
• Certification included stating shares were not acquired to change or influence control

Negative

• None.

Insights

Financial Analyst

TL;DR: Tang Capital group holds a material 9.8% stake in CMPX with shared voting/dispositive power, a notable ownership position for investors to track.

The filing discloses a significant passive stake equal to 13,496,208 shares, representing 9.8% of the company based on the issuer's reported share count. All voting and dispositive authority is shared across multiple Tang entities and Kevin Tang, with zero sole voting or dispositive power reported. This is a standard Section 13 disclosure identifying a large holder; the statement includes a certification that the shares were not acquired to change control.

Corporate Governance Expert

TL;DR: Ownership structure shows clustered, shared control across related entities and an individual, requiring clear coordination among reporting parties.

The report documents that voting and disposition rights are exercised jointly by affiliated funds, entities and Kevin Tang. Such shared arrangements are common for investment groups and require coordinated disclosures. The statement explicitly classifies types of reporting persons and provides addresses and organizational jurisdictions for each filer, supporting transparency about who exercises shared authority over the 9.8% position.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Compass Therapeutics, Inc.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

20454B104

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 20454B104

1

Names of Reporting Persons

TANG CAPITAL MANAGEMENT, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 13,496,208.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 13,496,208.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

13,496,208.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.8 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Tang Capital Management, LLC ("TCM") shares voting and dispositive power over such shares with Tang Capital Partners, LP ("TCP"), Tang Capital Partners International, LP ("TCPI"), Tang Capital Partners III, Inc ("TCP III"), Tang Capital Partners IV, Inc. ("TCP IV") and Kevin Tang. The percentages used herein are based on 138,282,498 shares of Common Stock outstanding as of April 28, 2025, as set forth in the Issuer's Quarterly Report filed on Form 10-Q that was filed with the Securities and Exchange Commission on May 8, 2025.

SCHEDULE 13G

CUSIP No. 20454B104

1

Names of Reporting Persons

KEVIN TANG

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 13,496,208.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 13,496,208.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

13,496,208.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.8 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Kevin Tang shares voting and dispositive power over such shares with TCP, TCPI, TCP III, TCP IV and TCM.

SCHEDULE 13G

CUSIP No. 20454B104

1

Names of Reporting Persons

TANG CAPITAL PARTNERS, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 6,765,438.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,765,438.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,765,438.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.9 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: TCP shares voting and dispositive power over such shares with TCM and Kevin Tang.

SCHEDULE 13G

CUSIP No. 20454B104

1

Names of Reporting Persons

TANG CAPITAL PARTNERS INTERNATIONAL, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,397,770.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,397,770.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,397,770.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.9 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: TCPI shares voting and dispositive power over such shares with TCM and Kevin Tang.

SCHEDULE 13G

CUSIP No. 20454B104

1

Names of Reporting Persons

TANG CAPITAL PARTNERS III, INC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEVADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 999,750.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 999,750.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

999,750.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.7 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: TCP III shares voting and dispositive power over such shares with TCM and Kevin Tang.

SCHEDULE 13G

CUSIP No. 20454B104

1

Names of Reporting Persons

TANG CAPITAL PARTNERS IV, INC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEVADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 333,250.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 333,250.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

333,250.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.3 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: TCP IV shares voting and dispositive power over such shares with TCM and Kevin Tang.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Compass Therapeutics, Inc.
(b)	Address of issuer's principal executive offices: 80 Guest Street, Suite 601, Boston, MA, 02135
Item 2.
(a)	Name of person filing: This Statement on Schedule 13G (this "Statement") is filed by TCM, the general partner of TCP and TCPI; Kevin Tang, the manager of TCM and Chief Executive Officer of TCP III and TCP IV; TCP; TCPI; TCP III; and TCP IV.
(b)	Address or principal business office or, if none, residence: The address of TCM, Kevin Tang, TCP and TCPI is 4747 Executive Drive, Suite 210, San Diego, CA 92121. The address of TCP III and TCP IV is 400 S. 4th Street, 3rd Floor, Las Vegas, NV 89101.
(c)	Citizenship: TCM is a Delaware limited liability company. Mr. Tang is a United States citizen. TCP and TCPI are Delaware limited partnerships. TCP III and TCP IV are Nevada corporations that are indirectly wholly owned by TCP.
(d)	Title of class of securities: Common Stock, par value $0.0001 per share
(e)	CUSIP No.: 20454B104
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 13,496,208
(b)	Percent of class: 9.8%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0 shares
	(ii) Shared power to vote or to direct the vote: 13,496,208 shares
	(iii) Sole power to dispose or to direct the disposition of: 0 shares
	(iv) Shared power to dispose or to direct the disposition of: 13,496,208 shares
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

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.

TANG CAPITAL MANAGEMENT, LLC

Signature:	/s/ Kevin Tang
Name/Title:	Manager
Date:	08/14/2025

KEVIN TANG

Signature:	/s/ Kevin Tang
Name/Title:	Self
Date:	08/14/2025

TANG CAPITAL PARTNERS, LP

Signature:	/s/ Kevin Tang
Name/Title:	Manager, Tang Capital Management, LLC, General Partner
Date:	08/14/2025

TANG CAPITAL PARTNERS INTERNATIONAL, LP

Signature:	/s/ Kevin Tang
Name/Title:	Manager, Tang Capital Management, LLC, General Partner
Date:	08/14/2025

TANG CAPITAL PARTNERS III, INC

Signature:	/s/ Kevin Tang
Name/Title:	Chief Executive Officer
Date:	08/14/2025

TANG CAPITAL PARTNERS IV, INC

Signature:	/s/ Kevin Tang
Name/Title:	Chief Executive Officer
Date:	08/14/2025

FAQ

How many Compass Therapeutics (CMPX) shares does Tang Capital report owning?

The filing reports 13,496,208 shares beneficially owned by Tang Capital-related parties.

What percentage of CMPX does the reported position represent?

The reported position represents 9.8% of Compass Therapeutics' common stock based on 138,282,498 shares outstanding as of April 28, 2025.

Do any of the reporting persons have sole voting or dispositive power?

No; the filing states 0 shares of sole voting power and 0 shares of sole dispositive power, and all 13,496,208 shares are held with shared voting and dispositive power.

Which entities and individuals are listed as reporting persons in the Schedule 13G/A?

The filers are Tang Capital Management, LLC; Tang Capital Partners, LP; Tang Capital Partners International, LP; Tang Capital Partners III, Inc.; Tang Capital Partners IV, Inc.; and Kevin Tang.

Does the filing state the shares were acquired to influence control of CMPX?

The certification in the filing states the securities were not acquired and are not held for the purpose of changing or influencing control of the issuer.