UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________ FORM 10-K ____________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 000-55939 Compass Therapeutics, Inc. (Exact name of Registrant as specified in ...

Core Insights - Compass Therapeutics reported significant progress in 2025, particularly with its lead asset tovecimig achieving the primary endpoint in the COMPANION-002 Phase 2/3 study for biliary tract cancer [2] - The company anticipates transformative data releases for tovecimig's progression-free survival (PFS) and overall survival (OS) in April 2026, which could provide new treatment options for patients [2] - The financial position remains strong with $209 million in cash and marketable securities, expected to fund operations into 2028 [2][13] 2025 Accomplishments - Tovecimig successfully met the primary endpoint in the COMPANION-002 study for biliary tract cancer [2][5] - CTX-8371, a PD-1 x PD-L1 bispecific antibody, showed strong clinical activity with responses in heavily pre-treated patients [2] - Expansion cohorts for CTX-8371 are now open for enrollment in triple-negative breast cancer (TNBC) and non-small cell lung cancer (NSCLC) [4][5] 2026 Pipeline Updates - The analyses of key secondary endpoints from the COMPANION-002 study are expected in April 2026 [6] - A broader Phase 2 study of tovecimig in DLL4+ tumor types is set to initiate mid-2026 [6] - The IND application for CTX-10726 received FDA clearance, with enrollment for the Phase 1 study expected in Q1 2026 [5][14] Financial Results - The net loss for 2025 was $66.5 million, compared to $49.4 million in 2024, reflecting an increase in operational costs [10] - Research and development (R&D) expenses rose to $56.0 million, a 32% increase from $42.3 million in 2024, primarily due to manufacturing costs for tovecimig and CTX-10726 [11] - General and administrative (G&A) expenses increased to $16.9 million, up 12% from $15.1 million in 2024 [12] Cash Position - As of December 31, 2025, cash and marketable securities totaled $209 million, an increase of $82 million from $127 million in 2024 [13] - The company utilized $49 million in net cash for operating activities during 2025, offset by net proceeds from a public offering of $129 million [13]

Developing next generation antibodies into transformative cancer therapies that improve patients' lives Corporate Presentation Nasdaq: CMPX March 2026 DISCLAIMER This presentation has been prepared by Compass Therapeutics, Inc. ("we," "us," "our," or the "Company"). Statements contained herein are made as of the date of this presentation unless stated otherwise, and this presentation shall not under any circumstances create an implication that the information contained herein is correct as of any time after ...

Core Insights - Palo Alto Investors LP initiated a new position in Compass Therapeutics by purchasing 2,532,419 shares valued at approximately $13.60 million as of December 31, 2025, according to a SEC filing dated February 17, 2026 [1][2]. Company Overview - Compass Therapeutics, Inc. is a clinical-stage biotechnology company focused on developing novel antibody therapeutics for oncology indications, utilizing bispecific and monoclonal antibody technology to address critical pathways in cancer treatment [5][6]. - The company has a focused pipeline and aims to offer differentiated therapies in a competitive biopharmaceutical landscape [5][6]. Financial Metrics - As of February 17, 2026, shares of Compass Therapeutics were priced at $6.39, reflecting a one-year price change of 101.58%, significantly outperforming the S&P 500 by 77.14 percentage points [3]. - The market capitalization of Compass Therapeutics is approximately $891.26 million, with a net income of ($65.81 million) for the trailing twelve months [3]. Investment Position - The new position in Compass Therapeutics accounts for 1.89% of Palo Alto Investors LP's 13F assets under management following the quarter-end [2][3]. - The top five holdings of Palo Alto Investors LP include other biotechnology companies, indicating a strategic focus on the sector [5]. Clinical Development - Compass Therapeutics is advancing clinical-stage antibody-based therapeutics, including CTX-009, CTX-471, and CTX-8371, targeting cancer and tumor vascularization [6][7]. - The company aims to create value through innovation and targeted drug development, focusing on unmet needs in oncology and immunotherapy markets [6][7].

Company Performance - Compass Therapeutics, Inc. (CMPX) has gained approximately 17% year-to-date, outperforming the average gain of 1.7% in the Medical group [4] - The Zacks Consensus Estimate for CMPX's full-year earnings has increased by 5.6% over the past 90 days, indicating improving analyst sentiment [4] - CMPX currently holds a Zacks Rank of 2 (Buy), suggesting a favorable outlook for the stock [3] Industry Context - Compass Therapeutics operates within the Medical - Biomedical and Genetics industry, which consists of 447 companies and is currently ranked 82 in the Zacks Industry Rank [6] - The Medical - Biomedical and Genetics industry has seen an average gain of 7.7% year-to-date, indicating that CMPX is performing better than its industry peers [6] - In contrast, another Medical stock, Ekso Bionics (EKSO), which belongs to the Medical - Instruments industry, has returned 14.2% year-to-date, while its industry has declined by 9.8% [5][6]

Company Overview - ResMed (RMD) is a notable stock within the Medical sector, which consists of 929 individual stocks and ranks 10 in the Zacks Sector Rank [2] - ResMed currently holds a Zacks Rank of 2 (Buy), indicating a favorable outlook based on earnings estimates and revisions [3] Performance Analysis - Year-to-date, ResMed has achieved a return of approximately 7%, outperforming the average gain of 6.3% for the Medical sector [4] - In comparison, Compass Therapeutics, Inc. (CMPX) has returned 14.7% year-to-date, also outperforming the sector [4] - ResMed is part of the Medical - Products industry, which includes 82 companies and currently ranks 155 in the Zacks Industry Rank; this industry has seen an average loss of 5.6% year-to-date, further highlighting ResMed's strong performance [5] Industry Context - The Medical - Biomedical and Genetics industry, which includes Compass Therapeutics, consists of 450 stocks and is currently ranked 90, with a year-to-date increase of 21.1% [6] - Investors are encouraged to monitor both ResMed and Compass Therapeutics for their continued strong performance in the Medical sector [6]

Core Viewpoint - Compass Therapeutics, Inc. (CMPX) has shown a significant price increase of 20.2% over the past four weeks, with a mean price target of $13.23 indicating an upside potential of 113.7% from the current trading price of $6.19 [1] Price Targets and Estimates - The mean estimate consists of 13 short-term price targets with a standard deviation of $6.47, where the lowest estimate of $8.00 suggests a 29.2% increase, while the highest estimate predicts a surge of 384.7% to $30.00 [2] - A low standard deviation indicates a strong agreement among analysts regarding the stock's price movement, which can serve as a starting point for further research [9] Analyst Sentiment and Earnings Estimates - Analysts have shown growing optimism regarding CMPX's earnings prospects, as evidenced by a positive trend in earnings estimate revisions, which correlates strongly with near-term stock price movements [11] - The Zacks Consensus Estimate for the current year has increased by 5.1% over the past month, with two estimates rising and no negative revisions [12] - CMPX holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates, indicating a strong potential upside [13] Caution on Price Targets - While price targets are often sought after by investors, they can be misleading, and reliance solely on them may not yield favorable returns [3][10] - Analysts may set overly optimistic price targets due to business incentives, which can inflate expectations [8]

Core Insights - The article emphasizes the importance of understanding the science behind biotech investments to avoid potential pitfalls in the industry [1]. Group 1 - The author has a PhD in biochemistry and extensive experience analyzing clinical trials and biotech companies [1]. - The mission is to educate investors on the scientific aspects of biotech businesses to facilitate informed decision-making [1].

Company Overview - Compass Therapeutics, Inc. is a clinical-stage oncology company with a focused pipeline targeting large, underserved cancer markets, currently valued at approximately $1.2 billion with a share price around $6 [2] - The company has a strong cash position of $209 million against a manageable annual cash burn of $30–50 million, providing runway through multiple critical data readouts [2] Ownership and Management - The company has approximately 65% institutional ownership led by specialist healthcare investors, alongside 10% insider ownership, indicating strong ownership quality and strategic continuity [3] Pipeline and Value Drivers - The core value driver is CTX-009 (tovecimig), with a Phase 3 program in biliary tract cancer targeting an estimated $1.5 billion peak sales opportunity and a Phase 2 colorectal cancer program with over $2 billion potential [3] - Additional upside comes from CTX-471 in solid tumors, CTX-8371 in PD-1–resistant tumors, and early-stage PD-1 x VEGF programs, bringing total pipeline potential above $4.5 billion [4] Recent Developments - Recent positive developments include the hiring of a recognized commercial leader in cholangiocarcinoma, encouraging signals from the Phase 3 COMPANION-002 trial, and the appointment of a former Sanofi/Genzyme executive to senior leadership [4] Future Catalysts - Major upcoming catalysts include Phase 3 BTC data in March 2026, ASCO presentation mid-2026, and potential BLA filing in late 2026, indicating a highly asymmetric, catalyst-driven upside [5] - Bullish scenarios imply substantial rerating if clinical success is confirmed [5]

Core Viewpoint - Compass Therapeutics is a monoclonal antibody discovery and development company focused on oncology, with significant advancements in its drug pipeline, including positive efficacy signals for its drugs in clinical trials [2][3]. Group 1: Company Overview - Compass Therapeutics is based in Boston, Massachusetts, and specializes in monoclonal antibody development for cancer treatment [2]. - The company has three drugs currently in clinical trials and plans to introduce a fourth drug this quarter [2]. Group 2: Pipeline and Clinical Trials - The most advanced program is Tovecimig, a DLL4 VEGF-A bispecific antibody, which is a next-generation angiogenesis inhibitor [3]. - Tovecimig recently achieved the primary endpoint in a randomized study involving patients with advanced biliary tract cancer [3]. - Data from a Phase II study of Tovecimig in patients with very advanced colorectal cancer was presented at ASCO GI, demonstrating unequivocal monotherapy efficacy [4].