Compass Therapeutics(CMPX)

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Compass Therapeutics(CMPX) - 2022 Q3 - Quarterly Report
2022-11-08 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 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: 001-39696 COMPASS THERAPEUTICS, INC. (Exact Name of Registrant as Specified in its Charter) D ...
Compass Therapeutics(CMPX) - 2022 Q2 - Quarterly Report
2022-07-31 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 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: 001-39696 COMPASS THERAPEUTICS, INC. (Exact Name of Registrant as Specified in its Charter) Delawa ...
Compass Therapeutics(CMPX) - 2022 Q1 - Quarterly Report
2022-05-08 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |------------------------------------------------------------------------------------------------------------|-----------------------------------------------------| | | | | For ...
Compass Therapeutics(CMPX) - 2021 Q4 - Annual Report
2022-03-17 16:00
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, 2021 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 its Charter) Delaware 82-4876496 (State or other jurisdict ...
Compass Therapeutics(CMPX) - 2021 Q3 - Quarterly Report
2021-11-11 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |-------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------- ...
Compass Therapeutics(CMPX) - 2021 Q2 - Quarterly Report
2021-08-15 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |-----------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------- ...
Compass Therapeutics(CMPX) - 2021 Q1 - Quarterly Report
2021-04-29 16:00
[PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%2E%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201%2E%20Financial%20Statements%20%28Unaudited%29) The company reported a net loss of $7.4 million for Q1 2021, with cash and equivalents at $39.7 million and total assets at $48.2 million, reflecting a $158.8 million accumulated deficit [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2021, total assets decreased to $48.2 million, liabilities increased to $14.7 million, and stockholders' equity decreased to $33.5 million Condensed Consolidated Balance Sheet Data (in thousands) | Account | March 31, 2021 (Unaudited) | December 31, 2020 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $39,695 | $47,076 | | Total current assets | $41,647 | $50,202 | | Total assets | $48,198 | $51,911 | | **Liabilities & Stockholders' Equity** | | | | Total current liabilities | $10,850 | $10,099 | | Total liabilities | $14,727 | $11,966 | | Accumulated deficit | ($158,830) | ($151,408) | | Total stockholders' equity | $33,471 | $39,945 | | Total liabilities and stockholders' equity | $48,198 | $51,911 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Net loss for Q1 2021 increased to $7.4 million from $6.4 million in Q1 2020, primarily due to a $1.1 million rise in R&D costs Condensed Consolidated Statements of Operations (in thousands, except per share data) | Metric | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | Research and development | $4,704 | $3,571 | | General and administrative | $2,635 | $2,260 | | Total operating expenses | $7,339 | $5,831 | | Loss from operations | ($7,339) | ($5,831) | | Net loss | ($7,422) | ($6,402) | | Net loss per share - basic and diluted | ($0.14) | ($0.90) | | Basic and diluted weighted average shares outstanding | 51,313 | 7,122 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities was $5.6 million, resulting in a $7.5 million net decrease in cash, bringing the end-of-period balance to $39.8 million Summary of Cash Flows (in thousands) | Activity | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | Net cash used in operating activities | ($5,605) | ($7,761) | | Net cash used in investing activities | ($13) | ($12) | | Net cash used in financing activities | ($1,875) | $0 | | Net change in cash, cash equivalents and restricted cash | ($7,493) | ($7,773) | | Cash, cash equivalents and restricted cash at end of period | $39,846 | $17,793 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes confirm the company's biopharmaceutical business, 12-month funding outlook, new lease standard adoption, term loan details, and COVID-19 impact on trials - The company is a clinical-stage biopharmaceutical company developing proprietary antibody therapeutics for cancer treatment[23](index=23&type=chunk) - Based on current plans, the company expects its cash and cash equivalents of **$39.7 million** (as of March 31, 2021) to fund operating expenses and capital requirements for the next **12 months**[27](index=27&type=chunk) - The company adopted the new lease accounting standard ASU 2016-02 on January 1, 2021, resulting in the recognition of a right-of-use asset of **$5.1 million** and a corresponding lease liability[32](index=32&type=chunk)[44](index=44&type=chunk) - As of March 31, 2021, the company had **$7.5 million** in debt outstanding from its Credit Facility with Pacific Western Bank, with principal payments of **$625,000** due monthly through March 2022[39](index=39&type=chunk)[101](index=101&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=17&type=section&id=Item%202%2E%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's clinical-stage biopharmaceutical focus, Q1 2021 net loss of $7.4 million due to increased R&D, and cash expected to fund operations into Q2 2022, with substantial additional funding required [Overview and Pipeline](index=17&type=section&id=Overview%20and%20Pipeline) The company is a clinical-stage biopharmaceutical firm with lead product CTX-471 in Phase 1b and CTX-8371 in IND-enabling studies, having incurred significant operating losses - Lead product candidate CTX-471 is in the dose expansion stage (Phase 1b) of its trial, with a Phase 2/3 trial expected to start in **H2 2022**[65](index=65&type=chunk) - Second product candidate CTX-8371 is undergoing IND-enabling studies, with an IND submission targeted for **H1 2022**[65](index=65&type=chunk) - The company has incurred significant operating losses since inception, with an accumulated deficit of **$158.8 million** as of March 31, 2021[67](index=67&type=chunk) [Results of Operations](index=19&type=section&id=Results%20of%20Operations) Total operating expenses increased by $1.5 million to $7.3 million in Q1 2021, driven by a $1.1 million rise in R&D and a $0.4 million increase in G&A Comparison of Operations (in thousands) | Line Item | Q1 2021 | Q1 2020 | Change | | :--- | :--- | :--- | :--- | | Research and development | $4,704 | $3,571 | $1,133 | | General and administrative | $2,635 | $2,260 | $375 | | **Total operating expenses** | **$7,339** | **$5,831** | **$1,508** | | **Net loss** | **($7,422)** | **($6,402)** | **($1,020)** | R&D Expenses by Program (in thousands) | Program | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | CTX-471 | $998 | $865 | | CTX-8371 | $1,494 | $55 | | Unallocated R&D | $2,095 | $2,606 | | **Total R&D** | **$4,704** | **$3,571** | [Liquidity and Capital Resources](index=20&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2021, the company had $39.7 million in cash, expected to fund operations into Q2 2022, with substantial additional funding required for future development - The company had **$39.7 million** in cash and cash equivalents as of March 31, 2021[69](index=69&type=chunk)[90](index=90&type=chunk) - Existing cash is expected to fund operating expenses and capital expenditure requirements into the **second quarter of 2022**[69](index=69&type=chunk)[104](index=104&type=chunk) - Future operations will require substantial additional funding, which the company expects to raise through equity/debt financings or strategic collaborations[68](index=68&type=chunk)[94](index=94&type=chunk)[105](index=105&type=chunk) [Controls and Procedures](index=24&type=section&id=Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of March 31, 2021, with no material changes to internal control over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of March 31, 2021[111](index=111&type=chunk) - No changes occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[112](index=112&type=chunk) [PART II. OTHER INFORMATION](index=25&type=section&id=PART%20II%2E%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=25&type=section&id=Item%201%2E%20Legal%20Proceedings) The company is not currently involved in any material legal proceedings - The company is not currently involved in any material legal proceedings[115](index=115&type=chunk) [Item 1A. Risk Factors](index=2&type=section&id=Item%201A%2E%20Risk%20Factors) No material changes to risk factors from the 2020 Form 10-K, highlighting limited operating history, significant losses, funding needs, and clinical development uncertainties - The company has a limited operating history, no products approved for sale, and a history of significant losses which are expected to continue[4](index=4&type=chunk) - Substantial additional financing is required to pursue business objectives, and failure to obtain it could force delays or termination of development efforts[4](index=4&type=chunk) - Clinical development is lengthy, expensive, and uncertain. Positive results from early-stage trials may not be predictive of future results[4](index=4&type=chunk) - The business could be materially and adversely affected by the COVID-19 pandemic[5](index=5&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=25&type=section&id=Item%202%2E%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities during the period - There were no unregistered sales of equity securities during the period[118](index=118&type=chunk)
Compass Therapeutics(CMPX) - 2020 Q4 - Annual Report
2021-03-05 13:28
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, 2020 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 its Charter) Delaware 82-4876496 (State or other jurisdict ...
Compass Therapeutics(CMPX) - 2020 Q3 - Quarterly Report
2020-11-09 12:31
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |-------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------| | ...
Compass Therapeutics(CMPX) - 2020 Q2 - Quarterly Report
2020-08-13 18:57
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |-------------------------------------------------------------------------------------------------------------------|------------------------------------------------------| | | | ...