Financial Performance - As of June 30, 2024, the company reported net losses of $13.1 million for the three months ended June 30, 2024, compared to $11.3 million for the same period in 2023, and $23.9 million for the six months ended June 30, 2024, compared to $19.1 million in 2023[58]. - The net loss for the three months ended June 30, 2024, was $13.1 million, compared to a net loss of $11.3 million for the same period in 2023, reflecting an increase of $1.8 million[69]. - Cash used in operating activities for the six months ended June 30, 2024, was $24.6 million, compared to $22.3 million for the same period in 2023[84]. Revenue and Expenses - Licensing revenue for the three months ended June 30, 2024, was $850 thousand, a significant increase from $0 for the same period in 2023, primarily due to a $1 million milestone payment from Elpiscience[70]. - For the six months ended June 30, 2024, licensing revenue was $850 thousand, with no licensing revenue reported for the same period in 2023[76]. - Research and development expenses increased by $1.0 million, or 9%, for the three months ended June 30, 2024, totaling $11.2 million compared to $10.2 million in the same period in 2023[71]. - Research and development expenses for the six months ended June 30, 2024, increased by $3.8 million, or 23%, totaling $20.7 million compared to $16.9 million in the same period in 2023[77]. - General and administrative expenses rose by $1.6 million, or 52%, for the three months ended June 30, 2024, reaching $4.7 million compared to $3.1 million in the same period in 2023[72]. - General and administrative expenses for the six months ended June 30, 2024, increased by $1.8 million, or 29%, totaling $8.0 million compared to $6.2 million in the same period in 2023[77]. Cash Position and Funding - As of June 30, 2024, the company had $146 million in cash, cash equivalents, and marketable securities, expected to fund operations into Q1 2027[59]. - The company has sufficient cash, cash equivalents, and marketable securities to fund operations and capital expenditures into Q1 2027, based on current plans[89]. - The company expects future funding requirements to increase substantially due to ongoing activities, including clinical trials and regulatory approvals[88]. - The company expects to require additional funding for the clinical development of three programs: CTX-009, CTX-471, and CTX-8371[89]. - The company plans to finance cash needs through equity and debt financings, collaborations, and licensing arrangements, which may dilute ownership interest[90]. Clinical Trials and Development - CTX-009 is currently in two ongoing U.S. clinical trials, with a Phase 2 trial for metastatic colorectal cancer showing a disease control rate of 71% and an overall response rate of 5%[48][49]. - A randomized Phase 2/3 trial for CTX-009 in combination with paclitaxel for biliary tract cancer has fully enrolled 150 patients, with top-line data expected in Q1 2025[49]. - The FDA granted Fast Track Designation to CTX-009 in combination with paclitaxel for the treatment of metastatic or locally advanced biliary tract cancer in April 2024[50]. - CTX-471, a monoclonal antibody, is currently in a Phase 1b clinical trial, with plans for a Phase 2 monotherapy study based on a newly identified biomarker[55][52]. - CTX-8371, a bispecific antibody targeting PD-1 and PD-L1, has completed its first cohort in a clinical trial with no dose-limiting toxicities observed[56]. - The company expects to continue incurring significant expenses for clinical development and regulatory approval for the next several years[58]. - If regulatory approval is received for CTX-009, CTX-471, or CTX-8371, significant commercialization expenses will be incurred related to manufacturing, sales, marketing, and distribution[89]. Legal and Compliance - There were no changes in internal control over financial reporting during the quarter ended June 30, 2024, that materially affected internal controls[93]. - As of the date of the report, the company is not involved in any material legal proceedings, although it may face various claims in the ordinary course of business[95].
Compass Therapeutics(CMPX) - 2024 Q2 - Quarterly Report