Compass Therapeutics(CMPX) - 2024 Q3 - Quarterly Results

Financial Performance - The net loss for the quarter ended September 30, 2024, was $10.5 million, or $0.08 per share, compared to a net loss of $10.0 million, or $0.08 per share, for the same period in 2023[8] - The net loss for the nine months ended September 30, 2024, was $34.3 million, or $0.25 per share, compared to a net loss of $29.1 million, or $0.23 per share, for the same period in 2023[8] Research and Development - Research and Development (R&D) expenses for the quarter were $8.6 million, a slight decrease from $8.8 million in the same period in 2023[9] - Clinical costs related to the COMPANION-002 trial increased by $5.2 million, contributing to the overall rise in R&D expenses for the nine months ended September 30, 2024[9] - The Phase 2/3 trial of CTX-009 in patients with biliary tract cancers is fully enrolled, with top-line data readout expected by the end of Q1 2025[1] - A Phase 2 trial of CTX-009 in combination with chemotherapy for DLL4-positive colorectal cancer is being designed, with initiation expected in mid-2025[1] - CTX-471 has shown a correlation between NCAM (CD56) expression and disease control, leading to plans for a Phase 2 trial in mid-2025[1] - The second dosing cohort of the Phase 1 study of CTX-8371 is fully enrolled, with enrollment into the third cohort expected to begin soon[6] Expenses - General and Administrative (G&A) expenses increased to $3.6 million for the quarter, up from $3.1 million in the same period in 2023, primarily due to higher stock compensation expenses[10] Cash and Securities - Cash and marketable securities as of September 30, 2024, totaled $135 million, down from $152 million as of December 31, 2023, providing a cash runway into the first quarter of 2027[11] Liabilities and Equity - Total liabilities increased to $10,753 million from $8,337 million, reflecting a growth of approximately 29.3% year-over-year[21] - Total stockholders' equity decreased to $138,398 million from $148,538 million, indicating a decline of about 6.8%[21] - Total liabilities and stockholders' equity amounted to $149,151 million, down from $156,875 million, representing a decrease of approximately 4.9%[21] - Long-term operating lease obligations are reported at $6,320 million[21]