Compass Therapeutics(US:CMPX)2025-11-05 12:30Financial Performance - The company reported a net loss of $14.3 million for the three months ended September 30, 2025, compared to a net loss of $10.5 million for the same period in 2024, representing an increase of 36%[66]. - The company has incurred significant operating losses since inception, with an accumulated deficit of $415.5 million as of September 30, 2025[56]. - Total operating expenses for the nine months ended September 30, 2025, were $54.8 million, an increase of $13.9 million, or 34%, compared to $40.9 million for the same period in 2024[70]. - For the nine months ended September 30, 2025, the company used $35.9 million in operating activities, compared to $35.7 million in the same period of 2024[78][79]. Research and Development - Research and development expenses increased by $4.2 million, or 49%, for the three months ended September 30, 2025, totaling $12.8 million, driven by costs related to the new pipeline candidate CTX-10726[67]. - Research and development expenses for the nine months ended September 30, 2025, increased by $13 million, or 44%, totaling $42.3 million, with significant increases in manufacturing expenses related to tovecimig and CTX-10726[72]. - The company plans to present full topline data from the Phase 1 study of CTX-8371 at a medical meeting in the first half of 2026[54]. Cash and Funding - The company had cash, cash equivalents, and marketable securities of $220 million as of September 30, 2025, which is expected to fund operations into 2028[57]. - Cash used in investing activities for the nine months ended September 30, 2025, was $90.0 million, while cash provided by investing activities in 2024 was $31.4 million[80]. - Financing activities provided $128.5 million in cash during the nine months ended September 30, 2025, a significant increase from $17.4 million in 2024[81]. - The company expects to fund its operating expenses and capital expenditures into 2028 based on current cash and marketable securities[82]. - Additional funding will be required for the clinical development of product candidates, including tovecimig, CTX-471, CTX-8371, and CTX-10726[82]. - Future funding may involve equity and debt financings, collaborations, and strategic alliances, which could dilute ownership interests[84]. - The company may need to delay or reduce product development if additional funds are not raised when needed[84]. Revenue and Expenses - The company reported no licensing revenue for the nine months ended September 30, 2025, compared to $850 thousand for the same period in 2024[71]. - General and administrative expenses decreased by $0.6 million, or 18%, for the three months ended September 30, 2025, totaling $2.99 million[68]. - Interest income decreased by $0.2 million, or 11%, for the three months ended September 30, 2025, due to a lower average balance of cash and marketable securities[69].