Compass Therapeutics Reports Third Quarter 2025 Financial Results and Provides Corporate Update

Core Insights - Compass Therapeutics reported strong progress in its clinical pipeline, particularly with tovecimig for advanced biliary tract cancer (BTC), expecting to release overall survival (OS) and progression-free survival (PFS) data in late Q1 2026, which may support a Biologics License Application (BLA) filing in the second half of 2026 [2][4][5] - The company has observed promising responses in CTX-8371, with no dose-limiting toxicities, and plans to expand cohorts in non-small cell lung cancer (NSCLC) and triple-negative breast cancer (TNBC) [2][4][12] - Compass Therapeutics has a strong cash position of $220 million as of September 30, 2025, which is expected to fund operations through 2028 [14] Clinical Pipeline Updates - Tovecimig is in the Phase 2/3 COMPANION-002 study for advanced BTC, with analyses of OS and PFS expected in late Q1 2026 [4][5] - CTX-8371 has shown new responses in a third indication, with cohort expansions planned for NSCLC and TNBC based on previous results [2][12] - CTX-10726 is on track for an Investigational New Drug (IND) filing in Q4 2025, with initial Phase 1 clinical data anticipated in H2 2026 [4][12] Financial Performance - For Q3 2025, the net loss was $14.3 million, compared to $10.5 million in Q3 2024, with a net loss of $50.8 million for the nine months ended September 30, 2025, compared to $34.3 million for the same period in 2024 [9][19] - Research and development (R&D) expenses increased to $12.8 million for Q3 2025, up 49% from $8.6 million in Q3 2024, primarily due to manufacturing and IND-enabling costs for CTX-10726 [10][19] - General and administrative (G&A) expenses decreased to $3.0 million for Q3 2025, down 18% from $3.6 million in Q3 2024, attributed to a credit from unvested employee equity [13][19] Cash Position - As of September 30, 2025, Compass Therapeutics had $220 million in cash and marketable securities, a significant increase from $127 million at the end of 2024, providing a cash runway into 2028 [14][21]