Company Overview - Compass Therapeutics, Inc. is a clinical-stage oncology company with a focused pipeline targeting large, underserved cancer markets, currently valued at approximately $1.2 billion with a share price around $6 [2] - The company has a strong cash position of $209 million against a manageable annual cash burn of $30–50 million, providing runway through multiple critical data readouts [2] Ownership and Management - The company has approximately 65% institutional ownership led by specialist healthcare investors, alongside 10% insider ownership, indicating strong ownership quality and strategic continuity [3] Pipeline and Value Drivers - The core value driver is CTX-009 (tovecimig), with a Phase 3 program in biliary tract cancer targeting an estimated $1.5 billion peak sales opportunity and a Phase 2 colorectal cancer program with over $2 billion potential [3] - Additional upside comes from CTX-471 in solid tumors, CTX-8371 in PD-1–resistant tumors, and early-stage PD-1 x VEGF programs, bringing total pipeline potential above $4.5 billion [4] Recent Developments - Recent positive developments include the hiring of a recognized commercial leader in cholangiocarcinoma, encouraging signals from the Phase 3 COMPANION-002 trial, and the appointment of a former Sanofi/Genzyme executive to senior leadership [4] Future Catalysts - Major upcoming catalysts include Phase 3 BTC data in March 2026, ASCO presentation mid-2026, and potential BLA filing in late 2026, indicating a highly asymmetric, catalyst-driven upside [5] - Bullish scenarios imply substantial rerating if clinical success is confirmed [5]