Summary of Compass Therapeutics Conference Call Company Overview - **Company**: Compass Therapeutics (CMPX) - **Location**: Boston - **Industry**: Monoclonal antibody discovery and development in oncology - **Pipeline**: Three drugs in clinical trials, with a fourth drug expected to submit for IND later this year [4][5][6] Key Programs and Developments - **Lead Program**: Tavessimig (formerly CTX009), a DLL4 VEGF A bispecific antibody - Achieved primary endpoint in a randomized study for advanced biliary tract cancer with an overall response rate of 17.1% compared to 5.3% for the control arm [4][13] - Statistically significant difference with p = 0.031 [13] - Ongoing analysis for progression-free survival (PFS) and overall survival (OS) expected later this year [14][19] - **Second Program**: Monoclonal antibody agonist of CD137 (referred to as "four seventy one") - Presented data showing responses in post-PD-1 patients, including a 28% response rate in melanoma [35][36] - Planning for an NCAM positive basket study to begin later this year [37] - **Third Program**: PD-1 PD-L1 bispecific antibody - Currently in dose escalation phase one, with no dose-limiting toxicities reported [41][42] - Expected to share phase one data at a scientific meeting in the second half of this year [42] - **Fourth Program**: VEGF PD-1 bispecific antibody - Pre-IND interaction with the FDA completed, aiming for IND submission in Q4 [49] Market Insights - **Market Size**: Estimated 23,000 patients with biliary tract cancer (BTC) in the U.S. annually, with about 15,000 expected to reach second-line therapy [30][31] - **Commercialization Strategy**: Compass is preparing to commercialize Tavessimig independently while exploring strategic partnerships [31] Competitive Landscape - No labeled second-line therapies for biliary tract cancer in the U.S., with existing treatments primarily being targeted therapies [32][33] Financials and Milestones - **Cash Position**: Approximately $113 million as of Q1, providing runway into 2027 [50] - **Key Milestones**: - PFS and OS readout from the randomized biliary tract cancer study expected in early Q4 [52] - Initiation of the basket study for "four seventy one" in April [55] - IND filing for the PD-1 VEGF bispecific expected in Q4 [55] Additional Considerations - Market reaction to the data has been mixed, with some investors expecting higher response rates [15][16] - The company emphasizes the importance of the full data set before considering accelerated approval discussions with the FDA [20][21] - The differentiation of their bispecific antibodies is highlighted, with claims of superior potency compared to competitors [47][48]