Compass Therapeutics (NasdaqCM:CMPX) FY Conference Transcript

Summary of Compass Therapeutics FY Conference Call Company Overview - Company: Compass Therapeutics - Ticker: NasdaqCM:CMPX - Location: Boston, Massachusetts - Industry: Monoclonal antibody development and discovery in oncology - Pipeline: Three drugs in clinical trials (two bispecific antibodies and one monoclonal antibody), with a fourth drug expected to file an IND in the next quarter [2][3] Key Pipeline Developments - Tavecimab: - Lead program, a DLL4-VEGF8 bispecific antibody - Achieved primary endpoint of overall response rate in a randomized trial - Notable results: 17.1% response rate in combination arm vs. 5.3% in control arm, statistically significant with a p-value of 0.031 [10][11] - Ongoing randomized trial of Tavecimab plus paclitaxel vs. paclitaxel alone in advanced biliary tract cancer [8] - Significant unmet medical need in biliary tract cancer, with no labeled second-line standard of care [9] - Expected data analysis for progression-free survival (PFS) and overall survival (OS) in Q1 2026 [10][12] - Monoclonal Antibody 471: - Next-generation CD137 agonist antibody - Presented data showing responses in difficult-to-treat patient populations, including melanoma and small cell lung cancer [3][4] - PD1-PDL1 Bispecific Antibody (H371): - Early phase I study showing deep responses in patients with non-small cell lung cancer and triple-negative breast cancer [24][25] - Mechanism of action involves dual ligand and receptor blockade, significantly more potent than single agents [22] - PD1-VEGF8 Bispecific Antibody (10726): - Expected IND filing in Q4 2025, with potential clinical data in 2026 [31] - Preclinical studies suggest it may outperform established therapies like Ivernizumab [30] Financial and Operational Highlights - Recent Financing: - Completed a $138 million upsized financing, extending cash runway into 2028 [36][37] - Funds will support multiple upcoming milestones, including data readouts and clinical trials for Tavecimab, H371, and 10726 [37] - Manufacturing Capabilities: - Developed bispecific manufacturing expertise, achieving commercial-ready yields [32][33] - Yields for bispecific antibodies are significantly higher than traditional monoclonal antibodies [33] Market Opportunity - Biliary Tract Cancer: - Approximately 25,000 new cases annually in the U.S., with a significant unmet need for second-line therapies [9][17] - Tavecimab positioned to become the second-line standard of care [9] - Potential Expansion: - Plans for a phase II basket study of Tavecimab in various DLL4-positive cancers, including colorectal and ovarian cancers [18][19] Investor Sentiment - Key Points of Interest: - Investors are particularly focused on the progress of Tavecimab and the unexpected positive outcomes from H371 [38] - The company is perceived as undervalued based on Tavecimab alone, with potential for increased valuation following positive data readouts [38] Conclusion - Compass Therapeutics is advancing a robust pipeline of innovative therapies targeting significant unmet needs in oncology, with promising early data and a strong financial position to support ongoing development and potential market entry.