Compass Therapeutics (NasdaqCM:CMPX) FY Conference Transcript

Summary of Compass Therapeutics FY Conference Call Company Overview - Company: Compass Therapeutics - Industry: Biotechnology, specifically focused on monoclonal antibody discovery and development in oncology - Location: Boston - Current Pipeline: Three drugs in clinical trials, with a fourth drug about to enter the clinic [2][3] Key Points and Arguments Upcoming Milestones - Tevesemig: A DLL4 VEGF-A bispecific antibody with a readout on secondary endpoints of progression-free survival (PFS) and overall survival (OS) expected by the end of Q1 2026 [2][3] - PD-1, PD-L1 Bispecific Antibody: Observed three responses in the first 15 patients treated in a phase 1 clinical trial, with cohort expansions planned for triple-negative breast cancer and non-small cell lung cancer [2][3][31] - Fourth Drug: A novel PD-1 VEGF-A bispecific antibody entering the clinic at the beginning of 2026 [3][4] Clinical Trial Insights - Tevesemig Efficacy: In a randomized study, the response rate in the combination arm (including Tevesemig) was more than triple that of the control arm, with a significant reduction in progressive disease incidence (42% in control vs. 16% in combination arm) [5][6][9] - Survival Data: Observations indicate fewer deaths than projected, suggesting improved overall survival [7][9][10] Market Opportunity - Biliary Tract Cancer (BTC): Approximately 25,000 patients diagnosed annually in the U.S., with an estimated 15,000 patients eligible for second-line therapy, representing a multi-billion-dollar commercial opportunity [11][14] - Duration of Therapy: Current second-line chemotherapy duration is low single-digit months, while Tevesemig showed a median PFS of 9.4 months in a phase 2 study [12][14] Expansion Plans - Frontline Studies: Ongoing studies at MD Anderson to evaluate Tevesemig in combination with existing regimens, potentially increasing patient numbers by 50% [15][17] - Additional Indications: DLL4 expression is enriched in various malignancies, including hepatocellular, gastric, ovarian, renal cell, and colorectal cancers, indicating further expansion potential [17][18] Commercial Readiness - Manufacturing Capability: Compass has developed a robust commercial-ready manufacturing process for Tevesemig [20][21] - Prescriber Awareness: Initial pre-commercial work has begun, with plans for a full commercial launch preparation for a potential 2027 launch [20][21] Unique Mechanisms - PD-1, PD-L1 Bispecific Antibody (8371): Utilizes a novel technology called StitchMabs, allowing for unique mechanisms of action, including T cell engagement and PD-1 cleavage [22][25] - Differentiation: The drug is positioned to have better PD-1 blockade compared to other molecules in development, with a focus on its unique mechanism [33][34] Other Important Insights - Clinical Observations: Notable responses in patients previously treated with other therapies, indicating potential for significant clinical impact [31] - Future Indications: Plans to explore additional indications for the PD-1 VEGF bispecific, including gastric cancer, hepatocellular, renal cell, and endometrial cancer [34] This summary encapsulates the critical insights and future directions for Compass Therapeutics as discussed in the conference call.