Compass Therapeutics (CMPX) H.C. Wainwright 27th Annual Global Investment Conference summary

Key clinical program updates

• Lead program Tovecimig, a DLL4 VEGF-A bispecific antibody, showed positive results in a randomized study for advanced biliary tract cancer, tripling response rates over control and achieving a centrally confirmed complete response.

• Tovecimig is being positioned as a second-line standard of care, with a projected U.S. market opportunity exceeding $1 billion annually; a U.S. license application is planned for next year, supported by fast-track designation.

• Additional studies include a basket trial for DLL4-positive malignancies starting Q1 next year and a frontline study at MD Anderson combining Tovecimig with standard regimens.

• CTX-471, a CD137 agonist antibody, demonstrated responses in post-checkpoint inhibitor patients and identified NCAM (CD56) as a potential biomarker; a phase II basket study in NCAM-positive tumors is planned.

• CTX-8371, a PD-1/PD-L1 bispecific antibody, showed strong efficacy in early trials for patients post-checkpoint inhibitor, with plans for cohort expansions in triple-negative breast cancer and non-small cell lung cancer.

Financial and operational highlights

• Recent financing increased pro forma cash to $230 million at the end of Q2, providing runway well into 2028 to support all planned clinical and commercial activities.

• IND filing for a fourth drug, a PD-1 VEGF-A bispecific antibody (10726), is expected in Q4, with preclinical data showing superior potency to leading competitors.

• Head-to-head preclinical studies demonstrated 10726's superiority over Ivonescimab and equivalence to KEYTRUDA in certain models; clinical data are expected next year.

• Multiple data presentations are planned at scientific meetings later this year and next year, including dose escalation and cohort expansion results.

• The company is preparing for U.S. commercialization of Tovecimig, supported by market research confirming a significant patient population with unmet needs.

Forward-looking milestones

• Progression-free survival and overall survival data for Tovecimig's pivotal trial expected in Q1 2026, followed by FDA interaction and potential U.S. license application mid-next year.

• Basket studies for DLL4-positive and NCAM-positive tumors to initiate in the coming year.

• Cohort expansions for CTX-8371 in key cancer types to begin later this year, with data presentations planned.

• IND filing and clinical initiation for 10726 expected in Q4, with preclinical and clinical data to follow.

• Sufficient funding secured to execute all clinical and commercial milestones through 2028.