Compass Therapeutics (CMPX) Q1 2026 earnings summary

Executive summary

• Clinical-stage oncology biopharma advancing antibody-based therapeutics targeting angiogenesis and immune modulation for cancer treatment.

• Pipeline includes four clinical candidates, with lead asset tovecimig showing significant improvement in progression-free survival and overall response rate in Phase 2/3 BTC study; BLA submission planned for 2026.

• Tovecimig received Orphan Drug Designation from the FDA in April 2026 for BTC; FDA meeting planned before BLA filing.

• CTX-8371 and CTX-10726, both bispecific antibodies, are advancing in clinical trials with promising early results and data presentations scheduled for 2026.

• No product revenue generated to date; operations funded primarily through equity offerings.

Financial highlights

• Net loss for Q1 2026 was $18.3 million ($0.10 per share), compared to $16.6 million ($0.12 per share) in Q1 2025.

• Total operating expenses rose to $20.3 million, up from $18.0 million year-over-year.

• R&D expenses increased 3% year-over-year to $13.4 million; G&A expenses rose 41% to $6.9 million, mainly due to pre-commercialization and higher stock compensation.

• Cash, cash equivalents, and marketable securities totaled $195 million as of March 31, 2026, expected to fund operations into 2028.

• Cash used in operating activities was $17.3 million for Q1 2026; net cash provided by investing activities was $38.4 million, mainly from net sales of marketable securities.

Outlook and guidance

• Cash resources expected to fund operations and capital expenditures into 2028, supporting ongoing and planned clinical trials.

• Anticipates continued increase in R&D and G&A expenses as clinical programs advance.

• Initial data from CTX-10726 and expanded CTX-8371 cohorts expected in Q4 2026.

• Phase 2 trial of CTX-471 in NCAM-expressing tumors to begin in H2 2026.

• Plans to meet with FDA for BLA submission for tovecimig in BTC.