Compass Therapeutics (CMPX) Q4 2025 earnings summary

Executive summary

• Lead asset tovecimig met the primary endpoint of overall response rate in the COMPANION-002 Phase 2/3 study for biliary tract cancer, with key secondary endpoint data (PFS and OS) expected in April 2026.

• Expansion cohorts for CTX-8371 in TNBC, NSCLC, and Hodgkin lymphoma are enrolling, following strong responses in heavily pre-treated patients.

• IND for CTX-10726 received FDA clearance; Phase 1 study to open enrollment in Q1 2026.

• Expanded leadership team with new CMO, CCO, and promotion of CSO.

• Cash and marketable securities of $209 million at year-end 2025, expected to fund operations into 2028.

Financial highlights

• Net loss for 2025 was $66.5 million, or $0.42 per share, compared to $49.4 million, or $0.36 per share, in 2024.

• R&D expenses rose to $56.0 million in 2025 from $42.3 million in 2024, mainly due to increased manufacturing costs for tovecimig and CTX-10726.

• G&A expenses increased to $16.9 million in 2025 from $15.1 million in 2024, driven by pre-commercialization and advisory fees.

• Cash and marketable securities increased to $209 million at year-end 2025 from $127 million at year-end 2024, supported by a $129 million public offering.

Outlook and guidance

• PFS and OS data for tovecimig in biliary tract cancer expected in April 2026.

• Phase 2 study of tovecimig in DLL4+ tumors to initiate mid-2026.

• Initial data from CTX-8371 expansion cohorts and Phase 1 dose-escalation to be presented in Q2 2026.

• Phase 1 study for CTX-10726 to open in Q1 2026, with clinical data expected in the second half of the year.

• Phase 2 trial of CTX-471 in NCAM (CD56) expressing tumors to start mid-2026.