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Jun 30
Compass Q2 2025 Earnings Report
Compass Therapeutics reported its second quarter 2025 financial results, highlighting progress in its clinical and pre-clinical programs and providing an update on its cash position.
Key Takeaways
Compass Therapeutics reported a net loss of $19.9 million for Q2 2025, or $0.14 per share, compared to a net loss of $13.1 million, or $0.10 per share, for the same period in 2024. The company ended the quarter with $101 million in cash and marketable securities, providing a cash runway into 2027. Research and Development expenses increased significantly due to additional manufacturing expenses for key drug candidates.
Net loss for Q2 2025 was $19.9 million, an increase from $13.1 million in Q2 2024.
Research and Development expenses rose by 47% to $16.4 million, primarily due to manufacturing costs for tovecimig and CTX-10726.
The company maintained a strong cash position, ending Q2 2025 with $101 million in cash and marketable securities, extending its cash runway into 2027.
Clinical trials for tovecimig and CTX-8371 showed promising results, with updated timelines for secondary endpoint analyses and planned cohort expansions.
Compass
Compass
Forward Guidance
Compass Therapeutics provided updates on its clinical programs, including revised timelines for secondary endpoint analyses for tovecimig and planned cohort expansions for CTX-8371. The company also expects to submit an IND for CTX-10726 and initiate a Phase 2 trial for CTX-471.
Positive Outlook
- Analysis of tovecimig's secondary endpoints (OS and PFS) now expected in Q1 2026, suggesting potential positive impact on overall survival due to fewer observed deaths.
- Two deep and confirmed partial responses observed in the Phase 1 study of CTX-8371, leading to planned cohort expansions in Q4 2025.
- CTX-10726 demonstrated superiority in PD-1 inhibition and anti-tumor responses in mouse models compared to ivonescimab, with IND filing expected in Q4 2025.
- CTX-10726 leverages in-house expertise and commercially viable manufacturing yields.
- Phase 2 trial of CTX-471 expected to initiate in the second half of 2025.
Challenges Ahead
- The analysis of secondary endpoints for tovecimig has been delayed to Q1 2026.
- No specific revenue guidance was provided for future periods.
- Increased R&D expenses are expected to continue due to ongoing manufacturing and clinical development activities.
- The company will need to raise additional funding to continue pursuing its business and product development plans.
- Clinical data for CTX-10726 is not expected until 2026.