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Dec 31, 2025
Compass Q4 2025 Earnings Report
Compass Therapeutics reported a quarterly net loss with no revenue while continuing to invest in its clinical-stage oncology pipeline.
Key Takeaways
Compass Therapeutics reported no revenue in Q4 2025 and a net loss of $15.72M as the company continued to fund research and development for its antibody-based oncology therapies. R&D spending remained the largest cost driver while the company ended the year with $209M in cash and marketable securities to fund operations into 2028.
Quarterly net loss was $15.72M with EPS of -$0.09.
Research and development spending remained the primary expense at $13.67M for the quarter.
General and administrative expenses totaled $4.32M in Q4.
The company ended 2025 with $209M in cash and marketable securities providing runway into 2028.
Forward Guidance
Compass expects several clinical milestones in 2026 including key data readouts for its lead asset tovecimig and expansion of multiple clinical programs, supported by a cash runway projected into 2028.
Positive Outlook
- Key progression-free survival and overall survival data for tovecimig expected in April.
- Expansion cohorts for CTX-8371 enrolling across multiple tumor types.
- FDA cleared IND for CTX-10726 with Phase 1 study launching in 2026.
- Phase 2 trial for CTX-471 expected to initiate in mid-2026.
- Strong cash position with $209M funding operations into 2028.
Challenges Ahead
- Company remains pre-revenue with no commercialized products.
- Continued quarterly operating losses driven by R&D spending.
- Clinical-stage development introduces regulatory and trial risks.
- Future funding may be required beyond current runway.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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