Compass Therapeutics Q3 net loss widens on higher R&D expenses
CMPX•Compass Therapeutics reported a Q3 net loss of $27.17 million, with higher R&D and G&A expenses. It ended the quarter with $163 million in cash and marketable securities, projecting a runway into 2028.
1. Quarterly results
Compass Therapeutics’ Q3 net loss widened year over year, mainly due to higher R&D expenses from increased tovecimig manufacturing costs. G&A expenses rose on increased stock-based compensation and pre-commercialization costs. The company reported a $28.8 million operating loss and a $0.15 loss per basic share.
2. Pipeline and cash
The company plans to advance a biologics license application submission for tovecimig in biliary tract cancer despite an FDA request for a new trial. It expects updates later this year on CTX-8371 Phase 1 cohort expansions and the CTX-10726 Phase 1 dose-escalation study. Compass ended Q3 with $163 million in cash and marketable securities and projected its runway into 2028.
