Compass Therapeutics, Inc.
CMPX evidence brief
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What it means
What to watch
Prepared research question
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Traceable citations · Unknowns marked
BioSniper AI · CMPX
Compass Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing bispecific antibodies for oncology, with lead programs CTX-009, CTX-471, and CTX-8371 in Phase 1/2/3 trials and a novel PD-1/VEGF bispecific CTX-10726 entering the clinic.
Key risk: No approved products
BioSniper Score
Based on 5 of 6 signals
Market Cap
$432.2M
Cash Runway
35.3 moLead Asset
CTX-009 (Phase 2)Next Catalyst
Phase2_Start · Sep 1, 2026Financial data as of Jun 30, 2026.
Tracking 6 pipeline candidates · 6 clinical trials · 2 catalysts for Compass Therapeutics, Inc..
Compass Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing bispecific antibodies for oncology, with lead programs CTX-009, CTX-471, and CTX-8371 in Phase 1/2/3 trials and a novel PD-1/VEGF bispecific CTX-10726 entering the clinic.
- As of June 30, 2025, Compass had $101 million in cash, cash equivalents and marketable securities, expected to fund operations into 2027 [sec_mda · as of 2025-08-11].
- The company has incurred significant operating losses, with a net loss of $16.6 million for Q1 2025 and an accumulated deficit of $381.3 million as of March 31, 2025 [sec_mda · as of 2025-05-08].
- Lead programs include CTX-009 (Phase 2/3), CTX-471 (Phase 2), and CTX-8371 (Phase 1a), with a novel PD-1/VEGF bispecific CTX-10726 expected to file an IND in Q4 2025 and announce clinical data in 2026 [sec_mda · as of 2024-11-12][sec_mda · as of 2025-08-11].
- Compass has raised $430 million in gross proceeds from equity sales through June 30, 2025, and expects to require additional financing to complete development [sec_mda · as of 2025-08-11].
- The company faces risks common to pre-revenue biotechs: no approved products, reliance on future financing, and dependence on successful clinical trials and regulatory approvals [sec_mda · as of 2025-02-27].
What works
- Compass has a diversified pipeline of bispecific antibodies targeting multiple oncology pathways, including CTX-009 (DLL4/VEGF), CTX-471 (CD137), CTX-8371 (PD-1/PD-L1), and CTX-10726 (PD-1/VEGF), providing multiple shots on goal [sec_mda · as of 2025-08-11].
- The company has demonstrated ability to raise capital, with $430 million in gross equity proceeds through June 2025, and has a cash runway into 2027 based on current plans [sec_mda · as of 2025-08-11].
- CTX-10726 was discovered in-house and leverages existing components from tovecimig and CTX-8371, potentially enabling faster development and commercial-scale manufacturing yields [sec_mda · as of 2025-08-11].
What to weigh
- Compass has no approved products and has never generated product revenue; it expects to continue incurring significant losses for at least several more years [sec_mda · as of 2025-05-08].
- The company will require substantial additional financing to complete development and commercialization, and may be unable to raise funds on favorable terms or at all [sec_mda · as of 2025-02-27].
- Cash runway estimates are based on assumptions that may prove wrong, and the company could exhaust capital sooner than expected, potentially forcing delays or reductions in development [sec_mda · as of 2025-08-11].
- Clinical and regulatory success is uncertain; delays in trials, manufacturing, or FDA interactions could materially impact timelines and financial position [sec_mda · as of 2025-02-27].
From the filings
Quoted directly from source documents.
Cash position and runway into 2027
“As of June 30, 2025, we had $101 million in cash, cash equivalents and marketable securities. We expect that such cash resources will enable us to fund our operating expenses and capital expenditure requirements into 2027.”
SEC MD&A · August 11, 2025
Accumulated deficit and net loss
“Our net losses were $16.6 million and $10.8 million for the three months ended March 31, 2025 and 2024, respectively. We had an accumulated deficit of $381.3 million on March 31, 2025.”
SEC MD&A · May 8, 2025
Need for additional financing
“We will require substantial additional financing to pursue our business objectives, which may not be available on acceptable terms, or at all.”
SEC MD&A · February 27, 2025
Catalyst timeline
- 2026-09-01 · Phase 2 Start: CTX-471 in NCAM Positive Tumors — Initiation of a Phase 2 open-label study of CTX-471 in patients with NCAM-positive tumors; will provide initial efficacy and safety data.
- 2026-12-01 · Phase 3 Topline: CTX-009 + Paclitaxel vs Paclitaxel — Topline results from a Phase 2/3 randomized controlled study of CTX-009 in combination with paclitaxel; pivotal data for potential registration.
Risks & what to watch (4)›
Key risks
- No approved products — Compass has no products approved for commercial sale and has never generated product revenue [sec_mda · as of 2025-05-08].
- Financing dependency — The company will need substantial additional capital to complete development; failure to raise funds could force delays or termination of programs [sec_mda · as of 2025-02-27].
- Clinical trial risks — Delays in patient enrollment, manufacturing, or regulatory interactions could materially impact timelines and financial position [sec_mda · as of 2025-02-27].
- Competitive landscape — The oncology and immunology market is highly competitive, with many emerging therapies that could limit commercial potential [sec_mda · as of 2026-03-05].
What to watch
- Initiation of the Phase 2 study for CTX-471 in NCAM-positive tumors, expected to start September 2026 [upcoming catalysts].
- Topline data from the Phase 2/3 study of CTX-009 in combination with paclitaxel, expected December 2026 [upcoming catalysts].
- IND submission for CTX-10726 in Q4 2025 and clinical data announcement expected in 2026 [sec_mda · as of 2025-08-11].
- Cash runway updates; as of June 30, 2025, cash of $101 million was expected to fund operations into 2027 [sec_mda · as of 2025-08-11].
Sources: SEC MD&A · Generated August 29, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
35.3 months
D/E 0.15
Lead: Phase 2/Phase 3
6 candidates
2 upcoming, next in ~2d
No insider transactions in the last 180 days
Runway
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
202
Total value held
$918.3M
| Holder | Shares | Value |
|---|---|---|
| tang capital management llc | 16,790,809 | $88.8M |
| orbimed advisors llc | 15,219,994 | $80.5M |
| suvretta capital management, llc | 14,307,379 | $75.7M |
| vanguard capital management llc | 12,074,350 | $63.9M |
| blackrock, inc. | 9,506,080 | $50.3M |
| adage capital partners gp, l.l.c. | 8,486,500 | $44.9M |
| enavate sciences gp, llc | 7,788,150 | $41.2M |
| bvf inc/il | 7,764,842 | $41.1M |
| state street corp | 6,694,976 | $35.4M |
| rtw investments, lp | 4,186,599 | $22.1M |
Showing top 10 of 202 institutional holders of Compass Therapeutics, Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 20, 2026- % of float
- 20.2%
- Days to cover
- 2.4
- Shares short
- 30,416,716
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
CMPX short interestGovernance
Frequently asked questions
What is the AI investment thesis for Compass Therapeutics, Inc.?
Compass Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing bispecific antibodies for oncology, with lead programs CTX-009, CTX-471, and CTX-8371 in Phase 1/2/3 trials and a novel PD-1/VEGF bispecific CTX-10726 entering the clinic.
What is Compass Therapeutics, Inc.'s lead drug candidate?
Compass Therapeutics, Inc.'s most advanced tracked candidate is CTX-009 (Phase 2) for Biliary Tract Cancer; Metastatic Colorectal Cancer.
What is Compass Therapeutics, Inc.'s next catalyst?
Compass Therapeutics, Inc.'s next tracked catalyst is a Phase2_Start event — "Phase 2 Start: A Phase 2, Open-Label Study of CTX-471 in Patients With NCAM Positive Tumors" — expected September 1, 2026.
Who is the CEO of Compass Therapeutics, Inc.?
Dr. Thomas J. Schuetz M.D., Ph.D. is the chief executive officer of Compass Therapeutics, Inc. (CMPX).
Where is Compass Therapeutics, Inc. headquartered?
Compass Therapeutics, Inc. (CMPX) is headquartered in Boston, MA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.