Compass Therapeutics Reports 2026 Third Quarter Financial Results and Provides Corporate Update

BOSTON, Nov. 09, 2026 — Compass Therapeutics, Inc. (Nasdaq: CMPX), a clinical-stage, oncology-focused biopharmaceutical company developing proprietary antibody-based therapeutics to treat multiple human diseases, today reported third quarter 2026 financial results and provided a business update.

“The third quarter was a period of sustained execution across our pipeline,” said Thomas Schuetz, MD, PhD, Chief Executive Officer and Vice Chairman of the Board of Directors. “We continue to prepare the BLA submission for tovecimig and are working to engage the FDA to bring this important therapy to patients with BTC as quickly as possible. The full COMPANION-002 results, now published in the Journal of Clinical Oncology and presented at ESMO, highlight the strength of the supportive data for tovecimig.”   

“We are confident in the role tovecimig can play in the biliary tract cancer treatment landscape. We are committed to bringing tovecimig to patients as quickly as possible and the totality of the tovecimig data reinforces the urgency of our engagement with the FDA to define the most efficient path to a BLA submission.”

“Our pipeline assets are also nearing very meaningful inflection points in their development. Cohort expansions in patients with triple-negative breast cancer, Hodgkin lymphoma, and non-small cell lung cancer are going well for CTX-8371 and we expect to provide an update on the study later this year. Updates from the dose-escalation study of CTX-10726 are also expected on that same timeline and we are particularly excited about the differentiated potential for CTX-10726 in the PD-1xVEGF field based on the novel mechanistic data we just presented at SITC. CTX-10726 was shown to mediate VEGF-dependent cleavage of cell surface PD-1 – effectively turning PD1-positive cells into PD1-negative cells in the presence of VEGF and directly linking tumor angiogenesis with checkpoint inhibition.”

Pipeline Updates:

Tovecimig (DLL4 x VEGF-A bispecific antibody)

CTX-8371 (PD-1 x PD-L1 bispecific antibody)

CTX-10726 (PD-1 x VEGF-A bispecific antibody)

CTX-471 (CD137 or 4-1BB agonist antibody)

Financial Results

Net loss for the quarter ended September 30, 2026, was $27.2 million or $0.15 per common share, compared to $14.3 million or $0.08 per common share for the same period in 2025. Net loss for the nine months ended September 30, 2026, was $70.6 million or $0.38 per common share, compared to $50.8 million or $0.34 per common share for the same period in 2025.

Research and Development (R&D) Expenses

R&D expenses were $22.0 million for the quarter ended September 30, 2026, as compared to $12.8 million for the same period in 2025, an increase of $9.2 million or 72%. This was primarily driven by $8.6 million of manufacturing costs related to tovecimig. R&D expenses were $55.0 million for the nine months ended September 30, 2026, as compared to $42.3 million for the same period in 2025, an increase of $12.7 million or 30%. This was primarily driven by driven by an increase of $11.1 million of manufacturing expense related to tovecimig.

General and Administrative (G&A) Expenses

G&A expenses were $6.8 million for the quarter ended September 30, 2026, as compared to $3.0 million for the same period in 2025, an increase of $3.8 million or 126%. This was primarily driven by an increase of $1.8 million in stock-based compensation expense and $1.5 million of pre-commercialization expenses. G&A expenses were $21.1 million for the nine months ended September 30, 2026, as compared to $12.7 million for the same period in 2025, an increase of $8.5 million or 68%. This was primarily driven by an increase of $3.8 million of stock-based compensation expense and $4.6 million of pre-commercialization expenses.

Cash Position

As of September 30, 2026, cash and marketable securities were $163 million as compared to $209 million as of December 31, 2025. The decrease was primarily driven by $48 million used in operating activities. Based on current operating plans, the anticipated cash runway is into 2028.  

Forward-Looking Statements
This press release contains forward-looking statements. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, references to Compass’s financial position to continue advancing its product candidates, expectations about cash runway, business and development plans, and statements regarding Compass’s product candidates, including their development and clinical trial milestones such as the expected trial design, timing of enrollment, patient dosing and data readouts, regulatory plans, interactions, and potential pathways with respect to Compass’s product candidates and the therapeutic potential thereof. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, Compass’s ability to raise the additional funding it will need to continue to pursue its business and product development plans, the inherent uncertainties associated with developing product candidates and operating as a development stage company, Compass’s ability to identify additional product candidates for development, Compass’s ability to develop, complete clinical trials for, obtain approvals for and commercialize any of its product candidates, competition in the industry in which Compass operates and market conditions. These forward-looking statements are made as of the date of this press release, and Compass assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents Compass files with the U.S. Securities and Exchange Commission (SEC) available at www.sec.gov, including without limitation Compass’s latest Annual Report on Form 10-K, Quarterly Report on Form 10-Q and subsequent filings with the SEC.

Investor Contact
[email protected]
Media Contact
Anna Gifford, Chief of Staff
[email protected]
617-500-8099

Compass Therapeutics, Inc. and Subsidiaries
Consolidated Statement of Operations
(unaudited)
(In thousands, except per share data)
	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Operating expenses:
Research and development	$	22,039			$	12,826			$	55,001			$	42,297
General and administrative		6,761				2,991				21,077				12,552
Loss from operations		(28,800	)			(15,817	)			(76,078	)			(54,849	)
Interest income		1,629				1,558				5,436				4,076
Net loss	$	(27,171	)		$	(14,259	)		$	(70,642	)		$	(50,773	)
Net loss per share - basic and diluted	$	(0.15	)		$	(0.08	)		$	(0.38	)		$	(0.34	)
Basic and diluted weighted average shares outstanding		186,798				168,782				186,667				148,545

Compass Therapeutics, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except par value)
	September 30, 2026				December 31, 2025
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	41,469			$	30,643
Marketable securities		121,589				178,263
Prepaid expenses and other current assets		2,439				913
Total current assets		165,497				209,819
Property and equipment, net		402				102
Operating lease, right-of-use ("ROU") asset		8,031				9,099
Other assets		568				568
Total assets	$	174,498			$	219,588
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	6,316			$	1,585
Accrued expenses		16,378				11,383
Operating lease obligations, current portion		1,674				1,000
Total current liabilities		24,368				13,968
Operating lease obligations, long-term portion		7,560				8,829
Total liabilities		31,928				22,797
Total stockholders' equity		142,570				196,791
Total liabilities and stockholders' equity	$	174,498			$	219,588