CMPX offers clinically validated but highly regulatory-dependent oncology optionality, with $180 million of cash supporting a binary path from $1.85 toward substantial upside or severe dilution.
Overview
Compass Therapeutics is a Boston-based, clinical-stage oncology biotechnology company developing bispecific and monospecific antibodies for solid tumors and hematologic malignancies. It has no commercial product revenue; funding is primarily from equity offerings, interest income, and occasional licensing milestones. The lead asset, Tovecimig, produced an **18.0% ORR versus 5.3% for paclitaxel** and PFS of 4.7 versus 2.6 months in second-line BTC, but the FDA has recommended a prospective overall-survival trial before a BLA, creating a possible 24–36 month delay. Q2 2026 R&D was $19.58 million, G&A was $7.40 million, and net loss was $25.22 million. Cash and marketable securities totaled **$180.0 million**, with runway into 2028 and no debt. At $1.85, market capitalization was $333.16 million and EV approximately $153.16 million. The stock is below its $2.25 200-day SMA and well below its $6.88 52-week high. Near-term catalysts include ESMO data, FDA follow-up, CTX-8371 expansion results, and CTX-10726 proof-of-concept data in Q4 2026.