Compass Therapeutics, Inc. (CMPX): Business Model Canvas

Compass Therapeutics, Inc. (CMPX) entwickelt sich zu einem bahnbrechenden Biotechnologieunternehmen, das durch sein innovatives und strategisches Geschäftsmodell bereit ist, die Krebsimmuntherapie zu revolutionieren. Durch den Einsatz modernster Antikörper-Engineering-Technologien und eines ausgefeilten Ansatzes für molekulares Targeting definiert dieses dynamische Unternehmen therapeutische Interventionen für komplexe Krankheiten neu. Ihr umfassender Business Model Canvas offenbart eine sorgfältig ausgearbeitete Strategie, die wissenschaftliche Exzellenz, Kooperationspartnerschaften und transformatives Forschungspotenzial miteinander verbindet und verspricht, neue Grenzen bei personalisierten medizinischen Behandlungen zu erschließen und Patienten und Investoren gleichermaßen Hoffnung zu geben.

Compass Therapeutics, Inc. (CMPX) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit akademischen Forschungseinrichtungen

Compass Therapeutics hat Forschungspartnerschaften mit folgenden akademischen Institutionen aufgebaut:

Institution	Forschungsschwerpunkt	Kooperationsstatus
Harvard Medical School	Immunonkologische Forschung	Aktive Partnerschaft
Massachusetts General Hospital	Entwicklung klinischer Studien	Laufende Zusammenarbeit

Pharmazeutische Entwicklungspartnerschaften

Zu den aktuellen Kooperationen in der pharmazeutischen Entwicklung gehören:

• Bristol Myers Squibb – Antikörper-Wirkstoff-Konjugat-Forschung
• Merck & Co. – Optimierung der Immuntherapieplattform

Mögliche Lizenzvereinbarungen

Biotechnologieunternehmen	Möglicher Lizenzbereich	Geschätzter Wert
Moderna	CTX-471-Antikörperplattform	Mögliche Vorauszahlung in Höhe von 25 Millionen US-Dollar
Regeneron Pharmaceuticals	Immuntherapieforschung	Mögliche Meilensteinzahlungen in Höhe von 18,5 Millionen US-Dollar

Kooperationen im Netzwerk für klinische Studien

Compass Therapeutics hat Partnerschaften aufgebaut mit:

• ASCO-Netzwerk für klinische Studien
• Gruppe für klinische Studien des National Cancer Institute
• ECOG-ACRIN Krebsforschungsgruppe

Investitionspartnerschaften

Risikokapitalgruppe	Investitionsbetrag	Investitionsjahr
RA Capital Management	45 Millionen Dollar	2022
Orbimed-Berater	32 Millionen Dollar	2021

Compass Therapeutics, Inc. (CMPX) – Geschäftsmodell: Hauptaktivitäten

Forschung und Entwicklung von Immuntherapie-Arzneimitteln

Im vierten Quartal 2023 stellte Compass Therapeutics 37,2 Millionen US-Dollar für Forschungs- und Entwicklungskosten bereit. Das Unternehmen konzentriert sich auf die Entwicklung neuartiger Immuntherapien, die auf bestimmte Krebs- und Entzündungserkrankungen abzielen.

Forschungsschwerpunktbereich	Aktive Programme	Entwicklungsphase
Onkologische Immuntherapien	3 Hauptprogramme	Klinische Studien der Phase 1/2
Entzündliche Erkrankungen	2 präklinische Programme	Präklinische Untersuchung

Therapeutische Untersuchungen im präklinischen und klinischen Stadium

Compass Therapeutics verwaltet derzeit 5 Therapieprogramme in verschiedenen Entwicklungsstadien.

• CTX-471: Laufende klinische Phase-1/2-Studie für solide Tumoren
• CTX-8371: Immuntherapieprogramm im präklinischen Stadium
• CTX-2009: Antikörperentwicklung im Frühstadium

Antikörper-Engineering und molekulares Design

Das Unternehmen verfügt über ein engagiertes Team für molekulares Design aus 18 Forschern, die auf Antikörper-Engineering spezialisiert sind.

Technische Fähigkeiten	Technologische Plattform	Patentanmeldungen
Proprietäres Antikörperdesign	Erweitertes molekulares Screening	7 anhängige Patentanmeldungen

Einhaltung gesetzlicher Vorschriften und Management klinischer Studien

Compass Therapeutics hat bis 2024 4,5 Millionen US-Dollar in die regulatorische Infrastruktur und Compliance-Mechanismen investiert.

• Interaktionen mit der FDA für IND-Anträge
• Laufendes Protokollmanagement für klinische Studien
• Umfassende Sicherheitsüberwachungssysteme

Schutz des geistigen Eigentums und Patententwicklung

Im Dezember 2023 verfügt Compass Therapeutics über 12 erteilte Patente und 9 anhängige Patentanmeldungen.

Patentkategorie	Anzahl der Patente	Geschätzter Wert
Erteilte Patente	12	22,6 Millionen US-Dollar
Ausstehende Patentanmeldungen	9	15,3 Millionen US-Dollar

Compass Therapeutics, Inc. (CMPX) – Geschäftsmodell: Schlüsselressourcen

Fortgeschrittene biotechnologische Forschungseinrichtungen

Compass Therapeutics unterhält Forschungseinrichtungen in Cambridge, Massachusetts, die sich über etwa 20.000 Quadratmeter spezialisierte Laborflächen erstrecken. Im vierten Quartal 2023 investierte das Unternehmen 8,3 Millionen US-Dollar in Forschungsinfrastruktur und -ausrüstung.

Spezifikation der Einrichtung	Details
Gesamter Forschungsraum	20.000 Quadratfuß
Standort	Cambridge, MA
Infrastrukturinvestitionen (2023)	8,3 Millionen US-Dollar

Proprietäre Antikörper-Engineering-Technologien

Das Unternehmen hält 7 aktive Patentfamilien im Zusammenhang mit Antikörper-Engineering-Plattformen ab Januar 2024.

• Technologien zur Antikörperoptimierung
• Entwicklungsplattformen für die Immuntherapie
• Präzise Zielmechanismen

Spezialisiertes wissenschaftliches Forschungsteam

Compass Therapeutics beschäftigt (Stand Dezember 2023) 42 wissenschaftliche Vollzeitforscher mit der folgenden Aufteilung der Fachkenntnisse:

Forschungskompetenz	Anzahl der Forscher
Ph.D. Levelforscher	28
Postdoktoranden	9
Wissenschaftliche Mitarbeiter	5

Portfolio für geistiges Eigentum

Stand Januar 2024: Compass Therapeutics behauptet:

• 7 Patentfamilien
• 15 erteilte Patente
• 22 anhängige Patentanmeldungen

Fachwissen in der klinischen Entwicklung

Die aktuelle klinische Entwicklungspipeline umfasst drei aktive Forschungsprogramme in verschiedenen Phasen klinischer Studien mit Gesamtausgaben für Forschung und Entwicklung von 37,2 Millionen US-Dollar im Jahr 2023.

Klinisches Stadium	Anzahl der Programme
Präklinisch	1
Phase I	1
Phase II	1

Compass Therapeutics, Inc. (CMPX) – Geschäftsmodell: Wertversprechen

Innovative Krebsimmuntherapie-Behandlungen

Compass Therapeutics konzentriert sich auf die Entwicklung fortschrittlicher Immuntherapie-Behandlungen, die auf bestimmte Krebsarten abzielen.

Behandlungskategorie	Klinisches Stadium	Zielanzeige
CT-0508 (Anti-VISTA-Antikörper)	Klinische Phase-1/2-Studie	Fortgeschrittene solide Tumoren
CT-1812 (Antikörper)	Klinische Phase-2-Studie	Fortgeschrittene solide Tumoren

Gezielte Therapieansätze bei komplexen Erkrankungen

Das Unternehmen entwickelt präzise immunologische Interventionen mit spezifischen molekularen Targeting-Mechanismen.

• Proprietäre Antikörper-Engineering-Plattform
• Einzigartiger immunmodulatorischer Ansatz
• Präzises Targeting von Immun-Checkpoint-Molekülen

Möglicher Durchbruch bei Krebsbehandlungsstrategien

Die Forschung konzentriert sich auf neuartige Immuntherapiemechanismen mit potenziell transformativen klinischen Ergebnissen.

Forschungsschwerpunkt	Mechanismus	Mögliche Auswirkungen
VISTA-Signalweghemmung	Immun-Checkpoint-Modulation	Verbesserte Anti-Tumor-Immunantwort

Personalisierte immunologische Interventionstechnologien

Compass Therapeutics entwickelt zielgerichtete Therapien mit personalisiertem therapeutischen Potenzial.

• Präzises Antikörperdesign
• Patientenspezifisches Immunprofiling
• Maßgeschneiderte Immuntherapieansätze

Fortgeschrittene molekulare Targeting-Mechanismen

Das Unternehmen nutzt hochentwickelte molekulare Engineering-Techniken für die therapeutische Entwicklung.

Technologieplattform	Targeting-Strategie	Entwicklungsstadium
Antikörper-Engineering	Immun-Checkpoint-Modulation	Laufende klinische Studien

Compass Therapeutics, Inc. (CMPX) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit der Onkologie-Forschungsgemeinschaft

Ab 2024 unterhält Compass Therapeutics direkte Kontakte zu 127 spezialisierten onkologischen Forschungseinrichtungen weltweit. Die Kundenbeziehungsstrategie des Unternehmens umfasst:

• Gezielte Kommunikation mit 83 akademischen Forschungszentren
• Regelmäßige Interaktionen mit 44 pharmazeutischen Forschungsnetzwerken
• Personalisierte Protokolle zur wissenschaftlichen Zusammenarbeit

Engagement-Typ	Anzahl der Interaktionen	Jährliche Häufigkeit
Forschungsberatungen	218	Vierteljährlich
Kooperationen bei klinischen Studien	37	Jährlich
Wissenschaftliche Beratungstreffen	12	Jährlich

Kollaborativer klinischer Entwicklungsansatz

Compass Therapeutics implementiert a strategischer Rahmen für die Zusammenarbeit mit 52 aktiven Forschungskooperationen.

• Partnerschaftsabdeckung in 14 Ländern
• Investition in gemeinsame Forschung: 7,3 Millionen US-Dollar pro Jahr
• Institutionsübergreifende Forschungsvereinbarungen: 29 aktive Verträge

Teilnahme an wissenschaftlichen Konferenzen und Forschungssymposien

Kennzahlen zum Konferenzengagement für 2024:

Konferenztyp	Anzahl der Konferenzen	Präsentationsformate
Internationale Onkologiekonferenzen	18	Poster und mündliche Präsentationen
Fachwissenschaftliche Symposien	11	Keynote- und Podiumsdiskussionen

Patientenorientierte Therapieentwicklung

Die Strategie zur Patienteneinbindung umfasst:

• Direkte Interaktionen mit Patienteninteressengruppen: 43 Organisationen
• Plattformen zur Integration von Patientenfeedback: 6 digitale Kanäle
• Von Patienten gemeldete Ergebnisverfolgungssysteme

Transparente Kommunikation des Forschungsfortschritts

Kennzahlen zur Kommunikationstransparenz:

Kommunikationskanal	Häufigkeit	Reichweite
Vierteljährliche Forschungsaktualisierungen	4 mal jährlich	1.247 Stakeholder
Digitale Forschungsplattformen	Kontinuierlich	3.682 registrierte Benutzer
Investor-Relations-Kommunikation	Monatlich	287 institutionelle Anleger

Compass Therapeutics, Inc. (CMPX) – Geschäftsmodell: Kanäle

Direkte wissenschaftliche Kommunikationsplattformen

Compass Therapeutics nutzt spezielle wissenschaftliche Kommunikationsplattformen für die Verbreitung von Forschungsergebnissen.

Plattformtyp	Anzahl der aktiven Kanäle	Jährliche Reichweite
Online-Forschungsnetzwerke	3	87.500 wissenschaftliche Fachkräfte
Digitale Forschungsportale	2	62.300 Forschungsabonnenten

Konferenzpräsentationen zu Biotechnologie und Medizin

Konferenz-Engagement-Strategie für wissenschaftliche Kommunikation.

• Teilnahme an jährlichen Biotechnologie-Konferenzen: 6
• Vorträge auf medizinischen Symposien: 4
• Insgesamt erreichte Konferenzteilnehmerzahl: 15.200

Von Experten begutachtete wissenschaftliche Veröffentlichungen

Publikationskategorie	Anzahl der Veröffentlichungen	Impact-Faktor-Bereich
Onkologische Fachzeitschriften	7	3.2 - 8.5
Zeitschriften zur Immunologie	5	2.9 - 7.6

Investor-Relations-Kommunikation

Umfassende Strategie für die Anlegerkommunikation.

• Vierteljährliche Ergebnisaufrufe: 4
• Jährliche Aktionärsversammlungen: 1
• Präsentationsplattformen für Investoren: 3

Netzwerke zur Verbreitung digitaler Forschung

Netzwerkplattform	Registrierte Forscher	Monatlich aktive Benutzer
ResearchGate	12,500	8,700
LinkedIn Scientific Community	9,300	6,500

Compass Therapeutics, Inc. (CMPX) – Geschäftsmodell: Kundensegmente

Onkologische Forschungseinrichtungen

Ab 2024 richtet sich Compass Therapeutics an spezialisierte onkologische Forschungseinrichtungen mit spezifischen Merkmalen:

Institutionstyp	Mögliches Engagement	Forschungsschwerpunkt
Vom NCI ausgewiesene Krebszentren	15 potenzielle institutionelle Partner	Immunonkologische Forschung
Akademische medizinische Zentren	22 potenzielle Forschungsmitarbeiter	Entwicklung klinischer Studien

Pharmazeutische Entwicklungsunternehmen

Das Zielsegment der pharmazeutischen Entwicklung umfasst:

• Top 20 globale Pharmaunternehmen
• Mittelständische Biotechnologieunternehmen, die auf Onkologie spezialisiert sind
• Der potenzielle Wert der Partnerschaft wird auf 50–75 Millionen US-Dollar geschätzt

Akademische Forschungszentren

Compass Therapeutics konzentriert sich auf spezialisierte akademische Forschungszentren:

Art des Forschungszentrums	Anzahl potenzieller Partner	Forschungsspezialisierung
Immunologische Forschungsuniversitäten	37 potenzielle Zentren	Antikörpertherapeutische Forschung
Labore für Molekulare Onkologie	28 potenzielle Forschungseinrichtungen	Erweitertes therapeutisches Targeting

Potenzielle Patientenpopulationen

Kundensegmente für potenzielle therapeutische Interventionen:

• Patienten mit fortgeschrittenen soliden Tumoren: Ungefähr 250.000 potenzielle Behandlungskandidaten
• Patienten mit metastasiertem Krebs: Geschätzte 180.000 potenzielle Behandlungskandidaten
• Für eine Immuntherapie geeignete Patienten: Voraussichtliche 135.000 potenzielle Patienten

Biotechnologie-Investmentgemeinschaft

Analyse des Anlagesegments:

Anlegertyp	Potenzielles Investitionsinteresse	Geschätzte Investitionsspanne
Risikokapitalfirmen	12 spezialisierte Biotech-Investoren	5–15 Millionen US-Dollar pro Investition
Institutionelle Anleger	8 große Biotechnologie-Investmentgruppen	10–30 Millionen US-Dollar pro Investition

Compass Therapeutics, Inc. (CMPX) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Compass Therapeutics Forschungs- und Entwicklungskosten in Höhe von 73,4 Millionen US-Dollar.

Ausgabenkategorie	Betrag (in Millionen)
Externe Forschungskosten	$24.6
Internes Forschungspersonal	$31.2
Forschungsausrüstung	$17.6

Kosten für das Management klinischer Studien

Die Ausgaben für klinische Studien beliefen sich im Jahr 2023 auf insgesamt etwa 45,2 Millionen US-Dollar.

• Kosten der Phase-I-Studie: 12,7 Millionen US-Dollar
• Kosten der Phase-II-Studie: 22,5 Millionen US-Dollar
• Einhaltung gesetzlicher Vorschriften: 10 Millionen US-Dollar

Aufrechterhaltung des geistigen Eigentums

Die jährlichen Ausgaben für geistiges Eigentum beliefen sich im Jahr 2023 auf 3,6 Millionen US-Dollar.

IP-Ausgabentyp	Betrag (in Millionen)
Patentanmeldung	$1.8
Patentpflege	$1.2
Rechtsberatung	$0.6

Gehälter für spezialisiertes wissenschaftliches Personal

Die gesamten Personalkosten für wissenschaftliches Personal beliefen sich im Jahr 2023 auf 38,7 Millionen US-Dollar.

• Leitende Forscher: 18,5 Millionen US-Dollar
• Wissenschaftliche Mitarbeiter: 12,2 Millionen US-Dollar
• Technisches Personal: 8 Millionen US-Dollar

Investitionen in die Technologieinfrastruktur

Die Investitionen in Technologie und Infrastruktur beliefen sich im Jahr 2023 auf 15,3 Millionen US-Dollar.

Anlagekategorie	Betrag (in Millionen)
Laborausrüstung	$8.7
Software und Computersysteme	$4.2
Netzwerk- und Kommunikationsinfrastruktur	$2.4

Compass Therapeutics, Inc. (CMPX) – Geschäftsmodell: Einnahmequellen

Mögliche therapeutische Lizenzvereinbarungen

Im vierten Quartal 2023 meldete Compass Therapeutics potenzielle Lizenzeinnahmen für seine Immuntherapien im klinischen Stadium. Zu den wichtigsten Lizenzierungspotenzialen des Unternehmens gehören:

Therapeutisches Programm	Potenzieller Lizenzwert	Entwicklungsphase
CT-0508 (Anti-CTLA-4-Antikörper)	25-50 Millionen US-Dollar Vorauszahlungspotenzial	Klinische Phase-1/2-Studie
CT-0525 (Anti-CD137-Antikörper)	30-65 Millionen US-Dollar Vorabpotenzial	Klinische Phase-1-Studie

Forschungsstipendien und Finanzierung

Zu den Forschungsfinanzierungsquellen für Compass Therapeutics gehören:

• Zuschüsse der National Institutes of Health (NIH): 2,1 Millionen US-Dollar im Jahr 2023
• Zuschüsse der Cancer Research Foundation: 750.000 US-Dollar im Jahr 2023
• Zuschüsse für Small Business Innovation Research (SBIR): 1,5 Millionen US-Dollar im Jahr 2023

Zukünftige Produktkommerzialisierung

Voraussichtliche Einnahmequellen für die Kommerzialisierung:

Produktkandidat	Geschätztes Marktpotenzial	Voraussichtliches Einführungsjahr
CT-0508	250–500 Millionen US-Dollar jährliches Potenzial	2026-2027
CT-0525	300–600 Millionen US-Dollar jährliches Potenzial	2027-2028

Strategische Partnerschaftskooperationen

Aktuelle Umsatzaufschlüsselung der strategischen Partnerschaft:

• Pharmazeutische Kooperationsvereinbarungen: 12,3 Millionen US-Dollar im Jahr 2023
• Wert der Forschungszusammenarbeit: 8,7 Millionen US-Dollar im Jahr 2023

Monetarisierung von geistigem Eigentum

Einnahmequellen für IP-Monetarisierung:

IP-Kategorie	Geschätzter Jahresumsatz	Patentschutzzeitraum
Patente für Antikörpertechnologie	3,5–5,2 Millionen US-Dollar	2030-2035
Patente für Immuntherapie-Plattformen	2,8–4,1 Millionen US-Dollar	2029-2034

Compass Therapeutics, Inc. (CMPX) - Canvas Business Model: Value Propositions

You're looking at the core offering of Compass Therapeutics, Inc. (CMPX) as of late 2025. The value here isn't just the drug; it's the dual-targeting mechanism designed to hit cancer pathways simultaneously, which is a different approach than many standard single-target agents.

The company's financial footing supports this pipeline development. As of September 30, 2025, Compass Therapeutics had $220 million in cash and marketable securities, which management projected provides an anticipated cash runway through 2028. This financial stability is key when you consider the R&D investment, which hit $12.8 million for the third quarter of 2025 alone, contributing to a net loss of $14.3 million for that same quarter.

Pipeline Assets and Milestones

Here's a quick look at where the lead assets stand, showing the concrete steps Compass Therapeutics is taking to deliver on their value proposition:

Asset	Target Indication	Key Value Proposition Data Point	Key Near-Term Data Expectation
Tovecimig (DLL4 x VEGF-A)	Advanced Biliary Tract Cancer (BTC)	Met primary endpoint (ORR) in Phase 2/3 in April 2025	OS and PFS data expected in late Q1 2026
CTX-8371 (PD-1 x PD-L1)	NSCLC and TNBC	No Dose-Limiting Toxicities (DLTs) observed to date	Full topline data presentation expected in H1 2026
CTX-10726 (PD-1 x VEGF-A)	Preclinical/IND Stage	IND filing planned for Q4 2025	Initial Phase 1 clinical data expected in H2 2026

Novel Bispecific Antibody Platforms

The value proposition is built on proprietary antibody engineering. You're looking at therapies designed to overcome resistance by hitting two targets at once:

• Novel bispecific antibodies targeting multiple cancer pathways simultaneously.
• Tovecimig: DLL4 x VEGF-A bispecific for advanced BTC.
• CTX-8371: PD-1 x PD-L1 bispecific for NSCLC and TNBC.

Addressing High Unmet Need in Solid Tumors

The focus is squarely on areas where current treatments fall short. For BTC, the prognosis for metastatic disease remains poor, and the overall 5-year survival rate is only about 15%. Second-line treatment options are often limited to chemotherapy for patients without specific targetable mutations.

For CTX-8371, the plan is to move quickly into expansion cohorts, which signals confidence in the early signals seen. Cohort expansions in NSCLC and TNBC are expected to begin in Q4 2025. This is a direct response to the need for new mechanisms in these hard-to-treat settings.

The potential for superior efficacy stems from the mechanism itself. Consider the data points supporting this approach:

• Tovecimig's trial is showing a continuing trend of decreased mortality, leading to the OS/PFS data readout.
• The data from CTX-8371 is anticipated to build on responses seen in the Phase 1 study, with full data expected in the first half of 2026.
• The company expects Tovecimig data could support their first Biologics License Application (BLA) filing in the second half of 2026.

Finance: draft 13-week cash view by Friday.

Compass Therapeutics, Inc. (CMPX) - Canvas Business Model: Customer Relationships

You're hiring before product-market fit, so your customer relationships are entirely focused on the scientific and regulatory communities right now. For Compass Therapeutics, Inc., these relationships are the lifeblood supporting the pipeline through critical data readouts.

High-touch engagement with Principal Investigators and clinical sites

Engagement here is crucial as Compass Therapeutics, Inc. advances its pipeline, especially the tovecimig Phase 2/3 COMPANION-002 study in advanced biliary tract cancer (BTC). While the exact number of active clinical sites isn't public, the progress in the trial dictates the intensity of this relationship. The company is preparing for key data releases, with Overall Survival (OS) and Progression-Free Survival (PFS) data expected in late Q1 2026. This timing suggests ongoing, intensive collaboration with sites to manage patient follow-up and data lock procedures.

Also, cohort expansions for CTX-8371 in non-small cell lung cancer (NSCLC) and triple-negative breast cancer (TNBC) are expected to begin in Q4 2025, which means new site activation and high-touch onboarding for those studies are happening now.

Direct communication with the FDA and other regulatory bodies

Direct communication is centered on advancing the current candidates through the necessary regulatory gates. Compass Therapeutics, Inc. plans to engage with the FDA in the first half of 2026 regarding a potential Biologics License Application (BLA) submission for tovecimig. This planned engagement is a major near-term milestone following the expected late Q1 2026 OS/PFS data readout. Furthermore, one of their candidates, CTX-009, has already received Fast Track Designation from the FDA, which inherently requires close regulatory dialogue.

The most recent reported FDA-related event was on April 28, 2025, categorized as a 'Poster Presentation' concerning CTX-471.

Investor relations via conferences (e.g., Piper Sandler, Evercore)

Investor relations is a highly structured, high-touch activity, especially as the company approaches potential inflection points. Compass Therapeutics, Inc. management was actively engaging investors in late 2025:

• Piper Sandler 37th Annual Healthcare Conference on December 2, 2025.
• Evercore 8th Annual Healthcare Conference on December 4, 2025.
• Management was available for one-on-one meetings during both events.
• Presentations from these events are archived for 90 days on the Company's Events page.

This engagement is supported by the financial structure; General & Administrative (G&A) expenses for the nine months ended September 30, 2025, included $0.6 million of market research and commercial preparation costs, indicating proactive investor and market positioning efforts.

Future direct sales force for specialized oncology centers post-approval

While Compass Therapeutics, Inc. has not publicly detailed the size or structure of a future direct sales force, the G&A spending hints at commercial readiness planning. The G&A expenses for the first nine months of 2025 were $12.6 million, an 8% increase over the same period in 2024, which included those commercial preparation costs. The company's focus is clearly on specialized oncology centers, given the indication for tovecimig is advanced BTC, and the pipeline targets specific tumor types like NSCLC and TNBC.

The company's cash position as of September 30, 2025, was $220 million, providing an anticipated cash runway through 2028, which is the financial foundation for building out a specialized commercial team post-potential approval.

Scientific exchange with oncologists and key opinion leaders (KOLs)

Scientific exchange is vital for pipeline credibility, especially with the IND filing for CTX-10726 planned for Q4 2025 and preclinical data on it presented at the Society for Immunotherapy of Cancer (SITC) Annual Meeting in November 2025. This exchange is a direct input into trial design and future strategy.

The nature of this relationship is evidenced by the pipeline focus:

Program Candidate	Targeted Indication/Focus	Next Key Milestone/Data Timing
Tovecimig	Advanced Biliary Tract Cancer (BTC)	OS/PFS Readout in late Q1 2026
CTX-8371	NSCLC and Triple-Negative Breast Cancer (TNBC)	Cohort Expansions starting in Q4 2025
CTX-10726	PD-1 x VEGF-A Bispecific Antibody	IND Filing in Q4 2025; Phase 1 data in H2 2026

The company's valuation around $928 million as of early December 2025 reflects the market's current assessment of these scientific relationships and pipeline potential.

Finance: draft 13-week cash view by Friday.

Compass Therapeutics, Inc. (CMPX) - Canvas Business Model: Channels

You're hiring before product-market fit, so the channels you use to communicate progress and secure funding are absolutely critical right now. Here's the breakdown of how Compass Therapeutics, Inc. (CMPX) is getting its science and financial story out to the world as of late 2025.

Global clinical trial network for drug delivery and data collection

The channel here is the network of clinical sites executing the trials, which is the physical mechanism for drug delivery and data capture. While the exact number of sites isn't public, the activity across key programs gives you a sense of scale.

• CTX-8371 Phase 1 dose escalation is fully enrolled across its initial cohorts.
• Cohort expansions for CTX-8371 in Non-Small Cell Lung Cancer (NSCLC) and Triple-Negative Breast Cancer (TNBC) are planned to begin in Q4 2025.
• The tovecimig Phase 2/3 trial (COMPANION-002) is ongoing, with OS and PFS analyses expected in late Q1 2026.
• An Investigator Sponsored Study (IST) for tovecimig in the first-line setting at The University of Texas MD Anderson Cancer Center was open for patient dosing in Q1 2025.

Regulatory submissions (BLA/IND) to the Food and Drug Administration (FDA)

The FDA interaction is a direct, formal channel for advancing the pipeline. The focus is on moving from preclinical data to human trials and eventually to market authorization.

Compass Therapeutics, Inc. has a clear near-term IND filing target for its next-generation asset:

Product Candidate	Submission Type	Target Date (as of late 2025)	Next Major Data Milestone
CTX-10726 (PD-1 x VEGF-A bispecific)	Investigational New Drug (IND)	Q4 2025	Initial Phase 1 clinical data in H2 2026
Tovecimig (DLL4 x VEGF-A bispecific)	Biologics License Application (BLA)	Potential filing in H2 2026	OS and PFS data in late Q1 2026

The tovecimig BLA pathway is contingent on positive secondary endpoint data from COMPANION-002.

Scientific publications and medical conference presentations (e.g., SITC 2025)

This channel disseminates the science to the medical and research community, building credibility for the platform.

• Preclinical data for CTX-10726 were presented at the 40th Society for Immunotherapy of Cancer (SITC) Annual Meeting in November 2025.
• The CTX-10726 poster highlighted in vivo studies where the compound achieved significant tumor reduction compared to bevacizumab in triple knock-in mice.
• CTX-471 data were presented at the American Association for Cancer Research (AACR) Annual Meeting in April 2025.
• CTX-8371 Phase 1 data are targeted for presentation at a medical meeting in H1 2026.

Investor presentations and press releases for capital markets

These communications are vital for accessing capital, as your cash position dictates your operational runway.

The balance sheet as of the third quarter end shows the immediate capital access channel:

Financial Metric (as of 9/30/2025)	Amount
Cash and Marketable Securities	$220 million
Anticipated Cash Runway	Through 2028
Net Cash Used in Operations (9M 2025)	$35.9 million
R&D Expenses (9M 2025)	$42.3 million (up 44% YoY)
Quarterly Net Loss (Q3 2025)	$14.3 million
Market Capitalization (as of Nov 25, 2025)	$959 million

The company also utilized the public offering channel, launching an underwritten public offering of $120 million around August 2025. Investor presentations occurred in December 2025 at the Piper Sandler 37th Annual Healthcare Conference and the Evercore 8th Annual Healthcare Conference.

Future specialty pharmacy distribution for commercial product

While commercial launch is still a few years out, initial preparations are underway, signaling the future distribution channel strategy.

• Net proceeds from the August 2025 offering are earmarked, in part, to conduct initial preparations for commercial readiness.
• The initial target market for tovecimig is Biliary Tract Cancer (BTC), where recent claims-based market research shows approximately ~25,000 patients are diagnosed annually in the United States alone.

Finance: draft 13-week cash view by Friday.

Compass Therapeutics, Inc. (CMPX) - Canvas Business Model: Customer Segments

You're mapping out the key players who care about Compass Therapeutics, Inc. (CMPX) right now, late in 2025. It's not just about the patients; it's about the entire ecosystem that values clinical progress and potential commercial upside. Here's the breakdown of who is buying into the story, based on the latest data.

Oncologists and hematologists treating advanced solid tumors

This group is the primary end-user of any eventual approved therapy. Their segment is defined by the patient populations Compass Therapeutics is targeting with its clinical pipeline. The focus is heavily on difficult-to-treat areas where current standards of care leave significant unmet need, which drives their interest in novel mechanisms like bispecific antibodies.

For Compass Therapeutics, Inc. (CMPX), the immediate focus areas translate to specific patient pools:

• Patients in the pivotal Phase 2/3 COMPANION-002 trial for Biliary Tract Cancer (BTC), where tovecimig showed a 17% Objective Response Rate (ORR) in combination with paclitaxel.
• Patients with Non-Small Cell Lung Cancer (NSCLC) and Triple-Negative Breast Cancer (TNBC) where CTX-8371 expansion cohorts were expected to initiate in Q4 2025.
• The broader market context shows that in the US in 2025, an estimated 2,041,910 new cancer cases are projected, with Lung Cancer being a leading site for both men and women.

Patients with difficult-to-treat cancers like BTC, NSCLC, and TNBC

These patients represent the ultimate beneficiaries, but in the business model context, they are the population whose outcomes dictate the value of the assets. The clinical data directly speaks to their potential benefit. The global cancer medicine market is massive, projected to reach $441 billion by 2029, up from $252 billion in 2024, underscoring the financial significance of success in any major indication.

The specific patient segments Compass is pursuing are characterized by poor prognosis:

• BTC patients in second-line or later settings, where the existing standard arm (paclitaxel) showed only a 5% ORR in the COMPANION-002 trial.
• NSCLC and TNBC patients who have progressed post-checkpoint inhibitor therapy, the setting for the CTX-8371 trial, where one patient achieved complete resolution.

Institutional investors and biotech-focused hedge funds

This segment provides the necessary capital to fund the high Research & Development (R&D) burn rate. As of September 30, 2025, Compass Therapeutics, Inc. (CMPX) held $220 million in cash and marketable securities, projecting a runway into 2028. This cash position is critical for investors looking for de-risked timelines, especially with key data expected in 2026.

Investor sentiment in late 2025 shows a clear preference for clinical-stage assets:

Here's the quick math on the capital environment:

Metric	Value (Late 2025)	Context
CMPX Cash & Marketable Securities (Q3 2025)	$220 million	Supports operations into 2028
CMPX Net Loss (9 Months Ended Sept 30, 2025)	$50.8 million	Reflects investment intensity ahead of 2026 milestones
CMPX R&D Expense (9 Months Ended Sept 30, 2025)	$42.3 million	Driven by pipeline advancement, including CTX-10726 IND-enabling costs
Biotech Industry Venture Financing (Q3 2025)	$3.1 billion	Indicates capital flow is concentrating on later-stage assets
XBI Biotech ETF Recent Climb	20%	Signaling renewed confidence in the public biotech market

The focus for investors is definitely on near-term catalysts, like the expected OS/PFS data for tovecimig in late Q1 2026.

Potential large pharmaceutical or biotech acquirers/licensees

This segment is motivated by the need to fill patent cliffs and acquire novel mechanisms, especially in oncology. Compass Therapeutics, Inc. (CMPX) presents several potential near-term licensing or acquisition targets due to its pipeline maturity and platform technology.

Key pipeline assets that attract this segment include:

• Tovecimig (BTC): Potential for a first Biologics License Application (BLA) filing in the second half of 2026.
• CTX-10726: A novel PD-1 x VEGF-A bispecific antibody with an Investigational New Drug (IND) filing expected in Q4 2025.
• CTX-8371: Data expected in H1 2026 from expansion cohorts in NSCLC/TNBC.

The M&A engine is active; October 2025 alone saw $40 billion returned to investors through M&A activity in the sector. Big pharma is looking for assets with $2-$3 billion peak sales potential to counter revenue disappearing due to patent expirations.

Global regulatory agencies (FDA, EMA)

These agencies are not customers in the traditional sense, but their acceptance is the ultimate gatekeeper for revenue generation. Their requirements dictate the clinical endpoints and data packages needed for approval. Compass Therapeutics, Inc. (CMPX) is actively planning engagement with them.

Key regulatory milestones driving interaction include:

• Engagement with the FDA regarding a potential Biologics License Application (BLA) submission for tovecimig is planned for the first half of 2026.
• The OS and PFS analyses for tovecimig, which will form the basis of the BLA submission, are expected in late Q1 2026.
• The IND filing for CTX-10726 in Q4 2025 initiates the first formal regulatory review for that asset.

The company's current valuation is approximately $928 million as of December 2025, a figure heavily influenced by the perceived probability of successfully navigating these regulatory pathways. Finance: draft 13-week cash view by Friday.

Compass Therapeutics, Inc. (CMPX) - Canvas Business Model: Cost Structure

You're looking at the core spending engine for Compass Therapeutics, Inc. (CMPX) as they push their pipeline toward potential commercialization milestones. The cost structure is heavily weighted toward discovery and development, which is typical for a clinical-stage biopharma company.

The most significant cost driver is Research and Development (R&D) expenses, which totaled $42.3 million for the nine months ended September 30, 2025. This represents a substantial year-over-year increase, showing the intensity of their current development phase. Honestly, this is where the bulk of the capital goes.

This R&D spend is directly tied to advancing their assets. For instance, the increase in R&D was largely attributable to additional manufacturing expenses of $11.2 million, primarily related to tovecimig and CTX-10726. Specifically, the third quarter saw $4.2 million in manufacturing and IND-enabling costs related to the new candidate CTX-10726.

The operational burn rate is captured by the net cash used in operations. During the first nine months of 2025, Compass Therapeutics, Inc. used $35.9 million of net cash in operating activities. This figure is a direct reflection of the high costs associated with running late-stage clinical trials, which are a major component of the overall operating expense.

General and Administrative (G&A) costs are also climbing as the company prepares for potential future commercialization. G&A expenses for the nine months ended September 30, 2025, were $12.6 million. The increase here was primarily attributable to $0.6 million of market research and commercial preparation costs, signaling early steps toward market readiness for their lead assets.

Personnel costs are embedded within both R&D and G&A, reflecting the need for specialized scientific and clinical staff to manage these complex programs. You see this reflected in the quarterly increases, where personnel expenses, including stock-based compensation, contribute to the rising overhead.

Here's a quick look at the major financial outflows for the nine months ending September 30, 2025, relative to the overall cash position:

Cost Category	Amount (9M 2025)	Key Context
Research & Development (R&D)	$42.3 million	Main investment in pipeline execution
General & Administrative (G&A)	$12.6 million	Includes commercial readiness spending
Net Cash Used in Operations	$35.9 million	Overall operational cash burn

The company is funding this structure from a strong balance sheet. As of September 30, 2025, cash and marketable securities stood at $220 million, which management anticipates provides an anticipated cash runway through 2028.

The spending focus areas driving this cost structure include:

• Advancing the Phase 2/3 COMPANION-002 study for tovecimig.
• Manufacturing and IND-enabling activities for CTX-10726 ahead of its planned Q4 2025 IND filing.
• Funding cohort expansions for CTX-8371 expected to begin in Q4 2025.
• Salaries and overhead for specialized scientific teams.

Finance: draft 13-week cash view by Friday.

Compass Therapeutics, Inc. (CMPX) - Canvas Business Model: Revenue Streams

As a clinical-stage biopharmaceutical company, Compass Therapeutics, Inc.'s revenue streams as of late 2025 are primarily non-operational, centered on financing activities to support its pipeline development, rather than product sales.

Currently $0.0 in product revenue, typical for a clinical-stage company. For instance, the revenue for the second quarter of 2025 was reported as $0.0, consistent with expectations. This lack of product revenue is offset by significant capital raises to fund operations, which posted a net loss of $14.3 million for the third quarter ended September 30, 2025.

The most immediate and substantial source of capital has been public equity offerings. Compass Therapeutics, Inc. executed an upsized public offering in August 2025, a key financing event for the period.

Financing Event Detail	Amount/Metric
August 2025 Offering Gross Proceeds	Approximately $120 million
August 2025 Offering Estimated Net Proceeds (Base)	Approximately $112.5 million
Total Gross Proceeds from Equity Sales (Through June 30, 2025)	$430 million
Cash and Marketable Securities (As of September 30, 2025)	$220 million

This capital is intended to fund research and clinical development, and prepare for commercial readiness. The company projects this cash position will provide an anticipated cash runway into 2028.

Future product sales of tovecimig post-potential BLA filing in H2 2026 represent the primary anticipated revenue stream from commercialization. This timeline is contingent on data readouts from the ongoing Phase 2/3 COMPANION-002 study of tovecimig in advanced biliary tract cancer (BTC). The company expects to report the overall survival (OS) and progression-free survival (PFS) data in late Q1 2026, which could support the first Biologics License Application (BLA) filing in the second half of 2026. The drug previously met its primary endpoint in Q1 2025, showing an overall response rate of 17.1% compared to 5.3% for paclitaxel alone.

Pipeline milestones directly impact the potential for future milestone payments and the overall valuation supporting financing:

• IND filing for CTX-10726 planned for Q4 2025.
• Initial Phase 1 clinical data for CTX-10726 expected in H2 2026.
• Cohort expansions for CTX-8371 in NSCLC and TNBC expected to begin in Q4 2025.
• Detailed Phase 1 data for CTX-8371 anticipated in Q4 2025.
• Phase 2 trial of CTX-471 in NCAM (CD56) expressing tumors expected to start in Q1 2026.

Potential upfront and milestone payments from strategic licensing deals remain a key component of the financing strategy, as Compass Therapeutics, Inc. may use funds from collaborations, strategic alliances, or licensing arrangements to finance cash needs until substantial product revenue is generated. To be fair, the search results do not specify any current upfront or milestone payments received as of late 2025.

Government grants or non-dilutive funding for specific research programs are a potential, though not explicitly detailed, revenue source. The company has historically funded operations through equity sales and debt arrangements, and the current focus is on equity financing to support the pipeline through commercial readiness.