Compass Therapeutics, Inc. (CMPX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Compass Therapeutics, Inc. (CMPX) emerge como una empresa de biotecnología innovadora preparada para revolucionar la inmunoterapia contra el cáncer a través de su modelo de negocio innovador y estratégico. Al aprovechar las tecnologías de ingeniería de anticuerpos de vanguardia y un enfoque sofisticado para la orientación molecular, esta compañía dinámica está redefiniendo las intervenciones terapéuticas para enfermedades complejas. Su lienzo de modelo de negocio integral revela una estrategia meticulosamente elaborada que entrelaza la excelencia científica, las asociaciones colaborativas y el potencial de investigación transformadora, prometiendo desbloquear nuevas fronteras en tratamientos médicos personalizados y ofreciendo esperanza tanto a los pacientes como a los inversores.

Compass Therapeutics, Inc. (CMPX) - Modelo de negocio: asociaciones clave

Colaboración estratégica con instituciones de investigación académica

Compass Therapeutics ha establecido asociaciones de investigación con las siguientes instituciones académicas:

Institución	Enfoque de investigación	Estado de colaboración
Escuela de Medicina de Harvard	Investigación de inmuno-oncología	Asociación activa
Hospital General de Massachusetts	Desarrollo de ensayos clínicos	Colaboración en curso

Asociaciones de desarrollo farmacéutico

Las colaboraciones actuales de desarrollo farmacéutico incluyen:

• Bristol Myers Squibb - Investigación conjugada de anticuerpo -fármaco
• Merck & Co. - Optimización de la plataforma de inmunoterapia

Posibles acuerdos de licencia

Firma de biotecnología	Área de licencia potencial	Valor estimado
Moderna	Plataforma de anticuerpos CTX-471	Pago inicial potencial de $ 25 millones
Regeneron Pharmaceuticals	Investigación de inmunoterapia	$ 18.5 millones de pagos potenciales de hito

Colaboraciones de redes de ensayos clínicos

Compass Therapeutics ha establecido asociaciones con:

• Red de ensayos clínicos de ASCO
• Grupo de ensayos clínicos del Instituto Nacional del Cáncer
• Grupo de investigación del cáncer de EcoG-ACRIN

Asociaciones de inversión

Grupo de capital de riesgo	Monto de la inversión	Año de inversión
Gestión de capital	$ 45 millones	2022
Orbimed Advisors	$ 32 millones	2021

Compass Therapeutics, Inc. (CMPX) - Modelo de negocio: actividades clave

Investigación y desarrollo de drogas de inmunoterapia

A partir del cuarto trimestre de 2023, Compass Therapeutics asignó $ 37.2 millones a los gastos de investigación y desarrollo. La compañía se enfoca en desarrollar nuevas inmunoterapias dirigidas a cáncer específicos y afecciones inflamatorias.

Área de enfoque de investigación	Programas activos	Etapa de desarrollo
Inmunoterapias oncológicas	3 programas primarios	Ensayos clínicos de fase 1/2
Enfermedades inflamatorias	2 programas preclínicos	Investigación preclínica

Investigaciones terapéuticas preclínicas y clínicas en estadio

Compass Therapeutics actualmente administra 5 programas terapéuticos en diferentes etapas de desarrollo.

• CTX-471: Fase continua 1/2 ensayo clínico para tumores sólidos
• CTX-8371: Programa de inmunoterapia de etapa preclínica
• CTX-2009: Desarrollo de anticuerpos en etapa temprana

Ingeniería de anticuerpos y diseño molecular

La compañía mantiene un equipo de diseño molecular dedicado de 18 científicos de investigación que se especializan en ingeniería de anticuerpos.

Capacidad de ingeniería	Plataforma tecnológica	Solicitudes de patentes
Diseño de anticuerpos patentados	Cribado molecular avanzado	7 solicitudes de patentes pendientes

Cumplimiento regulatorio y gestión de ensayos clínicos

Compass Therapeutics ha invertido $ 4.5 millones en infraestructura regulatoria y mecanismos de cumplimiento para 2024.

• Interacciones de la FDA para presentaciones de IND
• Gestión del protocolo de ensayos clínicos en curso
• Sistemas integrales de monitoreo de seguridad

Protección de propiedad intelectual y desarrollo de patentes

A diciembre de 2023, Compass Therapeutics posee 12 patentes otorgadas y 9 solicitudes de patentes pendientes.

Categoría de patente	Número de patentes	Valor estimado
Patentes concedidas	12	$ 22.6 millones
Aplicaciones de patentes pendientes	9	$ 15.3 millones

Compass Therapeutics, Inc. (CMPX) - Modelo de negocio: recursos clave

Instalaciones avanzadas de investigación de biotecnología

Compass Therapeutics mantiene instalaciones de investigación ubicadas en Cambridge, Massachusetts, que abarca aproximadamente 20,000 pies cuadrados de espacio de laboratorio especializado. A partir del cuarto trimestre de 2023, la compañía invirtió $ 8.3 millones en infraestructura y equipo de investigación.

Especificación de la instalación	Detalles
Espacio total de investigación	20,000 pies cuadrados
Ubicación	Cambridge, MA
Inversión de infraestructura (2023)	$ 8.3 millones

Tecnologías de ingeniería de anticuerpos patentados

La compañía posee 7 familias de patentes activas Relacionado con las plataformas de ingeniería de anticuerpos a partir de enero de 2024.

• Tecnologías de optimización de anticuerpos
• Plataformas de desarrollo de inmunoterapia
• Mecanismos de orientación de precisión

Equipo de investigación científica especializada

Compass Therapeutics emplea a 42 investigadores científicos a tiempo completo a diciembre de 2023, con el siguiente desglose de experiencia:

Experiencia en investigación	Número de investigadores
Doctor en Filosofía. Investigadores de nivel	28
Investigadores postdoctorales	9
Asociados de investigación	5

Cartera de propiedades intelectuales

A partir de enero de 2024, Compass Therapeutics mantiene:

• 7 familias de patentes
• 15 patentes otorgadas
• 22 solicitudes de patentes pendientes

Experiencia de desarrollo clínico

La tubería de desarrollo clínico actual incluye 3 programas de investigación activos en varias etapas de los ensayos clínicos, con un gasto total de investigación y desarrollo de $ 37.2 millones en 2023.

Estadio clínico	Número de programas
Preclínico	1
Fase I	1
Fase II	1

Compass Therapeutics, Inc. (CMPX) - Modelo de negocio: propuestas de valor

Tratamientos innovadores de inmunoterapia con cáncer

Compass Therapeutics se centra en desarrollar tratamientos avanzados de inmunoterapia dirigidos a tipos específicos de cáncer.

Categoría de tratamiento	Estadio clínico	Indicación objetivo
CT-0508 (anticuerpo antivista)	Ensayo clínico de fase 1/2	Tumores sólidos avanzados
CT-1812 (anticuerpo)	Ensayo clínico de fase 2	Tumores sólidos avanzados

Enfoques terapéuticos dirigidos para enfermedades complejas

La Compañía desarrolla intervenciones inmunológicas de precisión con mecanismos de focalización molecular específicos.

• Plataforma de ingeniería de anticuerpos patentados
• Enfoque inmunomodulador único
• Dirección de precisión de las moléculas de punto de control inmune

Posible avance en las estrategias de tratamiento del cáncer

La investigación se centra en nuevos mecanismos de inmunoterapia con posibles resultados clínicos transformadores.

Enfoque de investigación	Mecanismo	Impacto potencial
Inhibición de la vía Vista	Modulación del punto de control inmune	Respuesta inmune antitumoral mejorada

Tecnologías de intervención inmunológica personalizadas

Compass Therapeutics desarrolla terapias específicas con potencial terapéutico personalizado.

• Diseño de anticuerpos de precisión
• Perfil inmune específico del paciente
• Enfoques de inmunoterapia personalizados

Mecanismos de orientación molecular avanzada

La compañía aprovecha técnicas sofisticadas de ingeniería molecular para el desarrollo terapéutico.

Plataforma tecnológica	Estrategia de orientación	Etapa de desarrollo
Ingeniería de anticuerpos	Modulación del punto de control inmune	Ensayos clínicos en curso

Compass Therapeutics, Inc. (CMPX) - Modelo de negocios: relaciones con los clientes

Comunidad directa de compromiso con la investigación de oncología

A partir de 2024, Compass Therapeutics mantiene un compromiso directo con 127 instituciones de investigación de oncología especializada a nivel mundial. La estrategia de relación con el cliente de la empresa implica:

• Comunicación dirigida con 83 centros de investigación académicos
• Interacciones regulares con 44 redes de investigación farmacéutica
• Protocolos de colaboración científica personalizada

Tipo de compromiso	Número de interacciones	Frecuencia anual
Consultas de investigación	218	Trimestral
Colaboraciones de ensayos clínicos	37	Anualmente
Reuniones de asesoramiento científico	12	Anualmente

Enfoque de desarrollo clínico colaborativo

Compass Therapeutics implementa un marco colaborativo estratégico involucrando 52 asociaciones de investigación activa.

• Cobertura de asociación en 14 países
• Inversión en investigación colaborativa: $ 7.3 millones anuales
• Acuerdos de investigación interinstitucionales: 29 contratos activos

Conferencia científica e participación en el simposio de investigación

Métricas de compromiso de la conferencia para 2024:

Tipo de conferencia	Número de conferencias	Formatos de presentación
Conferencias internacionales de oncología	18	Póster y presentaciones orales
Simposios de investigación especializados	11	Discusiones clave y panel

Desarrollo terapéutico centrado en el paciente

La estrategia de participación del paciente incluye:

• Interacciones directas del grupo de defensa del paciente: 43 organizaciones
• Plataformas de integración de retroalimentación del paciente: 6 canales digitales
• Sistemas de seguimiento de resultados informados por el paciente

Comunicación transparente del progreso de la investigación

Métricas de transparencia de comunicación:

Canal de comunicación	Frecuencia	Alcanzar
Actualizaciones de investigación trimestrales	4 veces anualmente	1.247 partes interesadas
Plataformas de investigación digital	Continuo	3.682 usuarios registrados
Comunicaciones de relaciones con los inversores	Mensual	287 inversores institucionales

Compass Therapeutics, Inc. (CMPX) - Modelo de negocio: canales

Plataformas de comunicación científica directa

Compass Therapeutics utiliza plataformas de comunicación científica especializadas para la difusión de investigación.

Tipo de plataforma	Número de canales activos	Alcance anual
Redes de investigación en línea	3	87,500 profesionales científicos
Portales de investigación digital	2	62,300 suscriptores de investigación

Presentaciones de biotecnología y conferencia médica

Estrategia de participación de la conferencia para la comunicación científica.

• Conferencias anuales de biotecnología a las que asistió: 6
• Presentaciones de simposios médicos: 4
• Los participantes totales de la conferencia llegaron: 15,200

Publicaciones científicas revisadas por pares

Categoría de publicación	Número de publicaciones	Rango de factores de impacto
Revistas de oncología	7	3.2 - 8.5
Diarios de inmunología	5	2.9 - 7.6

Comunicaciones de relaciones con los inversores

Estrategia integral de comunicación de inversores.

• Llamadas de ganancias trimestrales: 4
• Reuniones anuales de accionistas: 1
• Plataformas de presentación de inversores: 3

Redes de difusión de investigación digital

Plataforma de red	Investigadores registrados	Usuarios activos mensuales
Investigador	12,500	8,700
Comunidad científica de LinkedIn	9,300	6,500

Compass Therapeutics, Inc. (CMPX) - Modelo de negocio: segmentos de clientes

Instituciones de investigación de oncología

A partir de 2024, Compass Therapeutics se dirige a instituciones de investigación de oncología especializada con características específicas:

Tipo de institución	Compromiso potencial	Enfoque de investigación
Centros de cáncer designados por NCI	15 socios institucionales potenciales	Investigación de inmuno-oncología
Centros médicos académicos	22 colaboradores de investigación potenciales	Desarrollo de ensayos clínicos

Empresas de desarrollo farmacéutico

El segmento de desarrollo farmacéutico objetivo incluye:

• Top 20 compañías farmacéuticas globales
• Firmas de biotecnología de nivel medio especializados en oncología
• Valor de asociación potencial estimado en $ 50-75 millones

Centros de investigación académicos

Compass Therapeutics se centra en centros de investigación académicos especializados:

Tipo de centro de investigación	Número de socios potenciales	Especialización de investigaciones
Universidades de investigación de inmunología	37 centros potenciales	Investigación terapéutica de anticuerpos
Laboratorios de oncología molecular	28 instituciones de investigación potenciales	Orientación terapéutica avanzada

Populaciones de pacientes potenciales

Segmentos de clientes para posibles intervenciones terapéuticas:

• Pacientes con tumor sólido avanzado: Aproximadamente 250,000 candidatos potenciales de tratamiento
• Pacientes con cáncer metastásico: Estimado 180,000 candidatos potenciales de tratamiento
• Pacientes elegibles para inmunoterapia: Proyectado 135,000 pacientes potenciales

Comunidad de inversión en biotecnología

Análisis de segmento de inversión:

Tipo de inversor	Interés de inversión potencial	Rango de inversión estimado
Empresas de capital de riesgo	12 inversores de biotecnología especializados	$ 5-15 millones por inversión
Inversores institucionales	8 Grandes grupos de inversión de biotecnología	$ 10-30 millones por inversión

Compass Therapeutics, Inc. (CMPX) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Compass Therapeutics reportó gastos de I + D de $ 73.4 millones.

Categoría de gastos	Cantidad (en millones)
Costos de investigación externos	$24.6
Personal de investigación interna	$31.2
Equipo de investigación	$17.6

Costos de gestión de ensayos clínicos

Los gastos de ensayo clínico para 2023 totalizaron aproximadamente $ 45.2 millones.

• Costos de prueba de fase I: $ 12.7 millones
• Costos de prueba de fase II: $ 22.5 millones
• Cumplimiento regulatorio: $ 10 millones

Mantenimiento de la propiedad intelectual

Los gastos anuales de propiedad intelectual fueron de $ 3.6 millones en 2023.

Tipo de gasto IP	Cantidad (en millones)
Presentación de patentes	$1.8
Mantenimiento de patentes	$1.2
Consulta legal	$0.6

Salarios de personal científico especializado

Los gastos totales de personal para el personal científico alcanzaron los $ 38.7 millones en 2023.

• Investigadores senior: $ 18.5 millones
• Asociados de investigación: $ 12.2 millones
• Personal técnico: $ 8 millones

Inversiones de infraestructura tecnológica

Las inversiones de tecnología e infraestructura para 2023 fueron de $ 15.3 millones.

Categoría de inversión	Cantidad (en millones)
Equipo de laboratorio	$8.7
Software y sistemas informáticos	$4.2
Infraestructura de red y comunicación	$2.4

Compass Therapeutics, Inc. (CMPX) - Modelo de negocios: flujos de ingresos

Acuerdos potenciales de licencia terapéutica

A partir del cuarto trimestre de 2023, Compass Therapeutics informó posibles flujos de ingresos de licencias para sus inmunoterapias en etapa clínica. El potencial de licencia clave de la compañía incluye:

Programa terapéutico	Valor de licencia potencial	Etapa de desarrollo
CT-0508 (anticuerpo anti-CTLA-4)	$ 25-50 millones de potencial por adelantado	Ensayo clínico de fase 1/2
CT-0525 (anticuerpo anti-CD137)	$ 30-65 millones de potencial por adelantado	Ensayo clínico de fase 1

Subvenciones de investigación y financiación

Las fuentes de financiación de la investigación para la terapéutica de la brújula incluyen:

• Subvenciones de los Institutos Nacionales de Salud (NIH): $ 2.1 millones en 2023
• Subvenciones de Cancer Research Foundation: $ 750,000 en 2023
• Subvenciones de Investigación de Innovación de Pequeñas Empresas (SBIR): $ 1.5 millones en 2023

Comercialización futura de productos

Flujos de ingresos de comercialización proyectados:

Candidato al producto	Potencial de mercado estimado	Año de lanzamiento proyectado
CT-0508	$ 250-500 millones de potencial anual	2026-2027
CT-0525	$ 300-600 millones de potencial anual	2027-2028

Colaboraciones de asociación estratégica

Desglose de ingresos de asociación estratégica actual:

• Acuerdos de colaboración farmacéutica: $ 12.3 millones en 2023
• Valor de colaboración de investigación: $ 8.7 millones en 2023

Monetización de la propiedad intelectual

Fuentes de ingresos de monetización de IP:

Categoría de IP	Ingresos anuales estimados	Período de protección de patentes
Patentes de tecnología de anticuerpos	$ 3.5-5.2 millones	2030-2035
Patentes de plataforma de inmunoterapia	$ 2.8-4.1 millones	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.