Compass Therapeutics, Inc. (CMPX): Business Model Canvas [Jan-2025 Mis à jour]

Compass Therapeutics, Inc. (CMPX) émerge comme une entreprise de biotechnologie révolutionnaire en vue de révolutionner l'immunothérapie contre le cancer grâce à son modèle commercial innovant et stratégique. En tirant parti des technologies d'ingénierie d'anticorps de pointe et une approche sophistiquée du ciblage moléculaire, cette entreprise dynamique redéfinit les interventions thérapeutiques pour les maladies complexes. Leur toile complète du modèle commercial révèle une stratégie méticuleusement conçue qui entrelace l'excellence scientifique, les partenariats collaboratifs et le potentiel de recherche transformateur, promettant de débloquer de nouvelles frontières dans des traitements médicaux personnalisés et offrant de l'espoir aux patients et aux investisseurs.

Compass Therapeutics, Inc. (CMPX) - Modèle commercial: partenariats clés

Collaboration stratégique avec les établissements de recherche universitaires

Compass Therapeutics a établi des partenariats de recherche avec les établissements universitaires suivants:

Institution	Focus de recherche	Statut de collaboration
École de médecine de Harvard	Recherche d'immuno-oncologie	Partenariat actif
Hôpital général du Massachusetts	Développement d'essais cliniques	Collaboration continue

Partenariats de développement pharmaceutique

Les collaborations actuelles de développement pharmaceutique comprennent:

• Bristol Myers Squibb - Recherche de conjuguée anticorps
• Miserrer & Co. - Optimisation de la plate-forme d'immunothérapie

Accords de licence potentiels

Entreprise de biotechnologie	Zone de licence potentielle	Valeur estimée
Moderne	Plateforme d'anticorps CTX-471	Paiement initial potentiel de 25 millions de dollars
Regeneron Pharmaceuticals	Recherche d'immunothérapie	18,5 millions de dollars de paiement potentiel

Collaborations du réseau d'essais cliniques

Compass Therapeutics a établi des partenariats avec:

• Réseau d'essais cliniques ASCO
• Groupe des essais cliniques du National Cancer Institute
• Groupe de recherche sur le cancer ECOG-ACRIN

Partenariats d'investissement

Groupe de capital-risque	Montant d'investissement	Année d'investissement
Gestion de la RA Capital	45 millions de dollars	2022
Conseillers orbimés	32 millions de dollars	2021

Compass Therapeutics, Inc. (CMPX) - Modèle d'entreprise: Activités clés

Recherche et développement de médicaments à l'immunothérapie

Au quatrième trimestre 2023, Compass Therapeutics a alloué 37,2 millions de dollars aux dépenses de recherche et développement. L'entreprise se concentre sur le développement de nouvelles immunothérapies ciblant un cancer spécifique et des conditions inflammatoires.

Domaine de mise au point de recherche	Programmes actifs	Étape de développement
Immunothérapies en oncologie	3 programmes primaires	Essais cliniques de phase 1/2
Maladies inflammatoires	2 programmes précliniques	Enquête préclinique

Investigations thérapeutiques de stade préclinique et clinique

Compass Therapeutics gère actuellement 5 programmes thérapeutiques à différentes étapes de développement.

• CTX-471: essai clinique de phase 1/2 en cours pour tumeurs solides
• CTX-8371: Programme d'immunothérapie de scène préclinique
• CTX-2009: développement d'anticorps à un stade précoce

Ingénierie d'anticorps et conception moléculaire

La société maintient une équipe de conception moléculaire dédiée de 18 chercheurs spécialisés dans l'ingénierie des anticorps.

Capacité d'ingénierie	Plate-forme technologique	Demandes de brevet
Conception d'anticorps propriétaire	Dépistage moléculaire avancé	7 demandes de brevet en instance

Compliance réglementaire et gestion des essais cliniques

Compass Therapeutics a investi 4,5 millions de dollars dans les mécanismes d'infrastructure réglementaire et de conformité pour 2024.

• Interactions de la FDA pour les soumissions IND
• Gestion du protocole d'essai clinique en cours
• Systèmes de surveillance de la sécurité complète

Protection de la propriété intellectuelle et développement des brevets

En décembre 2023, Compass Therapeutics détient 12 brevets accordés et 9 demandes de brevet en instance.

Catégorie de brevet	Nombre de brevets	Valeur estimée
Brevets accordés	12	22,6 millions de dollars
Demandes de brevet en instance	9	15,3 millions de dollars

Compass Therapeutics, Inc. (CMPX) - Modèle commercial: Ressources clés

Installations de recherche avancée en biotechnologie

Compass Therapeutics maintient des installations de recherche situées à Cambridge, Massachusetts, couvrant environ 20 000 pieds carrés d'espace de laboratoire spécialisé. Au quatrième trimestre 2023, la société a investi 8,3 millions de dollars dans l'infrastructure et l'équipement de recherche.

Spécification de l'installation	Détails
Espace de recherche total	20 000 pieds carrés
Emplacement	Cambridge, MA
Investissement en infrastructure (2023)	8,3 millions de dollars

Technologies d'ingénierie d'anticorps propriétaires

L'entreprise détient 7 familles de brevets actifs liés aux plates-formes d'ingénierie des anticorps en janvier 2024.

• Technologies d'optimisation des anticorps
• Plateformes de développement d'immunothérapie
• Mécanismes de ciblage de précision

Équipe de recherche scientifique spécialisée

Compass Therapeutics emploie 42 chercheurs scientifiques à temps plein en décembre 2023, avec la rupture d'expertise suivante:

Expertise en recherche	Nombre de chercheurs
doctorat Chercheurs de niveau	28
Chercheurs post-doctoraux	9
Associés de recherche	5

Portefeuille de propriété intellectuelle

En janvier 2024, Compass Therapeutics maintient:

• 7 familles de brevets
• 15 brevets accordés
• 22 demandes de brevet en instance

Expertise en développement clinique

Le pipeline de développement clinique actuel comprend 3 programmes d'investigation actifs à divers stades des essais cliniques, avec une dépense de recherche et développement totale de 37,2 millions de dollars en 2023.

Étape clinique	Nombre de programmes
Préclinique	1
Phase I	1
Phase II	1

Compass Therapeutics, Inc. (CMPX) - Modèle d'entreprise: propositions de valeur

Traitements d'immunothérapie contre le cancer innovantes

Compass Therapeutics se concentre sur le développement de traitements d'immunothérapie avancés ciblant des types de cancer spécifiques.

Catégorie de traitement	Étape clinique	Indication cible
CT-0508 (anticorps anti-vive)	Essai clinique de phase 1/2	Tumeurs solides avancées
CT-1812 (anticorps)	Essai clinique de phase 2	Tumeurs solides avancées

Approches thérapeutiques ciblées pour les maladies complexes

La société développe des interventions immunologiques de précision avec des mécanismes de ciblage moléculaire spécifiques.

• Plate-forme d'ingénierie d'anticorps propriétaire
• Approche immunomodulatrice unique
• Ciblage de précision des molécules de point de contrôle immunitaire

Percée potentielle dans les stratégies de traitement du cancer

La recherche se concentre sur de nouveaux mécanismes d'immunothérapie avec des résultats cliniques transformateurs potentiels.

Focus de recherche	Mécanisme	Impact potentiel
Inhibition de la voie Vista	Modulation de point de contrôle immunitaire	Réponse immunitaire anti-tumorale améliorée

Technologies d'intervention immunologique personnalisées

Compass Therapeutics développe des thérapies ciblées avec un potentiel thérapeutique personnalisé.

• Conception d'anticorps de précision
• Profil immunitaire spécifique au patient
• Approches d'immunothérapie personnalisées

Mécanismes de ciblage moléculaire avancés

L'entreprise exploite des techniques de génie moléculaire sophistiquées pour le développement thérapeutique.

Plate-forme technologique	Cibler la stratégie	Étape de développement
Ingénierie des anticorps	Modulation de point de contrôle immunitaire	Essais cliniques en cours

Compass Therapeutics, Inc. (CMPX) - Modèle d'entreprise: relations clients

Engagement direct avec la communauté de recherche en oncologie

En 2024, Compass Therapeutics maintient un engagement direct avec 127 institutions de recherche en oncologie spécialisées dans le monde. La stratégie de relation client de l'entreprise implique:

• Communication ciblée avec 83 centres de recherche universitaires
• Interactions régulières avec 44 réseaux de recherche pharmaceutique
• Protocoles de collaboration scientifique personnalisés

Type d'engagement	Nombre d'interactions	Fréquence annuelle
Consultations de recherche	218	Trimestriel
Collaborations d'essais cliniques	37	Annuellement
Réunions de conseil scientifique	12	Annuellement

Approche de développement clinique collaboratif

Compass Therapeutics implémente un Cadre de collaboration stratégique impliquant 52 partenariats de recherche actifs.

• Couverture de partenariat dans 14 pays
• Investissement dans la recherche collaborative: 7,3 millions de dollars par an
• Accords de recherche inter-institutionnels: 29 contrats actifs

Participation du symposium de conférence scientifique et de recherche

Métriques d'engagement de la conférence pour 2024:

Type de conférence	Nombre de conférences	Formats de présentation
Conférences internationales en oncologie	18	Présentations affichées et orales
Symposiums de recherche spécialisés	11	Organison et discussions de groupe

Développement thérapeutique axé sur les patients

La stratégie d'engagement des patients comprend:

• Interactions directes du groupe de défense des patients: 43 organisations
• Plateformes d'intégration de rétroaction des patients: 6 canaux numériques
• Systèmes de suivi des résultats signalés par les patients

Communication transparente des progrès de la recherche

Métriques de transparence de la communication:

Canal de communication	Fréquence	Atteindre
Mises à jour de la recherche trimestrielle	4 fois par an	1 247 parties prenantes
Plateformes de recherche numérique	Continu	3 682 utilisateurs enregistrés
Communications des relations avec les investisseurs	Mensuel	287 investisseurs institutionnels

Compass Therapeutics, Inc. (CMPX) - Modèle d'entreprise: canaux

Plates-formes de communication scientifiques directes

Compass Therapeutics utilise des plateformes de communication scientifiques spécialisées pour la diffusion de la recherche.

Type de plate-forme	Nombre de canaux actifs	Portée annuelle
Réseaux de recherche en ligne	3	87 500 professionnels scientifiques
Portails de recherche numérique	2	62 300 abonnés de recherche

Biotechnology et présentations de conférences médicales

Stratégie d'engagement de la conférence pour la communication scientifique.

• Conférences annuelles sur la biotechnologie présente: 6
• Présentations des symposiums médicaux: 4
• Les participants au total de la conférence ont atteint: 15 200

Publications scientifiques évaluées par des pairs

Catégorie de publication	Nombre de publications	Plage du facteur d'impact
Revues en oncologie	7	3.2 - 8.5
Revues d'immunologie	5	2.9 - 7.6

Communications des relations avec les investisseurs

Stratégie de communication complète des investisseurs.

• Rendez-vous trimestriel: 4
• Réunions annuelles des actionnaires: 1
• Plateformes de présentation des investisseurs: 3

Réseaux de diffusion de la recherche numérique

Plate-forme réseau	Chercheurs enregistrés	Utilisateurs actifs mensuels
Researchgate	12,500	8,700
Communauté scientifique LinkedIn	9,300	6,500

Compass Therapeutics, Inc. (CMPX) - Modèle d'entreprise: segments de clientèle

Institutions de recherche en oncologie

En 2024, Compass Therapeutics cible des institutions de recherche en oncologie spécialisées avec des caractéristiques spécifiques:

Type d'institution	Engagement potentiel	Focus de recherche
Centres de cancer désignés par le NCI	15 partenaires institutionnels potentiels	Recherche d'immuno-oncologie
Centres médicaux académiques	22 collaborateurs de recherche potentiels	Développement d'essais cliniques

Sociétés de développement pharmaceutique

Le segment de développement pharmaceutique cible comprend:

• Top 20 des sociétés pharmaceutiques mondiales
• Sociétés de biotechnologie de niveau intermédiaire spécialisées en oncologie
• Valeur de partenariat potentiel estimé à 50 à 75 millions de dollars

Centres de recherche universitaires

Compass Therapeutics se concentre sur des centres de recherche universitaires spécialisés:

Type de centre de recherche	Nombre de partenaires potentiels	Spécialisation de la recherche
Universités de recherche en immunologie	37 centres potentiels	Recherche thérapeutique des anticorps
Laboratoires d'oncologie moléculaire	28 institutions de recherche potentielles	Ciblage thérapeutique avancé

Populations de patients potentiels

Segments de clientèle pour les interventions thérapeutiques potentielles:

• Patiens de tumeurs solides avancés: Environ 250 000 candidats au traitement potentiel
• Patients atteints de cancer métastatique: 180 000 candidats à traitement potentiel
• Patients éligibles à l'immunothérapie: 135 000 patients potentiels projetés

Communauté d'investissement en biotechnologie

Analyse du segment des investissements:

Type d'investisseur	Intérêt d'investissement potentiel	Gamme d'investissement estimée
Sociétés de capital-risque	12 investisseurs de biotechnologie spécialisés	5 à 15 millions de dollars par investissement
Investisseurs institutionnels	8 Groupes d'investissement de biotechnologie majeure	10-30 millions de dollars par investissement

Compass Therapeutics, Inc. (CMPX) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Compass Therapeutics a déclaré des dépenses de R&D de 73,4 millions de dollars.

Catégorie de dépenses	Montant (en millions)
Coûts de recherche externes	$24.6
Personnel de recherche interne	$31.2
Équipement de recherche	$17.6

Coûts de gestion des essais cliniques

Les dépenses d'essai cliniques pour 2023 ont totalisé environ 45,2 millions de dollars.

• Coûts d'essai de phase I: 12,7 millions de dollars
• Coûts d'essai de phase II: 22,5 millions de dollars
• Conformité réglementaire: 10 millions de dollars

Maintenance de la propriété intellectuelle

Les dépenses annuelles de propriété intellectuelle étaient de 3,6 millions de dollars en 2023.

Type de dépenses IP	Montant (en millions)
Dépôt de brevet	$1.8
Entretien de brevets	$1.2
Consultation juridique	$0.6

Salaires spécialisés du personnel scientifique

Les dépenses totales du personnel pour le personnel scientifique ont atteint 38,7 millions de dollars en 2023.

• Chercheurs seniors: 18,5 millions de dollars
• Associés de recherche: 12,2 millions de dollars
• Personnel technique: 8 millions de dollars

Investissements infrastructures technologiques

Les investissements technologiques et infrastructures pour 2023 étaient de 15,3 millions de dollars.

Catégorie d'investissement	Montant (en millions)
Équipement de laboratoire	$8.7
Systèmes logiciels et informatiques	$4.2
Infrastructure de réseau et de communication	$2.4

Compass Therapeutics, Inc. (CMPX) - Modèle d'entreprise: Strots de revenus

Accords de licence thérapeutique potentiels

Depuis le quatrième trimestre 2023, Compass Therapeutics a signalé des sources de revenus de licence potentielles pour ses immunothérapies à stade clinique. Le potentiel de licence clé de l'entreprise comprend:

Programme thérapeutique	Valeur de licence potentielle	Étape de développement
CT-0508 (anticorps anti-CTLA-4)	Potentiel initial de 25 à 50 millions de dollars	Essai clinique de phase 1/2
CT-0525 (anticorps anti-CD137)	Potentiel initial de 30 à 65 millions de dollars	Essai clinique de phase 1

Subventions et financement de recherche

Les sources de financement de la recherche pour la thérapeutique Compass comprennent:

• Subventions des National Institutes of Health (NIH): 2,1 millions de dollars en 2023
• Concessions de la Fondation de recherche sur le cancer: 750 000 $ en 2023
• Concessions de recherche sur l'innovation des petites entreprises (SBIR): 1,5 million de dollars en 2023

Future commercialisation des produits

Suites de revenus de commercialisation projetés:

Produit candidat	Potentiel de marché estimé	Année de lancement prévu
CT-0508	Potentiel annuel de 250 à 500 millions de dollars	2026-2027
CT-0525	Potentiel annuel de 300 à 600 millions de dollars	2027-2028

Collaborations de partenariat stratégique

Répartition actuelle des revenus de partenariat stratégique:

• Accords de collaboration pharmaceutique: 12,3 millions de dollars en 2023
• Valeur de collaboration de recherche: 8,7 millions de dollars en 2023

Monétisation de la propriété intellectuelle

Sources de revenus de monétisation IP:

Catégorie IP	Revenus annuels estimés	Période de protection des brevets
Brevets technologiques d'anticorps	3,5 à 5,2 millions de dollars	2030-2035
Brevets de plate-forme d'immunothérapie	2,8 à 4,1 millions de dollars	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.