Compass Therapeutics, Inc. (CMPX): ANSOFF MATRIX [Dec-2025 Updated]

You've got the data, but now you need the playbook, right? As someone who's spent two decades mapping growth for big asset managers, I see Compass Therapeutics, Inc. sitting on a \$220 million cash runway extending into 2028, which is a solid foundation. The real question is how to deploy that capital across their pipeline, from aggressively pushing tovecimig in existing second-line Biliary Tract Cancer markets to exploring entirely new areas like autoimmune diseases using their StitchMabs™ platform. We need a clear roadmap, so below, I've broken down exactly where Compass Therapeutics, Inc. can focus its near-term execution-like filing the IND for CTX-10726 by year-end 2025-versus where they need to take bigger, more calculated swings. Let's look at the four paths forward.

Compass Therapeutics, Inc. (CMPX) - Ansoff Matrix: Market Penetration

Maximize tovecimig uptake in second-line Biliary Tract Cancer (BTC) post-BLA filing.

Expected BLA filing in the second half of 2026.

Secondary endpoint analyses for Overall Survival (OS) and Progression Free Survival (PFS) expected in late Q1 2026.

Target oncology centers with the 17.1% Overall Response Rate (ORR) data from COMPANION-002.

The tovecimig combination arm included 1 complete response (CR).

Increase physician education on tovecimig's unique DLL4/VEGF-A bispecific mechanism.

tovecimig blocks both Delta-like ligand 4 (DLL4) and vascular endothelial growth factor A (VEGF-A) signaling pathways.

Secure favorable reimbursement to ensure patient access in the existing US market.

Annual US BTC diagnosis population: approximately 25,000 patients based on claims-based market research.

Leverage the strong cash runway into 2028 for a robust commercial launch infrastructure.

• Cash and marketable securities as of September 30, 2025: $220 million.
• Net cash used in operating activities for the first nine months of 2025: $35.9 million.
• General & Administrative (G&A) expenses for the nine months ended September 30, 2025: $12.6 million.
• Commercial preparation costs included in G&A increase for 9M 2025: $0.6 million.

Compass Therapeutics, Inc. (CMPX) - Ansoff Matrix: Market Development

Market development for Compass Therapeutics, Inc. (CMPX) centers on expanding the application of existing or near-term assets into new patient populations or geographies, supported by a strong balance sheet.

The commitment to expanding tovecimig into a first-line setting is underway via an Investigator Sponsored Study (IST) at The University of Texas MD Anderson Cancer Center, which began enrolling patients in Q1 2025. This trial is designed to evaluate tovecimig in combination with the standard first-line regimen of gemcitabine, cisplatin, and durvalumab for patients with biliary tract cancer (BTC). The study structure involves an initial safety run-in phase with 12 patients, followed by an expansion phase with an additional 38 patients, totaling an estimated 50 patients in the IST cohort.

For the planned Phase 2 trial of tovecimig in DLL4-positive Colorectal Cancer (CRC), the strategy has evolved. The previously planned second-line CRC study is being replaced by a Phase 2 basket study, which will evaluate tovecimig across a broader set of DLL4+ cancers, including gastric, ovarian, renal, hepatocellular, and colorectal indications. This strategic pivot aims to capture a wider market segment based on the DLL4 biomarker.

Expansion of CTX-8371 Phase 1 cohorts into new solid tumors is scheduled for Q4 2025. This move follows encouraging signals from the dose-escalation study where two deep and confirmed partial responses were observed in the post-checkpoint inhibitor setting: one patient with non-small cell lung cancer (NSCLC) achieved a 100% reduction of measured target lesions, and another with triple-negative breast cancer (TNBC) showed over 90% reduction. Full topline data from the Phase 1 dose-escalation study is now expected in H1 2026.

Exploration of new indications for CTX-471 is being driven by biomarker data. Clinical data presented in 2024 showed a correlation between levels of NCAM (CD56) expression and disease control in patients treated with CTX-471 monotherapy. The initiation of the Phase 2 trial for CTX-471 in patients with tumors expressing NCAM (CD56) is expected in the second half of 2025.

The financial foundation supporting these market development activities is robust as of the third quarter of 2025. Compass Therapeutics, Inc. reported cash and marketable securities of $220 million as of September 30, 2025, which is expected to provide an anticipated cash runway into 2028. This financial backing allows for continued investment in pipeline advancement, as evidenced by the $12.8 million in Research and Development (R&D) expenses reported for Q3 2025. The company recorded a net loss of $14.3 million for the same quarter. The pursuit of ex-US licensing partnerships for tovecimig in Asian markets, where BTC prevalence is noted as higher, is a key strategic goal, though specific partnership financial terms are not yet public. The company's zero license revenue for Q3 2025 ($0.0 million) underscores the current pre-commercial focus.

Here is a summary of the key pipeline expansion milestones relevant to Market Development:

The financial resources available support these market-facing clinical expansions:

• Cash and marketable securities as of September 30, 2025: $220 million.
• Anticipated cash runway: Through 2028.
• Q3 2025 R&D Expenses: $12.8 million.
• Q3 2025 Net Loss: $14.3 million.

Finance: review Q4 2025 cash burn projections against planned Q4 2025 CTX-8371 expansion costs by end of month.

Compass Therapeutics, Inc. (CMPX) - Ansoff Matrix: Product Development

You're looking at the core of Compass Therapeutics, Inc.'s (CMPX) near-term value creation, which is all about advancing their proprietary pipeline. This is where the R&D spend translates into potential assets.

For CTX-10726, the PD-1 x VEGF-A bispecific, the plan is firm: file the Investigational New Drug (IND) application by year-end 2025. You should expect initial Phase 1 clinical data to surface in the second half of 2026. Preclinically, this asset showed superior tumor control versus ivonescimab in a human NSCLC (HCC827) xenograft mouse model.

CTX-8371, the PD-1 x PD-L1 bispecific, is showing encouraging early signals. The dose-escalation portion of the Phase 1 study is fully enrolled through the fifth and final cohort. Importantly, no dose-limiting toxicities (DLTs) have been reported at any dose level. You can anticipate full topline data, including results from this final cohort, to be presented at a medical meeting in the first half of 2026. Based on the two deep and confirmed partial responses observed, cohort expansions in non-small cell lung cancer (NSCLC) and triple-negative breast cancer (TNBC) are slated to begin in the fourth quarter of 2025.

Regarding CTX-471, the CD137 agonist, the plan is to move into the next stage quickly. Compass expects to initiate the Phase 2 trial in patients with NCAM/CD56 expressing tumors in the second half of 2025, though earlier guidance pointed to mid-2025.

The financial commitment to this pipeline is clear in the spending figures. Research and Development (R&D) expenses for the first quarter of 2025 hit $13.1 million, representing a 37% year-over-year increase. A portion of that spend is definitely going into these next-generation platforms; for instance, manufacturing costs for tovecimig and CTX-10726 accounted for $2.5 million of the R&D increase in Q1 alone. Overall R&D spend for the first nine months of 2025 totaled $42.3 million.

Developing novel combination therapies is a key strategy, especially leveraging existing assets. Preclinical work suggests combining CTX-471 with tovecimig (CTX-009) markedly increased anti-tumor efficacy in models resistant to checkpoint inhibitors. Tovecimig itself delivered a statistically significant primary endpoint win in the Phase 2/3 COMPANION-002 trial, achieving an 17.1% Overall Response Rate (ORR) compared to 5.3% for paclitaxel alone (p = .031). You should watch for the secondary endpoint data, like Overall Survival (OS) and Progression-Free Survival (PFS), which are expected in late Q1 2026 or Q4 2025.

Here's a quick look at where these key assets stand as of late 2025:

The financial health supports this aggressive product development schedule. As of September 30, 2025, Compass Therapeutics held $220 million in cash and marketable securities, which management expects provides a cash runway extending into 2028.

The near-term focus areas for Product Development are:

• File IND for CTX-10726 by year-end 2025.
• Initiate expansion cohorts for CTX-8371 in Q4 2025.
• Start Phase 2 for CTX-471 in mid-2025 or H2 2025.
• Invest R&D spend, which was $13.1 million in Q1 2025, into next-gen platforms.
• Report secondary endpoint data for tovecimig in late Q1 2026.

Finance: draft 13-week cash view by Friday.

Compass Therapeutics, Inc. (CMPX) - Ansoff Matrix: Diversification

You're looking at how Compass Therapeutics, Inc. can move beyond its current oncology focus, which is a smart way to think about long-term value creation, especially given the high-stakes nature of drug development. Honestly, the current financial footing gives you some breathing room to explore these paths.

The StitchMabs™ platform is key here. This proprietary, high-throughput multispecific antibody screening technology allows you to covalently link two or more biologics into customized bi- and multispecific formats in minutes. You use this to screen bispecific concepts in large, matrix experiments to find novel synergistic combinations. While the current pipeline is heavily weighted toward cancer-think tovecimig in biliary tract cancer (BTC) and CTX-8371 for NSCLC/TNBC-the underlying technology is platform-agnostic.

Here are the concrete diversification moves you could map out:

• Seek discovery collaborations for the StitchMabs™ platform outside of oncology.
• Establish a new research division focused on autoimmune or inflammatory diseases, a non-cancer market.
• Develop a proprietary antibody against a non-oncology target using the company's bispecific technology.
• Acquire a preclinical asset in a new therapeutic area like infectious disease or rare genetic disorders.
• Partner with a large pharma company to co-develop a bispecific for a non-core market, reducing the $14.3 million net loss risk.

The financial context for these moves is important. As of the third quarter of 2025, Compass Therapeutics reported a net loss of $14.3 million for the quarter. Any new division or acquisition will add to this burn, so managing that risk is defintely a priority.

The good news is the balance sheet supports this exploration. As of the end of Q3 2025, cash and marketable securities stood at $220 million, extending the cash runway into 2028. This runway gives you time to incubate a non-oncology unit without immediate pressure to fund it solely through equity raises.

Here's a quick look at how the current financial reality relates to the diversification opportunity:

Specifically addressing the partnership point: co-developing a bispecific for a non-core market, perhaps using the StitchMabs™ platform to create a novel construct for an indication like a chronic inflammatory condition, could bring in upfront or milestone payments. This external funding directly mitigates the impact of the quarterly $14.3 million net loss, which is currently driven by R&D expenses like the 49% year-over-year increase in R&D to $12.8 million in Q3 2025 related to CTX-10726.

Furthermore, the company's existing technology base already hints at adjacent areas; for instance, the platform is mentioned in the context of therapies for autoimmune disorders. Leveraging this existing knowledge base for a new autoimmune target, rather than starting completely fresh in an area like infectious disease, might be the most efficient use of the $220 million cash on hand.