Compass Therapeutics, Inc. (CMPX): Business Model Canvas [Dec-2025 Updated]

You're looking at a clinical-stage biotech and trying to map out the path from burning cash to making money, which is exactly what the Compass Therapeutics, Inc. (CMPX) Business Model Canvas reveals for late 2025. Honestly, their entire model is a high-wire act focused on managing that $220 million cash pile through September 30th while executing on their proprietary bispecific antibody platform, especially advancing tovecimig through Phase 2/3 trials. Their structure is defined by massive R&D outlays-think $42.3 million spent over the first nine months of 2025-all aimed at delivering novel therapies for tough cancers like biliary tract cancer. Dive into the nine blocks below to see precisely how they structure their key activities and partnerships to de-risk that journey toward potential future licensing or product sales.

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

You're looking at the external engine driving Compass Therapeutics, Inc.'s pipeline forward. For a clinical-stage company, these external relationships are where the heavy lifting for trials and funding gets done. Honestly, the quality of these partners directly impacts your timeline to potential revenue.

Clinical Research Organizations (CROs) for trial execution

Compass Therapeutics, Inc. relies on external expertise to execute its multi-asset clinical strategy. While specific CRO names aren't always public, the scale of their operations is reflected in the financials. For the nine months ended September 30, 2025, Research & Development (R&D) expenses totaled $42.3 million, a 44% increase over the same period in 2024. This spending supports trials like the Phase 1 study for CTX-8371, which completed its dose escalation, and the planned mid-2025 initiation of a Phase 2 clinical trial for CTX-471.

The company is actively managing several complex trials:

• Initiated a first-line biliary cancer trial for tovecimig (CTX-009) at The University of Texas MD Anderson Cancer Center, involving an estimated 50 patients.
• 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.
• The COMPANION-002 Phase 2/3 trial for tovecimig enrolled 168 adult patients.

Investment banks (e.g., Jefferies, Piper Sandler) for capital raises

Financing is a critical partnership function, and Compass Therapeutics, Inc. secured significant capital in mid-2025. In August 2025, the company priced an upsized public offering that generated gross proceeds of approximately $120 million. This capital is earmarked for commercial readiness, research, and clinical development, projecting cash runway into 2028 as of the Q3 2025 report.

The syndicate involved in this August 2025 financing was substantial, showing broad institutional engagement:

Analyst sentiment, often tied to these banking relationships, shows varied targets; Guggenheim raised its target to $12.00 post-offering, while D. Boral Capital later set a $30.00 price target in November 2025.

Academic medical centers for clinical trial sites and expertise

Collaboration with leading academic institutions is central to validating Compass Therapeutics, Inc.'s novel mechanisms. The Investigator-Sponsored Trial (IST) for tovecimig in the first-line setting for BTC is being conducted at The University of Texas MD Anderson Cancer Center. Furthermore, the CEO noted a 'tremendous list' of academic medical centers supporting their broader clinical efforts, including:

• Johns Hopkins
• Mass General
• Stanford
• UCSF
• Mayo
• Chicago
• WashU
• Columbia

Contract Manufacturing Organizations (CMOs) for drug supply

Manufacturing supply chain partners are essential for advancing the pipeline, as evidenced by the rising costs reflected in the R&D spend. For the nine months ended September 30, 2025, the $13.0 million increase in R&D expenses was largely attributable to $11.2 million in additional manufacturing expenses. This spend is primarily related to the lead program, tovecimig, and the IND-enabling activities for CTX-10726, which has an IND filing planned for Q4 2025.

Future large pharmaceutical partners for commercialization/licensing

Compass Therapeutics, Inc. is actively positioning its assets for future external commercialization deals. The management team has publicly stated they are having conversations with potential strategic partners regarding ex-U.S. geographies. The corporate goals for 2026 include initiating regulatory interactions in Japan and the EU, which often precedes or coincides with securing major ex-U.S. licensing agreements. The company is targeting a potential 2027 launch for its lead program, setting the stage for partnership discussions throughout 2026.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core actions Compass Therapeutics, Inc. is driving right now to move its pipeline forward and secure its financial footing. It's all about execution on clinical timelines and managing the burn rate to hit value-inflection points.

Conducting Phase 2/3 clinical trials for tovecimig (CTX-009)

The lead asset, tovecimig, a DLL4 x VEGF-A bispecific antibody, already hit its primary endpoint in the COMPANION-002 Phase 2/3 study back in April 2025. The key activity now is pushing for the secondary survival data.

• Primary endpoint: Overall Response Rate (ORR) improvement was statistically significant (p=0.031).
• Tovecimig plus paclitaxel achieved 17.1% ORR versus 5.3% ORR for paclitaxel alone.
• Secondary endpoint analyses for Overall Survival (OS) and Progression-Free Survival (PFS) are triggered by 80% of pooled OS events.
• Top-line data for OS and PFS are now expected in late Q1 2026.
• This data could support the first Biologics License Application (BLA) filing in the second half of 2026.

Also, the company is actively enrolling an Investigator Sponsored Trial (IST) combining tovecimig with the first-line regimen of gemcitabine, cisplatin, and durvalumab. Preparations are also moving for a Phase 2 basket study across DLL4+ solid tumors, including gastric, ovarian, renal, hepatocellular, and colorectal cancers.

Advancing CTX-8371 and CTX-10726 through early-stage development

Compass Therapeutics, Inc. is pushing two other proprietary bispecifics through early clinical and late preclinical stages. The focus here is hitting regulatory and data milestones for these next-generation assets.

• CTX-8371 (PD-1 x PD-L1 bispecific): The Phase 1 dose-escalation study is fully enrolled (fifth and final cohort).
• No dose-limiting toxicities (DLTs) have been observed for CTX-8371 at any dose level.
• Full topline data for CTX-8371 is now expected in H1 2026.
• Cohort expansions for CTX-8371 in Non-Small Cell Lung Cancer (NSCLC) and Triple-Negative Breast Cancer (TNBC) are expected to start in Q4 2025.
• CTX-10726 (PD-1 x VEGF-A bispecific): IND filing is planned for Q4 2025.
• Initial Phase 1 clinical data for CTX-10726 is anticipated in H2 2026.

Manufacturing proprietary bispecific antibody drug product

The increased activity in the pipeline is reflected directly in the operating expenses, especially manufacturing costs for these complex biologics. Honestly, you see the investment in the numbers.

Research & Development (R&D) expenses for the nine months ended September 30, 2025, totaled $42.3 million, a 44% increase over the $29.3 million for the same period in 2024. Specifically, manufacturing expenses accounted for $11.2 million of that increase, tied to both tovecimig and CTX-10726. For the third quarter alone, R&D expenses were $12.8 million, up 49% year-over-year, with $4.2 million attributed to CTX-10726 manufacturing and IND-enabling costs. The company notes that its expertise includes bispecific manufacturing processes already at commercially viable yields for CTX-10726.

Regulatory filings, including the planned CTX-10726 IND in Q4 2025

The next major regulatory hurdle is getting CTX-10726 into the clinic. The company is on track to meet this target, which is a critical step for pipeline diversification.

The Investigational New Drug (IND) submission for CTX-10726 is firmly planned for Q4 2025. This follows the presentation of preclinical data at the Society for Immunotherapy of Cancer (SITC) Annual Meeting in November 2025. The potential for the first BLA submission, contingent on tovecimig secondary data, is targeted for the second half of 2026.

Investor relations and capital management to extend cash runway

Managing capital is a key activity, ensuring the company can fund these expensive clinical activities without immediate financing pressure. They bolstered their position recently.

As of September 30, 2025, Compass Therapeutics, Inc. held $220 million in cash and marketable securities, up from $127 million at the end of 2024. This strong balance sheet, supported by an August financing of $138 million, is expected to provide a cash runway extending into 2028. For the first nine months of 2025, net cash used in operating activities was $35.9 million. The net loss for Q3 2025 was $14.3 million, or $0.08 per share.

Here's a quick look at the financial and pipeline status as of the Q3 2025 report:

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

You're building a biotech company, so the quality of your assets-the science and the cash to fund it-is everything. Here's the quick math on what Compass Therapeutics, Inc. is holding as a key resource base as of late 2025.

The financial foundation is solid for near-term execution. Compass Therapeutics, Inc. reported $220 million in cash, cash equivalents, and marketable securities as of September 30, 2025. Honestly, that level of liquidity is a major asset, giving the company an expected cash runway extending into 2028 based on current operating plans.

The core intellectual property is the proprietary bispecific antibody platform. This engine has allowed Compass Therapeutics, Inc. to drug over 40 immune targets to date, generating a diverse pipeline. This platform is what translates basic science into tangible clinical candidates, which is the real value driver here.

The lead clinical asset, tovecimig (CTX-009), is a VEGF/DLL4 bispecific antibody, and it's sitting on a significant data readout from its Phase 2/3 trial for Biliary Tract Cancer (BTC). That trial, COMPANION-002, hit its primary endpoint, which is a huge milestone for any clinical-stage firm.

The clinical data demonstrating a statistically significant Objective Response Rate (ORR) is concrete proof of concept for their approach in a tough indication. Here's the breakdown of those top-line findings from the April 1, 2025 announcement:

What this table hides is the potential. The secondary endpoints, like Progression-Free Survival (PFS) and Overall Survival (OS), are still pending analysis, expected in Q4 2025 or late Q1 2026. Still, the ORR improvement is definitely a strong signal.

The human capital-the team-is centered in Boston, Massachusetts. You're looking at an experienced oncology R&D team, though the exact size is small, reported around 35 total employees or 11-50 employees. The investment in that team shows up in the financials; Research & Development expenses for the nine months ended September 30, 2025, totaled $42.3 million.

Beyond tovecimig, the pipeline itself is a key resource, built on their platform capabilities:

• Proprietary antibody discovery engine.
• StitchMabs™ and common light chain platforms.
• CTX-471, with a planned Phase 2 trial mid-2025.
• CTX-8371, with cohort expansions expected to begin in Q4 2025.
• CTX-10726 (PD-1 x VEGF-A bispecific), with an IND filing planned for Q4 2025.

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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.

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.