Compass Therapeutics, Inc. (CMPX): PESTLE Analysis [Nov-2025 Updated]

You're invested in Compass Therapeutics, Inc. (CMPX) and want to know if the macro environment truly supports that approximate $713.74 million market capitalization. Honestly, their story is a high-stakes bet: they have a strong cash position of $220 million that funds them into 2028, but their annual revenue is a starkly low $850,000.00. The good news is the FDA's Fast Track Designation for tovecimig is a huge political tailwind, and the 17.1% overall response rate from the Phase 2/3 data validates their bispecific antibody technology. We need to look closer at the full PESTLE picture to see the near-term risks and opportunities, especialy with the Q4 2025 Investigational New Drug (IND) filing coming up.

Compass Therapeutics, Inc. (CMPX) - PESTLE Analysis: Political factors

FDA Fast Track Designation (FTD) for tovecimig (CTX-009) expedites review process.

The political and regulatory environment is currently favorable for Compass Therapeutics, Inc.'s lead candidate, tovecimig (CTX-009), due to its Fast Track Designation (FTD) from the U.S. Food and Drug Administration (FDA). This designation, granted in April 2024, is a clear political signal that the agency prioritizes therapies for serious conditions with unmet medical needs, like biliary tract cancer (BTC). FTD accelerates the drug development and review process, allowing for more frequent communication with the FDA and the potential for rolling review of the Biologics License Application (BLA).

This is a significant operational advantage. The Phase 2/3 COMPANION-002 study for tovecimig in advanced BTC met its primary endpoint in April 2025. With key secondary endpoint data (Overall Survival and Progression-Free Survival) expected in late Q1 2026, the FTD positions the company to potentially submit its BLA faster than a standard review process would allow. This speed is critical for a clinical-stage biotech, turning R&D investment into potential revenue sooner. The company's strong cash position of $220 million as of September 30, 2025, gives them the financial runway to execute this expedited regulatory strategy into 2028.

Potential for US administration to continue supporting accelerated approval pathways.

The current U.S. administration, in power in late 2025, continues to champion expedited drug approval pathways, which is a net positive for oncology-focused biotechs. This is part of a broader political push for deregulation and innovation incentives. For example, the FDA unveiled a new 'plausible mechanism pathway' in November 2025, which aims to speed up approvals for highly individualized therapies, especially for rare diseases or areas of high unmet need. Although tovecimig is not an individualized therapy, this new pathway reflects the agency's political mandate to use regulatory flexibility to bring innovative treatments to market faster.

This climate translates into a lower regulatory risk profile for Compass Therapeutics' pipeline, which includes other bispecific antibodies like CTX-8371 and CTX-10726. Still, the trade-off is increased public and political scrutiny on the rigor of these accelerated approvals, especially following past controversies. You defintely need to ensure your confirmatory trial data is rock-solid.

Increased geopolitical tensions and trade tariffs risk supply chain stability.

Geopolitical tensions, particularly concerning trade with China and India, pose a near-term risk to the pharmaceutical supply chain. In 2025, the U.S. administration implemented significant tariff policies designed to incentivize domestic manufacturing. These include:

• Potential 100% tariff on imported branded or patented drugs, effective October 1, 2025, unless the manufacturer is building a U.S. facility.
• Tariffs of up to 25% on Active Pharmaceutical Ingredients (APIs) from China and 20% from India.

For Compass Therapeutics, which relies on contract development and manufacturing organizations (CDMOs) for its biologic pipeline (bispecific antibodies are large molecules), these tariffs could significantly increase the cost of goods sold (COGS) and introduce supply delays. The company's R&D expenses were already up 49% year-over-year to $12.8 million in Q3 2025, partly due to increased manufacturing costs for tovecimig and CTX-10726. Any new tariff could further inflate these costs, pressuring future commercial margins and requiring a strategic pivot toward domestic or friendly-nation sourcing.

Possible FDA staffing reductions may introduce delays in IND/BLA review timelines.

Despite the political support for accelerated pathways, internal bureaucratic risks at the FDA are rising. As part of a Department of Health and Human Services (HHS) restructuring in 2025, the FDA is facing a workforce reduction of approximately 3,500 positions, representing a roughly 20% cut to its staff. This personnel loss is already causing procedural bottlenecks, including missed Prescription Drug User Fee Act (PDUFA) dates and delays in pre-Investigational New Drug (IND) meetings.

The impact is compounded by the U.S. government shutdown that began on October 1, 2025, which has temporarily halted the acceptance of new regulatory submissions requiring Fiscal Year 2026 user fees. While BLA reviews funded by carryover user fees continue, the overall environment is one of reduced capacity and increased unpredictability. This means the benefit of the FTD for tovecimig could be partially offset by administrative delays, potentially pushing the BLA review timeline out by several months.

US government focus on drug pricing could impact future commercialization strategy.

The political focus on lowering drug prices remains a major headwind for the entire biopharma sector. The existing Inflation Reduction Act (IRA) distinguishes between drug types for Medicare price negotiation:

• Small-molecule drugs: 9 years of market exclusivity before price setting.
• Biologics (Large Molecules): 13 years of market exclusivity before price setting.

Since tovecimig is a bispecific antibody (a biologic), it benefits from the longer 13-year market protection, which is a critical commercial advantage over small-molecule competitors. However, the administration's push for 'most-favored-nation' (MFN) drug pricing-where U.S. prices must match the lowest price offered in other developed nations-creates significant uncertainty. This policy pressure, evidenced by deals like the one struck with Pfizer in late 2025, means that even with a successful BLA, the ultimate pricing power for tovecimig could be constrained by political negotiation, directly impacting future revenue projections.

Here's the quick math: a four-year difference in market exclusivity is worth billions in net present value (NPV) for a successful drug. The MFN pressure, however, is a direct hit to the potential peak sales price.

Compass Therapeutics, Inc. (CMPX) - PESTLE Analysis: Economic factors

The economic outlook for Compass Therapeutics, Inc. is defined by a strong, non-dilutive cash runway coupled with the high-burn rate typical of a pre-commercial, clinical-stage oncology firm. You need to focus on two things: the capital cushion that buys development time and the external market factors that will dictate the cost of their next financing round.

Strong cash position of $220 million as of September 30, 2025, funds operations into 2028.

Compass Therapeutics holds a substantial cash position of approximately $220 million in cash and marketable securities as of September 30, 2025. This is a critical factor for a clinical-stage biotech, as it provides a cash runway-the time until the company runs out of money-that management projects will last into 2028. This extended runway materially reduces the near-term financing risk, meaning the company is not currently forced to raise capital at unfavorable terms due to market pressure. This stability is a huge advantage in the volatile biotech sector.

Here's the quick math on their financial cushion:

High R&D expenditure, rising 49% year-over-year in Q3 2025, reflects pipeline acceleration.

The company's high-risk, high-reward business model is clearly visible in its escalating Research & Development (R&D) spending. R&D expenses increased by a dramatic 49% year-over-year in the third quarter of 2025. This rise is not a sign of waste; it's a direct function of advancing their pipeline, particularly driven by manufacturing and Investigational New Drug (IND)-enabling costs for the new candidate, CTX-10726. For a biotech, this spending is an investment in future revenue, but it also creates a high-burn model where success is binary: a positive clinical readout justifies the cost, and a failure makes it a sunk cost.

Low annual revenue of only $850,000.00 underscores pre-commercial, high-burn model.

Compass Therapeutics' annual revenue is minimal, recorded at only $850,000.00. This low figure is expected and reflects its status as a clinical-stage company with no commercialized products. The company's revenue stream is likely derived from collaboration agreements or grants, not product sales. This means that until a drug like tovecimig receives regulatory approval and hits the market, the company is entirely reliant on its cash reserves and capital markets for survival. Honestly, for a biotech, the revenue number is a distraction; the cash runway is the only thing that matters right now.

Global economic uncertainty and inflation risk impacting capital raising costs.

While Compass Therapeutics is protected for now, the broader economic environment in 2025 is creating headwinds for the entire biotech sector. Rising inflation and high interest rates have plagued the venture capital and IPO markets for the last two years, making capital raising more expensive for companies that defintely need it. The cost of capital-the return investors demand for funding a high-risk venture-is higher now. For Compass's next financing round in 2027/2028, this macro-economic caution could mean:

• Investors demand higher equity stakes, leading to greater shareholder dilution.
• Funding rounds are smaller, or terms are more stringent.
• The market favors large, established players with deep pockets for M&A over smaller firms.

Market capitalization of approximately $713.74 million shows significant investor optimism.

The company's market capitalization stands at approximately $713.74 million as of late 2025. This valuation, for a company with minimal revenue, is a direct reflection of investor optimism regarding its clinical pipeline, particularly the progress of tovecimig and CTX-8371. The market is assigning a high probability of success (or a high potential peak sales value) to the company's drug candidates. This valuation is a key economic asset, as it underpins the company's ability to use its stock for future financing, mergers, or acquisitions when the cash runway eventually runs out.

Compass Therapeutics, Inc. (CMPX) - PESTLE Analysis: Social factors

Growing public awareness and demand for novel oncology treatments, especially for rare cancers.

The societal shift toward aggressive treatment of all cancers, including rare ones, creates a favorable market for Compass Therapeutics' pipeline. Honestly, patients and advocates are less willing to accept the old standard of care when new options exist. This is especially true for high-unmet-need areas like biliary tract cancer (BTC), which is an aggressive malignancy. The global BTC treatment market is estimated to be valued at approximately $3.86 billion in 2025, and it is projected to grow at a Compound Annual Growth Rate (CAGR) of 8.30% through 2032.

This growth is not just a financial number; it reflects the human demand for therapeutic breakthroughs. The increasing incidence of cholangiocarcinoma and gallbladder cancer, plus enhanced public awareness and earlier diagnosis, are fueling this market expansion. You can't ignore the social pressure for better survival outcomes in these difficult-to-treat diseases.

Focus on high-unmet-need cancers like biliary tract cancer (BTC) attracts patient advocacy.

Compass Therapeutics' lead candidate, tovecimig, is directly addressing a significant patient need in second-line BTC, which naturally draws the support of patient advocacy groups. These groups are powerful allies, often influencing regulatory bodies and payer coverage decisions. The drug's success in the Phase 2/3 COMPANION-002 study, where it achieved a 17.1% overall response rate (ORR) compared to just 5.3% for paclitaxel alone, is a clear win for the patient community.

This stark difference in ORR-more than a three-fold improvement-translates directly into hope for patients with limited options. The market is already dominated by targeted therapy, which holds a 63.1% share in the BTC treatment market in 2025, showing a clear preference for precision approaches over traditional chemotherapy.

Societal trend toward precision medicine supports biomarker-driven trials (e.g., DLL4-positive colorectal cancer).

The move toward precision medicine (tailoring treatment based on a patient's genetic or molecular profile) is a major social tailwind. Compass Therapeutics' focus on Delta-like ligand 4 (DLL4) is a perfect example of this. DLL4 is a key biomarker in several solid tumors, including colorectal cancer (CRC), where its expression is associated with poor prognosis.

Targeting DLL4 is particularly relevant because anti-DLL4 therapies have shown efficacy in KRAS mutant colon tumors, which are notoriously resistant to common epidermal growth factor receptor (EGFR)-targeted antibodies. In one study, DLL4 was found to be positive in about 40.4% of colorectal cancer cases, underscoring a significant patient population that could benefit from a DLL4-targeting strategy. Here's the quick math: targeting a biomarker present in over two-fifths of a major cancer type is a huge opportunity.

Increased acceptance of bispecific antibodies as a next-generation cancer therapy.

Bispecific antibodies (BsAbs)-which simultaneously target two different antigens to increase efficacy-are rapidly gaining social and clinical acceptance. This acceptance is driven by their promising results in hard-to-treat malignancies. The global BsAbs market is valued at an estimated $17.99 billion in 2025. This market is not just growing; it's exploding, with a projected CAGR of 44.2% from 2025 to 2034.

Compass Therapeutics is right in the sweet spot with its bispecific pipeline, including tovecimig (DLL4 x VEGF-A) and CTX-10726 (PD-1 x VEGF-A). Oncology is the largest revenue segment for BsAbs, accounting for about 65% of the market share through 2035. That's a massive slice of the pie for companies with successful clinical data.

General healthcare sector comeback in 2025 provides a favorable investment backdrop.

While the overall investment climate has been bumpy, the long-term outlook for healthcare remains strong, which helps a clinical-stage company like Compass Therapeutics. The S&P 500 Health Care Index has historically delivered an annualized return of 11.26% since inception through June 30, 2025, outperforming the S&P 500 Index's 10.62% return. This long-term outperformance signals structural confidence in the sector.

What this estimate hides is the near-term volatility. US healthcare Venture Capital (VC) fundraising totaled only $3 billion in the first half of 2025, a steep drop from the previous year. Still, the M&A outlook is positive, with 76% of survey respondents expecting more deals in 2025, suggesting larger players are looking to acquire innovative pipelines. Compass Therapeutics' cash position of $101 million as of Q2 2025 gives them a runway into 2027, which is defintely a strong position in this environment.

Compass Therapeutics, Inc. (CMPX) - PESTLE Analysis: Technological factors

Core focus on bispecific antibodies (e.g., tovecimig, CTX-10726) is a cutting-edge biotech modality.

Compass Therapeutics' technological strength is anchored in its proprietary bispecific antibody platform, which allows them to hit two disease targets simultaneously with a single molecule. This is a critical advantage in immuno-oncology, moving beyond traditional single-target monoclonal antibodies. Their lead asset, tovecimig (formerly CTX-009), is a bispecific antibody designed to block both Delta-like ligand 4 (DLL4) and Vascular Endothelial Growth Factor A (VEGF-A) signaling pathways. This dual mechanism is intended to both starve the tumor of blood supply (anti-angiogenesis) and disrupt the tumor's ability to evade the immune system.

Another key program, CTX-10726, is a PD-1 x VEGF-A bispecific antibody, which combines immune checkpoint blockade with anti-angiogenesis. This is a highly competitive, but potentially lucrative, class of therapeutics. Preclinical data for CTX-10726 has shown superiority in anti-tumor efficacy and PD-1 inhibition compared to a leading competitor, ivonescimab, in relevant mouse models.

CTX-009 Phase 2/3 data showed a 17.1% overall response rate, validating the DLL4/VEGF-A target combination.

The technological validation of their bispecific approach came from the Phase 2/3 COMPANION-002 trial of tovecimig (DLL4 x VEGF-A bispecific) in patients with advanced biliary tract cancer (BTC). The trial met its primary endpoint, demonstrating a statistically significant improvement in the Overall Response Rate (ORR).

The combination of tovecimig plus paclitaxel achieved an ORR of 17.1%, which included one complete response, compared to only 5.3% for patients who received paclitaxel alone. This 11.8% absolute improvement in ORR is a clear signal that the DLL4/VEGF-A combination is biologically active and clinically meaningful in this difficult-to-treat cancer. Secondary endpoint data for Progression-Free Survival (PFS) and Overall Survival (OS) are now expected in late Q1 2026, delayed because fewer deaths than projected have been observed, which may suggest a positive impact on overall survival.

Advancement of CTX-10726 (PD-1 x VEGF-A bispecific) toward a Q4 2025 IND filing.

The company's ability to rapidly advance a new, differentiated bispecific into the clinic is a key technological capability. The Investigational New Drug (IND) application for CTX-10726 (PD-1 x VEGF-A bispecific) is on track for submission in Q4 2025. This aggressive timeline shows confidence in their in-house bispecific manufacturing processes, which are already at commercially viable yields.

Here's the quick math on their near-term pipeline activity:

Leveraging biomarkers (DLL4, NCAM/CD56) to select patient populations for trials.

The future of oncology is precision medicine, and Compass Therapeutics is utilizing specific biomarkers to increase the probability of success in their clinical trials. This is a smart, data-driven approach to drug development. They are moving away from broad, unselected patient populations to focus on those most likely to respond.

Key biomarker-driven trials expected to initiate in 2025 include:

• A Phase 2 study of tovecimig in DLL4-positive colorectal cancer (CRC), in combination with chemotherapy, expected to start in mid-2025.
• A Phase 2 trial of CTX-471 (a CD137 agonist) in patients with tumors expressing the biomarker NCAM/CD56, expected to start in mid-2025.

This biomarker strategy is defintely a technological strength, allowing them to conserve capital and focus on patient groups where their bispecific mechanism has the highest chance to 'unleash' a strong anti-tumor effect.

Potential for Artificial Intelligence (AI) to accelerate drug discovery and trial analysis.

Like all forward-looking biotech firms, Compass Therapeutics recognizes the transformative role of Artificial Intelligence (AI) in drug development. They are integrating AI and genomics into their research and development process, including through strategic partnerships. This is a necessary technological step to remain competitive.

The broader market context shows why this is crucial: the global AI in drug discovery market was valued at an estimated $2.65 billion in the 2025 fiscal year, and it is projected to grow at an impressive Compound Annual Growth Rate (CAGR) of 29.6% through 2034. While Compass Therapeutics' specific AI spend isn't public, their strategic focus on AI-driven innovation and platform-driven R&D is a clear signal of their intent to accelerate the discovery of new therapeutic candidates and optimize trial design, a key technological opportunity in the near-term. You need to be in that game to win.

Compass Therapeutics, Inc. (CMPX) - PESTLE Analysis: Legal factors

FDA's Fast Track Designation for tovecimig mandates more frequent regulatory interaction.

The US Food and Drug Administration (FDA) regulatory environment is the single biggest legal factor for Compass Therapeutics. The company's lead candidate, tovecimig (a DLL4 x VEGF-A bispecific antibody), has demonstrated a statistically significant Overall Response Rate (ORR) of 17.1% in the Phase 2/3 COMPANION-002 study for biliary tract cancer (BTC), compared to 5.3% for paclitaxel alone. This positive data, coupled with the potential for a Fast Track designation, means the company is now locked into a cycle of more frequent, high-stakes regulatory meetings.

This increased interaction is a double-edged sword. While it offers the opportunity for an accelerated approval pathway, it also subjects the company to intense scrutiny on every data point. The delay of the secondary endpoint analysis (Overall Survival and Progression-Free Survival) to late Q1 2026, due to fewer patient deaths than projected, is a direct result of this regulatory-driven data maturity requirement. Honestly, every communication with the FDA now becomes a critical legal and strategic event.

Patent protection on proprietary bispecific antibody platforms is critical for long-term value.

For a clinical-stage oncology company, intellectual property (IP) is the core of its valuation. Compass Therapeutics' long-term defensibility hinges on securing patents for its proprietary bispecific antibody platforms, which include agents like tovecimig and CTX-10726. The legal team must continually expand and defend this portfolio against competitors.

A concrete example of this is the patent granted on April 29, 2025, for a Method of treating cancer using CD137 antibodies and PD-1 antagonists (Patent number: 12286483). This patent directly supports the pipeline asset CTX-471 (a CD137 agonist antibody), providing a critical legal moat around a key mechanism of action. This is pure value creation.

Here's a quick look at the IP and financial context:

Compliance with Good Manufacturing Practices (GMP) is mandatory for clinical and future commercial supply.

The transition from clinical-grade to commercial-grade drug supply requires strict adherence to Good Manufacturing Practices (GMP). This isn't just a quality issue; it's a legal mandate enforced by the FDA. Failure here means a clinical hold, or worse, a refusal to approve the drug for market.

Compass is already incurring significant costs to meet these standards. For the nine months ended September 30, 2025, the company reported an increase of approximately $11.2 million in manufacturing expenses, primarily related to tovecimig and CTX-10726. This substantial investment shows they are defintely moving toward commercial-scale readiness, but it also increases their exposure to potential compliance-related audits and legal risk.

• Maintain commercially viable yields for bispecifics.
• Ensure all contract manufacturing organizations (CMOs) meet US GMP standards.

Increased scrutiny on clinical trial data integrity, especially for accelerated approval pathways.

Given the nature of oncology drug development, particularly when pursuing expedited programs, the integrity of clinical trial data is under a microscope. The FDA needs to be absolutely sure the reported results are reproducible and the safety profile is acceptable, especially when considering an accelerated path.

For tovecimig, the safety data is a key point of legal risk. In the Phase 2 portion of the study, 46% of patients experienced serious adverse events, and 25% discontinued treatment. This high adverse event rate means the company's interpretation of the risk-benefit profile will be heavily scrutinized by regulators, and any perceived misstep in data collection or reporting could lead to significant legal and regulatory pushback, including a clinical hold or a demand for a confirmatory trial.

Need to file an Investigational New Drug (IND) application for CTX-10726 by end of 2025.

The filing of an Investigational New Drug (IND) application is the formal legal gateway to start human clinical trials in the US. The company has publicly guided that the IND filing for CTX-10726 (PD-1 x VEGF-A bispecific antibody) is expected in Q4 2025.

Missing this deadline is not just a strategic delay; it can signal internal operational or regulatory hurdles that spook investors. The company has already successfully completed a pre-IND meeting with the FDA, which is a good sign that the legal and regulatory groundwork is solid. The cost of preparing this filing is visible in the financials, with \$4.2 million of the Q3 2025 R&D expense increase directly attributed to manufacturing and IND-enabling costs related to CTX-10726. This is the cost of entry for the next major pipeline asset.

Compass Therapeutics, Inc. (CMPX) - PESTLE Analysis: Environmental factors

Minimal direct environmental impact as a clinical-stage, non-manufacturing company.

As a clinical-stage biopharmaceutical company focused on oncology, Compass Therapeutics, Inc. (CMPX) has a fundamentally low direct environmental footprint compared to large-scale pharmaceutical manufacturers. Its operations center on research and development (R&D) and managing clinical trials, not mass production. The primary direct impacts stem from laboratory operations and the energy required to maintain its headquarters and R&D facilities in Boston, Massachusetts.

However, the company's R&D expenditure-a proxy for its operational scale-is significant and growing. For the nine months ended September 30, 2025, R&D expenses totaled $42.3 million, a 44% increase from the same period in 2024. This increase included $11.2 million in additional manufacturing expenses, which, while outsourced, represent a growing Scope 3 (supply chain) environmental responsibility that investors are increasingly scrutinizing. This means your environmental risk shifts from direct pollution to vendor oversight.

Indirect pressure from global investors for robust Environmental, Social, and Governance (ESG) reporting.

You are facing a bifurcated ESG landscape in late 2025: a softening federal stance but persistent investor demand for material disclosure. The US federal regulatory emphasis on ESG has eased, with the SEC's proposed climate disclosure rule stalled due to legal challenges. However, major institutional investors, like BlackRock, still emphasize the materiality of risks, even as their support for environmental and social shareholder proposals dipped to less than 2% in the 2025 proxy season. For a biotech, this material risk is less about carbon emissions from manufacturing and more about the safe handling of hazardous lab materials and the ethical conduct of clinical trials.

You need to be prepared for the 'flow down' effect. Larger pharmaceutical partners or future acquirers will impose their own stringent ESG requirements onto smaller partners like Compass Therapeutics, Inc. to meet their own compliance standards.

Potential reduction in US regulatory emphasis on ESG could ease domestic compliance.

The political shift in late 2025 suggests a potential reduction in new federal ESG mandates, which could temporarily ease the domestic compliance burden for a smaller company like yours. The major state-level rules, such as California's SB 253 and SB 261, are still in legal flux and primarily target companies with annual sales exceeding $1 billion, a threshold likely not yet met by a clinical-stage company. Still, this regulatory reprieve is a short-term benefit, not a long-term strategy, as global standards like the EU's Corporate Sustainability Reporting Directive (CSRD) continue to gain traction and affect US companies with significant European operations.

Need for responsible clinical waste disposal and management of hazardous lab materials.

This is your most critical direct environmental risk. R&D and clinical trials generate regulated medical waste (RMW), which includes sharps, infectious waste, and pharmaceutical waste. Proper segregation and disposal are mandatory and highly regulated by state environmental and health departments.

Here's the quick math on the cost side: waste management is a direct operational expense. While costs vary widely, the unit cost for managing hazardous healthcare waste is significantly higher than non-hazardous waste-approximately $3.93 per kilogram versus $1.14 per kilogram for non-hazardous waste, based on industry data. Inaccurate segregation is defintely the fastest way to inflate these costs and incur regulatory fines.

• Sharps Waste: Needles and syringes contaminated with blood or medicinal substances (typically yellow-lidded containers).
• Pharmaceutical Waste: Expired or unused medicines (typically blue-lidded containers).
• Infectious Waste: Blood-soaked materials, cultures, and swabs (typically orange-lidded containers).

Energy consumption of R&D facilities is the primary operational environmental factor.

The energy use in your R&D labs is the main component of your Scope 1 (direct) and Scope 2 (purchased electricity) emissions. Biotech R&D facilities are energy-intensive due to the need for continuous operation of specialized equipment, such as ultra-low temperature freezers, ventilation systems, and climate-controlled lab spaces. The pharmaceutical and biotechnology sector is a dominant end-user of energy analytics platforms, capturing approximately 48.6% of the market share in 2024, precisely because of these high-energy-intensive research and testing processes.

Since Compass Therapeutics, Inc. does not publish specific utility costs, we can benchmark the energy risk against the R&D budget. The sheer scale of the $42.3 million in R&D expenses for the first nine months of 2025 implies a substantial, though undisclosed, energy expenditure. This operational cost is a direct financial risk if energy prices rise, and it is the most straightforward target for an initial sustainability effort.