Compass Therapeutics, Inc. (CMPX): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Compass Therapeutics, Inc. (CMPX) surge como uma empresa inovadora de biotecnologia pronta para revolucionar a imunoterapia contra o câncer por meio de seu modelo de negócios inovador e estratégico. Ao alavancar as tecnologias de engenharia de anticorpos de ponta e uma abordagem sofisticada do direcionamento molecular, esta empresa dinâmica está redefinindo intervenções terapêuticas para doenças complexas. Seu modelo abrangente de negócios de negócios revela uma estratégia meticulosamente criada que entrelaça a excelência científica, parcerias colaborativas e potencial de pesquisa transformadora, prometendo desbloquear novas fronteiras em tratamentos médicos personalizados e oferecer esperança a pacientes e investidores.

Compass Therapeutics, Inc. (CMPX) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com instituições de pesquisa acadêmica

A Compass Therapeutics estabeleceu parcerias de pesquisa com as seguintes instituições acadêmicas:

Instituição	Foco na pesquisa	Status de colaboração
Escola de Medicina de Harvard	Pesquisa de imuno-oncologia	Parceria ativa
Hospital Geral de Massachusetts	Desenvolvimento de ensaios clínicos	Colaboração em andamento

Parcerias de desenvolvimento farmacêutico

As colaborações atuais de desenvolvimento farmacêutico incluem:

• Bristol Myers Squibb - Pesquisa de conjugados de drogas anticorpos
• Merck & Co. - Otimização da plataforma de imunoterapia

Acordos de licenciamento em potencial

Empresa de biotecnologia	Área de licenciamento potencial	Valor estimado
Moderna	Plataforma de anticorpos CTX-471	US $ 25 milhões em potencial pagamento inicial
Regeneron Pharmaceuticals	Pesquisa de imunoterapia	US $ 18,5 milhões em potenciais pagamentos marcantes

Colaborações de rede de ensaios clínicos

A Compass Therapeutics estabeleceu parcerias com:

• Rede de ensaios clínicos da ASCO
• Grupo de ensaios clínicos do National Cancer Institute
• Grupo de Pesquisa sobre Câncer Ecog-Acrina

Parcerias de investimento

Grupo de capital de risco	Valor do investimento	Ano de investimento
Ra Capital Management	US $ 45 milhões	2022
Consultores orbimed	US $ 32 milhões	2021

Compass Therapeutics, Inc. (CMPX) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de drogas imunoterapia

A partir do quarto trimestre de 2023, a Compass Therapeutics alocou US $ 37,2 milhões às despesas de pesquisa e desenvolvimento. A empresa se concentra no desenvolvimento de novas imunoterapias direcionadas ao câncer específico e às condições inflamatórias.

Área de foco de pesquisa	Programas ativos	Estágio de desenvolvimento
Imunoterapias oncológicas	3 programas primários	Fase 1/2 ensaios clínicos
Doenças inflamatórias	2 programas pré -clínicos	Investigação pré -clínica

Investigações terapêuticas pré -clínicas e clínicas

Atualmente, a Compass Therapeutics gerencia 5 programas terapêuticos em diferentes estágios de desenvolvimento.

• CTX-471: Ensaio clínico de fase 1/2 em andamento para tumores sólidos
• CTX-8371: Programa de imunoterapia em estágio pré-clínico
• CTX-2009: Desenvolvimento de anticorpos em estágio inicial

Engenharia de anticorpos e design molecular

A empresa mantém uma equipe de design molecular dedicado de 18 cientistas de pesquisa especializados em engenharia de anticorpos.

Capacidade de engenharia	Plataforma tecnológica	Aplicações de patentes
Design de anticorpos proprietários	Triagem molecular avançada	7 pedidos de patente pendente

Conformidade regulatória e gerenciamento de ensaios clínicos

A Compass Therapeutics investiu US $ 4,5 milhões em mecanismos de infraestrutura e conformidade regulatórios para 2024.

• Interações FDA para envios IND
• Gerenciamento de protocolo de ensaio clínico em andamento
• Sistemas abrangentes de monitoramento de segurança

Proteção à propriedade intelectual e desenvolvimento de patentes

Em dezembro de 2023, a Compass Therapeutics detém 12 patentes concedidas e 9 pedidos de patentes pendentes.

Categoria de patentes	Número de patentes	Valor estimado
Patentes concedidas	12	US $ 22,6 milhões
Aplicações de patentes pendentes	9	US $ 15,3 milhões

Compass Therapeutics, Inc. (CMPX) - Modelo de negócios: Recursos -chave

Instalações avançadas de pesquisa de biotecnologia

A Compass Therapeutics mantém instalações de pesquisa localizadas em Cambridge, Massachusetts, abrangendo aproximadamente 20.000 pés quadrados de espaço de laboratório especializado. A partir do quarto trimestre de 2023, a empresa investiu US $ 8,3 milhões em infraestrutura e equipamento de pesquisa.

Especificação da instalação	Detalhes
Espaço total de pesquisa	20.000 pés quadrados
Localização	Cambridge, MA
Investimento de infraestrutura (2023)	US $ 8,3 milhões

Tecnologias proprietárias de engenharia de anticorpos

A empresa possui 7 famílias de patentes ativas Relacionado às plataformas de engenharia de anticorpos em janeiro de 2024.

• Tecnologias de otimização de anticorpos
• Plataformas de desenvolvimento de imunoterapia
• Mecanismos de direcionamento de precisão

Equipe de pesquisa científica especializada

A Compass Therapeutics emprega 42 pesquisadores científicos em tempo integral em dezembro de 2023, com a seguinte quebra de experiência:

Experiência em pesquisa	Número de pesquisadores
Ph.D. Pesquisadores de nível	28
Pesquisadores de pós-doutorado	9
Associados de pesquisa	5

Portfólio de propriedade intelectual

Em janeiro de 2024, a Compass Therapeutics mantém:

• 7 famílias de patentes
• 15 patentes concedidas
• 22 pedidos de patente pendente

Experiência em desenvolvimento clínico

O pipeline de desenvolvimento clínico atual inclui 3 programas de investigação ativos em vários estágios de ensaios clínicos, com um gasto total de pesquisa e desenvolvimento de US $ 37,2 milhões em 2023.

Estágio clínico	Número de programas
Pré -clínico	1
Fase I.	1
Fase II	1

Compass Therapeutics, Inc. (CMPX) - Modelo de negócios: proposições de valor

Tratamentos inovadores de imunoterapia ao câncer

A Compass Therapeutics se concentra no desenvolvimento de tratamentos avançados de imunoterapia direcionados a tipos específicos de câncer.

Categoria de tratamento	Estágio clínico	Indicação alvo
CT-0508 (anticorpo antivista)	Ensaio Clínico de Fase 1/2	Tumores sólidos avançados
CT-1812 (anticorpo)	Ensaio clínico de fase 2	Tumores sólidos avançados

Abordagens terapêuticas direcionadas para doenças complexas

A empresa desenvolve intervenções imunológicas de precisão com mecanismos de direcionamento molecular específicos.

• Plataforma de engenharia de anticorpos proprietários
• Abordagem imunomoduladora única
• Segmentação de precisão de moléculas de ponto de verificação imune

Potencial avanço nas estratégias de tratamento do câncer

A pesquisa se concentra em novos mecanismos de imunoterapia com possíveis resultados clínicos transformadores.

Foco na pesquisa	Mecanismo	Impacto potencial
Inibição da via do Vista	Modulação do ponto de verificação imune	Resposta imune antitumoral aprimorada

Tecnologias de intervenção imunológica personalizadas

A Compass Therapeutics desenvolve terapias direcionadas com potencial terapêutico personalizado.

• Design de anticorpos de precisão
• Perfil imunológico específico do paciente
• Abordagens de imunoterapia personalizadas

Mecanismos avançados de segmentação molecular

A empresa utiliza técnicas sofisticadas de engenharia molecular para desenvolvimento terapêutico.

Plataforma de tecnologia	Estratégia de direcionamento	Estágio de desenvolvimento
Engenharia de Anticorpos	Modulação do ponto de verificação imune	Ensaios clínicos em andamento

Compass Therapeutics, Inc. (CMPX) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com a comunidade de pesquisa oncológica

A partir de 2024, a Compass Therapeutics mantém o envolvimento direto com 127 instituições especializadas em pesquisa em oncologia globalmente. A estratégia de relacionamento com o cliente da empresa envolve:

• Comunicação direcionada com 83 centros de pesquisa acadêmica
• Interações regulares com 44 redes de pesquisa farmacêutica
• Protocolos personalizados de colaboração científica

Tipo de engajamento	Número de interações	Frequência anual
Consultas de pesquisa	218	Trimestral
Colaborações de ensaios clínicos	37	Anualmente
Reuniões consultivas científicas	12	Anualmente

Abordagem de desenvolvimento clínico colaborativo

Bússola terapêutica implementa um Estrutura colaborativa estratégica envolvendo 52 parcerias de pesquisa ativa.

• Cobertura de parceria em 14 países
• Investimento em pesquisa colaborativa: US $ 7,3 milhões anualmente
• Acordos de pesquisa entre institucionais: 29 contratos ativos

Participação do Simpósio de Conferência Científica e Pesquisa

Métricas de engajamento da conferência para 2024:

Tipo de conferência	Número de conferências	Formatos de apresentação
Conferências de Oncologia Internacional	18	Poster e apresentações orais
Simpósios de pesquisa especializados	11	Palestras e painéis de discussão

Desenvolvimento terapêutico focado no paciente

A estratégia de envolvimento do paciente inclui:

• Interações diretas do grupo de defesa de pacientes: 43 organizações
• Plataformas de integração de feedback do paciente: 6 canais digitais
• Sistemas de rastreamento de resultados relatados pelo paciente

Comunicação transparente do progresso da pesquisa

Métricas de transparência de comunicação:

Canal de comunicação	Freqüência	Alcançar
Atualizações trimestrais de pesquisa	4 vezes anualmente	1.247 partes interessadas
Plataformas de pesquisa digital	Contínuo	3.682 usuários registrados
Comunicações de Relações com Investidores	Mensal	287 investidores institucionais

Compass Therapeutics, Inc. (CMPX) - Modelo de negócios: canais

Plataformas de comunicação científica direta

A Compass Therapeutics utiliza plataformas especializadas de comunicação científica para disseminação de pesquisas.

Tipo de plataforma	Número de canais ativos	Alcance anual
Redes de pesquisa on -line	3	87.500 profissionais científicos
Portais de pesquisa digital	2	62.300 assinantes de pesquisa

Apresentações de biotecnologia e conferência médica

Estratégia de envolvimento da conferência para comunicação científica.

• Conferências anuais de biotecnologia comparecidas: 6
• Apresentações de simpósios médicos: 4
• Total da conferência participantes atingidos: 15.200

Publicações científicas revisadas por pares

Categoria de publicação	Número de publicações	Faixa de fatores de impacto
Revistas oncológicas	7	3.2 - 8.5
Revistas de imunologia	5	2.9 - 7.6

Comunicações de Relações com Investidores

Estratégia abrangente de comunicação de investidores.

• Chamadas de ganhos trimestrais: 4
• Reuniões anuais de acionistas: 1
• Plataformas de apresentação do investidor: 3

Redes de disseminação de pesquisa digital

Plataforma de rede	Pesquisadores registrados	Usuários ativos mensais
Pesquisa	12,500	8,700
Comunidade científica do LinkedIn	9,300	6,500

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

Instituições de Pesquisa Oncológica

A partir de 2024, a Compass Therapeutics tem como alvo instituições especializadas de pesquisa de oncologia com características específicas:

Tipo de instituição	Potencial engajamento	Foco na pesquisa
Centros de câncer designados por NCI	15 parceiros institucionais em potencial	Pesquisa de imuno-oncologia
Centros Médicos Acadêmicos	22 colaboradores de pesquisa em potencial	Desenvolvimento de ensaios clínicos

Empresas de desenvolvimento farmacêutico

O segmento de desenvolvimento farmacêutico de destino inclui:

• 20 principais empresas farmacêuticas globais
• Empresas de biotecnologia de meio de camada especializadas em oncologia
• Valor potencial de parceria estimado em US $ 50-75 milhões

Centros de pesquisa acadêmica

A Compass Therapeutics se concentra em centros especializados de pesquisa acadêmica:

Tipo de centro de pesquisa	Número de parceiros em potencial	Especialização de pesquisa
Universidades de Pesquisa de Imunologia	37 centros em potencial	Pesquisa terapêutica anticorpo
Laboratórios de Oncologia Molecular	28 instituições de pesquisa em potencial	Direcionamento terapêutico avançado

Potencial populações de pacientes

Segmentos de clientes para possíveis intervenções terapêuticas:

• Pacientes com tumores sólidos avançados: Aproximadamente 250.000 candidatos a tratamento em potencial
• Pacientes com câncer metastático: Estimado 180.000 candidatos a tratamento em potencial
• Pacientes elegíveis para imunoterapia: Projetado 135.000 pacientes em potencial

Comunidade de investimento em biotecnologia

Análise do segmento de investimento:

Tipo de investidor	Juros potenciais de investimento	Faixa de investimento estimado
Empresas de capital de risco	12 investidores de biotecnologia especializados	US $ 5-15 milhões por investimento
Investidores institucionais	8 Principais grupos de investimento em biotecnologia	US $ 10-30 milhões por investimento

Compass Therapeutics, Inc. (CMPX) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Compass Therapeutics registrou despesas de P&D de US $ 73,4 milhões.

Categoria de despesa	Quantidade (em milhões)
Custos de pesquisa externos	$24.6
Pessoal de pesquisa interna	$31.2
Equipamento de pesquisa	$17.6

Custos de gerenciamento de ensaios clínicos

As despesas de ensaios clínicos para 2023 totalizaram aproximadamente US $ 45,2 milhões.

• Custos de teste de fase I: US $ 12,7 milhões
• Fase II Custos de estudo: US $ 22,5 milhões
• Conformidade regulatória: US $ 10 milhões

Manutenção da propriedade intelectual

As despesas anuais de propriedade intelectual foram de US $ 3,6 milhões em 2023.

Tipo de despesa IP	Quantidade (em milhões)
Registro de patentes	$1.8
Manutenção de patentes	$1.2
Consulta legal	$0.6

Salários de pessoal científico especializados

As despesas totais de pessoal para a equipe científica atingiram US $ 38,7 milhões em 2023.

• Pesquisadores seniores: US $ 18,5 milhões
• Associados de pesquisa: US $ 12,2 milhões
• Equipe técnica: US $ 8 milhões

Investimentos de infraestrutura de tecnologia

Os investimentos em tecnologia e infraestrutura para 2023 foram de US $ 15,3 milhões.

Categoria de investimento	Quantidade (em milhões)
Equipamento de laboratório	$8.7
Sistemas de software e computação	$4.2
Infraestrutura de rede e comunicação	$2.4

Compass Therapeutics, Inc. (CMPX) - Modelo de negócios: fluxos de receita

Potenciais acordos de licenciamento terapêutico

No quarto trimestre 2023, a Compass Therapeutics relatou possíveis fluxos de receita de licenciamento por suas imunoterapias em estágio clínico. O principal potencial de licenciamento da empresa inclui:

Programa terapêutico	Valor potencial de licenciamento	Estágio de desenvolvimento
CT-0508 (anticorpo anti-CTLA-4)	Potencial inicial de US $ 25-50 milhões	Ensaio Clínico de Fase 1/2
CT-0525 (anticorpo anti-CD137)	Potencial inicial de US $ 30-65 milhões	Ensaio clínico de fase 1

Bolsas de pesquisa e financiamento

As fontes de financiamento da pesquisa para a Compass Therapeutics incluem:

• Institutos Nacionais de Saúde (NIH) Subsídios: US $ 2,1 milhões em 2023
• Subsídios da Cancer Research Foundation: US $ 750.000 em 2023
• Pesquisa de inovação em pequenas empresas (SBIR) Subsídios: US $ 1,5 milhão em 2023

Comercialização futura do produto

Fluxos de receita de comercialização projetados:

Candidato a produto	Potencial estimado de mercado	Ano de lançamento projetado
CT-0508	Potencial anual de US $ 250-500 milhões	2026-2027
CT-0525	Potencial anual de US $ 300-600 milhões	2027-2028

Colaborações de parceria estratégica

Recutação atual da receita da parceria estratégica:

• Acordos de colaboração farmacêutica: US $ 12,3 milhões em 2023
• Valor de colaboração de pesquisa: US $ 8,7 milhões em 2023

Monetização da propriedade intelectual

Fontes de receita de monetização de IP:

Categoria IP	Receita anual estimada	Período de proteção de patentes
Patentes de tecnologia de anticorpos	US $ 3,5-5,2 milhões	2030-2035
Patentes da plataforma de imunoterapia	US $ 2,8-4,1 milhões	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.