BOSTON, March 21, 2024 (GLOBE NEWSWIRE) -- Compass Therapeutics, Inc. (Nasdaq: CMPX), a clinical-stage, oncology-focused biopharmaceutical company developing proprietary antibody-based therapeutics to treat multiple human diseases, today reported full 2023 financial results and provided business update.
“2023 was an important year for Compass as we strategically shifted our focus toward the clinical development of our lead program, CTX-009, which is currently being evaluated in patients with advanced biliary tract cancer and advanced colorectal cancer,” said Vered Bisker-Leib, PhD, Chief Executive Officer. “This year we expect to report top-line data from Stage 1 of the Phase 2 COMPANION-003 trial by mid-year and top-line data from our Phase 2/3 COMPANION-002 trial by the end of the year. Our balance sheet remains strong and we ended the year with $152 million, extending our cash runway into the middle of 2026.”
“In 2023, we made significant progress across our clinical programs,” said Thomas Schuetz, MD, PhD, Co-Founder and President of Research & Development at Compass. “In the monotherapy study of CTX-471, our novel CD137 agonist antibody, we reported additional partial responses in patients with advanced melanoma, a complete response in a patient with small cell lung cancer, and a partial response in a patient with mesothelioma, all of whom had previously progressed on a checkpoint blocker. Importantly, we have identified a potential biomarker of response in biopsy specimens from this study and we are now planning a Phase 2 study in patients whose tumors express this biomarker. We also initiated the combination arm of the CTX-471 with KEYTRUDA® Phase 1b study under clinical collaboration with Merck. Finally, we filed and obtained regulatory clearance to begin clinical trials with CTX-8371, our novel checkpoint blocker, and advanced this bispecific into a first-in-human study.”
Development Pipeline Updates:
CTX-009 (DLL4 and VEGF-A bispecific antibody)
CTX-471 (CD137 agonist antibody)
CTX-8371 (PD-1 x PD-L1 bispecific antibody)
Financial Results
Net loss for the year ended December 31, 2023, was $42.5 million or $0.33 per common share, compared to $39.2 million or $0.37 per common share for the same period in 2022.
Research and Development (R&D) Expenses
R&D expenses were $38.1 million for the year ended December 31, 2023, as compared to $30.0 million for the same period in 2022, an increase of $8.1 million or 27%. This increase was primarily attributable to a $10.7 million increase in clinical and manufacturing costs related to our lead program, CTX-009.
General and Administrative (G&A) Expenses
G&A expenses were $12.2 million for the year ended December 31, 2023, as compared to $11.7 million for the same period in 2022, an increase of $0.6 million or 5%. The increase was primarily attributable to higher stock compensation expense of $1.0 million offset by lower insurance costs of $0.3 million.
Cash Position
As of December 31, 2023, cash and marketable securities were $152.5 million as compared to $186.6 million as of December 31, 2022, providing the Company with an anticipated cash runway into mid-2026. During 2023, the Company decreased its cash position by $34.1 million, primarily from $40.6 million of net cash used in operating activities.
About Compass Therapeutics
Compass Therapeutics, Inc. is a clinical-stage oncology-focused biopharmaceutical company developing proprietary antibody-based therapeutics to treat multiple human diseases. Compass’s scientific focus is on the relationship between angiogenesis, the immune system, and tumor growth. The company pipeline of novel product candidates is designed to target multiple critical biological pathways required for an effective anti-tumor response. These include modulation of the microvasculature via angiogenesis-targeted agents, induction of a potent immune response via activators on effector cells in the tumor microenvironment, and alleviation of immunosuppressive mechanisms used by tumors to evade immune surveillance. Compass plans to advance its product candidates through clinical development as both standalone therapies and in combination with proprietary pipeline antibodies based on supportive clinical and nonclinical data. The company was founded in 2014 and is headquartered in Boston, Massachusetts. For more information, visit the Compass Therapeutics website at https://www.compasstherapeutics.com.
Forward-Looking Statements
This press release contains forward-looking statements. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, references to Compass’s financial position to continue advancing its product candidates, expectations about cash runway, business and development plans, and statements regarding Compass’s product candidates, including their development and clinical trial milestones such as the expected trial design, timing of enrollment, patient dosing and data readouts, regulatory plans with respect to Compass’s product candidates and the therapeutic potential thereof. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, Compass’s ability to raise the additional funding it will need to continue to pursue its business and product development plans, the inherent uncertainties associated with developing product candidates and operating as a development stage company, Compass’s ability to identify additional product candidates for development, Compass’s ability to develop, complete clinical trials for, obtain approvals for and commercialize any of its product candidates, competition in the industry in which Compass operates and market conditions. These forward-looking statements are made as of the date of this press release, and Compass assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents Compass files with the U.S. Securities and Exchange Commission (SEC) available at www.sec.gov, including without limitation Compass’s latest Annual Report on Form 10-K, Quarterly Report on Form 10-Q and subsequent filings with the SEC.
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Media Contact
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Compass Therapeutics, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (In thousands, except per share data) | ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
(unaudited) | ||||||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | $ | 12,428 | $ | 9,929 | $ | 38,120 | $ | 29,997 | ||||||||
General and administrative | 2,961 | 2,959 | 12,243 | 11,658 | ||||||||||||
Total operating loss | (15,389 | ) | (12,888 | ) | (50,363 | ) | (41,655 | ) | ||||||||
Other income | 1,974 | 1,294 | 7,869 | 2,430 | ||||||||||||
Net loss | $ | (13,415 | ) | $ | (11,594 | ) | $ | (42,494 | ) | $ | (39,225 | ) | ||||
Net loss per share - basic and diluted | $ | (0.11 | ) | $ | (0.10 | ) | $ | (0.33 | ) | $ | (0.37 | ) | ||||
Compass Therapeutics, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (In thousands, except par value) | ||||||||||||||||
December 31, | ||||||||||||||||
2023 | 2022 | |||||||||||||||
Assets | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 24,228 | $ | 34,946 | ||||||||||||
Marketable securities | 128,233 | 151,663 | ||||||||||||||
Prepaid expenses and other current assets | 1,420 | 8,182 | ||||||||||||||
Total current assets | 153,881 | 194,791 | ||||||||||||||
Property and equipment, net | 898 | 1,567 | ||||||||||||||
Operating lease, right-of-use ("ROU") asset | 1,776 | 2,967 | ||||||||||||||
Other assets | 320 | 320 | ||||||||||||||
Total assets | $ | 156,875 | $ | 199,645 | ||||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 4,090 | $ | 3,382 | ||||||||||||
Accrued expenses | 2,514 | 11,690 | ||||||||||||||
Operating lease obligations, current portion | 1,197 | 1,097 | ||||||||||||||
Total current liabilities | 7,801 | 16,169 | ||||||||||||||
Operating lease obligations, long-term portion | 536 | 1,838 | ||||||||||||||
Total liabilities | 8,337 | 18,007 | ||||||||||||||
Total stockholders' equity | 148,538 | 181,638 | ||||||||||||||
Total liabilities and stockholders' equity | $ | 156,875 | $ | 199,645 |
Last Trade: | US$1.79 |
Daily Change: | -0.01 -0.56 |
Daily Volume: | 331,911 |
Market Cap: | US$246.290M |
November 12, 2024 November 08, 2024 October 04, 2024 September 03, 2024 August 12, 2024 |
Compass Therapeutics is a clinical-stage, oncology-focused biopharmaceutical company developing proprietary antibody-based therapeutics to treat multiple human diseases. The company's scientific focus is on the relationship between angiogenesis, the immune system, and tumor growth...
CLICK TO LEARN MORECompass Therapeutics is a clinical-stage, oncology-focused biopharmaceutical company developing proprietary antibody-based therapeutics to treat multiple human diseases. The company's scientific focus is on the relationship between angiogenesis, the immune system, and tumor growth...
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