BOSTON, May 13, 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 first quarter 2024 financial results and provided a business update.
“Compass continues to make considerable progress across all of our clinical programs, with the recently announced receipt of FDA Fast Track Designation for CTX-009, showcasing the large unmet need in patients with advanced BTC where current therapies have low, single digit response rates, and limited effects on patient survival,” said Vered Bisker-Leib, PhD, Chief Executive Officer.
"We are excited that we are less than a year from reporting top-line data from COMPANION-002, our Phase 2/3 study in patients with BTC. By mid-year, we plan to report top-line data from the first part of COMPANION-003, our Phase 2 study in patients with advanced CRC. Finally, we will embark on COMPANION-004, our study of CTX-009 in a third indication. We also continue to advance CTX-471, our CD137 agonistic antibody and CTX-8371, our novel bispecific checkpoint blocker. Recently, we discovered a potential biomarker of activity of CTX-471, and preparations are underway for a Phase 2 study of CTX-471 in patients with melanoma,” added Thomas Schuetz, MD, PhD, President of R&D and Vice Chair of Compass Board.
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 quarter ended March 31, 2024, was $10.8 million or $0.08 per share of common stock, compared to $7.8 million or $0.06 per share of common stock for the same period in 2023.
Research and Development (R&D) Expenses
R&D expenses were $9.5 million for the quarter ended March 31, 2024, as compared to $6.6 million for the same period in 2023, an increase of $2.9 million. This increase was primarily attributable to a $2.2 million increase in clinical costs related to the lead program, CTX-009.
General and Administrative (G&A) Expenses
G&A expenses were $3.2 million for the quarter ended March 31, 2024, as compared to $3.1 million for the same period in 2023.
Cash Position
As of March 31, 2024, cash and marketable securities were $156.3 million as compared to $152.5 million as of December 31, 2023, extending our cash runway into late 2026.
During the first quarter of 2024, Compass increased its cash position by $3.8 million, primarily from $18.0 million cash received from issuance of stock through its at-the-market offering program, partially offset by $13.9 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 March 31, | |||||||
2024 | 2023 | ||||||
(unaudited) | |||||||
Operating expenses: | |||||||
Research and development | $ | 9,522 | $ | 6,638 | |||
General and administrative | 3,248 | 3,073 | |||||
Total operating expenses | 12,770 | 9,711 | |||||
Loss from operations | (12,770 | ) | (9,711 | ) | |||
Other income | 1,983 | 1,874 | |||||
Loss before income tax expense | (10,787 | ) | (7,837 | ) | |||
Income tax expense | — | — | |||||
Net loss | $ | (10,787 | ) | $ | (7,837 | ) | |
Net loss per share - basic and diluted | $ | (0.08 | ) | $ | (0.06 | ) | |
Basic and diluted weighted average shares outstanding | 136,608 | 126,375 | |||||
Compass Therapeutics, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (In thousands) | |||||||
March 31, 2024 | December 31, 2023 | ||||||
(unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 23,674 | $ | 24,228 | |||
Marketable securities | 132,581 | 128,233 | |||||
Prepaid expenses and other current assets | 2,356 | 1,420 | |||||
Total current assets | 158,611 | 153,881 | |||||
Property and equipment, net | 744 | 898 | |||||
Operating lease, right-of-use ("ROU") asset | 1,467 | 1,776 | |||||
Other assets | 320 | 320 | |||||
Total assets | $ | 161,142 | $ | 156,875 | |||
Liabilities and Stockholders' Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 854 | $ | 4,090 | |||
Accrued expenses | 1,815 | 2,514 | |||||
Operating lease obligations, current portion | 1,224 | 1,197 | |||||
Total current liabilities | 3,893 | 7,801 | |||||
Operating lease obligations, long-term portion | 189 | 536 | |||||
Total liabilities | 4,082 | 8,337 | |||||
Total stockholders' equity | 157,060 | 148,538 | |||||
Total liabilities and stockholders' equity | $ | 161,142 | $ | 156,875 | |||
Last Trade: | US$1.75 |
Daily Change: | 0.10 6.06 |
Daily Volume: | 146,567 |
Market Cap: | US$240.780M |
December 10, 2024 December 02, 2024 November 12, 2024 November 08, 2024 October 04, 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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