BOSTON, Nov. 09, 2023 (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 third quarter and year-to-date, 2023 financial results.
“Enrollment in our Phase 2/3 study, COMPANION-002, in patients with advanced BTC has increased in the third quarter in part based on our opening of several clinical sites at large academic medical centers around the country. In addition, data are continuing to evolve in our COMPANION-003 study in patients with advanced CRC, and we expect to report initial data from this study in the fourth quarter of this year,” said Vered Bisker-Leib, PhD, President and Chief Operating Officer.
“We are very excited to announce that the FDA cleared the IND for CTX-8371, our PD-1 and PD-L1 bispecific antibody, the first StitchMabs® generated bispecific to advance to the clinic. We believe this next generation checkpoint inhibitor with its unique mechanism-of-action may have improved activity compared with first generation checkpoint blockers in a range of solid tumors. We look forward to initiating a first-in-human clinical study prior to the end of the year,” said Thomas J. Schuetz, MD, PhD, Co-Founder and Chief Executive Officer.
Carl Gordon, Chairman of Compass’ Board of Directors, “Vered is a seasoned biotech executive who has played a key role in building our pipeline and operations, and she is well positioned to lead Compass through this next phase of strategic growth. Additionally, Tom’s expertise and leadership as President of Research and Development will be invaluable as we continue to deliver on our mission of advancing next generation antibodies into transformative cancer therapies. Both Vered and Tom’s commitment to Compass over the past decade have been instrumental in the value creation of the company, and I look forward to continuing our work together.”
Development Pipeline Update and Highlights:
CTX-009 (DLL4 and VEGF-A bispecific antibody)
CTX-471 (CD137 + PD-1)
CTX-8371 (PD-1 x PD-L1)
Financial Results
Net loss for the third quarter ended September 30, 2023 was $10.0 million or $0.08 per common share, compared to $12.0 million or $0.12 per common share for the same period in 2022. Net loss for the nine months ended September 30, 2023 was $29.1 million or $0.23 per common share, compared to $27.6 million or $0.27 per common share for the same period in 2022.
Cash Position
As of September 30, 2023, cash and marketable securities were $164 million as compared to $187 million as of December 31, 2022, providing the Company with an anticipated cash runway into 2026. During the first nine months of 2023, the Company used $28 million of cash to fund operations.
Research and development (R&D) Expenses
R&D expenses were $8.8 million for the quarter ended September 30, 2023, as compared to $9.8 million for the same period in 2022, a decrease of approximately $1.0 million or 10%. The decrease was primarily attributable to lower manufacturing expense related to CTX-009 of $1.6M.
R&D expenses were $25.7 million for the nine months ended September 30, 2023, as compared to $20.1 million for the same period in 2022, an increase of $5.6 million or 28%. The increase was primarily attributable to higher clinical costs of $3.8 million and higher manufacturing costs of $1.1 million.
General and Administrative (G&A) Expenses
G&A expenses were $3.1 million for the quarter ended September 30, 2023, as compared to $2.8 million for the same period in 2022, an increase of $0.3 million or 10%. The increase was primarily attributable to higher stock compensation expense of $0.3 million. G&A expenses were $9.3 million for the nine months ended September 30, 2023, as compared to $8.7 million for the same period in 2022, an increase of $0.6 million or 7%. The increase was primarily attributable to higher stock compensation expense of $0.5 million.
Upcoming Investor Conferences
Compass management will participate in two upcoming investor conferences:
Live webcasts presentations, when available, will be under “News & Events” in the Investors section of the Company’s website located at www.compasstherapeutics.com.
KEYTRUDA® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ, USA.
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, their development, regulatory plans with respect thereto and 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 SEC available at www.sec.gov, including without limitation Compass’s latest Form 10-Q and subsequent filings with the SEC.
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Compass Therapeutics, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (unaudited)
(In thousands, except per share data)
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Operating expenses: | |||||||||||||||
Research and development | $ | 8,831 | $ | 9,791 | $ | 25,694 | $ | 20,069 | |||||||
General and administrative | 3,095 | 2,807 | 9,276 | 8,698 | |||||||||||
Total operating expenses | 11,926 | 12,598 | 34,970 | 28,767 | |||||||||||
Loss from operations | (11,926 | ) | (12,598 | ) | (34,970 | ) | (28,767 | ) | |||||||
Other income | 1,962 | 623 | 5,891 | 1,136 | |||||||||||
Net loss | $ | (9,964 | ) | $ | (11,975 | ) | $ | (29,079 | ) | $ | (27,631 | ) | |||
Net loss per share - basic and diluted | $ | (0.08 | ) | $ | (0.12 | ) | $ | (0.23 | ) | $ | (0.27 | ) | |||
Compass Therapeutics, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands)
September 30, 2023 | December 31, 2022 | ||||||
(unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 30,426 | $ | 34,946 | |||
Marketable securities | 133,277 | 151,663 | |||||
Prepaid expenses and other current assets | 2,881 | 8,182 | |||||
Total current assets | 166,584 | 194,791 | |||||
Property and equipment, net | 1,051 | 1,567 | |||||
Operating lease, right-of-use ("ROU") asset | 2,083 | 2,967 | |||||
Other assets | 320 | 320 | |||||
Total assets | $ | 170,038 | $ | 199,645 | |||
Liabilities and Stockholders' Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 2,306 | $ | 3,382 | |||
Accrued expenses | 5,644 | 11,690 | |||||
Operating lease obligations, current portion | 1,174 | 1,097 | |||||
Total current liabilities | 9,124 | 16,169 | |||||
Operating lease obligations, long-term portion | 869 | 1,838 | |||||
Total liabilities | 9,993 | 18,007 | |||||
Total stockholders' equity | 160,045 | 181,638 | |||||
Total liabilities and stockholders' equity | $ | 170,038 | $ | 199,645 | |||
Last Trade: | US$1.43 |
Daily Change: | -0.06 -4.03 |
Daily Volume: | 263,530 |
Market Cap: | US$196.750M |
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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