CMPX earnings analysis
What we found in CMPX's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Compass Therapeutics reported a net loss of $18.3 million or $0.10 per share for Q1 2026, which is higher compared to a loss of $16.6 million or $0.12 per share in Q1 2025. There were no reported revenues, with a notable increase in general and administrative expenses. Management highlighted encouraging clinical results from their drug tovecimig that supports its potential for regulatory submission, while liquidity remains strong with $195 million in cash expected to last into 2028.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Increased Net Loss
- Net loss rose to $18.3 million in Q1 2026 from $16.6 million in Q1 2025.
- General and Administrative Expenses Up 41%
- G&A expenses increased to $6.9 million for Q1 2026, up from $4.9 million in Q1 2025.
- Cash Position Remains Strong
- Cash, cash equivalents, and marketable securities totaled $195 million as of March 31, 2026.
- Clinical Progress with Tovecimig
- Phase 2/3 study results showed a progression-free survival of 4.7 months for tovecimig vs 2.6 months for control.
- Interest Income Increased
- Interest income rose to $1.982 million in Q1 2026 from $1.333 million in Q1 2025.
- Outlook to Fund Operations to 2028
- Management expects the current cash position to fund operations through 2028.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- No Revenue Generation
- The company has not generated any revenue since inception and does not expect to in the near term.
- Increased Operating Expenses
- Total operating expenses rose to $20.3 million in Q1 2026, up from $18.0 million in Q1 2025.
- Need for Additional Capital
- The company will need substantial additional funding to support its ongoing operations and product development.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.1
What they said about what is next.
No numeric revenue or EPS guidance provided.
The filing reads about the same as the one before it.
What came before.
- 10-K · March 5, 2026
- Compass is a clinical-stage oncology biotech with a four-program bispecific/antibody pipeline led by tovecimig (DLL4 x VEGF-A). The company reported a positive Phase 2/3 primary endpoint (ORR 17.1% vs 5.3%, p=0.031)…
- 10-Q · November 5, 2025
- Compass reported GAAP net loss of $14,259 thousand, or $(0.08) per share, for Q3 2025 with no licensing revenue in the quarter. Cash and marketable securities totaled approximately $220 million as of September 30, 2025…
- 10-Q · May 8, 2025
- Compass reported a wider net loss in Q1 2025 of $16.633 million (GAAP) versus $10.787 million in Q1 2024, driving GAAP diluted loss per share to $(0.12) vs $(0.08) a year ago. R&D investment accelerated (total R&D…
- 10-Q · November 12, 2024
- Compass Therapeutics reported Q3 2024 net loss of $10.48 million (‑$0.08 per share), essentially unchanged vs. Q3 2023 EPS (‑$0.08) while operating loss increased slightly to $12.24 million from $11.93 million. The…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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