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)…
Earnings analysis · 10-Q
CMPX earnings analysis
Filed May 5, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.1
What stood out
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Increased Net Loss
Net loss rose to $18.3 million in Q1 2026 from $16.6 million in Q1 2025.
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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.
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Cash Position Remains Strong
Cash, cash equivalents, and marketable securities totaled $195 million as of March 31, 2026.
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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.
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Interest Income Increased
Interest income rose to $1.982 million in Q1 2026 from $1.333 million in Q1 2025.
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Outlook to Fund Operations to 2028
Management expects the current cash position to fund operations through 2028.
What to watch
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No Revenue Generation
The company has not generated any revenue since inception and does not expect to in the near term.
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Increased Operating Expenses
Total operating expenses rose to $20.3 million in Q1 2026, up from $18.0 million in Q1 2025.
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Need for Additional Capital
The company will need substantial additional funding to support its ongoing operations and product development.
Management's outlook
No numeric revenue or EPS guidance provided.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.