Compass Therapeutics (CMPX) Q3 2026 earnings summary

Executive summary

• Clinical-stage oncology pipeline includes tovecimig, CTX-471, CTX-8371 and CTX-10726; Q3 net loss widened to $27.2M from $14.3M, driven largely by higher tovecimig manufacturing and pre-commercialization costs.

• Cash, cash equivalents and marketable securities totaled $163M at September 30, 2026, with resources expected to fund operating expenses and capital expenditures into 2028.

Financial highlights

• Q3 2026 operating expenses were $28.8M, up from $15.8M YoY; R&D was $22.0M versus $12.8M and G&A was $6.8M versus $3.0M.

• Q3 net loss was $27.2M, or $0.15/share, versus $14.3M, or $0.08/share; nine-month net loss was $70.6M, or $0.38/share, versus $50.8M, or $0.34/share.

• Nine-month operating expenses were $76.1M, up from $54.8M; R&D was $55.0M versus $42.3M and G&A was $21.1M versus $12.6M.

• Q3 R&D included $8.6M in tovecimig manufacturing costs; Q3 G&A growth included $1.8M higher stock-based compensation and $1.5M in pre-commercialization costs. Nine-month tovecimig manufacturing expense rose $11.1M.

• No product revenue has been generated; interest income was $1.6M in Q3 and $5.4M for nine months of 2026.

Outlook and guidance

• Existing cash resources are expected to fund operating expenses and capital expenditures into 2028, subject to assumptions that may prove shorter than expected.

• Expenses are expected to increase substantially as clinical programs advance; additional funding will be needed for development, potential commercialization and possible in-licenses or acquisitions.

• Tovecimig BLA preparation continues, with further FDA engagement planned; the FDA recommended a trial demonstrating survival benefit before BLA submission, while management cited COMPANION-002 data and BTC’s urgent unmet need in support of proceeding without a new trial.

• CTX-8371 cohort-expansion and CTX-10726 dose-escalation updates are expected later in 2026; initial CTX-471 Phase 2 data are expected in H2 2027.