Compass Therapeutics (CMPX) Q2 2026 earnings summary

Executive summary

• Clinical-stage oncology biopharma advancing antibody-based therapeutics targeting angiogenesis and immune modulation, with four clinical candidates in pipeline.

• Lead candidate tovecimig showed positive Phase 2/3 results in biliary tract cancer, meeting primary and secondary endpoints, supporting a potential BLA filing later in 2026; FDA feedback expected in Q3 2026.

• Multiple pipeline programs advanced, including CTX-471, CTX-8371, and CTX-10726, with ongoing and expanding clinical trials in various cancer indications.

• Cash and marketable securities totaled $180 million as of June 30, 2026, expected to fund operations into 2028.

Financial highlights

• Net loss for Q2 2026 was $25.2 million ($0.13 per share), up from $19.9 million ($0.14 per share) in Q2 2025; net loss for H1 2026 was $43.5 million ($0.23 per share), up from $36.5 million ($0.26 per share) year-over-year.

• Operating expenses for Q2 2026 were $27.0 million, up 28% year-over-year, driven by increased R&D and G&A costs.

• R&D expenses rose 19% year-over-year to $19.6 million in Q2 2026, mainly due to higher project and manufacturing costs for tovecimig.

• G&A expenses increased 59% year-over-year to $7.4 million in Q2 2026, mainly from pre-commercialization and stock-based compensation.

• Cash and marketable securities decreased by $29 million since December 2025, with $32 million net cash used in operations in H1 2026.

Outlook and guidance

• Cash runway expected to fund operations into 2028, with additional funding likely needed for commercialization and further development.

• FDA feedback on tovecimig Phase 2/3 data expected in Q3 2026, with a potential BLA filing later in the year.

• Initial clinical data for CTX-10726 and additional CTX-8371 cohort data anticipated in Q4 2026; Phase 2 trial of CTX-471 to begin in Q3 2026.

• Anticipates continued increase in expenses as clinical programs advance and commercialization activities ramp up.