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BOSTON - Compass Therapeutics, Inc. (NASDAQ:CMPX), a clinical-stage oncology-focused biopharmaceutical company with a market capitalization of $462 million and impressive year-to-date returns of 119%, announced Tuesday the pricing of an underwritten public offering expected to raise approximately $120 million in gross proceeds. According to InvestingPro data, the company maintains a strong liquidity position with more cash than debt on its balance sheet.
The offering consists of 33,290,000 shares of common stock priced at $3.00 per share and pre-funded warrants to purchase up to 6,710,000 additional shares at $2.9999 per warrant. The pre-funded warrants carry an exercise price of $0.0001 per share.
Compass has also granted underwriters a 30-day option to purchase up to 6,000,000 additional shares at the public offering price, less underwriting discount.
The company plans to use proceeds for initial commercial readiness preparations, research and clinical development of its product candidates, and general corporate purposes. The offering is expected to close on or about Wednesday, subject to customary closing conditions. With a healthy current ratio of 7.66x, InvestingPro analysis shows the company’s liquid assets significantly exceed its short-term obligations.
Jefferies, Piper Sandler and Guggenheim Securities are serving as joint active bookrunning managers for the offering. Raymond James, Wedbush PacGrow and H.C. Wainwright & Co. are acting as lead managers, while Ladenburg Thalmann and D. Boral Capital are co-managers.
Compass Therapeutics develops antibody-based therapeutics focused on the relationship between angiogenesis, the immune system, and tumor growth. The company’s pipeline targets biological pathways involved in anti-tumor responses, including modulation of the microvasculature, immune response induction, and alleviation of immunosuppressive mechanisms.
The offering is being made pursuant to a shelf registration statement on Form S-3 filed with the Securities and Exchange Commission on August 30, 2024, and declared effective on September 6, 2024, according to the company’s press release statement. For investors seeking deeper insights, InvestingPro offers a comprehensive research report on CMPX, part of its coverage of over 1,400 US stocks, providing detailed analysis of financial health metrics and growth prospects.
In other recent news, Compass Therapeutics reported a net loss of $19.9 million for the second quarter of 2025, with earnings per share (EPS) at -$0.14, which was wider than analysts’ expectations of -$0.12. Despite the earnings miss, Compass maintains a strong cash position with approximately $101 million in cash and equivalents, which management believes will provide financial runway into 2027. The company announced a public offering of its common stock and pre-funded warrants, intending to grant underwriters a 30-day option to purchase additional shares. In terms of analyst ratings, Guggenheim raised its price target for Compass Therapeutics to $12.00 from $10.00, citing promising clinical data and maintaining a Buy rating. Meanwhile, Raymond James continued to hold an Outperform rating with a price target of $9.00, following the company’s recent financial results and clinical trial updates. The biotech firm also updated its timeline for the final analysis of its COMPANION-002 Phase 2/3 trial in biliary tract cancer, now expected in the first quarter of 2026. These developments reflect ongoing interest and analysis from investment firms regarding Compass Therapeutics’ potential.
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