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BOSTON - Compass Therapeutics, Inc. (NASDAQ:CMPX) shares gained 2.7% after the clinical-stage oncology company reported progress across its pipeline and provided a business update for 2024. While the company missed Q4 earnings estimates slightly, investors focused on positive developments in its drug candidates.
Compass reported a Q4 adjusted loss per share of -$0.11, $0.01 worse than analyst estimates of -$0.10. The company did not report any revenue for the quarter. For the full year 2024, Compass posted a net loss of $49.4 million or -$0.36 per share, compared to a loss of $42.5 million or -$0.33 per share in 2023.
The company highlighted that its lead candidate tovecimig remains on track for a key data readout by the end of Q1 2025. Compass expects top-line Phase 2/3 results from the COMPANION-002 trial evaluating tovecimig in biliary tract cancer patients. Additionally, an investigator-sponsored study of tovecimig in first-line biliary tract cancer is set to begin patient dosing in Q1 2025.
"In 2024, we established a strong foundation for what we expect will be a transformational year ahead for Compass," said CEO Thomas Schuetz. He noted the company is advancing multiple clinical programs, including CTX-10726, a PD-1 x VEGF-A bispecific antibody expected to enter clinical trials in 2026.
Compass ended 2024 with $127 million in cash and marketable securities, which it expects will fund operations into Q1 2027. R&D expenses rose 11% YoY to $42.3 million in 2024, primarily due to increased spending on tovecimig and CTX-471 programs.
The company plans to initiate new Phase 2 trials for tovecimig and CTX-471 in mid-2025, leveraging novel biomarkers to target specific patient populations.
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