Compass Therapeutics reported a net loss of $14.3 million for the third quarter of 2025, translating to a loss of $0.08 per share. The loss is larger than the $10.5 million loss recorded in the same quarter a year earlier, but it is a significant improvement from the $19.9 million loss reported in Q2 2025, indicating a quarterly turnaround in operating performance.
Research and development expenses rose to $12.8 million, a 49% increase year‑over‑year. The jump is largely attributable to manufacturing and IND‑enabling costs for the CTX‑10726 bispecific antibody, which is a key candidate in the company’s oncology pipeline. The higher R&D spend reflects the company’s continued investment in advancing multiple bispecific programs, a strategic choice that drives short‑term losses but is expected to pay off with future regulatory milestones.
Cash and marketable securities climbed to $220 million, a 73% increase from the $127 million reported at the end of 2024. The company’s recent public offering, which raised $129.3 million in net proceeds on August 12 2025, underpins this robust liquidity position and extends the cash runway through 2028. The strong balance sheet provides the financial flexibility needed to fund ongoing clinical development and potential future acquisitions.
Clinical progress in the quarter was highlighted by several milestones. Tovecimig, the DLL4 × VEGF‑A bispecific antibody, met its primary endpoint in the biliary tract cancer study in April 2025; overall survival and progression‑free survival data are expected in late Q1 2026. The CTX‑10726 program is on track for an IND filing in Q4 2025, while cohort expansions for CTX‑8371 in non‑small cell lung cancer and triple‑negative breast cancer are slated for the fourth quarter. These developments reinforce the company’s pipeline depth and the likelihood of future regulatory submissions.
CEO Thomas Schuetz emphasized the company’s momentum, stating that the quarter’s results “demonstrate strong progress across our clinical pipeline” and that the upcoming OS/PFS data for tovecimig “will support a first BLA filing in the second half of 2026.” The statement signals confidence in the company’s strategic focus on bispecific antibodies and the potential for commercial success once regulatory approvals are achieved.
The combination of a widening loss, a substantial increase in R&D spend, and a solid cash position paints a picture of a company investing heavily in its future while maintaining a healthy liquidity buffer. The quarterly improvement in loss compared to Q2 2025 suggests that the company is managing its operating costs more effectively, even as it continues to fund critical clinical milestones. Investors will likely view the extended runway and pipeline progress as mitigating factors against the current loss, while remaining mindful of the inherent risks of clinical development and regulatory approval.
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