Compass Therapeutics, Inc. (CMPX)·Q4 2024 Earnings Summary

Executive Summary

• Q4 2024 delivered no product or licensing revenue and a net loss of $15.0 million ($0.11 per share), with operating loss rising sequentially on higher R&D and G&A spend .
• Cash and marketable securities ended the quarter at $127 million, supporting runway into Q1 2027; the key near-term catalyst remains the top‑line readout for COMPANION‑002 (tovecimig in BTC) expected by end of Q1 2025 .
• Pipeline execution advanced: CTX‑8371 completed enrollment of the third dose cohort with preliminary Phase 1 data expected in 2H 2025; CTX‑10726 (PD‑1 x VEGF‑A) targets an IND by YE 2025 .
• Estimates context: S&P Global Wall Street consensus for Q4 2024 EPS and revenue was unavailable at time of analysis due to SPGI request limits; comparisons to estimates are therefore not provided (Values would be retrieved from S&P Global).

What Went Well and What Went Wrong

What Went Well

• Pipeline momentum: Q4 highlighted continued progress toward the COMPANION‑002 BTC readout by end of Q1 2025 and design of Phase 2 biomarker trials for tovecimig (DLL4‑positive CRC) and CTX‑471 (NCAM/CD56 expressing tumors) expected to initiate mid‑2025 .
• CTX‑8371 advancement: Third dosing cohort fully enrolled in the dose‑escalation Phase 1 with no DLTs observed, with preliminary data expected in 2H 2025 .
• CEO tone confident on 2025 catalysts: “We completed enrollment of COMPANION‑002… and we continue to expect data at the end of this quarter… Our balance sheet remains strong and we ended the year with $127 million, extending our cash runway into 2027.” .

What Went Wrong

• No quarterly revenue; operating loss and net loss increased YoY and sequentially due to higher R&D and G&A expenses in Q4 .
• R&D escalated to $13.0 million (+4.9% YoY), with spend driven by tovecimig and CTX‑471; G&A rose to $3.5 million (+19.4% YoY) .
• Discontinued CTX‑471 + KEYTRUDA combo earlier in 2024 due to unexpected suppression of proinflammatory cytokines (not a Q4 event but relevant for the narrative into 2025) .

Financial Results

Quarterly P&L (USD Thousands, EPS USD)

Periods ordered oldest → newest

Q4 YoY Comparison (USD Thousands, EPS USD)

Balance Sheet Highlights (USD Thousands)

Note: Q4 press release also reports FY 2024 net loss of $49.4 million ($0.36 per share) and FY R&D of $42.3 million; FY G&A of $15.1 million .

Segment Breakdown

• No revenue-generating segments; the company remains pre-commercial with no product sales .

KPIs (Program Execution)

Guidance Changes

Earnings Call Themes & Trends

Note: A Q4 2024 earnings call transcript was not available in our document set; themes reflect press releases and corporate update.

Management Commentary

• “In 2024, we established a strong foundation for what we expect will be a transformational year ahead… We completed enrollment of COMPANION‑002… we continue to expect data at the end of this quarter.” – Thomas Schuetz, MD, PhD, CEO .
• “In patients with CRC, we reported a 5% ORR for tovecimig as a monotherapy in heavily pre‑treated patients, and we are using these results to inform the design of our next study.” .
• “Our balance sheet remains strong and we ended the year with $127 million, extending our cash runway into 2027.” .
• “We are very excited to announce our new drug candidate, CTX‑10726… We expect to submit an IND by year‑end with initial proof‑of‑concept clinical data in 2026.” .

Q&A Highlights

• No Q4 2024 earnings call transcript was available in our document set; therefore, Q&A themes and guidance clarifications from a live call cannot be provided [ListDocuments results].
• The company reiterated key timelines and cash runway in the press release and corporate update (COMPANION‑002 data by end of Q1 2025; Phase 2 initiations mid‑2025; IND for CTX‑10726 by YE 2025; runway into 2027) .

Estimates Context

• S&P Global Wall Street consensus for Q4 2024 EPS and revenue was unavailable at time of analysis due to SPGI request limits; as a result, estimate comparisons and beat/miss determinations cannot be provided (Values would be retrieved from S&P Global).

Key Takeaways for Investors

• The principal near‑term catalyst is the COMPANION‑002 top‑line readout for tovecimig in BTC by end of Q1 2025; stock reaction will likely hinge on the strength of efficacy and safety vs paclitaxel control .
• CRC strategy is progressing toward an earlier‑line setting (2L) with DLL4 biomarker and chemo combination; clarity on trial design and initiation mid‑2025 could drive sentiment on broader opportunity beyond BTC .
• CTX‑471’s biomarker‑guided Phase 2 (NCAM/CD56) represents a focused approach following earlier combination discontinuation; positive monotherapy data in biomarker‑enriched tumors would revive enthusiasm for this asset .
• CTX‑8371 is de‑risking dose escalation with no DLTs and a 2H 2025 preliminary data timeline; checkpoint bispecifics remain competitive, making early signals important .
• CTX‑10726 adds a new IO/angiogenesis bispecific with an IND targeted by YE 2025; initial clinical proof‑of‑concept in 2026 expands the platform optionality .
• Cash of $127 million and runway into 2027 reduce near‑term financing overhang; however, R&D and G&A increases drove a higher Q4 loss, so spend discipline will matter pre‑data .
• Without consensus estimates, trading setups will skew to event‑driven outcomes around the Q1 data readout; prepare for scenario analysis on BTC efficacy and potential regulatory path (Fast Track already granted in 2024) .