The tovecimig data is the primary catalyst — PFS HR of 0.44 is highly compelling for a second-line BTC treatment with no approved options. The BLA submission timeline (later 2026) and FDA meeting are the next key milestones. Monitor for ASCO 2026 CTX-8371 data (June) and CTX-10726 initial data (Q4 2026). The $195M cash runway removes near-term financing risk.
Price Chart
Executive Summary
Compass Therapeutics reported Q1 2026 net loss of $18.3M ($0.10/share), slightly better than the $0.10 consensus estimate, but the primary market-moving catalyst is the detailed positive Phase 2/3 tovecimig data (PFS HR=0.44, p<0.0001) and the planned BLA submission later this year. Cash runway of $195M into 2028 provides ample funding through key catalysts including ASCO 2026 data for CTX-8371 and initial CTX-10726 data in Q4 2026.
Key Financial Metrics
Key Facts
- Net loss Q1 2026: $18.3M ($0.10/share) vs $16.6M ($0.12/share) in Q1 2025
- Tovecimig Phase 2/3: PFS 4.7 vs 2.6 months (HR=0.44, p<0.0001); ORR 17.1% vs 5.3% (p=0.031)
- Tovecimig received Orphan Drug Designation in April 2026; BLA submission planned later this year
- Cash and marketable securities $195M at Q1 2026, runway into 2028
- CTX-8371 expansion cohorts initiated in TNBC, NSCLC, and HL; data at ASCO 2026
- CTX-10726 Phase 1 initiated; initial data expected Q4 2026
- R&D expenses $13.4M (flat YoY); G&A expenses $6.9M (+41% YoY driven by pre-commercialization costs)
Financial Impact
Net loss of $18.3M for Q1 2026, slightly better than consensus; cash burn $14M in Q1 2026
Risk Factors
- BLA submission and FDA approval are not guaranteed; regulatory risk remains high
- OS analysis confounded by crossover — may complicate regulatory review
- Pre-commercialization expenses increasing G&A costs (41% YoY) ahead of potential launch
- Clinical-stage biotech with no approved products; binary event risk on regulatory decisions
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001171843-26-003005 |
| Document: f8k_050426.htm | 0001171843-26-003005 |
| Document: 0001171843-26-003005-index-headers.html | 0001171843-26-003005 |
| Document: 0001171843-26-003005-index.html | 0001171843-26-003005 |
| Document: 0001171843-26-003005.txt | 0001171843-26-003005 |
| 8-K Data (Synthetic) | 0001171843-26-003005 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 24, 2026 3d ago | Press Release | $0.7472 | awaiting T+20 | — | $0.7470 (−0.03%) |
Sep 22, 2026 5w ago | 8-K | $1.24 $0.8330 | ▲ +32.82% | ▲ +32.26% | $0.7470 (+39.76%) |
Aug 21, 2026 9w ago | Institutional Cluster | $2.40 $1.90 | ▼ −20.83% | ▼ −20.55% | $0.7470 (−68.88%) |
Aug 6, 2026 11w ago | 8-K | $1.99 $2.37 | ▲ +19.10% | ▲ +18.50% | $0.7470 (−62.46%) |
Aug 6, 2026 11w ago | Press Release | $1.99 $2.37 | ▲ +19.10% | ▲ +18.50% | $0.7470 (−62.46%) |
Jul 17, 2026 14w ago | Press Release | $2.05 $2.25 | ▲ +9.76% | ▲ +5.31% | $0.7470 (−63.56%) |
Jul 1, 2026 16w ago | 8-K | $2.27 $1.94 | ▼ −14.54% | ▼ −14.12% | $0.7470 (−67.09%) |
Jun 11, 2026 19w ago | Institutional Cluster | $2.03 $2.33 | ▲ +14.78% | ▲ +13.00% | $0.7470 (−63.20%) |
May 21, 2026 22w ago | Press Release | $2.07 $2.09 | ▲ +0.72% | ▲ +2.14% | $0.7470 (−63.91%) |
May 5, 2026 25w ago | 8-K | $1.95 $2.08 | ▲ +6.67% | ▲ +1.71% | $0.7470 (−61.69%) |
US Market Status
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