The primary catalyst is the imminent FDA feedback on tovecimig, which could determine the path to BLA filing. Traders should watch for FDA communication in Q3 2026 and the ESMO presentation in October. The $180M cash runway removes near-term financing risk, while pipeline progress across CTX-8371, CTX-10726, and CTX-471 provides multiple de-risking events through Q4 2026.
Price Chart
Executive Summary
Compass Therapeutics reported Q2 2026 net loss of $25.2M ($0.13/share), wider than the $19.9M loss in Q2 2025, driven by increased R&D and G&A spending. The key catalyst is the upcoming FDA feedback on tovecimig (DLL4 x VEGF-A) Phase 2/3 data in biliary tract cancer, with a potential BLA filing later this year and an oral presentation at ESMO in October. The company holds $180M in cash, funding operations into 2028, and has multiple pipeline catalysts including CTX-8371 cohort expansions and CTX-10726 initial data expected in Q4 2026.
Key Financial Metrics
Key Facts
- Net loss of $25.2M for Q2 2026, compared to $19.9M in Q2 2025
- EPS of -$0.13 per share, narrower than -$0.14 in Q2 2025
- Cash and marketable securities of $180M as of June 30, 2026, funding into 2028
- FDA feedback expected this quarter on tovecimig Phase 2/3 data in BTC, with potential BLA filing later this year
- Tovecimig data selected for oral presentation at ESMO 2026 in October
- CTX-8371 cohort expansions actively enrolling in TNBC, NSCLC, and Hodgkin lymphoma
- CTX-10726 Phase 1 dosing initiated, initial data expected Q4 2026
- CTX-471 Phase 2 trial in NCAM-expressing tumors to initiate in Q3 2026
- R&D expenses increased 19% to $19.6M, driven by tovecimig costs
- G&A expenses increased 59% to $7.4M, driven by pre-commercialization costs
Financial Impact
Net loss widened by $5.3M YoY; cash burn of $29M in H1 2026; $180M cash runway into 2028
Risk Factors
- FDA feedback could be negative or require additional trials, delaying BLA filing
- Clinical trial enrollment or data may disappoint across pipeline programs
- Cash burn rate may accelerate with multiple trials, potentially requiring future financing
- Competitive landscape in BTC and other indications may limit commercial potential
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3340156 |
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
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers