Compass Therapeutics Reports $19.9 Million Net Loss in Q2 2025

Compass Therapeutics, Inc. reported significant financial results for the second quarter of 2025, revealing a net loss of $19.9 million, compared to a net loss of $13.1 million for the same period in 2024. For the first half of 2025, the company recorded a net loss of $36.5 million, up from $23.9 million in the prior year. The increase in losses is attributed primarily to a 47% rise in research and development expenses, which totaled $16.4 million for the quarter, driven by higher manufacturing costs associated with its lead product candidate, tovecimig, and other ongoing clinical trials.

The company did not generate any licensing revenue during the second quarter of 2025, a decrease from $850,000 in the same quarter of the previous year. This decline reflects the absence of milestone payments that were previously received from collaborations. Total operating expenses for the quarter reached $21.1 million, up from $15.9 million in the prior year, indicating a continued investment in the development of its product pipeline. The increase in general and administrative expenses was modest, totaling $4.7 million, consistent with the previous year.

As of June 30, 2025, Compass Therapeutics reported total assets of $116.7 million, a decrease from $140.4 million at the end of 2024. The decline in assets was primarily due to a reduction in cash and cash equivalents, which fell to $22.9 million from $43.5 million at the end of the previous fiscal year. The company’s liabilities also increased, with total liabilities rising to $23.5 million from $15.2 million, largely due to higher accrued expenses related to ongoing projects.

In terms of operational developments, Compass Therapeutics is advancing its clinical pipeline, which includes three product candidates currently in clinical trials and one in IND-enabling studies. The company is preparing for cohort expansions in its CTX-8371 study based on promising Phase 1 data, and it plans to submit an IND for CTX-10726 later this year. The company anticipates that its existing cash resources will support operations into 2027, but it acknowledges the need for additional funding to continue its development efforts and achieve commercialization of its product candidates.

Looking ahead, Compass Therapeutics remains focused on advancing its clinical programs while managing its financial resources. The company expects to continue incurring significant expenses as it progresses through clinical development and seeks regulatory approvals. Future funding will likely come from equity and debt financing, collaborations, or other strategic transactions, as the company aims to mitigate the risks associated with its ongoing product development and commercialization efforts.