Compass Therapeutics, Inc., a clinical-stage biopharmaceutical company focused on oncology, reported a net loss of $49.4 million for the year ended December 31, 2024, compared to a net loss of $42.5 million in 2023. The company has not generated any revenue from product sales since its inception and does not expect to do so in the near future. However, it recorded $850,000 in licensing revenue in 2024, attributed to a milestone payment from Elpiscience for completing a Phase 1 trial in China. The accumulated deficit as of December 31, 2024, stood at $365 million, reflecting the company's ongoing investment in research and development.
Operating expenses increased to $57.5 million in 2024 from $50.4 million in 2023, primarily driven by a rise in research and development costs, which grew by $4.2 million to $42.3 million. This increase was largely due to higher clinical and manufacturing costs associated with the lead program, tovecimig, and the second program, CTX-471. General and administrative expenses also rose by $2.9 million, reflecting increased personnel costs, particularly related to the transition of the CEO.
As of December 31, 2024, Compass Therapeutics had $126.7 million in cash, cash equivalents, and marketable securities, which the company expects will fund its operations into the first quarter of 2027. The company anticipates needing substantial additional financing to support its ongoing clinical development and commercialization efforts. It has funded its operations primarily through equity sales, raising approximately $430 million since inception.
The company is advancing several product candidates, including tovecimig, CTX-471, and CTX-8371, through various stages of clinical trials. Tovecimig is currently being evaluated in a Phase 2/3 trial for biliary tract cancer, with top-line data expected by the end of the first quarter of 2025. The company plans to expand its product pipeline and may seek strategic partnerships to enhance its development capabilities.
Looking ahead, Compass Therapeutics faces significant challenges, including the lengthy and uncertain nature of clinical development, the need for regulatory approvals, and competition from other biotechnology firms. The company has acknowledged that it may continue to incur significant losses for the foreseeable future and may never achieve profitability.
About Compass Therapeutics, Inc.
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