Compass Therapeutics
CMPXNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $0.84 Prior regular-session close from the quote source.
- $0.81–$0.86 Regular-session low and high so far today.
- 1.5M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $0.67–$6.88 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own CMPX if tovecimig’s BTC response signal converts into survival data and an approvable path, the company’s antibody pipeline is worth materially more than a cash-burn biotech; if not, financing risk dominates.
CMPX price history
Loading recent earnings…
Investment thesis
What must happen next
Tovecimig’s dual DLL4/VEGF-A mechanism can become Compass’s first value-creating asset only if the BTC response-rate advantage proves durable enough on PFS/OS to support an approvable later-line therapy.HoldingMateriality: High
Item 1 Business says the randomized Phase 2/3 BTC trial met its primary endpoint with ORR of 17.1% for tovecimig plus paclitaxel versus 5.3% for paclitaxel alone, p=0.031. If it holds, Compass can move from a cash-burning clinical company toward a potential product or partnering story; if it breaks, the lead asset’s probability-weighted value falls sharply.
Watch: The BTC PFS/OS analysis fails to show a clinically meaningful benefit despite the ORR difference.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Item 1 Business says the randomized Phase 2/3 BTC trial met its primary endpoint with ORR of 17.1% for tovecimig.
Open source ↗Compass’s four-candidate antibody pipeline can create option value beyond tovecimig, but only if management’s small organization converts multiple mechanisms into clinically differentiated data without letting trial spending outrun fundable milestones.HoldingMateriality: High
Item 1 Business identifies four clinical product candidates: tovecimig, CTX-471, CTX-8371, and CTX-10726. If pipeline breadth produces independent positive data, the company is not a single-asset binary; if the burn rises without differentiation, shareholders own a costly science project.
Watch: CTX-8371 expansion cohorts in NSCLC, TNBC, or Hodgkin lymphoma fail to reproduce early deep responses.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Item 1 Business identifies four clinical product candidates: tovecimig, CTX-471, CTX-8371, and CTX-10726.
Open source ↗Compass’s ability to retain upside depends on funding the next clinical catalysts from existing resources or strategic capital rather than repeated deeply dilutive equity raises.HoldingMateriality: Medium
MD&A says Compass had $209 million of cash, cash equivalents, and marketable securities at December 31, 2025, expected to fund operating expenses and capital expenditures into 2028. Clinical success matters less to current owners if the company must sell too much equity before the value is realized.
Watch: Public biotech equity markets close or weaken before Compass has a positive regulatory event, forcing financing at depressed prices.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
MD&A says Compass had $209 million of cash, cash equivalents, and marketable securities at December 31, 2025, expected to fund.
Open source ↗CTX-8371 can matter commercially only if its PD-1/PD-L1 bispecific design delivers better activity than established checkpoint blockade without adding unacceptable toxicity.HoldingMateriality: Medium
Item 1 Business says CTX-8371 demonstrated deep responses in NSCLC, TNBC, and Hodgkin lymphoma in Phase 1 dose escalation, with no dose-limiting toxicities observed. A differentiated checkpoint asset could add substantial pipeline value; a merely comparable one is unlikely to compete in crowded oncology markets.
Watch: Expansion cohorts fail to show response durability or response rates that compare favorably with approved PD-1 or PD-L1 therapies.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Item 1 Business says CTX-8371 demonstrated deep responses in NSCLC, TNBC, and Hodgkin lymphoma in Phase 1 dose escalation, with.
Open source ↗
Full investment case & evidence
Loading the original research archive…
Original research
Tovecimig’s dual DLL4/VEGF-A mechanism can become Compass’s first value-creating asset only if the BTC response-rate advantage proves durable enough on PFS/OS to support an approvable later-line therapy. If it holds, Compass can move from a cash-burning clinical company toward a potential product or partnering story; if it breaks, the lead asset’s probability-weighted value falls sharply.
Compass’s four-candidate antibody pipeline can create option value beyond tovecimig, but only if management’s small organization converts multiple mechanisms into clinically differentiated data without letting trial spending outrun fundable milestones. If pipeline breadth produces independent positive data, the company is not a single-asset binary; if the burn rises without differentiation, shareholders own a costly science project.
Compass’s ability to retain upside depends on funding the next clinical catalysts from existing resources or strategic capital rather than repeated deeply dilutive equity raises. Clinical success matters less to current owners if the company must sell too much equity before the value is realized.
CTX-8371 can matter commercially only if its PD-1/PD-L1 bispecific design delivers better activity than established checkpoint blockade without adding unacceptable toxicity. A differentiated checkpoint asset could add substantial pipeline value; a merely comparable one is unlikely to compete in crowded oncology markets.
All standing thesis claims
Original report summary
tovecimig’s BTC response signal converts into survival data and an approvable path, the company’s antibody pipeline is worth materially more than a cash-burn biotech; if not, financing risk dominates.
Bull case and bear case
Bull case and bear case for Compass Therapeutics
Where the evidence on Compass Therapeutics stands: Holding on the latest evidence (Oct 15, 2026). Of its 4 thesis points, 4 holding.
Bull case: what the evidence supports
Tovecimig’s dual DLL4/VEGF-A mechanism can become Compass’s first value-creating asset only if the BTC response-rate advantage proves durable enough on PFS/OS to support an approvable later-line therapy.
Compass’s four-candidate antibody pipeline can create option value beyond tovecimig, but only if management’s small organization converts multiple mechanisms into clinically differentiated data without letting trial spending outrun fundable milestones.
Compass’s ability to retain upside depends on funding the next clinical catalysts from existing resources or strategic capital rather than repeated deeply dilutive equity raises.
CTX-8371 can matter commercially only if its PD-1/PD-L1 bispecific design delivers better activity than established checkpoint blockade without adding unacceptable toxicity.
Bear case: what would count against it
The BTC PFS/OS analysis fails to show a clinically meaningful benefit despite the ORR difference.
CTX-8371 expansion cohorts in NSCLC, TNBC, or Hodgkin lymphoma fail to reproduce early deep responses.
Public biotech equity markets close or weaken before Compass has a positive regulatory event, forcing financing at depressed prices.
Thesis-Break Engine
Thesis-break watch · Compass Therapeutics
Loading the break-condition record for Compass Therapeutics.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedRegulation FD disclosure.
Compass Therapeutics filed an SEC 8-K on 2026-09-22: Regulation FD disclosure. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Compass Therapeutics filed an SEC 8-K on 2026-08-06: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedRegulation FD disclosure.
Compass Therapeutics filed an SEC 8-K on 2026-07-01: Regulation FD disclosure. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- The BTC PFS/OS analysis fails to show a clinically meaningful benefit despite the ORR difference.
- CTX-8371 expansion cohorts in NSCLC, TNBC, or Hodgkin lymphoma fail to reproduce early deep responses.
- Public biotech equity markets close or weaken before Compass has a positive regulatory event, forcing financing at depressed prices.
- Expansion cohorts fail to show response durability or response rates that compare favorably with approved PD-1 or PD-L1 therapies.
CMPX news
Loading headlines…
Financial statements
CMPX income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
CMPX: quick answers
- What is CMPX's short interest?
- As of October 30, 2026, 40.8M CMPX shares were sold short, 22.6% of its shares outstanding, down 2.5% from the count before. At the stock's average daily volume that is 19 days to cover. FINRA publishes the count twice a month. CMPX short interest history