Compass Therapeutics Q3 net loss widens on higher R&D expenses

Overview

• Oncology biopharma reported Q3 net loss widened yr/yr on higher R&D and G&A expenses

• Company ended Q3 with $163 mln in cash and marketable securities, runway projected into 2028

• Company advancing BLA submission for tovecimig in biliary tract cancer despite FDA request for more data

Outlook

• Company plans to advance BLA submission for tovecimig in BTC despite FDA request for new trial

• Company expects update on CTX-8371 Phase 1 cohort expansions later this year

• Update on CTX-10726 Phase 1 dose-escalation study anticipated later this year

Result Drivers

• TOVECIMIG MANUFACTURING COSTS - Higher R&D expenses in Q3 mainly due to increased manufacturing costs for tovecimig

• PRE-COMMERCIALIZATION SPENDING - G&A expenses rose due to increased stock-based compensation and pre-commercialization costs

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Compass Therapeutics Inc. is $6.00, about 690.7% above its November 6 closing price of $0.76

Reuters Recommended Reads

• Nov 9 - Bicara Therapeutics Q3 net loss widens on higher R&D costs

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• Nov 9 - Praxis Precision Q3 net loss widens to $94 mln on G&A costs

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)