Compass Therapeutics, Inc., a clinical-stage biopharmaceutical company focused on oncology, reported its financial results for the nine months ended September 30, 2024. The company’s cash and cash equivalents increased to $36.8 million from $24.2 million as of December 31, 2023. However, total current assets decreased to $141.1 million from $153.9 million, and total assets fell to $149.2 million from $156.9 million during the same period. Total current liabilities also decreased significantly to $4.4 million from $7.8 million.

The company recorded licensing revenue of $850,000 for the nine months ended September 30, 2024, a notable increase from no licensing revenue reported in the same period of 2023. Total operating expenses rose to $40.9 million from $35.0 million, primarily driven by a $3.6 million increase in research and development expenses, which totaled $29.3 million compared to $25.7 million in the prior year. This increase was largely attributed to higher clinical costs associated with the COMPANION-002 trial.

Loss from operations for the nine months ended September 30, 2024, was $(40.1) million, up from $(35.0) million in the previous year. The net loss also widened to $(34.3) million from $(29.1) million, reflecting increased operational costs. Comprehensive loss for the same period was $(33.9) million, compared to $(29.2) million in 2023.

The company’s stockholders' equity decreased to $138.4 million from $148.5 million as of December 31, 2023. The accumulated deficit increased to $(349.7) million as of September 30, 2024, from $(315.3) million at the end of the previous fiscal year.

In terms of strategic developments, Compass Therapeutics has been actively engaged in clinical trials for its product candidates, including CTX-009, CTX-471, and CTX-8371. The Phase 2 trial for CTX-009 in metastatic colorectal cancer is being discontinued due to not meeting response criteria, while a randomized Phase 2/3 trial in combination with paclitaxel for biliary tract cancer is fully enrolled, with top-line data expected in Q1 2025. The company also signed a new lease extending its corporate office and laboratory facility through May 2031.

As of September 30, 2024, Compass Therapeutics had raised $430 million in gross proceeds from equity securities since inception, with cash and marketable securities totaling $135 million, expected to fund operations into Q1 2027. The company anticipates additional funding will be necessary to complete the clinical development of its product candidates and to cover commercialization expenses if regulatory approvals are obtained.