Compass Therapeutics Q2 2024 Financial Results and Corporate Update

Compass Therapeutics, Inc., an oncology-focused biopharmaceutical company, has provided key updates on its recent clinical advancements and financial performance for the second quarter of 2024.

Compass has successfully enrolled 150 patients in the COMPANION-002 study, a Phase 2/3 trial comparing the efficacy of the bispecific antibody CTX-009 combined with paclitaxel against paclitaxel monotherapy in patients suffering from previously treated, unresectable advanced metastatic or recurrent biliary tract cancers (BTC). Top-line results from this trial are anticipated in the first quarter of 2025. Additionally, an Investigator Sponsored Trial (IST) of CTX-009 has been approved, targeting BTC patients in the first-line setting.

Encouraging preliminary data from Stage 1 of the COMPANION-003 study, a Phase 2 trial of CTX-009 in patients with advanced colorectal cancer (CRC) treated in the third- and fourth-line settings, have been reviewed. The results demonstrated a median overall survival of 10.2 months and disease control rate of 71%. These findings have spurred the consideration of a Phase 2 study in the second-line setting, combining CTX-009 with chemotherapy for patients with DLL4-positive CRC.

Looking at CTX-471, a CD137 agonist antibody, Compass is planning a Phase 2 monotherapy trial for tumors expressing a newly identified biomarker that correlates with CTX-471 activity. Data from the Phase 1 study that identified this biomarker will be presented at a scientific conference later this year. Notably, the Phase 1b study of CTX-471 in combination with KEYTRUDA® (pembrolizumab) revealed a suppression of proinflammatory cytokines, leading to the discontinuation of the combination study.

In other developments, the first dosing cohort in a Phase 1 dose-escalation study of CTX-8371, a PD-1 x PD-L1 bispecific antibody, has been completed with no observed dose-limiting toxicities. The trial has now progressed to enrolling patients in the second dosing cohort.

Financially, Compass reported a net loss of $13.1 million for the quarter ended June 30, 2024, compared to a net loss of $11.3 million for the same period in 2023. For the six months ending June 30, 2024, the net loss was $23.9 million compared to $19.1 million for the comparable period in 2023. R&D expenses for the quarter were $11.2 million, an increase from $10.2 million in the previous year, driven primarily by clinical costs related to the COMPANION-002 trial. General and administrative expenses also rose to $4.7 million from $3.1 million, attributed to costs associated with the CEO's departure.

As of June 30, 2024, Compass had cash and marketable securities totaling $146 million, expected to sustain operations into the first quarter of 2027. The cash position decreased by $6 million over the first six months of 2024, primarily due to operational expenses offset by $18 million raised through stock issuance.

Compass continues to focus on the synergistic potential between VEGF blockade and CD137 agonism and other cell engagers, to discover novel drug candidates with complementary anti-tumor activity. The company has also announced the promotion of Jonathan Anderman to Senior Vice President, General Counsel & Corporate Secretary, and Bing Gong to Senior Vice President, Discovery Research.

In summary, Compass Therapeutics is making significant strides in its clinical programs, particularly with CTX-009 and CTX-471, while maintaining a robust financial position to support its ongoing research and development efforts. With several key milestones on the horizon, including upcoming clinical trial results and further biomarker data presentations, the company is poised for continued progress in the oncology therapeutics landscape.