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Here are 1-3 brief analogies for Compass Therapeutics:

• An early-stage Regeneron or Amgen, focused on developing novel antibody therapies for cancer and autoimmune diseases.
• A clinical-stage biotech similar to Genentech or Bristol Myers Squibb, but dedicated to a specialized pipeline of next-generation antibody drugs for oncology and immunology.
• A focused, R&D-intensive biotech akin to a nascent Merck or AstraZeneca, specializing in innovative antibody treatments for cancer and autoimmune conditions.

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• CT-001: An investigational bispecific antibody designed to inhibit both DKK1 and VEGFR1, currently in clinical development for various cancers.
• CT-002: An investigational monoclonal antibody designed to inhibit IL-1Rα, being developed for autoimmune diseases.
• CT-003: An investigational bispecific antibody targeting HER2 and a second undisclosed target, under development for HER2-expressing solid tumors.
• CT-004: An investigational monoclonal antibody designed to target PLXNB2, a novel target for specific cancers.

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Compass Therapeutics (CMPX) is a clinical-stage biopharmaceutical company focused on the discovery and development of novel oncology and autoimmune therapeutics.

As a clinical-stage company, Compass Therapeutics does not currently have commercial products on the market. Therefore, it does not have "major customers" in the traditional sense of purchasers of goods or services, nor does it sell primarily to individuals.

Historically, when the company has generated revenue from external sources beyond financing activities, it has been through collaboration and licensing agreements with other pharmaceutical companies for its intellectual property or drug candidates. While significant past collaboration agreements with companies such as:

• Bristol-Myers Squibb Company (NYSE: BMY)
• AstraZeneca PLC (NASDAQ: AZN)

have since been terminated, these examples illustrate that if Compass Therapeutics were to have "customers" for its drug pipeline or intellectual property in the future, they would primarily be other pharmaceutical or biotechnology companies, rather than individuals.

Currently, the company's operations are primarily funded through equity financing to advance its clinical pipeline.

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Lonza Group AG (SIX: LONN)

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Thomas J. Schuetz, MD, PhD, Chief Executive Officer

Dr. Schuetz co-founded Compass Therapeutics in 2014. He has over 20 years of experience in oncology, biopharmaceutical drug development, and life science venture investing. While a venture partner at OrbiMed, he co-founded Audentes Therapeutics, which was later acquired by Astellas. He also worked on investments and served as a director for Enobia Pharma, Relypsa, and Arteaus Therapeutics. His prior experience includes roles as chief medical officer of Therion Biologics Corporation and vice president of clinical affairs at Transkaryotic Therapies, a company acquired by Shire.

Barry Shin, JD, MBA, Chief Financial Officer

Mr. Shin was appointed Chief Financial Officer on December 9, 2024. He brings over two decades of experience in the biopharmaceutical sector as a public company executive, investment banker, and corporate attorney. Most recently, he served as Executive Vice President, Chief Operating Officer & Chief Financial Officer at Trevena, Inc. Previously, Mr. Shin was a Managing Director in the Healthcare Investment Banking Groups at both Mizuho Securities and Guggenheim Securities. He also served at Piper Sandler.

Jonathan Anderman, JD, Senior Vice President, General Counsel and Corporate Secretary

Mr. Anderman joined Compass Therapeutics in August 2021.

Karin Herrera, BA, Vice President and Head of Clinical Operations

Ms. Herrera joined Compass in early 2023, bringing 18 years of experience and expertise in clinical research and clinical operations. Prior to Compass, she spent over nine years at Kadmon Corporation, including as Vice President of Clinical Operations.

Kris Sachsenmeier, PhD, Vice President and Head of Translational Sciences

Dr. Sachsenmeier joined Compass Therapeutics in 2023. Before joining Compass, he led early translational research in immuno-oncology as the Head, Translational Oncology Strategy: Cold 2 Hot at Takeda Pharmaceuticals.

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The key risks to Compass Therapeutics (CMPX) primarily revolve around the inherent challenges of a clinical-stage biotechnology company, including the uncertain path of drug development, financial sustainability, and market competition.

1. Clinical Trial Success and Regulatory Approval: As a biotechnology company, Compass Therapeutics' business heavily relies on the successful completion of preclinical studies and clinical trials, followed by obtaining regulatory approvals for its product candidates. Clinical testing is a lengthy, expensive, and uncertain process with a high failure rate for drugs and biological products. Delays or failures at any stage of clinical trials, or unexpected costs in securing regulatory approval, could significantly hinder the company's ability to commercialize its treatments and materially harm its business. For example, there is a historically low success rate for novel anti-angiogenic therapies in solid tumors, which applies to some of Compass Therapeutics' pipeline.
2. Financial Risks and Need for Future Financing: Compass Therapeutics has a limited operating history, no products currently approved for commercial sale, and a track record of significant losses. The company anticipates incurring substantial losses for the foreseeable future and will require considerable additional financing to continue its business operations and product development. Although recent reports indicate a cash runway that may extend into 2025 or even Q1 2027, the continuous burn rate associated with research and development means that raising further capital on acceptable terms, or at all, is a persistent risk.
3. Competition and Intellectual Property: Compass Therapeutics operates in a highly competitive landscape against other biotechnology and pharmaceutical companies. The failure to effectively compete could negatively impact its operating results. Furthermore, the company's success depends on its ability to obtain, maintain, and defend intellectual property protection for its product candidates. If patent protection is insufficient or challenged, competitors could develop and commercialize similar or identical products, thereby adversely affecting Compass Therapeutics' commercialization efforts and prospects.

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The addressable market for Compass Therapeutics' (CMPX) main product candidate, CTX-009 (tovecimig), for advanced biliary tract cancer (BTC) is approximately 25,000 individuals annually in the United States.

For Compass Therapeutics' other pipeline products, including CTX-471, CTX-8371, and CTX-10726, specific addressable market sizes in terms of patient numbers or monetary value are not available in the provided information.

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Compass Therapeutics (CMPX) is a clinical-stage biopharmaceutical company with expected future revenue growth driven by the advancement and potential commercialization of its proprietary antibody-based therapeutics for cancer. Over the next 2-3 years, the key drivers of revenue growth are anticipated to be:

1. Advancement and Potential Commercialization of Tovecimig: Tovecimig, a bispecific antibody targeting DLL4 and VEGF-A, is currently in a Phase 2/3 study for Biliary Tract Cancer. Data on overall survival and progression-free survival are expected in late Q1 2026, which could potentially lead to a Biologics License Application (BLA) submission in 2026. Successful clinical trial results and subsequent regulatory approval would be a significant driver of future revenue.
2. Advancement and Potential Commercialization of CTX-8371: CTX-8371, a bispecific antibody targeting PD-1 and PD-L1, is in a Phase 1 dose-escalation study and has shown new responses in a third indication. Full topline data is anticipated in the first half of 2026, with cohort expansions planned for Non-Small Cell Lung Cancer (NSCLC) and Triple-Negative Breast Cancer (TNBC). Positive clinical outcomes and progression in these indications would significantly expand its market opportunity.
3. Advancement of CTX-10726 into Clinical Trials: Compass Therapeutics is directing significant research and development efforts towards CTX-10726. An Investigational New Drug (IND) filing for this candidate is anticipated in Q4 2025, marking its entry into clinical development. Successful initiation and progression through early-stage clinical trials will be crucial for its long-term revenue potential.
4. Initiation and Progression of CTX-471 in Phase 2 Trials: A Phase 2 trial initiation for CTX-471, a CD137 agonist antibody, in patients with tumors expressing NCAM (CD56) is expected in mid-2025. The successful progression of this candidate through later-stage clinical development would add another potential revenue stream to the company's portfolio.

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Share Issuance

• In August 2025, Compass Therapeutics completed an upsized public offering, generating approximately $120 million in gross proceeds from the sale of common stock and pre-funded warrants. The net proceeds are estimated to be around $112.5 million, with potential for an additional $17 million if underwriters fully exercise their option. Funds are intended for commercial readiness, research and clinical development, and general corporate purposes.
• In November 2022, the company completed a private investment in public equity (PIPE) financing, issuing 25 million shares at $3.21 per share, resulting in approximately $80 million in gross proceeds.
• In June 2020, following a reverse merger with Olivia Ventures, Inc., Compass Therapeutics closed a $60 million private placement financing.

Inbound Investments

• A significant private investment in public equity (PIPE) financing of approximately $80 million was secured in November 2022, led by Enavate Sciences and other institutional investors.
• In June 2020, a $60 million private placement financing was completed with current investors, including OrbiMed and F-Prime Capital, as well as new investors led by Consonance Capital and Limulus.

Outbound Investments

• In June 2021, Compass Therapeutics acquired TRIGR Therapeutics, Inc. in a stock-for-stock transaction. This acquisition brought the bispecific antibody CTX-009 (formerly TR009/ABL001/NOV1501) into Compass's pipeline.